Armada Oil (AOILQ) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	14-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	Armada Oil, Inc.
Document Type	10-Q
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		57,105,473
Amendment Flag	FALSE
Entity Central Index Key	1081074
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS_Un

CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$72,764	$406,306
Accounts receivable – oil and gas	55,660	84,129
Accounts receivable – other	101,064	100,339
Deferred financing costs, net – current	25,288	33,732
Prepaid expenses	94,818	61,345
TOTAL CURRENT ASSETS	349,594	685,851
Oil and gas properties, successful efforts accounting:
Properties subject to depletion, net	6,295,849	6,335,092
Properties not subject to depletion	13,938,870	13,927,669
Support facilities and equipment, net	92,746	96,109
Land	38,345	38,345
Net oil and gas properties	20,365,810	20,397,215
Property and equipment, net	103,407	125,476
Deposit on asset retirement obligations	40,000	40,000
Other assets	75,098	75,098
TOTAL ASSETS	20,933,909	21,323,640
Current liabilities:
Accounts payable – trade	2,196,950	2,068,395
Revenue payable	4,855	3,107
Accrued expenses	440,492	451,902
Accrued expenses – related parties	52	52
Stock payable	25,898	43,065
Notes payable	4,019,701	4,000,313
Notes payable – related parties	200,000	200,000
Other current liabilities	66,669	66,669
TOTAL CURRENT LIABILITIES	6,954,617	6,833,503
Asset retirement obligations	468,156	463,814
TOTAL LIABILITIES	7,422,773	7,297,317
Commitments and Contingencies
Equity:
Preferred stock, par value $0.01, 1,000,000 shares authorized, 0 shares issued and outstanding	0	0
Common stock, par value $0.001, 100,000,000 shares authorized, 56,605,473 and 56,105,473 shares issued and outstanding, respectively	56,605	56,105
Additional paid-in capital	16,429,013	16,356,838
Accumulated deficit	-2,974,482	-2,386,620
TOTAL STOCKHOLDERS’ EQUITY	13,511,136	14,026,323
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$20,933,909	$21,323,640

CONSOLIDATED_BALANCE_SHEETS_Un1

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in Dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	56,605,473	56,105,473
Common stock, shares outstanding	56,605,473	56,105,473

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues	$168,327	$3,174,000
Operating expenses:
Lease operating expense	142,030	1,837,150
Environmental remediation expense	0	252,135
Exploration expense	0	159,529
Depletion, depreciation, amortization, accretion and impairment expense	69,017	420,079
General and administrative expense	426,251	1,035,859
Total operating expense	637,298	3,704,752
Loss from operations	-468,971	-530,752
Other income (expense):
Interest income	0	151
Interest expense	-119,713	-216,592
Realized loss on commodity contracts	0	-165,511
Loss on change in derivative value – commodity contracts	0	-167,673
Other income	822	143,176
Total other expense	-118,891	-406,449
Loss before income taxes	-587,862	-937,201
Income tax benefit	0	314,703
Net loss	-587,862	-622,498
Net loss attributable to noncontrolling interest	0	-103,745
Net loss attributable to Armada Oil, Inc.	($587,862)	($518,753)
Net loss per common share:
Basic (in Dollars per share)	($0.01)	($0.01)
Diluted (in Dollars per share)	($0.01)	($0.01)
Weighted average number of common shares outstanding:
Basic (in Shares)	56,488,806	56,030,473
Diluted (in Shares)	56,488,806	56,030,473

CONSOLIDATED_STATEMENT_OF_CHAN

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balances at Dec. 31, 2014	$56,105	$16,356,838	($2,386,620)	$14,026,323	$14,026,323
Balances (in Shares) at Dec. 31, 2014	56,105,473				56,105,473
Share-based compensation	500	72,175		72,675
Share-based compensation (in Shares)	500,000
Net loss			-587,862	-587,862	-587,862
Balances at Mar. 31, 2015	$56,605	$16,429,013	($2,974,482)	$13,511,136	$13,511,136
Balances (in Shares) at Mar. 31, 2015	56,605,473				56,605,473

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	($587,862)	($622,498)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion, amortization, accretion and impairment expense	69,017	420,079
Deferred income tax benefit expense	0	-314,703
Share-based compensation	55,508	17,678
Amortization of debt discount charged to interest expense	0	57,333
Amortization of deferred financing costs	21,126	5,641
Realized loss on derivative commodity contracts	0	165,511
Loss on change in derivative value – commodity contracts	0	167,673
Changes in operating assets and liabilities:
Accounts receivable – oil and gas	28,469	-183,712
Accounts receivable – other	-725	-22,216
Prepaid expenses	5,641	-29,096
Accounts payable	117,354	-247,327
Accrued expenses	-11,410	84,031
Revenue payable	1,748	-87,455
CASH USED IN OPERATING ACTIVITIES	-301,134	-589,061
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for development of oil and gas properties	0	-759,689
Cash paid for support facilities and equipment	0	-243,965
Cash paid for settlement of derivative commodity contracts	0	-165,511
CASH USED IN INVESTING ACTIVITIES	0	-1,169,165
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of deferred financing cost	-12,682	0
Principal payments on notes payable	-19,726	-228,337
Installment payments on financed liabilities	0	-10,000
CASH USED IN FINANCING ACTIVITIES	-32,408	-238,337
NET CHANGE IN CASH	-333,542	-1,996,563
CASH AT BEGINNING OF PERIOD	406,306	7,095,972
CASH AT END OF PERIOD	72,764	5,099,409
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	62,114	156,033
Cash paid for income taxes	0	0
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Financed prepaid assets	39,114	37,965
Change in accrued oil and gas development costs	11,201	116,170
Common stock issued in satisfaction of stock payable	$8,602	$0

NOTE_1_ORGANIZATION_AND_SIGNIF

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1 – ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
	Organization
	Armada Oil, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on November 6, 1998, under the name “e.Deal.net, Inc.” On June 20, 2005, the Company amended its Articles of Incorporation to effect a change of name to International Energy, Inc. On June 27, 2011, the Company amended its Articles of Incorporation to change its name to NDB Energy, Inc. On May 7, 2012, the Company filed a Certificate of Amendment to its Articles of Incorporation to change its name to Armada Oil, Inc.
	The consolidated balance sheets include the accounts of the Company, and its wholly-owned subsidiaries, Armada Oil and Gas, Inc. (“AOG”), Armada Operating, LLC (“AOP”), Mesa Energy, Inc. (“MEI”), Mesa Midcontinent LLC (“MMC”),  and Armada Midcontinent, LLC (“AMC”), formerly known as MMC Resources, LLC.  Consolidated statements of operations and cash flows include those of the Company, AOG, AOP, MEI, MMC, and AMC for the three months ended March 31, 2015.  For the three months ended March 31, 2014, the statements of operations and cash flows also include the accounts of TNR Holdings, LLC (“TNRH”), which was deconsolidated on April 1, 2014, and its wholly owned subsidiaries, Tchefuncte Natural Resources, LLC (“TNR”) and Mesa Gulf Coast, LLC (“MGC”).
	The Company’s oil and gas operations are conducted by its wholly owned subsidiaries.  MMC is a qualified operator in the state of Oklahoma. MEI is a qualified operator in the State of New York and operates the Java Field.  AOP is a qualified operator in Kansas, Wyoming, and Texas.
	The Company’s operating entities have historically employed, and will continue in the future to employ, on an as-needed basis, the services of drilling contractors, other drilling related vendors, field service companies and professional petroleum engineers, geologists, and landmen as required in connection with future drilling and production operations.
	Basis of Presentation
	The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”). and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s latest annual report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for fiscal year 2014, as reported in the Form 10-K, have been omitted.
	Principles of Consolidation
	The consolidated financial statements include the Company’s accounts and those of the Company’s wholly owned and majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year and the reported amount of proved natural gas and oil reserves. Management bases its estimates on historical experience and various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments that are not readily apparent from other sources.  Actual results could differ from these estimates and changes in these estimates are recorded when known.
	Reclassifications
	Certain reclassifications have been made to amounts in prior periods to conform to the current period presentation. All reclassifications have been applied consistently to the periods presented.
	Loss Per Common Share
	The Company’s loss per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution of securities, if any, that could share in the loss of the Company and is calculated by dividing net loss by the diluted weighted average number of common shares. The diluted weighted average number of common shares is computed using the treasury stock method for common stock that may be issued for outstanding stock options and convertible debt.
		For the Three Months Ended
		March 31,
		2015			2014
	Numerator:
	Net loss	$	(587,862	)	$	(622,498	)
	Less:  Net loss attributable to noncontrolling interest		—			(103,745	)
	Net loss available to stockholders		(587,862	)		(518,753	)
	Basic net loss allocable to participating securities (1)		—			—
	Basic net loss available to stockholders	$	(587,862	)	$	(518,753	)
	Denominator:
	Weighted average number of common shares outstanding – Basic		56,488,806			56,030,473
	Effect of dilutive securities (2) :		—			—
	Options and warrants		—			—
	Weighted average number of common shares outstanding – Diluted		56,488,806			56,030,473
	Net loss per common share:
	Basic	$	(0.01	)	$	(0.01	)
	Diluted	$	(0.01	)	$	(0.01	)
	(1)      Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses.
	(2)      For the three months ended March 31, 2015, stock options and warrants representing 3,563,000 and 7,953,333 shares, respectively were antidilutive and, therefore, excluded from the diluted share calculation. For the three months ended March 31, 2014, stock options and warrants representing 2,775,000 and 7,553,333 shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculation.
	Recently Issued Accounting Pronouncements
	The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations or cash flows.
	Subsequent Events
	The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

NOTE_2_GOING_CONCERN

NOTE 2 - GOING CONCERN	3 Months Ended
	Mar. 31, 2015
Going Concern [Abstract]
Going Concern [Text Block]	NOTE 2 – GOING CONCERN
	The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America which contemplate continuation of the Company as a going concern.  The Company has incurred recurring losses from operations through March 31, 2015, has a working capital deficit at March 31, 2015 of $6,605,023 and has limited sources of revenue.  These conditions have raised substantial doubt as to the Company’s ability to continue as a going concern.  These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
	To address these matters, management has been seeking additional oil and gas properties to provide a source of recurring revenues and the necessary financing to complete an acquisition.  Although the Company is pursuing additional financing to acquire producing oil and gas properties, there can be no assurance that the Company will be able to secure financing when needed or to obtain such financing on terms satisfactory to the Company.

