Viking Energy (VKIN) 10-K 3 Apr 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Mar. 01, 2015	Jun. 30, 2013
Document And Entity Information
Entity Registrant Name	VIKING INVESTMENTS GROUP, INC.
Entity Central Index Key	1102432
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,769,551
Entity Public Float			$1,178,668
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash	$1,345	$12,239
Prepaid expenses and deposits		9,641
Total Current Assets	1,345	21,880
Leasehold improvements		5,053
Long term investment	68,128
Petroleum and natural gas rights	355,168
TOTAL ASSETS	424,641	26,933
CURRENT LIABILITIES
Other payables	116,149	2,865
Accrued liabilities	39,314	110,247
Amount due to directors	326,439	77,715
Convertible note		115,246
TOTAL LIABILITIES	481,902	306,073
STOCKHOLDERS' DEFICIENCY
Capital Stock
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 shares issued and outstanding as of December 31, 2014 and 2013	28	28
Common stock, $0.001 par value, 100,000,000 shares Authorized, 24,094,551 shares issued and outstanding as of December 31, 2014 and 18,758,657 shares issued and outstanding as of December 31, 2013	24,095	18,760
Shares to be issued	675
Additional Paid-In Capital	7,162,660	6,116,054
Deficit	-7,067,267	-6,415,793
Accumulated other comprehensive income (loss)	-177,452	1,811
TOTAL STOCKHOLDERS' DEFICIENCY	-57,261	-279,140
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$424,641	$26,933

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Dec. 31, 2013
STOCKHOLDERS' EQUITY
Preferred stock Series, par value	$0.00	$0.00
Preferred stock Series, authorized	5,000,000	5,000,000
Preferred stock Series, issued	28,092	28,092
Preferred stock Series, outstanding	28,092	28,092
Common stock, par value	$0.00	$0.00
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	24,094,551	18,758,657
Common stock, outstanding	24,094,551	18,758,657

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements Of Operations And Comprehensive Loss
Revenue
Operating expenses
General and administrative expenses:	47,649	45,765
Professional fees	250,787	166,046
Rent	18,608	41,194
Wages	249,607	191,323
Amortization		4,227
Total operating expenses	566,651	448,555
Loss from operations	-566,651	-448,555
Other income (expenses)
Interest expense		-2,495
Change in fair value of convertible notes	-96,748	-62,358
Gain on extinguishment of debt	9,485	422
Other income	2,440	72
Bad debt expense		-5,000
Net loss from operations	-651,474	-517,914
Unrealized loss on securities available-for-sale	-179,316
Foreign currency translation adjustment	53	198
Comprehensive loss	($830,737)	($517,716)
Loss per weighted average number of common shares outstanding - basic and diluted	($0.03)	($0.02)
Weighted average number of common shares outstanding - basic and diluted	24,094,551	18,922,195

Consolidated_Statement_Of_Cash

Consolidated Statement Of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	($651,474)	($517,914)
Adjustments to reconcile net loss to cash used in operating activities:
Change in fair value of convertible notes	96,748	62,358
Gain on extinguishment of debt	-9,485	-422
Amortization	5,053	4,227
Expenses and service costs assumed by shareholders		27,948
Issuance of common stock for services	189,167	298,777
Changes in operating assets and liabilities
(Decrease) increase in accrued liabilities	-123,734	54,417
Increase (decrease) in other payable	113,284	-59,776
Decrease (increase) in prepaid expenses and deposits	9,641	-2,309
Net cash used in operating activities	-370,800	-132,694
Cash flows from investing activities:
Investment in Tanage Energy	-247,444
Investment in petroleum and natural gas rights	-302,367
Leasehold improvements		-9,093
Net cash used in investing activities	-549,811	-9,093
Cash flows from financing activities:
Proceeds from (repayment of) short term loan		-79,282
Amount due to Director	248,724
Proceeds from issuance of units	607,942
Proceeds from convertible note	53,000	74,000
Net cash provided by (used in) financing activities	909,666	-5,282
Effect of exchange rate changes on cash	51	11
Net increase (decrease) in cash	-10,894	-147,058
Cash, at beginning of year	12,239	159,297
Cash, at ending of year	$1,345	$12,239

