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Subsequent Events | 9 Months Ended
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Sep. 30, 2013
Subsequent Events [Text Block] |
10. | Subsequent Events
In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Company has determined that there were no events to record and the following events to disclose: During October of 2013, the Company received $11,151 in exchange for 450,000 shares of stock. During October of 2013, the Company issued 700,000 shares of common stock in exchange for $15,000 of accounts payable. During October of 2013, the Company issued 50,000 shares shown as common stock to be issued as of September 30, 2013. During October and November of 2013, $22,500 of notes payable was converted into 4,500,000 shares of common stock. During November of 2013, $11,500 of notes payable was converted into 2,000,000 shares of common stock. During November of 2013, Hanover Holdings loaned an additional $50,000 to the Company. Subsequent to September 30, 2013, ASYM granted an extension of the waiver of debt covenants for all periods prior to November 20, 2013 in return for $25,000 waiver fee in the form of an additional tranche loan under the agreement. Acquisition and Development Agreement: During November of 2013, the Company executed definitive agreements for the acquisition and development of the Kansas Mississippi-Osage Project (the "Kansas Project"), a 15,000 acre Mississippi Lime package located in Rice and Reno Counties, Kansas (the "Agreement"). The expenditure commitment and obligation for the Kansas Project totals $5.4 million to the benefit of the seller, which we expect to be fully paid after drilling approximately 10 wells. The acreage, if fully developed on a 640-acre unit basis, could potentially support the drilling of a minimum of 23 wells, however, we expect down spacing will increase the number of drilling locations upon development of the assets. The Company will earn its 80% working interest on each 640-acre unit drilled, until it ultimately will have ownership of 15,000 gross, or 12,000 net acres. The play carries an overall 81.25% Net Revenue Interest (N.R.I.). The Company and the seller have structured a timely development of a new well every ninety (90) days, allowing sufficient time to drill, complete and evaluate the well prior to proceeding to the next planned location. Under the terms of the Agreement, the Company will not be required to provide the seller any upfront funds, however, the Company will be obligated to drill a minimum of three (3) initial horizontal wells to earn its interest in each 640 acre parcel per well. The Company estimates that for the first ten (10) wells, the Agreement requires the Company to fund 100% of the drilling and completion costs including installation of storage tanks on horizontal Mississippi-Osage wells for the Company to earn its 80% Working Interest (W.I.). The Company is required to begin the permitting of the first well within thirty days (30) and has begun the process on the first location. The well must be spudded prior to March 15 2014; however the Company is endeavoring to begin the drilling of the first well as soon as development capital has been acquired. Each well is estimated to cost $2.5 million to drill and complete.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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