NOTE_3_ACQUISITION_AND_DIVESTI

NOTE 3 - ACQUISITION AND DIVESTITURE	3 Months Ended
	Mar. 31, 2015
Disclosure Text Block Supplement [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	NOTE 3 – ACQUISITION AND DIVESTITURE
	Sale of Additional Class A Units in TNR Holdings, LLC, to Gulfstar Resources, LLC (“Gulfstar”)
	On December 16, 2013, MEI formed TNRH, a Delaware limited liability company as a wholly owned subsidiary, and contributed its member’s capital in TNR and MGC to TNRH.  On December 20, 2013, the Company entered into a Unit Purchase Agreement with, Gulfstar pursuant to which Gulfstar contributed $6,250,000 of capital in exchange for 6,250 Class A Units of TNRH membership interest at a price of $1,000 per Class A Unit, representing a 34.375% membership interest in TNRH (“Tranche A”), reducing the Company’s interest in TNRH to 65.625%.
	In April 2014,  Gulfstar purchased 11,873 Class A Units of TNRH at a price of $564.31 per Class A Unit ($6,700,053 in the aggregate with net cash received of $6,419,573), representing an additional 25.925% membership interest in TNRH by Gulfstar increasing Gulfstar’s aggregate member interest in TNRH to 60.299% (“Tranche B”).  As result of this purchase, Gulfstar gained control of TNRH.  Our financial statements starting from April 1, 2014, no longer consolidated TNRH and its wholly owned subsidiaries, TNR and MGC, but accounted for our ownership interest in TNRH as a cost method investment in accordance with ASC Topic 810, Consolidation (“ASC 810”). The financial statements of TNRH and its wholly owned subsidiaries, TNR and MGC, were deconsolidated from the consolidated financial statements of the Company effective April 1, 2014, because the Company lost its ability to impose significant influence, and control of operations and assets of TNRH were restricted by rights of the then non-controlling member as of April 1, 2014, see NOTE 1.  Net funds received by the Company upon deconsolidation of TNRH were $1,790,580 (Tranche B proceeds noted above less cash balances held by TNRH as of March 31, 2014). The funds received from the closing of Tranche B were primarily used to purchase the Kansas properties as discussed below.
	As a result of the deconsolidation of the TNRH financial statements, the consolidated balance sheets as of March 31, 2015 and December 31, 2014, reflect only the balances of the Company and its wholly owned subsidiaries and do not include those of TNRH and its subsidiaries.  The consolidated statement of operations for the three months ended March 31, 2015 contains the results of operations of the Company and for the three months ended March 31, 2014, the consolidated statement of operations also includes those of TNRH and its subsidiaries.
	TNRH’s balances as of March 31, 2014 and for the three month period ended March 31, 2014 were as follows:
		As of
		31-Mar-14
	ASSETS
	Current assets	$	6,659,144
	Oil and gas properties, successful efforts accounting:
	Properties subject to amortization, net		8,212,524
	Properties not subject to amortization		16,753
	Support facilities and equipment, net		2,628,792
	Net oil and gas properties		10,858,069
	Other assets		581,038
	TOTAL ASSETS		18,098,251
	LIABILITIES
	Current liabilities		2,329,986
	Deferred tax liability		403,283
	Asset retirement obligations		3,106,376
	Derivative liabilities		88,050
	TOTAL LIABILITIES		5,927,695
	NET ASSETS	$	12,170,556
		For the Three Months Ended
		31-Mar-14
	Revenues	$	3,161,809
	Net loss	$	(301,802	)
	On May 16, 2014 and June 16, 2014, the Company sold an additional 1,400 and 2,380 units at $564.31 per unit, respectively, to Gulfstar for $790,034 and $1,343,058, respectively, for an aggregate of $2,133,092 (“Tranche D”).  Net cash received was $2,042,856.  The Company’s interest in TNRH was reduced to 27.124%.
	A gain of $10,170,656 was recognized on our sale of the controlling interest and deconsolidation of TNRH as follows:
	Gain on deconsolidation of TNRH
	Fair value of proceeds that resulted in loss of control	$	6,419,573
	Fair value of noncontrolling interest retained (cost method investment)		9,830,895
	Carrying amount of noncontrolling interest in former subsidiary on the date the subsidiary was deconsolidated		5,862,443
	Subtotal		22,112,911
	Less carrying amount of TNRH’s net assets		(12,170,553	)
	Plus intercompany balances		228,298
	Gain on deconsolidation of TNRH	$	10,170,656
	After the Tranche D funding, the Company had a cost method investment for its remaining 27.124% noncontrolling interest held in TNRH as follows:
	Cost method investment
	Fair value of noncontrolling interest retained the date TNRH is deconsolidated	$	9,830,895
	Less Tranche D net proceeds from sale units in TNRH		(2,042,856	)
	Cost method investment as of June 30, 2014	$	7,788,039
	During the third quarter of 2014, the Company sold its remaining interest in TNRH on November 26, 2014.  The Company received $5,012,502 in cash for its remaining cost method investment in TNRH comprising 8,152 Member Units at $614.88 per Unit.  The difference between the carrying value of the cost method investment and cash received was applied to the gain on deconsolidation of TNRH as follows:
	Sale of cost method investment
	Gain on deconsolidation of TNRH after Tranche B funding	$	10,170,656
	Cash received for remaining investment in TNRH		5,012,502
	Cost method investment for interest in TNRH		(7,788,039	)
	Gain on sale of TNRH interest	$	7,395,119
	Kansas Acquisition
	During the second quarter of 2014, the Company consummated the purchase of developed leasehold interests (the “Kansas Properties”). The Kansas Properties comprise six oil and gas leases covering approximately 1,040 gross (901 net) acres (excluding royalty and overriding royalty interests). Including adjustments from an effective date of March 1, 2014, the purchase price was $6,368,106, of which $6,285,106 was applied to purchased leasehold and $83,000 to support facilities and equipment, and the Company assumed the future asset retirement obligations of $349,604 associated with the Kansas Properties. The acquisition was primarily funded from drawing down Tranche B under the Unit Purchase Agreement between us and Gulfstar, as more fully described in the preceding paragraph.  The acquisition of the Kansas Properties was finalized on April 10, 2014.

NOTE_4_COMMODITY_DERIVATIVE_IN

NOTE 4 - COMMODITY DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 4 – COMMODITY DERIVATIVE INSTRUMENTS
	During the three months ended March 31, 2015, the company utilized no commodity derivative instruments.
	During the three months ended March 31, 2014, the Company had engaged in price risk management activities from time to time, through utilizing derivative instruments consisting of swaps, floors and collars, to attempt to reduce the Company’s exposure to changes in commodity prices. None of the Company’s derivatives was designated as a cash flow hedge. Changes in fair value of derivative instruments not designated as cash flow hedges are recorded in other income (expense) as realized and unrealized (gain) loss on commodity derivatives.
	While the use of these arrangements limited the Company's ability to benefit from increases in the price of oil and natural gas, it was also intended to reduce the Company's potential exposure to significant price declines. These derivative transactions were generally placed with major financial institutions that the Company believes to be financially stable.
	For the three months ended March 31, 2015 and 2014 the Company recorded unrealized loss of $0 and $167,673, respectively, on the statements of operations. The Company also recorded a realized loss of $0 and $165,511 for the three months ended March 31, 2015 and 2014, respectively, from the settlements of these derivatives as reported in other income as realized gain (loss) on commodity contracts.

NOTE_5_PROPERTY_AND_EQUIPMENT

NOTE 5 - PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 – PROPERTY AND EQUIPMENT
	Oil and Gas Properties
	The Company’s oil and gas properties at March 31, 2015 are located in the United States of America.
	The carrying values of the Company’s oil and gas properties, net of depletion and impairment, at March 31, 2015 and December 31, 2014 were:
			March 31,				December 31,
	Property		2015				2014
	Bear Creek Prospect, Carbon County, Wyoming		$	13,933,157			$	13,921,956
	Woodson County, Kansas			6,301,562				6,340,805
	Total		$	20,234,719			$	20,262,761
	Net oil and gas properties at March 31, 2015 were:
	Year		Acquisition				Exploration				Dry Hole			Disposition			Depletion,			Total
	Incurred		Costs				and				Costs			of Assets			and
							Development										Impairment
							Costs
	2013 and prior		$	19,270,825			$	9,537,526			$	(3,057,836	)	$	(2,436,535	)	$	(4,967,452	)	$	18,346,528
	2014			6,708,324				4,832,756				—			(8,837,248	)		(787,599	)		1,916,233
	2015			—				11,201				—			—			(39,243	)		(28,042	)
	Total		$	25,979,149			$	14,381,483			$	(3,057,836	)	$	(11,273,783	)	$	(5,794,294	)	$	20,234,719
	During the three months ended March 31, 2015 and 2014, we incurred $0 and $159,529, respectively, of exploration expense which is included on our consolidated statement of operations.
	For the year ended December 31, 2014, the table above reflects the removal of the properties associated with TNRH in the amount of $8,229,277 related to the Gulfstar purchase of the Company’s remaining interest in TNRH. (See NOTE 3.)  The remaining amount of 2014 disposals relates to the $570,425 of Turkey Creek Field assets sold, see below, and sale of $37,546 of leasehold interest in Grayson County, Texas.
	The Company holds oil and gas leasehold interests in Kansas and New York as well as a Seismic and Farmout Option Contract in Wyoming.   The Company evaluates each of its properties upon completion of drilling and assessment of reserves to determine which, if any, is subject to impairment.
	Bear Creek Prospect – Carbon County, Wyoming
	On November 2, 2012, Armada executed a Seismic and Farm Out Option Contract (the “Anadarko Contract”), effective October 22, 2012, whereby Anadarko E&P Onshore LLC (successor in interest to Anadarko E&P Company LP), and Anadarko Land Corp. (collectively “Anadarko”) agreed to execute a mineral permit granting the Company the nonexclusive right, until May 1, 2013, to conduct 3D survey operations on and across the contracted acreage in Carbon County, Wyoming.  The 3D survey was completed in a timely manner.  The Company subsequently drilled a test well on the contract acreage, as discussed below, but has not yet completed the well.  If and when the Company completes the well or a subsequent well capable of production and complies with all other terms of the Anadarko Contract, the Company will receive from Anadarko a lease, with an initial term of three (3) years, which provides for the Company to receive a 100% operated working interest in the section upon which the well was drilled.  Anadarko will retain a 20% royalty interest in future production.  The Company delivered the seismic data to Anadarko as required and is evaluating potential funding opportunities for completion of the test well and the drilling of subsequent wells.
	On December 13, 2012, the Company and Anadarko entered in a First Amendment to the Seismic and Farmout Option Contract dated October 22, 2012 which added Wyoming State Lease ST WY 12-00422 covering all of Section 16-T20N-R79W to the Anadarko Contract.
	On May 23, 2013, the Company and Anadarko entered in a Second Amendment to the Seismic and Farmout Option Contract dated October 22, 2012 which corrected a tract description in the original agreement and also extended the deadline for drilling of the Initial Test Well until December 31, 2013.
	On October 28, 2013, the Company and Anadarko entered into a Third Amendment to the Seismic and Farmout Option Contract dated October 22, 2012 which included the following changes to the original agreement, as amended.
	Under the Third Amendment, the Company was:
		·	obligated to commence drilling of the Initial Test Well on or before July 31, 2014 (previously December 31, 2013);
		·	granted an option for a period of 180 days from date Initial Contract Depth is reached in the Initial Test Well to commence drilling of a Continuous Option Test Well, regardless of well type; and
		·	allowed to reduce control of well insurance coverage from $25,000,000 to $10,000,000.
	As a result of the precipitous drop in oil prices, the completion of the Bear Creek # 1 well and plans for the drilling of the first Continuous Option Test Well have been delayed.  In an effort to allow additional time for oil prices to improve, effective March 16, 2015, the Company and Anadarko entered into a Fourth Amendment to the Seismic and Farmout Option Contract dated October 22, 2012, which included the following changes to the original agreement, as amended.
	Under the Fourth Amendment, the Company was:
	·	granted an extension to December 15, 2015 (previously 180 days from date Initial Contract Depth was reached in the Initial Test Well) to commence drilling of the first Continuous Option Test Well;
	·	obligated to have removed or discharged any lien filed against the Anadarko mineral interests associated with the Seismic and Farmout Option Contract Lands by August 31, 2015.
	During the three months ended March 31, 2015, no capital costs were incurred on the Bear Creek #1 well.
	During the year ended December 31, 2014, the Company drilled and cased the Bear Creek #1 well spending $3,973,654. Total vertical depth of this well is 8,921 feet (8,896 cased). Intangible and tangible completion costs are estimated to be an additional $457,381.  Total drilling and completion costs are estimated to be $4,251,035. This well is classified as an exploratory well whose costs are recorded in construction-in-progress and reported on our consolidated balance sheets in properties not subject to amortization at March 31, 2015.
	During the three months ended March 31, 2014, all capital expenditures for oil and gas properties were focused in our Louisiana properties which we divested as of April 1, 2014.
	Support Facilities and Equipment
	The Company’s support facilities and equipment serve its oil and gas production activities. The following table details these properties and equipment, together with their estimated useful lives:
				March 31,				December 31,
		Years		2015				2014
	Tank batteries	12-Jul		$	44,000			$	44,000
	Production equipment	7			38,351				38,351
	Production Facilities	7			6,000				6,000
	Vehicles	7			17,748				17,748
					106,099				106,099
	Accumulated depreciation				(13,353	)			(9,990	)
	Total support facilities and equipment, net			$	92,746			$	96,109
	As of April 1, 2014, Gulfstar obtained control of the Company’s remaining interest in TNRH, and the Company removed the assets of the subsidiaries comprising TNRH, TNR and MGC, from the Company’s consolidated balance sheet, see NOTE 3.
	During the three months ended March 31, 2015 and 2014, the Company recognized depreciation expense of $3,363 and $101,528, respectively, on support facilities and equipment.
	Office Furniture, Equipment, and Other
				March 31,				December 31,
		Years		2015				2014
	Office equipment, computer equipment, software, and leasehold improvements	3		$	220,301			$	220,301
	Furniture and fixtures	10			37,570				37,570
					257,871				257,871
	Accumulated depreciation				(154,464	)			(132,395	)
	Total property and equipment, net			$	103,407			$	125,476
	During the three months ended March 31, 2015 and 2014, the Company recognized depreciation expense of $22,069 and $23,138, respectively, on office furniture, equipment, and other.
	Support facilities and equipment and office furniture, equipment, and other are depreciated using the straight line method over their estimated useful lives.

