Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.3.0.814
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues:        
Oil and natural gas sales $ 253,235 $ 555,984 $ 730,460 $ 1,721,223
Sale of oil and natural gas properties 0 108,479 27,120 350,951
Royalty revenue 514 755 4,455 2,525
Total revenues 253,749 665,218 762,035 2,074,699
Oil and gas producing activities:        
Lease operating expenses 270,719 196,134 685,587 566,068
Production taxes 29,101 52,245 66,900 143,891
Depreciation, depletion, amortization and accretion 189,335 210,335 531,292 502,180
Gas gathering:        
Operating expenses 0 609 1,406 7,979
Depreciation 11,055 11,055 33,165 33,165
General and administrative expenses:        
Director fees 13,333 10,000 35,333 10,450
Investor relations 30,897 2,448 41,525 37,634
Legal, auditing and professional services 6,458 37,109 80,313 115,753
Consulting and executive services:        
Related parties 43,333 41,250 126,733 168,750
Other administrative expenses 20,699 18,084 65,138 59,166
Depreciation 143 143 428 428
Total operating expenses 615,073 579,412 1,667,820 1,645,464
Operating loss (361,324) 85,806 (905,785) 429,235
Other income (expense):        
Interest expense (28,372) (33,350) (87,052) (103,328)
Total other expense (28,372) (33,350) (87,052) (103,328)
Income (loss) before income taxes (389,696) 52,456 (992,837) 325,907
Income tax benefit (expense) 0 0 0 0
Net income (loss) (389,696) 52,456 (992,837) 325,907
Net Income Applicable to Common Stockholders:        
Net income (loss) (389,696) 52,456 (992,837) 325,907
Redemption of Preferred Stock 0 17,951 0 17,951
Accrued preferred stock dividends 0 (1,875) 0 (9,375)
Net income (loss) applicable to common stockholders $ (389,696) $ 68,532 $ (992,837) $ 334,483
Earnings (Loss) Per Share Applicable to Common Stockholders:        
Basic $ (0.03) $ 0.01 $ (0.08) $ 0.03
Diluted $ (0.03) $ 0.01 $ (0.08) $ 0.03
Weighted Average Number of Common Shares Outstanding:        
Basic 12,966,000 12,408,000 12,764,000 12,532,000
Diluted 12,966,000 12,408,000 12,764,000 12,532,000