Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,278,349) $ (1,068,294)
Adjustments to reconcile net loss to net cash used in operating activities    
Accretion of asset retirement obligations 1,655 1,597
Amortization of debt discount 124,055 0
Amortization of deferred financing costs 6,237 20,412
Gain on settlement and sale of oil and gas properties 0 (64,824)
Depletion, depreciation, and amortization 60,645 74,689
Stock based compensation 179,034 57,409
Change in operating assets and liabilities    
Accounts receivable 15,407 (20,274)
Management fee receivable - affiliate (1,899) (2,641)
Prepaid expense (16,764) 3,492
Accounts payable 150,107 15,599
Accrued liabilities - related parties (216,357) 215,683
Accrued liabilities (357,789) (140,319)
Accrued interest note payable - affiliate 15,719 0
Net cash used in operating activities (1,318,299) (907,471)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Lease purchases, drilling capital expenditures 0 (18,442)
Proceeds from sale of assets 0 8,294
Net cash used in investing activities 0 (10,148)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Non-controlling interest contributions 1,305,000 972,000
Debt financing proceeds - affiliate 320,000 0
Principal payments of debt financing (316,000) 0
Net cash provided by financing activities 1,309,000 972,000
Net Change in Cash and Cash Equivalents (9,299) 54,381
Beginning Cash and Cash Equivalents 56,456 2,384
Ending Cash and Cash Equivalents 47,157 56,765
Cash paid for:    
Interest 18,362 22,412
Non-cash investing and financing activities:    
Interest - accrued interest and amortization of debt discount 163,392 0
Accrued capital expenditures 173,568 305,983
Revisions to asset retirement obligations $ 7,570 $ 0