v2.4.0.6
Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (342,661) $ (613,683)
Adjustments to reconcile net income to net cash Provided by operating activities:    
Gain on disposal of subsidiary    464,207
Amortization of debt discount 41,113 27,945
(Gain) Loss on beneficial conversion 40,943 (77,945)
Shares issued for compensation    64,000
Shares issued to consultants    240,001
Issuance of stock options    16,403
Bad debt 47,135   
Gain on debt conversion (290)   
Increase (decrease) in assets    
Prepaid expenses and other current assets 12,460 2,865
Note receivable (3,740) (3,739)
Increase (decrease) in liabilities    
Accounts payable 29,642 137,536
Accounts payable - related    65,628
Cash overdraft 225 (93)
Accrued interest 16,571 46
Accrued interest – related parties 14,959 28,636
Net assets available for disposal    (397,029)
Accrued expenses 92,500 76,097
Advances related party 40,000   
Net cash flows provided (used) by operating activities (11,143) (30,875)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sale (Acquisition) of lease rights 3,525 (30,745)
Purchase of oil and natural gas properties    (500,000)
Net cash flows (used) by investing activities 3,525 (530,745)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Notes payable – related parties    500,000
Notes payable    35,000
Net cash flows provided by financing activities    535,000
NET INCREASE (DECREASE) IN CASH (7,618) 35,130
CASH, BEGINNING OF PERIOD 7,618   
CASH, END OF PERIOD    35,130
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid during the period for interest    13,500
Debt conversion, converted investment $ 62,947