NOTE_6_DEBT

NOTE 6 - DEBT

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 6 – DEBT

Credit Facility and Notes Payable

The Company’s notes payable at March 31, 2015 and December 31, 2014 were as follows:

March 31,

December 31,

2015

2014

Credit Facility

$

3,472,693

$

3,472,693

Notes issued pursuant to private placement of securities

500,000

500,000

Other term notes

247,008

227,620

Notes payable outstanding

4,219,701

4,200,313

Less:  Current maturities

(4,219,701

)

(4,200,313

)

Notes payable – noncurrent

$

—

$

—

Prosperity Bank Credit Facility

On July 22, 2011, the Company entered into a $25 million senior secured revolving line of credit (“Credit Facility") with Prosperity Bank (formerly F&M Bank and Trust Company) that, under its original terms, was to mature on July 22, 2013. The interest rate was the Prosperity Bank Base Rate plus 1% subject to a floor of 5.75%, payable monthly. During the year ended December 31, 2012, the maturity was extended to July 22, 2014. The interest rate was 5.75%. A 2.00% annual fee was applicable to letters of credit drawn under the Credit Facility.

The Credit Facility provided financing for the 2011 acquisition of TNR, working capital for field enhancements, and general corporate purposes. The Credit Facility was originally subject to an initial borrowing base of $10,500,000 which was fully utilized by the Company with the completion of the acquisition of TNR. The Company obtained letters of credit in the amount of $4,704,037 that were provided to the State of Louisiana to secure asset retirement obligations associated with the properties. $5,693,106 was funded to MEI to complete the transaction, provide working capital for field enhancements and for general corporate purposes. In addition, MEI paid a $102,877 loan origination fee which was to be amortized over the life of the loan. The borrowing base is subject to two scheduled redeterminations each year. Loans made under this credit facility were secured by TNR’s proved developed producing reserves (“PDP”) as well as guarantees provided by the Company, MEI, and the Company’s other wholly-owned subsidiaries. Monthly commitment reductions were initially set at $150,000 beginning November 22, 2011, and continuing until the first redetermination on or about April 1, 2012. At the first redetermination, the Company was relieved of its obligation to make monthly commitment reductions, and its borrowing base was increased from $10,500,000 to $13,500,000.   Future principal reduction requirements, if any, were to be determined concurrently with each semi-annual redetermination. In September 2012, Prosperity Bank performed a second redetermination and increased the Company’s borrowing base from $13,500,000 to $14,500,000.  In addition, the term of the note was extended from July 22, 2013 to July 22, 2014.  In December 2012, the Company drew an additional $4 million from its Credit Facility, resulting in an outstanding principal balance of $9,195,963.

On May 1, 2013, Prosperity Bank performed a redetermination of the Credit Facility and reduced the Company’s borrowing base from $14,500,000 to $13,375,000 and reinstated its requirement that the Company make monthly principal reduction payments of $75,000 until reset by F&M at the next scheduled redetermination of the Borrowing Base on or around October 1, 2013.  As a result of the reduction in the borrowing base, Prosperity Bank determined the existence of a Borrowing Base deficiency of $450,000.  The Company elected, pursuant to terms of its Loan Agreement with Prosperity Bank to make six equal monthly payments of $75,000, beginning May 22, 2013, to reduce the deficiency to an amount equal to the Borrowing Base.

Effective October 1, 2013, Prosperity Bank and the Company entered into the Second Amendment to the Loan Agreement dated July 22, 2011 as previously amended on September 21, 2012 (the “Amendment”).  The Amendment provided for the reduction of the Borrowing base by $675,000 to $12,700,000 from $13,375,000; reset monthly repayments of principal to $50,000 per month until the next scheduled redetermination to occur on or about April 1, 2014, and required that general and administrative expense not exceed 27% of revenue for any two consecutive quarters.  During the year ended December 31, 2014, the Company repaid $150,000 of principal on the credit facility.

On April 10, 2014, in contemplation of the sale of additional Class A Units in TNRH to Gulfstar and the acquisition of properties in Woodson County, Kansas, the Company entered into the Fifth Amendment to Loan Agreement and other associated documents with Prosperity Bank (“Lender”).  Terms of the amendment and associated documents included:

·

Letters of credit issued by Lender originally for the account of TNR and subsequently amended for the account of MGC were excluded from the definition of “Letters of Credit” under the Loan Agreement (“Excluded LC’s), meaning that these letters of credit no longer constituted borrowings by MEI under the Loan Agreement.

·

A First Amendment to the Security Agreement and a First Amendment to the Mortgage, Collateral Assignment, Security Agreement and Financing Statement  amending the original of those documents  dated July 22, 2011 (“Amended Security Agreement and Mortgage”) was entered into by which the properties and all associated collateral located in the Lake Hermitage Field thereafter secured only the obligations of MGC related to the Excluded LC’s, and the remaining properties and all associated collateral covered by the Amended Security Agreement and Mortgage continued to secure all secured obligations other than the Excluded LC’s.

·

The Guaranties of the Loan Agreement by TNR and MGC were released.

·

TNRH delivered to Lender a Restated Guaranty limiting TNRH’s obligation under the Restated Guaranty to a maximum amount of $4.6 million (“Limitation Amount”).

·

In the event, for any reason, that TNRH were to pay to Lender the Limitation Amount in satisfaction of Mesa Energy, Inc.’s (“Borrower”) outstanding indebtedness on the Revolving Loan, Lender would deliver to TNR a partial release of the Louisiana Mortgage and Security Agreement with the only remaining obligations of TNRH being related to the Excluded LC’s.

·

AMC delivered to Lender a mortgage covering the Kansas properties and an Unlimited Guaranty.

·

The Borrowing Base was reset by Lender to $8.2 million and the Company’s obligation to make monthly principal reduction payments which, as of last redetermination were $50,000 per month, was eliminated.

·

The Borrowing Base would not be increased until such time as the Louisiana Mortgage and all associated security interests granted by TNR were released as security for the Loan and TNRH was been released from its obligations under the Restated Guaranty.

The Credit Facility required that 50% of the projected production from the acquired properties be hedged for 24 months at $100 per barrel or above. The Company entered into various commodity derivative contracts with a single counterparty.

On May 30, 2014, the Company entered into the Sixth Amendment to the Loan Agreement with Prosperity Bank by which the Termination Date was extended to September 22, 2014, and Lender consented to the Company’s transfer and novation of its interest in the hedges to TNRH.  As a result of the Company’s sale of the controlling interest in TNRH to Gulfstar, TNRH agreed in the Amendment to Unit Purchase Agreement dated April 10, 2014 to assume the hedging contracts between the Company and the counterparty.  Prosperity Bank agreed to the Company transferring and novating its interest in its hedges to TNRH in the Sixth Amendment to the Loan Agreement dated July 22, 2011, on May 30, 2014.

Effective July 22, 2014, the Company entered into an Amendment to the Revolving Promissory Note with Prosperity Bank by which the Maturity Date was extended from September 22, 2014, to November 22, 2014.

At inception of the Credit Facility, deferred financing costs of $102,877 were incurred.  For the three months ended March 31, 2015 and 2014, $0 and $5,641, respectively, of amortized deferred financing costs had been recognized as interest expense. At March 31, 2015 and December 31, 2014, deferred financing costs of $0 remained to be amortized relating to the Credit Facility.

Conversion of Prosperity Bank Credit Facility to Term Loan (“Term Loan”)

On March 5, 2015, the Company entered into the Seventh Amendment to Loan Agreement with Prosperity Bank (“7th Amendment”) by which:

·

The revolving loan underlying the Credit Facility was converted to a Term Loan in the principal amount of $3,472,693

·

No further advances would be made by Prosperity Bank and no further Letters of Credit will be issued under the Loan Agreement

·

The description of the collateral for the loan was amended to be the oil and gas properties in Woodson County, Kansas,

·

Prosperity Bank will no longer calculate a Borrowing Base

·

The Company must continue to comply with the reporting requirements of the Loan Agreement

·

Section 8 of the Loan Agreement which sets forth financial covenants was deleted in its entirety

·

Violations of financial covenants occurring on or before March 5, 2015, were waived by Prosperity Bank

·

The Company is required to pay an origination fee of $12,682

·

The Company executed and delivered to Prosperity Bank a Term Promissory Note under the following terms:

·

Maturity date – March 5, 2016

·

Interest rate – the lesser of the Prime Rate in effect from day to day plus one percent with a floor of 5.75% and a ceiling of the Maximum Rate

·

The Prime Rate is the rate of interest then most recently established by The Wall Street Journal computed on the basis of a 360-day year

·

The Maximum Rate is the maximum rate of interest which can be charged under applicable law on the Term Promissory Note

Payment terms under the Term Promissory Note are:

·

Interest is due and payable monthly through September 5, 2015

·

Beginning October 5, 2015, and continuing monthly until the term of the Term Promissory Note, principal payments of $50,000 each plus accrued and unpaid interest, are due and payable.

During the three months ended March 31, 2015, the company amortized $886 of the $12,682 in deferred financing costs incurred for the conversion of the Credit Facility to the Term Loan, leaving a balance of $11,795 remaining to be amortized during the remainder of the term of the Term Loan as of March 31, 2015.

