v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) $ (1,039,592) $ (1,431,462)
Adjustments to reconcile net income to net cash Provided by operating activities:    
Loss on gas & oil properties   600,000
Loss on disposal of assets 3,888  
Derivative adjustment (34,648) 27,945
Stock issued for services 240,000 105,000
Stock issued for compensation 146,500 136,000
Stock issued for loan fee 12,000  
Stock issued for accrued wages 600,000  
Loan fee for convertible debt 73,880  
Cancellation of indebtedness 229,385  
Issuance of stock options 16,404  
Depreciation and amortization 74,833 22,055
Decrease (increase) in assets    
Prepaid expenses and other current assets 20,070 (28,080)
Accrued interest receivable- related party (7,520) (5,795)
Net assets for disposal   (353,148)
Increase (decrease) in liabilities    
Accounts payable (1,358) 297,682
Accrued expenses (443,198) 534,295
Accrued interest payable 4,813 5,062
Accrued interest payable - related party (4,964) 30,773
Cash overdraft (93)  
Beneficial conversion 51,561  
Net cash flows (used) by operating activities (58,039) (59,673)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in notes receivable - related party   (190,000)
Sale of mineral rights 7,926  
Investment in oil & gas properties (500,000) (600,000)
Investment in royalty interest (30,269)  
Net cash flows provided by investing activities (522,343) (790,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Note payable - related party 500,000 600,000
Convertible notes payable 88,000 150,000
Fractional shares   (1)
Exercise of stock options   99,165
Net cash flows provided by financing activities 588,000 849,164
NET (DECREASE) IN CASH 7,618 (509)
CASH, BEGINNING OF PERIOD   509
CASH, END OF PERIOD 7,618  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the year for interest   151,782
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:    
Shares issued for accrued wages 500,000  
Shares issued for consulting fees 240,000 165,000
Shares issued as compensation 146,500 136,000
Shares issued for loan extension 12,000  
Loan fees for convertible debt 73,880  
Cancellation of indebtedness 229,385  
Issuance of stock options $ 16,404