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Stockholders' Equity (USD $)	Common Stock	Share To Be Issued	Preferred Stock	Additional Paid-In Capital (Restated)	Accumulated Other Comprehensive Income	Deficit	Total
Beginning Balance, Amount at Dec. 31, 2012
Beginning Balance, Shares at Dec. 31, 2012
Net Loss						-517,914	-517,914
Foreign currency translation adjustment					198		198
Issuance of new shares to shareholder, Shares	2,067,510
Issuance of new shares to shareholder, Amount	2,068			266,709			268,777
Issuance of new shares for legal service, Shares	200,000
Issuance of new shares for legal service, Amount	200			29,800			30,000
Issuance of new shares - convertible notes, Shares	159,151
Issuance of new shares - convertible notes, Amount	159			20,531			20,690
Returned loan collateral, Shares	-879,196
Returned loan collateral, Amount	-879			879
Cancellation of shares due to repurchase of CNWD, Shares	-7,472,093
Cancellation of shares due to repurchase of CNWD, Amount	-7,472			7,472
Ending Balance, Amount at Dec. 31, 2013	18,760		28	6,116,054	1,811	-6,415,793	-279,140
Ending Balance, Shares at Dec. 31, 2013	18,758,657		28,092
Net Loss						-651,474	-651,474
Foreign currency translation adjustment					53		53
Issuance of new shares to investor, Shares	2,330,534
Issuance of new shares to investor, Amount	2,331			605,611			608
Issuance of new shares for legal service, Shares	1,406,331
Issuance of new shares for legal service, Amount	1,406			187,761			189,167
Issuance of new shares - convertible notes, Shares	1,599,029
Issuance of new shares - convertible notes, Amount	1,598			186,409			188,007
Shares to be issued to investors, Shares		675,000
Shares to be issued to investors, Amount		675		66,825			67,500
Unrealized loss on securities available-for-sale					-179,316		-179,316
Ending Balance, Amount at Dec. 31, 2014	$24,095	$675	$28	$7,162,660	($177,452)	($7,067,267)	($57,261)
Ending Balance, Shares at Dec. 31, 2014	24,094,551	675,000	28,092