For the three months ended March 31, 2015 and 2014, the Company recognized interest expense of $43,935 and $143,520, respectively, on the Credit Facility.

Private Placement of Notes

On March 20, 2013, the Company offered a private placement of debt pursuant to the provisions of Section 4(a)(2), Section 4(a)(6) and/or Regulation D under the Securities Act of 1933, as amended (the “Private Placement”).  Pursuant to the Private Placement the Company offered $300,000 minimum and $4 million maximum of Series A Senior Unsecured Notes carrying an interest rate of 9.625% per annum, payable quarterly, with a maturity date of May 30, 2014 (the “Notes”).  Under the terms of the offering, Series D Warrants for common shares were issued at closing.  The number of warrants issued was calculated by dividing the face value of each subscriber’s note by $0.75, and each warrant will be exercisable at $0.75 per share beginning September 1, 2013.  At December 31, 2013, the Company had received subscriptions for $655,000 ($300,000 of which was acquired in the Armada acquisition) of Notes and issued warrants to purchase 873,333 shares of common stock to subscribers.  The Private Placement was closed to additional subscriptions in the second quarter of 2013. The fair value of the warrants, determined as their relative fair value to the notes, calculated using a Black Scholes model, of $248,927 ($103,001 of which was acquired in the Armada acquisition) was recorded as discount on the Notes to be amortized to interest expense using an effective interest rate.  Assumptions used in determining the fair values of the warrants were as follows:

2013

Weighted average grant date fair value

$

0.54

Discount rate

0.77

%

Expected life (in years)

4.9

Weighted average volatility

205.74

%

Expected dividends

$

—

Of the Notes, $100,000 was subscribed by James J. Cerna, Jr., a director of the Company.  $39,199 of debt discount was associated with this Note; and warrants exercisable, as described above, for 133,333 shares were issued. $35,000 was subscribed by Marceau Schlumberger, who was a director of the Company at March 31, 2014.  Mr. Schlumberger’s note was paid in full during the three months ended June 30, 2014.  $962 in interest expense was paid on this Note.  $14,645 of debt discount was associated with this Note; and warrants exercisable, as described above, for 46,667 shares were issued.

During the year ended December 31, 2014, one of the Notes in the amount of $25,000 attained maturity and was paid in full while three Notes totaling $105,000 were paid in full on April 10, 2014, prior to the maturity date of May 30, 2014.  $4,821 in interest expense was paid on these retired Notes.  On May 16, 2014, the maturity date of the three remaining Notes, including the $100,000 note subscribed by James J. Cerna, Jr., totaling $500,000, was extended from May 30, 2014, to May 30, 2015.  As consideration for this extension, the Company reduced the exercise price of the Series D Warrants held by the remaining holders of the Notes to $0.30 per share and issued an additional Series D Warrant (the “Additional Warrants”) to each of the remaining holders.  The Additional Warrants were issued for the purchase of up to the number of shares of common stock of the Company equal to 100% of the quotient of the amount of each of the remaining Notes divided by $1.00.  The Additional Warrants are exercisable at a purchase price of $0.30 per share for a period of five (5) years. Deferred financing cost of $8,280 resulted from the reduction of the exercise price, and $76,948 resulted from the issuance for the additional warrants.  At March 31, 2015, $13,493 of deferred financing costs remained to be amortized.

During the three months ended March 31, 2015 and 2014, the Company recognized $12,035 and $15,725, respectively, of interest expense on the face value of the notes, amortization of the deferred financing costs of $20,239 and $0, respectively, as interest expense and amortization of the debt discount resulted in the recognition of $0 and $57,333, respectively, as interest expense.

Notes Payable – Sycamore Resources, Inc. and David J. Moss

The Company issued two promissory notes, as follows:

Issued To

Origination Date

Maturity Date

Principal Amount

Interest Rate

Interest Expense Accrued through March 31, 2015

Sycamore Resources, Inc.

1-Oct-14

31-Dec-15

$

100,000

12

%

$

5,984

David J. Moss

31-Oct-14

31-Dec-15

100,000

12

%

4,899

Totals

$

200,000

$

11,849

Sycamore Resources, Inc. (“Sycamore”) is controlled by our President and Chief Executive Officer, Randy M. Griffin.  Interest is accrued monthly and payable upon maturity of the notes.

The note to Sycamore was given in exchange for cash to pay the refundable earnest money deposit on a contemplated acquisition under a Purchase and Sale Agreement with Tabbs Bay Energy, LP (“Tabbs Bay Acquisition”) which was terminated on December 11, 2014, due to falling commodity prices combined with high operating costs of the properties which were the subject of the Tabbs Bay Acquisition. The $100,000 refund owed to the Company is carried on our Consolidated Balance Sheets as an account receivable.

The note to David J. Moss was given in exchange for cash to fund the nonrefundable due diligence deposit with the lender with which we were working to fund the Tabbs Bay Acquisition

Of the accrued and unpaid interest expense $5,918 was recognized as interest expense during the three months ended March 31, 2015.  Of that amount, $2,959 is attributable to Sycamore Resources, Inc.

Premium Financed Insurance Notes

On April 24, 2014, the Company entered into a premium financed note for workers compensation, automobile, and general liability insurance in the principal amount of $20,291 at an interest rate of 5.59%.  During the three months ended March 31, 2015, the note balance of $4,134 at December 31, 2014, was paid in full together with $29 of interest expense.

On July 21, 2014, the Company entered into a premium financed note for well control and comprehensive umbrella liability insurance in the principal amount of $38,887 at an interest rate of 4.49%.  During the three months ended March 31, 2015, $11,731 of principal was paid, leaving a balance of $7,894; and $177 of interest expense was paid on the note.

As of December 31, 2013, the Company had two notes payable with outstanding balances of $65,254 related to auto and well control insurance and $10,372 related to boat insurance. During the year ended December 31, 2014, the Company repaid $10,372 related to the boat insurance note and $39,007 related to the auto and well control insurance note.  The remaining note balance of $26,247 relating to auto and well control insurance was assumed by TNRH on April 1, 2014.

Directors and Officers Liability Insurance Note

On March 29, 2014, the Company entered into a premium financed note for directors’ and officers’ liability insurance in the principal amount of $37,965 at an interest rate of 4.49%.  During the three months ended March 31, 2015, the note balance of $3,861 at December 31, 2014, was paid in full, together with $14 of interest expense.

On March 29, 2015, the Company entered into a premium financed note for directors’ and officers’ liability insurance in the principal amount of $39,114 at an interest rate of 4.49%.  During the three months ended March 31, 2015, the Company had incurred and accrued $10 of interest expense.

Debt Maturities

At March 31, 2015 and December 31, 2014, all of the Company’s debt was current.

NOTE_7_ASSET_RETIREMENT_OBLIGA

NOTE 7 - ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation Disclosure [Text Block]	NOTE 7 – ASSET RETIREMENT OBLIGATIONS
	The following table provides a reconciliation of the changes in the estimated asset retirement obligations for the three months ended March 31, 2015 and year ended December 31, 2014.
			31-Mar-15		31-Dec-14
	Beginning asset retirement obligations		$	463,814	$	3,161,810
	Deconsolidation of TNRH (1)			—		(3,106,376	)
	Obligations assumed from acquisition (2)			—		349,604
	Accretion expense			4,342		58,776
	Ending asset retirement obligations		$	468,156	$	463,814
		-1	ARO of Texas and Louisiana properties.
		-2	ARO of Archer and Young County, Texas, properties acquired in the Acquisition.
	During the three months ended March 31, 2015 and 2014, the Company recognized $4,342 and $46,152, respectively, of accretion expense on its asset retirement obligations.

NOTE_8_INCOME_TAXES

NOTE 8 - INCOME TAXES	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE 8 – INCOME TAXES
	We recognize the financial statement effects of tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by a taxing authority. Recognized tax positions are initially and subsequently measured as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with a taxing authority. We have not taken a tax position that, if challenged, would have a material effect on the consolidated financial statements or the effective tax rate for the three months ended March 31, 2015.
	Income tax provisions or benefits for interim periods are computed based on the Company’s estimated annual effective tax rate. Based on the Company’s historical losses and its expectation of continuation of losses for the foreseeable future, the Company has determined that it is not more likely than not that deferred tax assets will be realized and, accordingly, has provided a full valuation allowance. As the Company anticipates that its net deferred tax assets at March 31, 2015, would be fully offset by a valuation allowance, there is no federal or state income tax benefit for the three months ended March 31, 2015.
	As of March 31, 2015, the Company has U.S. net operating loss carry forwards of approximately $4.4 million which begin to expire in 2029.

NOTE_9_CONTINGENCIES

NOTE 9 - CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	NOTE 9 – CONTINGENCIES
	In connection with the drilling of the Bear Creek #1 well, the Company has unpaid invoices payable to vendors of $2,023,168 and $1,955,304, respectively, reflected in Accounts payable – trade, on the consolidated balance sheets as of March 31, 2015 and December 31, 2014.  Of these, four vendors have recorded liens against our Bear Creek #1 wellbore in the amount of $1,087,371.  Interest at 18% per annum was included with one lien filing and is reflected in accounts payable on our consolidated balance sheets in the amount of $65,014 and as interest expense on our consolidated statements of operations in the amount of $36,474.

NOTE_10_SHARE_BASED_COMPENSATI

NOTE 10 - SHARE BASED COMPENSATION	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	NOTE 10 – SHARE BASED COMPENSATION
	Warrants
	The following table summarizes the Company’s warrant activity for the three months ended March 31, 2015:
			Shares			Weighted		Weighted	Aggregate
						Average		Average	Intrinsic
						Exercise		Remaining	Value
						Price		Contractual Life
	Outstanding at December 31, 2014			7,953,333		$	1.84	3.3 years	$	—
	Granted			—			—
	Exercised			—			—
	Cancelled/Expired			—			—
	Outstanding at March 31, 2015			7,953,333		$	1.84	3.0  years	$	—
	Exercisable at March 31, 2015			7,953,333		$	1.84	3.0 years	$	—
	Stock Options
	The Board of Directors of the Company previously adopted the 2012 Incentive Plan which provides for the issuance of incentive awards of up to 5,000,000 shares of common stock to officers, key employees, consultants and directors of the Company and its subsidiaries.
	The following table summarizes the Company’s stock option activity for the three months ended March 31, 2015:
			Shares			Weighted		Weighted	Aggregate
						Average		Average	Intrinsic
						Exercise		Remaining	Value
						Price		Contractual Life
	Outstanding at December 31, 2014			3,602,000			0.37	3.8 years	$	—
	Granted			—			—	—		—
	Exercised			—			—	—		—
	Cancelled/Expired/Forfeited (1)			(39,000	)		0.37	—		—
	Outstanding at March 31, 2015			3,563,000			0.36	2.75 years	$	—
	Exercisable at March 31, 2015			3,158,000		$	0.38	2.9 years	$	—
		-1	Forfeited shares comprise options granted to employees who terminated their employment with the Company.
	Compensation expense related to stock options of $21,009 and $17,678 was recognized for the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015, the Company had $35,112 of unrecognized compensation expense related to outstanding unvested stock options, which will be fully recognized over the next 6 months. No stock options have been exercised.
	Restricted Stock
	The following table summarizes the Company’s restricted stock activity for the three months ended March 31, 2015:
			Shares
	Unvested Restricted Shares at December 31, 2014			—
	Granted			500,000
	Vested			(500,000	)
	Forfeited			—
	Unvested Restricted Shares at March 31, 2015			—
	Restricted shares granted and vested were issued to a consultant in exchange for services rendered during the fourth quarter of 2014 and the first quarter of 2015, the fair value of which was $51,667 of which $8,602 was recognized as expense during the three months ended March 31, 2015.
	The Company had no unamortized compensation expense related to granted restricted stock awards as of March 31, 2015.

