General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Operations

v2.3.0.11
Consolidated Statements of Operations (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Dec. 31, 2011
Dec. 31, 2010
Revenues:        
Oil and natural gas sales $ 554,035   $ 1,005,149  
Gain of sale of oil and natural gas properties 533,048   2,479,934  
Gas gathering income   29,656 45,638 167,625
Total revenues 1,087,083 29,656 3,530,721 167,625
Oil and gas producing activities:        
Lease operating expenses 283,709   449,854  
Production taxes 44,196   89,109  
Depreciation, depletion, amortization and accretion 131,107   310,308  
Cost of operations:        
Related Party   20,611 30,815 104,606
Unrelated parties 3,660 47,143 92,420 222,985
Depreciation 11,055 11,055 44,219 44,229
General and administrative expenses:        
Director fees 30,000 30,000 120,000 100,450
Investor relations 45,804 140,540 309,703 138,889
Acquisition investigation and due diligence   27,500 514,579 22,050
Legal, auditing and transfer agent 49,080 43,539 198,873 30,974
Accounting, financial reporting and rent - related party 35,750 27,542 83,802 53,000
Consulting fees:        
Related parties 75,000 30,625 167,500 122,500
Unrelated parties 71,445 76,450 297,950 238,700
Office, travel and other 13,546 16,724 46,441 16,546
Depreciation 143   570  
Total operating expenses 794,495 471,729 2,756,143 1,094,929
Operating income (loss) 292,588 (442,073) 774,578 (927,304)
Other income (expense):        
Gain on extinguishment of debt     111,690 121,870
Interest income 155 140 604 13
Interest expense (17,845) (11,745) (391,606) (47,191)
Total other income (expense)     (279,312) 74,692
Income (loss) before income taxes 274,898 (453,678) 495,266 (852,612)
Income tax benefit (expense)        
Net income (loss) 274,898 (453,678) 495,266 (852,612)
Net Income (Loss) Applicable to Common Stockholders:        
Net income (loss) 274,898 (453,678) 495,266 (852,612)
Accrued Preferred stock dividends (195,875)   (196,000)  
Net income (loss) applicable to common shareholders $ 79,023 $ (453,678) $ 299,266 $ (852,612)
Earnings (Loss) Per Share Applicable to Common Stockholders:        
Basic $ 0.01 $ (0.09) $ 0.04 $ (0.17)
Diluted $ 0.01 $ (0.09) $ 0.04 $ (0.17)
Weighted Average Number of Common Shares Outstanding:        
Basic 7,764,000 4,970,000 6,875,000 4,950,000
Diluted 7,764,000 4,970,000 6,875,000 4,950,000