v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 31, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and cash equivalents $ 7,618   
Note receivable and advances-related party 203,315 16,000
Prepaid expenses 12,460 32,080
Total current assets 223,393 48,080
OIL & GAS PROPERTIES(FULL COST METHOD):    
Evaluated 71,000   
Mineral rights 18,455   
Gross oil & natural gas properties 89,455   
Less: accumulated depletion      
Net oil & natural gas properties 89,455   
OTHER ASSETS:    
Note receivable and advances - related party    195,795
Total other assets    195,795
TOTAL ASSETS 312,848 243,875
CURRENT LIABILITIES:    
Accounts payable 108,144 114,052
Accrued expenses 91,097 534,295
Cash overdraft    93
Net assets available for disposal    397,029
Obligation under capital leases, current portion     
Accrued interest payable 9,876 5,063
Beneficial conversion liability 101,561 77,945
Note payable, net of debt discount of $41,112 and $22,055 196,888 122,055
Current portion of notes payable     
Total current liabilities 507,566 1,250,532
LONG TERM LIABILITIES:    
Accrued interest payable-related party   30,772
Note payable - related party   600,000
Total long term liabilities 0 630,772
Total liabilities 507,566 1,881,304
STOCKHOLDERS' EQUITY:    
Common stock, $0.01 par value, 50,000,000 shares authorized, 10,969,433 and 12,373 issued and outstanding 325,194 109,694
Stock subscription receivable (62,135) (60,000)
Additional paid in capital 11,863,261 9,735,444
Accumulated deficit (12,321,038) (11,422,567)
Total stockholders' equity (194,718) (1,637,429)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 312,848 243,875
Series A Preferred Stock
    
STOCKHOLDERS' EQUITY:    
Preferred Stock Value      
Series B Preferred Stock
    
STOCKHOLDERS' EQUITY:    
Preferred Stock Value