NOTE_11_SUBSEQUENT_EVENTS

NOTE 11 - SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 11 – SUBSEQUENT EVENTS
	On April 16, 2015, Cause No. DC-15-03885, TForce Energy Services, Inc., vs Armada Operating, LLC was filed in the 193rd Judicial District Court of Dallas County, Texas, by which plaintiff seeks to recover $309,217.75 plus attorneys’ fees from the defendant. This lawsuit has been filed to collect money associated with an unpaid invoice associated with the drilling of the Bear Creek #1 well in Wyoming.  The Company has engaged counsel to extend the deadline by which AOP must file an answer or otherwise responsive pleading from May 4, 2015, to June 3, 2015.
	On April 20, 2015, the Company issued 500,000 shares of our restricted common stock with a fair value of $32,585 to a consultant in exchange for services.
	On April 30, 2015, the Company agreed to settle the $100,000 account receivable associated with the refundable deposit for the Tabbs Bay Acquisition, which did not occur, for $62,500.  The difference of $37,500 was charged to bad debt expense.
	On May 6, 2015, the Company entered into a contract for sale of real estate in Wyoming County, New York, for $18,000.  This property is reported on the Company’s consolidated balance sheets as Land at a historical cost of $38,345. The Company will recognize a loss on sale of this property of $20,345 in the second quarter of 2015.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation
	The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”). and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s latest annual report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for fiscal year 2014, as reported in the Form 10-K, have been omitted.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation
	The consolidated financial statements include the Company’s accounts and those of the Company’s wholly owned and majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year and the reported amount of proved natural gas and oil reserves. Management bases its estimates on historical experience and various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments that are not readily apparent from other sources.  Actual results could differ from these estimates and changes in these estimates are recorded when known.
Reclassification, Policy [Policy Text Block]	Reclassifications
	Certain reclassifications have been made to amounts in prior periods to conform to the current period presentation. All reclassifications have been applied consistently to the periods presented.
Earnings Per Share, Policy [Policy Text Block]	Loss Per Common Share
	The Company’s loss per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution of securities, if any, that could share in the loss of the Company and is calculated by dividing net loss by the diluted weighted average number of common shares. The diluted weighted average number of common shares is computed using the treasury stock method for common stock that may be issued for outstanding stock options and convertible debt.
		For the Three Months Ended
		March 31,
		2015			2014
	Numerator:
	Net loss	$	(587,862	)	$	(622,498	)
	Less:  Net loss attributable to noncontrolling interest		—			(103,745	)
	Net loss available to stockholders		(587,862	)		(518,753	)
	Basic net loss allocable to participating securities (1)		—			—
	Basic net loss available to stockholders	$	(587,862	)	$	(518,753	)
	Denominator:
	Weighted average number of common shares outstanding – Basic		56,488,806			56,030,473
	Effect of dilutive securities (2) :		—			—
	Options and warrants		—			—
	Weighted average number of common shares outstanding – Diluted		56,488,806			56,030,473
	Net loss per common share:
	Basic	$	(0.01	)	$	(0.01	)
	Diluted	$	(0.01	)	$	(0.01	)
	(1)      Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses.
	(2)      For the three months ended March 31, 2015, stock options and warrants representing 3,563,000 and 7,953,333 shares, respectively were antidilutive and, therefore, excluded from the diluted share calculation. For the three months ended March 31, 2014, stock options and warrants representing 2,775,000 and 7,553,333 shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculation.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements
	The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations or cash flows.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events
	The Company has evaluated all transactions through the date the consolidated financial statements were issued for subsequent event disclosure consideration.

NOTE_1_ORGANIZATION_AND_SIGNIF1

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The Company’s loss per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution of securities, if any, that could share in the loss of the Company and is calculated by dividing net loss by the diluted weighted average number of common shares. The diluted weighted average number of common shares is computed using the treasury stock method for common stock that may be issued for outstanding stock options and convertible debt.
		For the Three Months Ended
		March 31,
		2015			2014
	Numerator:
	Net loss	$	(587,862	)	$	(622,498	)
	Less:  Net loss attributable to noncontrolling interest		—			(103,745	)
	Net loss available to stockholders		(587,862	)		(518,753	)
	Basic net loss allocable to participating securities (1)		—			—
	Basic net loss available to stockholders	$	(587,862	)	$	(518,753	)
	Denominator:
	Weighted average number of common shares outstanding – Basic		56,488,806			56,030,473
	Effect of dilutive securities (2) :		—			—
	Options and warrants		—			—
	Weighted average number of common shares outstanding – Diluted		56,488,806			56,030,473
	Net loss per common share:
	Basic	$	(0.01	)	$	(0.01	)
	Diluted	$	(0.01	)	$	(0.01	)
	(1)      Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses.
	(2)      For the three months ended March 31, 2015, stock options and warrants representing 3,563,000 and 7,953,333 shares, respectively were antidilutive and, therefore, excluded from the diluted share calculation. For the three months ended March 31, 2014, stock options and warrants representing 2,775,000 and 7,553,333 shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculation.

NOTE_3_ACQUISITION_AND_DIVESTI1

NOTE 3 - ACQUISITION AND DIVESTITURE (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure Text Block Supplement [Abstract]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block]	TNRH’s balances as of March 31, 2014 and for the three month period ended March 31, 2014 were as follows:
		As of
		31-Mar-14
	ASSETS
	Current assets	$	6,659,144
	Oil and gas properties, successful efforts accounting:
	Properties subject to amortization, net		8,212,524
	Properties not subject to amortization		16,753
	Support facilities and equipment, net		2,628,792
	Net oil and gas properties		10,858,069
	Other assets		581,038
	TOTAL ASSETS		18,098,251
	LIABILITIES
	Current liabilities		2,329,986
	Deferred tax liability		403,283
	Asset retirement obligations		3,106,376
	Derivative liabilities		88,050
	TOTAL LIABILITIES		5,927,695
	NET ASSETS	$	12,170,556
		For the Three Months Ended
		31-Mar-14
	Revenues	$	3,161,809
	Net loss	$	(301,802	)
Schedule of Noncash or Part Noncash Divestitures [Table Text Block]	A gain of $10,170,656 was recognized on our sale of the controlling interest and deconsolidation of TNRH as follows:
	Gain on deconsolidation of TNRH
	Fair value of proceeds that resulted in loss of control	$	6,419,573
	Fair value of noncontrolling interest retained (cost method investment)		9,830,895
	Carrying amount of noncontrolling interest in former subsidiary on the date the subsidiary was deconsolidated		5,862,443
	Subtotal		22,112,911
	Less carrying amount of TNRH’s net assets		(12,170,553	)
	Plus intercompany balances		228,298
	Gain on deconsolidation of TNRH	$	10,170,656
Schedule of Cost Method Investments [Table Text Block]	After the Tranche D funding, the Company had a cost method investment for its remaining 27.124% noncontrolling interest held in TNRH as follows:
	Cost method investment
	Fair value of noncontrolling interest retained the date TNRH is deconsolidated	$	9,830,895
	Less Tranche D net proceeds from sale units in TNRH		(2,042,856	)
	Cost method investment as of June 30, 2014	$	7,788,039
Schedule of Realized Gain (Loss) [Table Text Block]	During the third quarter of 2014, the Company sold its remaining interest in TNRH on November 26, 2014. The Company received $5,012,502 in cash for its remaining cost method investment in TNRH comprising 8,152 Member Units at $614.88 per Unit. The difference between the carrying value of the cost method investment and cash received was applied to the gain on deconsolidation of TNRH as follows:
	Sale of cost method investment
	Gain on deconsolidation of TNRH after Tranche B funding	$	10,170,656
	Cash received for remaining investment in TNRH		5,012,502
	Cost method investment for interest in TNRH		(7,788,039	)
	Gain on sale of TNRH interest	$	7,395,119

NOTE_5_PROPERTY_AND_EQUIPMENT_

NOTE 5 - PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2015
NOTE 5 - PROPERTY AND EQUIPMENT (Tables) [Line Items]
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]	The carrying values of the Company’s oil and gas properties, net of depletion and impairment, at March 31, 2015 and December 31, 2014 were:
			March 31,				December 31,
	Property		2015				2014
	Bear Creek Prospect, Carbon County, Wyoming		$	13,933,157			$	13,921,956
	Woodson County, Kansas			6,301,562				6,340,805
	Total		$	20,234,719			$	20,262,761
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	Net oil and gas properties at March 31, 2015 were:
	Year		Acquisition				Exploration				Dry Hole			Disposition			Depletion,			Total
	Incurred		Costs				and				Costs			of Assets			and
							Development										Impairment
							Costs
	2013 and prior		$	19,270,825			$	9,537,526			$	(3,057,836	)	$	(2,436,535	)	$	(4,967,452	)	$	18,346,528
	2014			6,708,324				4,832,756				—			(8,837,248	)		(787,599	)		1,916,233
	2015			—				11,201				—			—			(39,243	)		(28,042	)
	Total		$	25,979,149			$	14,381,483			$	(3,057,836	)	$	(11,273,783	)	$	(5,794,294	)	$	20,234,719
Facilities, Offices and Other Equipment [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Tables) [Line Items]
Property, Plant and Equipment [Table Text Block]	The following table details these properties and equipment, together with their estimated useful lives:
				March 31,				December 31,
		Years		2015				2014
	Tank batteries	12-Jul		$	44,000			$	44,000
	Production equipment	7			38,351				38,351
	Production Facilities	7			6,000				6,000
	Vehicles	7			17,748				17,748
					106,099				106,099
	Accumulated depreciation				(13,353	)			(9,990	)
	Total support facilities and equipment, net			$	92,746			$	96,109
Office Furniture, Equipment, and Other [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Tables) [Line Items]
Property, Plant and Equipment [Table Text Block]	Office Furniture, Equipment, and Other
				March 31,				December 31,
		Years		2015				2014
	Office equipment, computer equipment, software, and leasehold improvements	3		$	220,301			$	220,301
	Furniture and fixtures	10			37,570				37,570
					257,871				257,871
	Accumulated depreciation				(154,464	)			(132,395	)
	Total property and equipment, net			$	103,407			$	125,476

NOTE_6_DEBT_Tables

NOTE 6 - DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
NOTE 6 - DEBT (Tables) [Line Items]
Schedule of Debt [Table Text Block]	The Company’s notes payable at March 31, 2015 and December 31, 2014 were as follows:
		March 31,			December 31,
		2015			2014
	Credit Facility	$	3,472,693		$	3,472,693
	Notes issued pursuant to private placement of securities		500,000			500,000
	Other term notes		247,008			227,620
	Notes payable outstanding		4,219,701			4,200,313
	Less:  Current maturities		(4,219,701	)		(4,200,313	)
	Notes payable – noncurrent	$	—		$	—
Schedule of New Debt Issuance [Table Text Block]	The Company issued two promissory notes, as follows:
	Issued To	Origination Date		Maturity Date	Principal Amount			Interest Rate			Interest Expense Accrued through March 31, 2015
	Sycamore Resources, Inc.	1-Oct-14		31-Dec-15	$	100,000			12	%	$	5,984
	David J. Moss	31-Oct-14		31-Dec-15		100,000			12	%		4,899
	Totals				$	200,000					$	11,849
Series D Warrants [Member] | Warrants Issued with Debt [Member]
NOTE 6 - DEBT (Tables) [Line Items]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	Assumptions used in determining the fair values of the warrants were as follows:
		2013
	Weighted average grant date fair value	$	0.54
	Discount rate		0.77	%
	Expected life (in years)		4.9
	Weighted average volatility		205.74	%
	Expected dividends	$	—

NOTE_7_ASSET_RETIREMENT_OBLIGA1

NOTE 7 - ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations [Table Text Block]	The following table provides a reconciliation of the changes in the estimated asset retirement obligations for the three months ended March 31, 2015 and year ended December 31, 2014.
			31-Mar-15		31-Dec-14
	Beginning asset retirement obligations		$	463,814	$	3,161,810
	Deconsolidation of TNRH (1)			—		(3,106,376	)
	Obligations assumed from acquisition (2)			—		349,604
	Accretion expense			4,342		58,776
	Ending asset retirement obligations		$	468,156	$	463,814
		-1	ARO of Texas and Louisiana properties.
		-2	ARO of Archer and Young County, Texas, properties acquired in the Acquisition.