Nature_of_Business_and_Going_C

Nature of Business and Going Concern	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 1. Nature of Business and Going Concern	The Company was incorporated under the laws of the State of Florida on May 3, 1989 as Sparta Ventures Corp. and remained inactive until June 27, 1998. After several name changes, the Company merged with and into a wholly-owned subsidiary, SinoCubate, Inc., which remained the surviving entity of the merger. SinoCubate, Inc. was formed in the State of Nevada on September 11, 2008. The merger resulted in a change of name of the Company from Synthenol Inc. to SinoCubate, Inc., and a change in the state of incorporation of the Company from Florida to Nevada. On June 13, 2012, the Company changed its name to Viking Investments Group, Inc.
	The Company’s business plan is to provide professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, significant change or ownership transition, and when justified, staffing, financing, and/or providing operational support to such companies. Target companies must have superior management, intimate knowledge of their particular industry and a sound business plan, along with a desire and receptiveness for specific expertise to advance the company's business objectives. Viking’s primary focus is directed toward North America, targeting various industries. Viking targets under-valued businesses with realistic appreciation potential and a defined exit strategy.
	Viking Investments is neither an underwriter as the term is defined in Section 2(a)(11) of the Securities Act of 1933, nor an investment company pursuant to the Investment Company Act of 1940. Viking Investments is not an investment adviser pursuant to the Investment Advisers Act of 1940. Viking Investments is not registered with FINRA or SIPC.
	These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company had a net loss from operating of $651,474 and $517,914 for the years ended December 31, 2014 and December 31, 2013, respectively. The Company had a working capital deficiency in the amount of $480,557 as of December 31, 2014. The Company has accumulated a negative shareholders’ deficiency of $57,261 as at December 31, 2014, and a negative stockholders’ deficiency of $279,140 as at December 31, 2013. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances; however there is no assurance of additional funding being available. These consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 2. Summary of Significant Accounting Policies	a)	Basis of Presentation
	The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year-end is December 31.
	The foregoing audited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for consolidated financial information and with the instructions to Form 10-K as promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, these consolidated financial statements include all of the disclosures required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, the audited consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the period presented.
	b)	Basis of Consolidation
	The financial statements presented herein reflect the consolidated financial results of the Company and its wholly owned subsidiary, Viking Investments Group LLC, a Delaware limited liability company. All significant intercompany transactions and balances have been eliminated upon consolidation.
	c)	Use of Estimates
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. The Company’s actual results could vary materially from management’s estimates and assumptions. Significant areas requiring the use of management estimates relate to the determination of expected tax rates for future income tax recoveries, stock-based compensation and impairment of long-term investment.
	d)	Financial Instruments
	ASC Topic 820-10, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 820-10, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for other receivables, other payable, accrued liabilities, short term loan and due to director each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:
	·	Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	·	Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	·	Level 3: inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	Assets and liabilities measured at fair value as of December 31, 2014 and 2013 are classified below based on the three fair value hierarchy described above:
			31-Dec
			2014				2013
			Carrying		Estimated Fair Value		Carrying		Estimated Fair Value
			Value				Value
	Financial Assets
	Cash		$	1,345		1,345	$	12,239		12,239
	Other receivables			-		-		9,641		9,641
	Long term investment			247,444		68,128
	Petroleum and natural gas rights			335,964		335,964
	Financial Liabilities
	Other payable			96,945		96,945		2,865		2,865
	Accrued liabilities			39,314		39,314		110,247		110,247
	Amount due to directors			326,439		326,439		77,715		77,715
	Convertible notes			-		-		62,000		115,246
	The carrying amounts reported in the accompanying consolidated balance sheets for cash, other receivables, other payable, accrued liabilities, and amount due to directors approximate their fair value based on the short-term maturity of these instruments.
	The fair value of the long term investment and petroleum and natural gas rights were recorded as of December 31, 2014.
	e)	Cash
	Cash includes bank deposits and cash on hand.
	f)	Loss per Share
	Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and, adjusted by any effects of warrants and options outstanding, if dilutive, that may add to the number of common shares during the period. There were no common stock equivalent shares outstanding at December 31, 2014 and 2013 that have been included in the diluted loss per share calculation as the effects would have been anti-dilutive.
	g)	Revenue Recognition
	Revenues from contracts for consulting services with fees based on time and materials are recognized as the services are performed and amounts are earned in accordance with the Securities and Exchange Commission (the “SEC”) Staff Accounting Bulletin (“SAB”) No. 101, “Revenue Recognition in Financial Statements” (“SAB 101”), as amended by SAB No. 104, “Revenue Recognition” (“SAB 104”). The Company considers amounts to be earned once evidence of an arrangement has been obtained, services are delivered, fees are fixed or determinable, and collectability is reasonably assured. In such contracts, the Company’s efforts, measured by time incurred, typically represent the contractual milestones or output measure, which is the contractual earnings pattern. For consulting contracts with fixed fees, the Company recognizes revenues in accordance with contract terms, and when the services are delivered, price is determinable and the revenue is earned or collectable.
	h)	Comprehensive Income
