v2.3.0.11
BALANCE SHEETS (USD $)
Jun. 30, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and equivalents $ 35,130  
Prepaid expenses and other current assets 29,665 32,530
Total current assets 64,795 32,530
OIL AND GAS PROPERTIES (FULL COST METHOD):    
Mineral rights 30,745  
Evaluated 500,000  
Gross oil and gas properties 530,745  
Less - accumulated depletion    
Net oil and natural gas properties 530,745  
OTHER ASSETS:    
Note receivable 134,534 130,795
Total other assets 134,534 130,795
TOTAL ASSETS 730,074 163,325
CURRENT LIABILITIES:    
Accounts payable 252,038 114,502
Accounts payable - related parties 65,628  
Cash overdraft   93
Net assets available for disposal   397,029
Accrued expenses 610,392 534,295
Accrued interest payable 5,109 5,063
Derivative liability   77,945
Note payable 35,000  
Note payable, net of debt discount 150,000 122,055
Total current liabilities 1,118,167 1,250,982
Long term debt, less current maturities:    
Accrued interest payable - related parties 59,408 30,772
Notes payable 600,000 600,000
Notes payable - related parties 500,000  
Total long term liabilities 1,159,408 630,772
Total liabilities 2,277,575 1,881,754
DEFICIENCY IN STOCKHOLDERS' EQUITY    
Common stock, par value $0.01 per share; 50,000,000 shares authorized, 12,069,433 shares issued and outstanding 120,694 109,694
Stock subscription receivable (92,000) (60,000)
Additional paid in capital 10,541,055 9,735,444
Accumulated deficit (12,117,250) (11,503,567)
Total stockholders' equity (1,547,501) (1,718,429)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 730,074 163,325
Series A Preferred Stock
    
DEFICIENCY IN STOCKHOLDERS' EQUITY    
Preferred Stock Value    
Series B Preferred Stock
    
DEFICIENCY IN STOCKHOLDERS' EQUITY    
Preferred Stock Value