NOTE_10_SHARE_BASED_COMPENSATI1

NOTE 10 - SHARE BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	The following table summarizes the Company’s warrant activity for the three months ended March 31, 2015:
			Shares			Weighted		Weighted	Aggregate
						Average		Average	Intrinsic
						Exercise		Remaining	Value
						Price		Contractual Life
	Outstanding at December 31, 2014			7,953,333		$	1.84	3.3 years	$	—
	Granted			—			—
	Exercised			—			—
	Cancelled/Expired			—			—
	Outstanding at March 31, 2015			7,953,333		$	1.84	3.0  years	$	—
	Exercisable at March 31, 2015			7,953,333		$	1.84	3.0 years	$	—
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following table summarizes the Company’s stock option activity for the three months ended March 31, 2015:
			Shares			Weighted		Weighted	Aggregate
						Average		Average	Intrinsic
						Exercise		Remaining	Value
						Price		Contractual Life
	Outstanding at December 31, 2014			3,602,000			0.37	3.8 years	$	—
	Granted			—			—	—		—
	Exercised			—			—	—		—
	Cancelled/Expired/Forfeited (1)			(39,000	)		0.37	—		—
	Outstanding at March 31, 2015			3,563,000			0.36	2.75 years	$	—
	Exercisable at March 31, 2015			3,158,000		$	0.38	2.9 years	$	—
		-1	Forfeited shares comprise options granted to employees who terminated their employment with the Company.
Nonvested Restricted Stock Shares Activity [Table Text Block]	The following table summarizes the Company’s restricted stock activity for the three months ended March 31, 2015:
			Shares
	Unvested Restricted Shares at December 31, 2014			—
	Granted			500,000
	Vested			(500,000	)
	Forfeited			—
	Unvested Restricted Shares at March 31, 2015			—

NOTE_1_ORGANIZATION_AND_SIGNIF2

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity Option [Member]
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,563,000	2,775,000
Warrant [Member]
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,953,333	7,553,333

NOTE_1_ORGANIZATION_AND_SIGNIF3

NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of Calculation of Numerator and Denominator in Earnings Per Shares (USD $)	3 Months Ended
	Mar. 31, 2015		Mar. 31, 2014
Schedule of Calculation of Numerator and Denominator in Earnings Per Shares [Abstract]
Net loss	($587,862)		($622,498)
Less: Net loss attributable to noncontrolling interest	0		-103,745
Net loss available to stockholders	-587,862		-518,753
Basic net loss allocable to participating securities (1)	0	[1]	0	[1]
Basic net loss available to stockholders	($587,862)		($518,753)
Weighted average number of common shares outstanding b Basic (in Shares)	56,488,806		56,030,473
Options and warrants (in Shares)	0	[2]	0	[2]
Weighted average number of common shares outstanding b Diluted (in Shares)	56,488,806		56,030,473
Basic (in Dollars per share)	($0.01)		($0.01)
Diluted (in Dollars per share)	($0.01)		($0.01)
[1]	Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses.
[2]	For the three months ended March 31, 2015, stock options and warrants representing 3,563,000 and 7,953,333 shares, respectively were antidilutive and, therefore, excluded from the diluted share calculation. For the three months ended March 31, 2014, stock options and warrants representing 2,775,000 and 7,553,333 shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculation.

NOTE_2_GOING_CONCERN_Details

NOTE 2 - GOING CONCERN (Details) (USD $)	Mar. 31, 2015
Going Concern [Abstract]
Working Capital (Deficit)	$6,605,023

NOTE_3_ACQUISITION_AND_DIVESTI2

NOTE 3 - ACQUISITION AND DIVESTITURE (Details) (USD $)	0 Months Ended	3 Months Ended			12 Months Ended		3 Months Ended	0 Months Ended				1 Months Ended
	Apr. 10, 2014	Mar. 31, 2015		Dec. 31, 2014	Dec. 31, 2014		Jun. 30, 2014	Nov. 26, 2014	Jun. 16, 2014	16-May-14	Dec. 20, 2013	Jun. 16, 2014
							acre
NOTE 3 - ACQUISITION AND DIVESTITURE (Details) [Line Items]
Proceeds from Divestiture of Businesses					$1,790,580
Deconsolidation, Gain (Loss), Amount				10,170,656
Asset Retirement Obligation, Liabilities Incurred	349,604	0	[1]		349,604	[1]
Woodson County, Kansas [Member]
NOTE 3 - ACQUISITION AND DIVESTITURE (Details) [Line Items]
Oil and Gas Property, Number of Lease Interests							6
Gas and Oil Area, Developed, Gross (in Acres)							1,040
Gas and Oil Area, Developed, Net (in Acres)							901
Payments to Acquire Oil and Gas Property	6,368,106
Costs Incurred, Acquisition of Oil and Gas Properties	6,285,106
Capitalized Costs, Wells and Related Equipment and Facilities	83,000
TNRH [Member]
NOTE 3 - ACQUISITION AND DIVESTITURE (Details) [Line Items]
Proceeds from Issuance or Sale of Equity	6,700,053							5,012,502	1,343,058	790,034	6,250,000	2,133,092
Private Placement, Number of Units	11,873							8,152	2,380	1,400	6,250
Private Placement, Price per Unit (in Dollars per share)	$564.31							$614.88	$564.31	$564.31	$1,000
Sale of Stock, Percentage, Decrease in Ownership	25.93%										34.38%
Sale of Stock, Percentage of Ownership after Transaction	60.30%										65.63%	27.12%
Proceeds from Issuance or Sale of Equity, Net	6,419,573											2,042,856
Deconsolidation, Gain (Loss), Amount					$10,170,656				$10,170,656
[1]	ARO of Archer and Young County, Texas, properties acquired in the Acquisition.

NOTE_3_ACQUISITION_AND_DIVESTI3

NOTE 3 - ACQUISITION AND DIVESTITURE (Details) - Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jun. 16, 2014
ASSETS
Current assets	$349,594		$685,851
Oil and gas properties, successful efforts accounting:
Properties subject to amortization, net	6,295,849		6,335,092
Properties not subject to amortization	13,938,870		13,927,669
Support facilities and equipment, net	92,746		96,109
Net oil and gas properties	20,365,810		20,397,215
Other assets	75,098		75,098
TOTAL ASSETS	20,933,909		21,323,640
LIABILITIES
Current liabilities	6,954,617		6,833,503
Asset retirement obligations	468,156		463,814
TOTAL LIABILITIES	7,422,773		7,297,317
Revenues	168,327	3,174,000
Net loss	-587,862	-518,753
TNRH [Member]
ASSETS
Current assets		6,659,144
Oil and gas properties, successful efforts accounting:
Properties subject to amortization, net		8,212,524
Properties not subject to amortization		16,753
Support facilities and equipment, net		2,628,792
Net oil and gas properties		10,858,069
Other assets		581,038
TOTAL ASSETS		18,098,251
LIABILITIES
Current liabilities		2,329,986
Deferred tax liability		403,283
Asset retirement obligations		3,106,376
Derivative liabilities		88,050
TOTAL LIABILITIES		5,927,695
NET ASSETS		12,170,556		12,170,553
Revenues		3,161,809
Net loss		($301,802)

NOTE_3_ACQUISITION_AND_DIVESTI4

NOTE 3 - ACQUISITION AND DIVESTITURE (Details) - Schedule of Noncash or Part Noncash Divestitures (USD $)	3 Months Ended	0 Months Ended	12 Months Ended
	Dec. 31, 2014	Jun. 16, 2014	Dec. 31, 2014	Mar. 31, 2014
Noncash or Part Noncash Divestitures [Line Items]
Gain on deconsolidation of TNRH	$10,170,656
TNRH [Member]
Noncash or Part Noncash Divestitures [Line Items]
Fair value of proceeds that resulted in loss of control		6,419,573
Fair value of noncontrolling interest retained (cost method investment)	7,788,039	9,830,895	7,788,039
Carrying amount of noncontrolling interest in former subsidiary on the date the subsidiary was deconsolidated		5,862,443
Subtotal		22,112,911
Less carrying amount of TNRHbs net assets		-12,170,553		-12,170,556
Plus intercompany balances		228,298
Gain on deconsolidation of TNRH		$10,170,656	$10,170,656

NOTE_3_ACQUISITION_AND_DIVESTI5

NOTE 3 - ACQUISITION AND DIVESTITURE (Details) - Schedule of Cost Method Investments (TNRH [Member], USD $)	12 Months Ended
	Dec. 31, 2014	Jun. 16, 2014
TNRH [Member]
Schedule of Cost-method Investments [Line Items]
Fair value of noncontrolling interest retained the date TNRH is deconsolidated	$9,830,895
Less Tranche D net proceeds from sale units in TNRH	-2,042,856
Cost method investment as of June 30, 2014	$7,788,039	$9,830,895

NOTE_3_ACQUISITION_AND_DIVESTI6

NOTE 3 - ACQUISITION AND DIVESTITURE (Details) - Schedule of Realized Gain (Loss) (USD $)	3 Months Ended
	Dec. 31, 2014
Schedule of Realized Gain (Loss) [Abstract]
Gain on deconsolidation of TNRH after Tranche B funding	$10,170,656
Cash received for remaining investment in TNRH	5,012,502
Cost method investment for interest in TNRH	-7,788,039
Gain on sale of TNRH interest	$7,395,119

NOTE_4_COMMODITY_DERIVATIVE_IN1

NOTE 4 - COMMODITY DERIVATIVE INSTRUMENTS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
NOTE 4 - COMMODITY DERIVATIVE INSTRUMENTS (Details) [Line Items]
Derivative Liability, Current	$0
Derivative Liability, Noncurrent	0
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	0	-167,673
Derivative, Gain (Loss) on Derivative, Net	$0	($165,511)
Commodity Option [Member]
NOTE 4 - COMMODITY DERIVATIVE INSTRUMENTS (Details) [Line Items]
Types of Items Hedged by Price Risk Derivatives		the Company had engaged in price risk management activities from time to time, through utilizing derivative instruments consisting of swaps, floors and collars, to attempt to reduce the Company’s exposure to changes in commodity prices.