	FASB ASC 220 “Comprehensive Income,” establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. For the fiscal years ended December 31, 2014 and 2013, comprehensive loss was $830,737 and $517,716, respectively.
	i)	Income Taxes
	The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets likely. The Company did not incur any material impact to its financial condition or results of operations due to the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company is subject to U.S federal jurisdiction income tax examinations for the tax years 2006 through 2014. In addition, the Company is subject to state and local income tax examinations for the tax years 2006 through 2014.
	j)	Stock-Based Compensation
	The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. The Company has adopted ASC Topic 718 (formerly SFAS 123R), “Accounting for Stock-Based Compensation”, which establishes a fair value method of accounting for stock-based compensation plans. In accordance with guidance now incorporated in ASC Topic 718, the cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period.
	The fair value of stock warrants was determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends.
	k)	Leasehold Improvements
	Leasehold improvements are recorded at cost less accumulated amortization and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset. Amortization is recognized in the statement of operations over the estimated useful lives of the related assets using the following annual rate and method:
		Leasehold Improvements	Straight line over period of lease
	l)	Long-term Investment
	Management determines the appropriate classification of investment securities at the time of purchase. Securities are classified held-to-maturity when the Company has both the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Securities that are bought and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Securities not classified as held-to-maturity or trading are classified as available-for-sale. Available-for-sale securities are stated at fair value, the changes in the market value of available-for-sale securities, excluding other-than-temporary impairments, are reflected in Other Comprehensive Income, with the impairment losses, net of income taxes, charged to net income in the period in which it occurs.
	The fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities.
	Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of operations. The Company considers various factors in reviewing impairments, including the length of time and extent to which fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value.
	As at December 31, 2014 and 2013, the Company had no trading and held-to-maturity securities.
	On September 9, 2014, the Company subscribed for 1,265,593 units of Tanager Energy Inc. (“Tanager”), a Canadian mining company listed on the Canadian TSX Venture Exchange as a Tier 2 company and trading under the stock symbol “TAN,” at a price of C$0.08 per unit. Each unit consists of one share of Tanager’s common stock and one warrant. Each warrant entitles the Company to subscribe for one additional Common Share at a price of C$0.15 at any time until October 5, 2016. The Warrants expire on October 5, 2016. The total price for the units subscribed is C$101,247.47. The Company paid US$92,000, which was equivalent to C$101,247.47 on September 11, 2014.
	On October 6, 2014, the Company subscribed for an additional 2,187,500 units of Tanager at a price of C$0.08 per unit. Each unit consists of one share of Tanager’s common stock and one warrant. Each warrant entitles the Company to subscribe for one additional Common Share at a price of $ 0.15 at any time until October 5, 2016. The Warrants expire on October 5, 2016. The total price for the units subscribed is C$175,000. The Company paid US$155,444, which was equivalent to C$175,000 on October 17, 2014.
	The Company’s investment in Tanager is considered as “available-for-sale” securities, and an unrealized loss of $179,316 was recorded in other comprehensive income for the year ended December 31, 2014.
	The Company’s long-term investment in the China Wood Shares was written off as of December 31, 2011, and repurchased by Viking Nevis on August 15, 2013. See Note 3 for more information regarding the China Wood Shares.
	m)	Impairment of long-lived assets
	In accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets", the Company is required to review its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.
	Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the year ended December 31, 2014 and 2013.
	n)	Foreign Currency Exchange
	An entity's functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management's judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. Functional currency of the parent company is U.S. Dollar. The reporting currency of the Company is U.S. Dollar, and the functional currency of its PRC operation is RMB. PRC is the primary economic environment in which the Representative Office operates. The reporting currency of these consolidated financial statements is the U.S. Dollar.
	For financial reporting purposes, the financial statements of the Company's Representative Office which is prepared using the RMB are translated into the Company's reporting currency, the U.S. dollar. Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders' equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders' equity.
	o)	Convertible Notes Payable
	The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments.
	The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4.
	p)	Recently Adopted Accounting Pronouncements
In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The adoption of ASU 2013-02 has no material impact on the Company’s financial position or results of operations
In March 2013, the FASB issued ASU 2013-05, Foreign Currency Matter (Topic 830): Parent’s accounting for the Cumulative Translation Adjustment upon the recognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity a consensus of the FASB Emerging Issues Task Force. The amendments in this Update are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. Early adoption is permitted. If an entity elects to early adopt the amendments, it should apply them as of the beginning of the entity’s fiscal year of adoption. The adoption of ASU 2013-05 has no material impact on the Company’s financial position or results of operations.
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments require an entity to present its financial statements using the liquidation basis of accounting when liquidation is imminent unless the liquidation follows a plan that was specified in the entity’s governing documents at the entity’s inception. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective or (b) a plan for liquidation is being imposed by other forces. The amendments require financial statements prepared using the liquidation basis of accounting to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The amendments in this Update are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The adoption of ASU 2013-07 has no material impact on the Company’s financial position or results of operations.
