Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows from Operating Activities:    
Net income (loss) $ (992,837) $ 325,907
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 509,698 486,061
Accretion of discount on asset retirement obligations 55,187 49,712
Gain on sale of oil and gas properties (27,120) (350,951)
Common stock issued in exchange for services 55,165 0
Changes in operating assets and liabilities:    
Accounts receivable 79,443 (208,639)
Prepaid expenses and other 25,715 (2,552)
Accounts payable 118,044 83,069
Directors fees and officers services payable 0 19,200
Accrued costs and expenses 115,133 12,781
Net cash provided by (used in) operating activities (61,572) 414,588
Cash Flows from Investing Activities:    
Capital expenditures for property and equipment (64,416) (449,791)
Proceeds from sale of oil and gas properties 50,000 263,438
Net cash provided by (used in) investing activities (14,416) (186,353)
Cash Flows from Financing Activities:    
Proceeds from notes and advance payable 67,000 622,638
Principal payments on notes payable (19,658) (1,080,776)
Redemption of common stock 0 (228,000)
Redemption of preferred stock 0 (15,500)
Net cash provided by (used in) financing activities 47,342 (701,638)
Net increase (decrease) in cash and equivalents (28,646) (473,403)
Cash and equivalents, beginning of period 30,755 476,323
Cash and equivalents, end of period 2,109 2,920
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 55,913 77,589
Cash paid for income taxes 0 0
Supplemental Disclosure of Non-cash Investing and Financing Activities:    
Additions to oil & gas property financed in accounts payable 3,465 0
Common Stock Issued as a prepayment for services 13,333 0
Common Stock issued for directors fees payable 20,900 0
Conversion of A-1 Series Preferred Stock to Notes Payable $ 0 $ 62,000