NOTE_5_PROPERTY_AND_EQUIPMENT_1

NOTE 5 - PROPERTY AND EQUIPMENT (Details) (USD $)	3 Months Ended		0 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Oct. 28, 2013	Nov. 02, 2012	Dec. 31, 2014
					ft
NOTE 5 - PROPERTY AND EQUIPMENT (Details) [Line Items]
Exploration Expense	$0	$159,529
Bear Creek Prospect [Member] | Completion Costs [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Details) [Line Items]
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Development Costs					457,381
Bear Creek Prospect [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Details) [Line Items]
Oil and Gas Property, Contract Description			On October 28, 2013, the Company and Anadarko entered into a Third Amendment to the Seismic and Farmout Option Contract dated October 22, 2012 which included the following changes to the original agreement, as amended.Under the Third Amendment, the Company was:· obligated to commence drilling of the Initial Test Well on or before July 31, 2014 (previously December 31, 2013);· granted an option for a period of 180 days from date Initial Contract Depth is reached in the Initial Test Well to commence drilling of a Continuous Option Test Well, regardless of well type; and· allowed to reduce control of well insurance coverage from $25,000,000 to $10,000,000.	If and when the Company completes the well or a subsequent well capable of production and complies with all other terms of the Anadarko Contract, the Company will receive from Anadarko a lease, with an initial term of three (3) years, which provides for the Company to receive a 100% operated working interest in the section upon which the well was drilled. Anadarko will retain a 20% royalty interest in future production.
Costs Incurred, Development Costs					3,973,654
Wells, Drilled, Depth (in Feet)					8,921
Future Net Cash Flows Relating to Proved Oil and Gas Reserves, Development Costs					4,251,035
Support Facilities and Equipment [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Details) [Line Items]
Depreciation	3,363	101,528
Office Furniture, Equipment, and Other [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Details) [Line Items]
Depreciation	22,069	23,138
TNRH [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Details) [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment					8,229,277
Turkey Creek Field [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Details) [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment					570,425
Leasehold Interest Held for Sale [Member]
NOTE 5 - PROPERTY AND EQUIPMENT (Details) [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment					$37,546

NOTE_5_PROPERTY_AND_EQUIPMENT_2

NOTE 5 - PROPERTY AND EQUIPMENT (Details) - Capitalized Costs Relating to Oil and Gas Producing Activities (USD $)	Mar. 31, 2015	Dec. 31, 2014
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil and Gas Property, Successful Effort Method, Net, Excluding Land	$20,234,719	$20,262,761
Bear Creek Prospect [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil and Gas Property, Successful Effort Method, Net, Excluding Land	13,933,157	13,921,956
Woodson County, Kansas [Member]
Capitalized Costs Relating to Oil and Gas Producing Activities, by Geographic Area [Line Items]
Oil and Gas Property, Successful Effort Method, Net, Excluding Land	$6,301,562	$6,340,805

NOTE_5_PROPERTY_AND_EQUIPMENT_3

NOTE 5 - PROPERTY AND EQUIPMENT (Details) - Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure (USD $)	3 Months Ended	12 Months Ended	132 Months Ended	147 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Abstract]
Acquisition Costs	$0	$6,708,324	$19,270,825	$25,979,149
Exploration and Development Costs	11,201	4,832,756	9,537,526	14,381,483
Dry Hole Costs	0	0	-3,057,836	-3,057,836
Disposition of Assets	0	-8,837,248	-2,436,535	-11,273,783
Depletion, Amortization, and Impairment	-39,243	-787,599	-4,967,452	-5,794,294
Total	($28,042)	$1,916,233	$18,346,528	$20,234,719

NOTE_5_PROPERTY_AND_EQUIPMENT_4

NOTE 5 - PROPERTY AND EQUIPMENT (Details) - Schedule of Other Property, Plant, and Equipment (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Support facilities and equipment, gross	$106,099	$106,099
Accumulated depreciation	-13,353	-9,990
Total support facilities and equipment, net	92,746	96,109
Tank Batteries [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Tank Batteries [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	12 years
Tank Batteries [Member]
Property, Plant and Equipment [Line Items]
Support facilities and equipment, gross	44,000	44,000
Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Support facilities and equipment, gross	38,351	38,351
Production facilities [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Support facilities and equipment, gross	6,000	6,000
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	7 years
Support facilities and equipment, gross	$17,748	$17,748

NOTE_5_PROPERTY_AND_EQUIPMENT_5

NOTE 5 - PROPERTY AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$257,871	$257,871
Accumulated depreciation	-154,464	-132,395
Total property and equipment, net	103,407	125,476
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Property, Plant and Equipment, Gross	220,301	220,301
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Property, Plant and Equipment, Gross	$37,570	$37,570

NOTE_6_DEBT_Details

NOTE 6 - DEBT (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

Jul. 22, 2011

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Mar. 20, 2013

Mar. 05, 2015

Dec. 31, 2013

16-May-14

Jun. 30, 2014

Apr. 10, 2014

Oct. 01, 2013

1-May-13

Dec. 31, 2012

Sep. 30, 2012

Dec. 31, 2012

Apr. 24, 2014

Jul. 21, 2014

Mar. 29, 2015

Mar. 29, 2014

Apr. 01, 2012

Dec. 31, 2011

NOTE 6 - DEBT (Details) [Line Items]

Line of Credit Facility, Commitment Fee Percentage

2.00%

Amortization of Financing Costs

$21,126

$5,641

Deferred Finance Costs, Net

13,493

Debt Instrument, Face Amount

200,000

Interest Expense, Debt

11,849

Class of Warrant or Rights Granted (in Shares)

0

Interest Paid

62,114

156,033

Number of Notes Payable

2

Issuance of Stock and Warrants for Services or Claims

76,948

Amortization of Debt Discount (Premium)

0

57,333

Notes Payable, Current

4,019,701

4,000,313

Director [Member] | Notes Payable, Other Payables [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Face Amount

100,000

Class of Warrant or Rights Granted (in Shares)

133,333

Debt Instrument, Unamortized Discount

39,199

Chief Executive Officer [Member] | Loans Payable [Member]

NOTE 6 - DEBT (Details) [Line Items]

Interest Expense, Debt

2,959

Other Receivables, Net, Current

100,000

Notes Payable to Banks [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Maturity Date

5-Mar-16

Debt Instrument, Periodic Payment, Principal

50,000

Amortization of Financing Costs

886

Deferred Finance Costs, Net

11,795

Debt Instrument, Face Amount

3,472,693

Debt Instrument, Fee Amount

12,682

Line of Credit Facility, Interest Rate Description

Interest rate – the lesser of the Prime Rate in effect from day to day plus one percent with a floor of 5.75% and a ceiling of the Maximum Rate

Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum

5.75%

Debt Instrument, Date of First Required Payment

5-Oct-15

Notes Payable, Other Payables [Member] | Premium Financed Note for General Liability, Auto and Workers Compensation Insurance [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Face Amount

20,291

Debt Instrument, Interest Rate, Stated Percentage

5.59%

Notes Payable, Other Payables [Member] | Premium Financed Note for Umbrella and Well Control Insurance [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Face Amount

38,887

Debt Instrument, Interest Rate, Stated Percentage

4.49%

Notes Payable, Other Payables [Member] | Note Related to Auto and Well Control Insurance [Member]

NOTE 6 - DEBT (Details) [Line Items]

Repayments of Notes Payable

39,007

Notes Payable, Current

65,254

Extinguishment of Debt, Amount

26,247

Notes Payable, Other Payables [Member] | Note Related to Boat Insurance [Member]

NOTE 6 - DEBT (Details) [Line Items]

Repayments of Notes Payable

10,372

Notes Payable, Current

10,372

Notes Payable, Other Payables [Member] | Premium Financed Note for Directors' and Officers' Liability Insurance [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Face Amount

39,114

37,965

Debt Instrument, Interest Rate, Stated Percentage

4.49%

Repayments of Notes Payable

3,861

Notes Payable, Other Payables [Member]

NOTE 6 - DEBT (Details) [Line Items]

Interest Expense, Debt

12,035

Amortization of Debt Discount (Premium)

0

57,333

One Note [Member] | Notes Payable, Other Payables [Member]

NOTE 6 - DEBT (Details) [Line Items]

Repayments of Debt

25,000

Three Notes [Member] | Notes Payable, Other Payables [Member]

NOTE 6 - DEBT (Details) [Line Items]

Repayments of Debt

105,000

Number of Notes Payable

3

Notes Payable, Other Payables [Member] | Premium Financed Note for General Liability, Auto and Workers Compensation Insurance [Member]

NOTE 6 - DEBT (Details) [Line Items]

Interest Paid

29

Repayments of Notes Payable

4,134

Notes Payable, Other Payables [Member] | Premium Financed Note for Umbrella and Well Control Insurance [Member]

NOTE 6 - DEBT (Details) [Line Items]

Interest Paid

177

Repayments of Notes Payable

11,731

Notes Payable, Current

7,894

Notes Payable, Other Payables [Member] | Premium Financed Note for Directors' and Officers' Liability Insurance [Member]

NOTE 6 - DEBT (Details) [Line Items]

Interest Expense, Debt

10

Debt Instrument, Interest Rate, Stated Percentage

4.49%

Interest Paid

14

Notes Payable, Other Payables [Member] | Armada Oil, Inc [Member]

NOTE 6 - DEBT (Details) [Line Items]

Proceeds from Issuance of Private Placement

300,000

Debt Instrument, Unamortized Discount

103,001

Notes Payable, Other Payables [Member] | Minimum [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Face Amount

300,000

Notes Payable, Other Payables [Member] | Maximum [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Face Amount

4,000,000

Notes Payable, Other Payables [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Maturity Date

30-May-14

30-May-15

Deferred Finance Costs, Gross

8,280

Amortization of Financing Costs

20,239

0

Debt Instrument, Face Amount

35,000

100,000

Interest Expense, Debt

5,918

15,725

Debt Instrument, Interest Rate, Stated Percentage

9.63%

Warants to be issued with private placement, description

The number of warrants issued was calculated by dividing the face value of each subscriber’s note by $0.75, and each warrant will be exercisable at $0.75 per share beginning September 1, 2013.

Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)

$0.75

$0.30

Class of Warrant or Right, Date from which Warrants or Rights Exercisable

1-Sep-13

Proceeds from Issuance of Private Placement

655,000

Class of Warrant or Rights Granted (in Shares)

46,667

873,333

Debt Instrument, Unamortized Discount

14,645

248,927

Interest Paid

4,821

962

Number of Notes Payable

3

Notes Payable

500,000

Warrant Issuance, Description

The Additional Warrants were issued for the purchase of up to the number of shares of common stock of the Company equal to 100% of the quotient of the amount of each of the remaining Notes divided by $1.00.