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This guidance states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 has no material impact on the Company’s consolidated financial position or results of operations.
q)	Recent Accounting Pronouncements
On April 10, 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). The guidance amends the guidance in FASB Accounting Standards Codification (FASB ASC) 205, Presentation of Financial Statements, and FASB ASC 360, Property, Plant, and Equipment, to change the definition of discontinued operations and the criteria for reporting discontinued operations and require expanded disclosures about discontinued operations. A discontinued operation may include a component or group of components of an entity, or a business or nonprofit activity. In accordance with the new guidance, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s operations and financial results would qualify as discontinued operations. In addition, ASU 2014-08 (a) expands the disclosure requirements for disposals that meet the definition of a discontinued operation; (b) requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations, and (c) conforms the definition of “discontinued operations” similarly to how it is defined under IFRS 5, Non-current Assets Held for Sale and Discontinued Operations .The amendments in this update are effective in the first quarter of 2015. The adoption of ASU 2014-08 is not expected to have a material impact on the Company’s consolidated financial statements.
In May 2014, the FASB issued ASU 2014-09 with the intent of significantly enhancing comparability of revenue recognition practices across entities and industries. The new standard provides a single principles-based, five-step model to be applied to all contracts with customers and introduces new, increased disclosure requirements. The new standard is effective for annual and interim periods beginning on or after December 15, 2016 and may be applied on either a full or modified retrospective basis. The Company is currently assessing the impact of the new standard to the Company's consolidated financial statements.
In June 2014, the FASB issued ASU 2014-12, an update on stock compensation. The guideline requires performance targets, which affect vesting and can be achieved after the requisite service period, to be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If achievement of the performance target becomes probable before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The amendments are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact of the new standard on its consolidated financial statements. The Company does not expect these changes to have a material impact on the Company’s consolidated financial statements
In August 2014, FASB issued ASU 2014-15 with the intent of defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for annual and interim periods beginning on or after December 15, 2016 and may be applied on either a full or modified retrospective basis. The Company is currently assessing the impact of the new standard on its consolidated financial statements. The Company does not expect these changes to have a material impact on the Company’s consolidated financial statements.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 3. Related Party Transactions	On April 3, 2009, the Company entered into an agreement with Viking Investments Group, LLC, a Delaware limited liability company (“Viking Delaware”) owned by Viking Investments Group, LLC, a company controlled and managed by the Company’s Chairman, Chief Executive Officer and President, Tom Simeo, incorporated under the laws of The Federation of St. Kitts and Nevis (“Viking Nevis”), providing that effective August 15, 2008, Viking Delaware would pay for any services performed on behalf of the Company by third parties until such time that Viking Delaware (or Viking Nevis) is no longer the majority shareholder of the Company. On August 2, 2011, effective as of April 1, 2011, Viking Delaware agreed to advance and pay all third party costs for the Company as needed, but the Company had an obligation to reimburse Viking Delaware at a later stage upon demand from Viking Delaware. As of August 29, 2011, Viking Delaware’s rights and obligations were transferred to Viking Nevis.
	On June 29, 2011, and on August 29, 2011, Viking Investments, LLC, a company controlled and managed by the Company’s Executive Chairman and Director, Tom Simeo, and incorporated under the laws of The Federation of St. Kitts and Nevis, (“Viking Nevis”) sold 100,000 and 466,813 shares respectively of China Wood, Inc., publicly listed in the United States with the ticker “CNWD,” (the “China Wood Shares”) owned by Viking Nevis, in exchange for 1,912,000 and 12,569,420 newly issued restricted shares of common stock of the Company respectively. By August 29, 2011, Viking Nevis completed the sale of the China Wood Shares by having delivered a total of 566,813 shares of common stock in China Wood, Inc. to the Company. The China Wood Shares were registered in a Form S-1 Registration Statement declared effective by the SEC on April 7, 2011. The China Wood Shares were subject to a “Leak-Out Provision” whereby only a certain amount of shares could be sold per month up and until the first anniversary of the effective day of the aforementioned registration statement (April 7, 2012).
	These investments were fully impaired as of December 31, 2011, and were repurchased by Viking Nevis on April 15, 2013.
	On November 16, 2012, Viking Nevis purchased 3,205,960 restricted shares of common stock of the Company for an aggregate purchase price of $158,921. The purchase price has been paid, and the shares were issued on December 27, 2012.
	The following table reflects the balances of related- parties’ transactions as of December 31, 2014 and 2013:
		Years ended
		31-Dec
		2014		2013
	Due to Mr. Tom Simeo	$	236,713	$	77,715
	Due to Mr. James A. Doris		89,726		-
			236,439		77,715
	As at December 31, 2014, the net amount due to the Company’s Executive Chairman and Director, Tom Simeo, for accrued payroll and payment of certain expenses on behalf of the Company, is $236,713 (December 31, 2013: $77,715). The balance is non-interest bearing, has no fixed term of repayment and is payable on demand.
	As at December 31, 2014, the amount due to the Company’s Executive Chairman and Director, James Doris, for the expenses paid on behalf of the Company, is $89,726. The balance is non-interest bearing, has no fixed term of repayment and is payable on demand.

