v2.4.0.6
Balance Sheets (USD $)
Jun. 30, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash and equivalents    $ 7,618
Note receivable and advances-related party 207,055 203,315
Prepaid expenses and other current assets    12,460
Total current assets 207,055 223,393
OIL AND GAS PROPERTIES (FULL COST METHOD):    
Mineral rights 14,930 18,455
Evaluated 500,000 500,000
Gross oil and gas properties 514,930 518,455
Less – accumulated depletion      
Net oil and natural gas properties 514,930 518,455
TOTAL ASSETS 721,985 741,848
CURRENT LIABILITIES:    
Accounts payable 137,787 108,144
Cash overdraft 225   
Accrued expenses 183,597 91,097
Accrued interest payable 26,447 9,876
Beneficial conversion feature 109,247 101,561
Advances-related party 40,000   
Convertible notes payable, net of debt discount 208,000 196,888
Total current liabilities 705,303 507,566
Long term debt, less current maturities:    
Accrued interest payable – related parties 40,767 25,808
Notes payable – related parties 500,000 500,000
Total long term liabilities 540,767 525,808
Total liabilities 1,246,070 1,033,374
DEFICIENCY IN STOCKHOLDERS' EQUITY    
Common stock, par value $0.01 per share; 50,000,000 shares authorized, 33,853,237 and 32,519,433 shares issued and outstanding 338,532 325,194
Stock subscription receivable (15,000) (62,135)
Additional paid in capital 11,912,890 11,863,261
Accumulated deficit (12,760,507) (12,417,846)
Total stockholders' equity (524,087) (291,526)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 721,985 741,848
Series A Preferred Stock
    
DEFICIENCY IN STOCKHOLDERS' EQUITY    
Preferred Stock, Value      
Series B Preferred Stock
    
DEFICIENCY IN STOCKHOLDERS' EQUITY    
Preferred Stock, Value