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

Consolidated Statements of Cash Flow (Unaudited)

v2.3.0.11
Consolidated Statements of Cash Flow (Unaudited) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Dec. 31, 2011
Dec. 31, 2010
Cash Flows from Operating Activities:        
Net income (loss) $ 274,898 $ (453,678) $ 495,266 $ (852,612)
Adjustments to reconcile net income (loss) to net cash used in operating activities:        
Depreciation, depletion and amortization 140,239 11,055 341,033 44,229
Accretion of discount on asset retirement obligations 2,066   14,064  
Common stock issued in exchange for services     1,235,973 573,889
Gain on extinguishment of debt     (111,690) (121,869)
Gain on sale of oil and gas properties (533,048)   (2,479,934)  
Changes in operating assets and liabilities:        
Accounts receivable 24 3,908 (183,979) 9,068
Prepaid expenses and other 38,656   (122,199)  
Accounts payable (22,054) (34,800) 59,397 110,552
Accrued costs and expenses 177,675 164,715 (2,175) 23,619
Net cash used in operating activities 78,455 (308,800) (754,244) (213,124)
Cash Flows from Investing Activities:        
Capital expenditures for oil and gas properties (617,270)   (1,128,810)  
Purchase of furniture and equipment     (2,860)  
Proceeds from sale of oil and gas properties 1,108,709      
Contingent consideration paid to DNR under sharing arrangement (282,704)      
Net cash used in investing activities 208,735   (1,131,670)  
Cash Flows from Financing Activities:        
Proceeds from notes and advance payable 375,000 620,000 2,064,100 215,000
Principal payments on notes payable (250,000) (4,966) (5,306,481) (2,650)
Proceeds from sale of common stock     203,500  
Proceeds from sale of preferred stock     5,225,000  
Offering costs related to private placement of preferred stock     (96,629)  
Net cash provided by financing activities 125,000 615,034 2,089,490 212,350
Net increase (decrease) in cash and equivalents 412,190 306,234 203,576 (774)
Cash and equivalents, beginning of year 219,566 15,990 15,990 16,764
Cash and equivalents, end of year 631,756 322,224 219,566 15,990
Supplemental Disclosure of Cash Flow Information:        
Cash paid for interest 20,000 13,438 319,246 10,848
Cash paid for income taxes        
Supplemental Disclosure of Non-cash Investing and Financing Activities:        
Preferred stock dividends declared 391,875      
Conversion of notes payable to 897,500 shares of common stock     1,335,000  
Note payable for acquisition of oil and gas properties     10,100,000  
Proceeds from sale of oil and gas property applied to note payable     5,101,047  
Pre-acquisition oil and gas sales applied to note payable     766,728  
Non-interest bearing payable for acquisition of oil and gas properties     576,791  
Asset retirement obligations incurred on acquisition of oil and gas properties $ 16,411   $ 639,176