Warrants, Term of Warrants

5 years

Line of Credit [Member] | Base Rate [Member]

NOTE 6 - DEBT (Details) [Line Items]

Debt Instrument, Basis Spread on Variable Rate

1.00%

Line of Credit [Member]

NOTE 6 - DEBT (Details) [Line Items]

Line of Credit Facility, Maximum Borrowing Capacity

25,000,000

Debt Instrument, Maturity Date

22-Jul-13

22-Jul-14

22-Jul-14

Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum

5.75%

Line of Credit Facility, Interest Rate at Period End

5.75%

Line of Credit Facility, Current Borrowing Capacity

10,500,000

12,700,000

8,200,000

13,375,000

14,500,000

13,500,000

Letters of Credit Outstanding, Amount

9,195,963

9,195,963

4,704,037

Proceeds from Lines of Credit

5,693,106

4,000,000

Debt Issuance Cost

102,877

Line of Credit Facility, Description

The borrowing base is subject to two scheduled redeterminations each year.

Line of Credit Facility, Collateral

Loans made under this credit facility were secured by TNR’s proved developed producing reserves (“PDP”) as well as guarantees provided by the Company, MEI, and the Company’s other wholly-owned subsidiaries.

Debt Instrument, Frequency of Periodic Payment

Monthly commitment reductions were initially set at $150,000 beginning November 22, 2011, and continuing until the first redetermination on or about April 1, 2012.

Line of Credit Facility, Periodic Payment

150,000

Debt Instrument, Periodic Payment, Principal

50,000

50,000

75,000

Line of Credit Facility, Borrowing Capacity, Description

reduction of the Borrowing base by $675,000 to $12,700,000 from $13,375,000; reset monthly repayments of principal to $50,000 per month until the next scheduled redetermination to occur on or about April 1, 2014, and required that general and administrative expense not exceed 27% of revenue for any two consecutive quarters

As a result of the reduction in the borrowing base, Prosperity Bank determined the existence of a Borrowing Base deficiency of $450,000.

Line of Credit Facility, Frequency of Payments

six equal monthly payments

Line of Credit Facility, Date of First Required Payment

22-May-13

Amendment Description

The Amendment provided for the reduction of the Borrowing base by $675,000 to $12,700,000 from $13,375,000; reset monthly repayments of principal to $50,000 per month until the next scheduled redetermination to occur on or about April 1, 2014, and required that general and administrative expense not exceed 27% of revenue for any two consecutive quarters.

Debt Instrument, Payment Terms

monthly repayments of principal to $50,000 per month until the next scheduled redetermination to occur on or about April 1, 2014

Repayments of Lines of Credit

150,000

Guarantor Obligations, Maximum Exposure, Undiscounted

4,600,000

Line of Credit Facility, Covenant Terms

The Credit Facility required that 50% of the projected production from the acquired properties be hedged for 24 months at $100 per barrel or above.

Deferred Finance Costs, Gross

102,877

Amortization of Financing Costs

0

5,641

Deferred Finance Costs, Net

0

0

Interest Expense, Debt

$43,935

$143,520

NOTE_6_DEBT_Details_Schedule_o

NOTE 6 - DEBT (Details) - Schedule of Debt (USD $)	Mar. 31, 2015	Dec. 31, 2014
NOTE 6 - DEBT (Details) - Schedule of Debt [Line Items]
Notes payable	$4,219,701	$4,200,313
Less: Current maturities	-4,219,701	-4,200,313
Notes payable b noncurrent	0	0
Issued Pursuant to Private Placement Securities [Member] | Loans Payable [Member]
NOTE 6 - DEBT (Details) - Schedule of Debt [Line Items]
Notes payable	500,000	500,000
Medium-term Notes [Member]
NOTE 6 - DEBT (Details) - Schedule of Debt [Line Items]
Notes payable	247,008	227,620
Line of Credit [Member]
NOTE 6 - DEBT (Details) - Schedule of Debt [Line Items]
Notes payable	$3,472,693	$3,472,693

NOTE_6_DEBT_Details_Fair_Value

NOTE 6 - DEBT (Details) - Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques (Series D Warrants [Member], USD $)	0 Months Ended
	Mar. 20, 2013
Series D Warrants [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Weighted average grant date fair value	$0.54
Discount rate	0.77%
Expected life (in years)	4 years 328 days
Weighted average volatility	205.74%
Expected dividends	$0

NOTE_6_DEBT_Details_Schedule_o1

NOTE 6 - DEBT (Details) - Schedule of New Debt Issuance (USD $)	3 Months Ended
	Mar. 31, 2015
NOTE 6 - DEBT (Details) - Schedule of New Debt Issuance [Line Items]
Principal Amount	$200,000
Interest Expense Accrued	11,849
Promissory Note, Sycamore Resources, Inc. [Member]
NOTE 6 - DEBT (Details) - Schedule of New Debt Issuance [Line Items]
Origination Date	1-Oct-14
Maturity Date	31-Dec-15
Principal Amount	100,000
Interest Rate	12.00%
Interest Expense Accrued	5,984
Promissory Note, David J. Moss [Member]
NOTE 6 - DEBT (Details) - Schedule of New Debt Issuance [Line Items]
Origination Date	31-Oct-14
Maturity Date	31-Dec-15
Principal Amount	100,000
Interest Rate	12.00%
Interest Expense Accrued	$4,899

NOTE_7_ASSET_RETIREMENT_OBLIGA2

NOTE 7 - ASSET RETIREMENT OBLIGATIONS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Asset Retirement Obligation Disclosure [Abstract]
Proceeds from Other Deposits	$4,342	$46,152

NOTE_7_ASSET_RETIREMENT_OBLIGA3

NOTE 7 - ASSET RETIREMENT OBLIGATIONS (Details) - Schedule of Asset Retirement Obligations (USD $)	0 Months Ended	3 Months Ended		12 Months Ended
	Apr. 10, 2014	Mar. 31, 2015		Dec. 31, 2014
Schedule of Asset Retirement Obligations [Abstract]
Balance		$463,814		$3,161,810
Deconsolidation of TNRH (1)		0	[1]	-3,106,376	[1]
Obligations assumed from acquisition (2)	349,604	0	[2]	349,604	[2]
Accretion expense		4,342		58,776
Balance		$468,156		$463,814
[1]	ARO of Texas and Louisiana properties.
[2]	ARO of Archer and Young County, Texas, properties acquired in the Acquisition.

NOTE_8_INCOME_TAXES_Details

NOTE 8 - INCOME TAXES (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$4.40
Operating Loss Carryforwards, Expiration Date	2029

NOTE_9_CONTINGENCIES_Details

NOTE 9 - CONTINGENCIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
NOTE 9 - CONTINGENCIES (Details) [Line Items]
Interest Expense	$119,713	$216,592
Office Equipment [Member]
NOTE 9 - CONTINGENCIES (Details) [Line Items]
Lease Expiration Date	31-Mar-15
Liens on Oil and Gas Property [Member] | Bear Creek #1 [Member]
NOTE 9 - CONTINGENCIES (Details) [Line Items]
Accounts Payable and Accrued Liabilities, Current	2,023,168		1,955,304
Number of Vendors	4
Liens on Oil and Gas Property	1,087,371
Interest Rate on Liens	18.00%
Interest Payable	65,014
Interest Expense	$36,474

NOTE_10_SHARE_BASED_COMPENSATI2

NOTE 10 - SHARE BASED COMPENSATION (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
NOTE 10 - SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation	$55,508	$17,678
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares)	0
Employee Stock Option [Member]
NOTE 10 - SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation	21,009	17,678
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	35,112
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	6 months
Restricted Stock [Member]
NOTE 10 - SHARE BASED COMPENSATION (Details) [Line Items]
Stock Issued During Period, Value, Restricted Stock Award, Gross	51,667
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition	8,602
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$0
2012 Long-Term Incentive Plan [Member]
NOTE 10 - SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)	5,000,000

NOTE_10_SHARE_BASED_COMPENSATI3

NOTE 10 - SHARE BASED COMPENSATION (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Schedule of Stockholders' Equity Note, Warrants or Rights [Abstract]
Shares Outstanding	7,953,333	7,953,333
Weighted Average Exercise Price, Shares Outstanding	$1.84	$1.84
Weighted Average Remaining Contractual Life, Shares Outstanding	3 years	3 years 109 days
Aggregate Intrinsic Value, Shares Outstanding	$0	$0
Exercisable at March 31, 2015	7,953,333
Exercisable at March 31, 2015	$1.84
Exercisable at March 31, 2015	3 years
Exercisable at March 31, 2015	$0
Granted	0
Granted	$0
Exercised	0
Exercised	$0
Cancelled/Expired	0
Cancelled/Expired	$0

NOTE_10_SHARE_BASED_COMPENSATI4

NOTE 10 - SHARE BASED COMPENSATION (Details) - Schedule of Share-based Compensation, Stock Options, Activity (USD $)	0 Months Ended	3 Months Ended
	Dec. 31, 2014	Mar. 31, 2015	Dec. 31, 2014
Schedule of Share-based Compensation, Stock Options, Activity [Abstract]
Shares Outstanding		3,563,000	3,602,000
Weighted Average Exercise Price, Shares Outstanding		$0.36	$0.37
Weighted Average Remaining Contractual Life, Shares Outstanding	3 years 292 days	2 years 9 months
Aggregate Intrinsic Value, Shares Outstanding		$0	$0
Exercisable at March 31, 2015		3,158,000
Exercisable at March 31, 2015		$0.38
Exercisable at March 31, 2015		2 years 328 days
Exercisable at March 31, 2015		$0
Granted		0
Granted		$0
Exercised		0
Exercised		$0
Cancelled/Expired/Forfeited (1)		-39,000
Cancelled/Expired/Forfeited (1)		$0.37

NOTE_10_SHARE_BASED_COMPENSATI5

NOTE 10 - SHARE BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity (Restricted Stock [Member])	3 Months Ended
	Mar. 31, 2015
Restricted Stock [Member]
NOTE 10 - SHARE BASED COMPENSATION (Details) - Nonvested Restricted Stock Shares Activity [Line Items]
Unvested Restricted Shares at December 31, 2014	0
Granted	500,000
Vested	-500,000
Forfeited	0
Unvested Restricted Shares at March 31, 2015	0

NOTE_11_SUBSEQUENT_EVENTS_Deta

NOTE 11 - SUBSEQUENT EVENTS (Details) (USD $)	0 Months Ended
	Apr. 30, 2015	6-May-15	Apr. 20, 2015	Apr. 16, 2015	Mar. 31, 2015	Dec. 31, 2014
NOTE 11 - SUBSEQUENT EVENTS (Details) [Line Items]
Oil and Gas Property, Successful Effort Method, Net					$20,365,810	$20,397,215
Settlement of Refundable Deposit [Member] | Subsequent Event [Member] | Tabbs Bay Acquisition [Member]
NOTE 11 - SUBSEQUENT EVENTS (Details) [Line Items]
Accounts Receivable, Gross	100,000
Proceeds from Collection of Other Receivables	62,500
Allowance for Doubtful Accounts Receivable, Write-offs	37,500
Wyoming County, New York [Member] | Subsequent Event [Member]
NOTE 11 - SUBSEQUENT EVENTS (Details) [Line Items]
Proceeds from Sale of Oil and Gas Property and Equipment		18,000
Oil and Gas Property, Successful Effort Method, Net		38,345
Gain (Loss) on Disposition of Oil and Gas Property		20,345
Subsequent Event [Member]
NOTE 11 - SUBSEQUENT EVENTS (Details) [Line Items]
Loss Contingency, Damages Sought, Value				309,217.75
Stock Issued During Period, Shares, Issued for Services (in Shares)			500,000
Stock Issued During Period, Value, Issued for Services			$32,585