Petroleum_and_natural_gas_righ

Petroleum and natural gas rights	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 4. Petroleum and natural gas rights	On November 3, 2014, the Company entered into a Purchase and Sale, Petroleum and Natural Gas Conveyance Agreement (the “Agreement”), with Tanager Energy Inc., a Canadian corporation listed on the TSX Venture Exchange as a Tier 2 company and trading under the stock symbol “TAN” (“Tanager Energy”). Pursuant to the Agreement, the Company was to receive a 50% working interest in the Joffre oil and gas property located in Alberta, Canada (the “Joffre Property”), and the Company was obligated to pay Tanager C$400,000 (CAD) for the interest in the Joffre Property, with C$340,000 payable at closing.
	On November 4, 2014, the Company closed the transaction by paying Tanager US$302,367, with US$25,801 (C$60,000) payable as of December 31, 2014. Tanager will own the remaining 50% working interest in the property and will operate and manage the property in accordance with an operating agreement pursuant to the Canadian Association of Petroleum Landman Operating Procedure. The proceeds are being used by Tanager to complete and place on production the first of four suspended Devonian oil wells in the Joffre D-3 B oil pool. The Company’s (and Tanager’s) working interest in the Joffre Property will generally terminate when future production, if any, ceases (or in the case of the water disposal well on the Joffre Property, on the date that production ceases after 5 years has elapsed).
	The Company’s petroleum and natural gas rights were recorded at cost as of December 31, 2014. The Company will assess the impairment by comparing the estimated future undiscounted cash flows derived from these rights to the carrying value. Any impairment loss will be recorded in the income statements for the future reporting period(s).

Short_term_Loan

Short - term Loan	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 5. Short-term Loan	On March 22, 2012, the Company entered into a six-month loan agreement with a third party for the amount of $79,282 (RMB 500,000 equivalents) with collateral of 879,196 common shares of the company provided to the third party. The loan was repayable on September 20, 2012. The due date of the loan was extended and was settled on January 10, 2013, and the collateral was returned to the Company accordingly.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 6. Supplemental Cash Flow Information		Years ended
		December 31,
		2014		2013
	Cash paid for:
	Interest	$	-	$	55
	Income taxes		-		-
	Non-Cash transactions:				-
	Conversion of convertible note		188,007		12,000
	Common shares issued for balance owed to stockholders		-		268,777
	Increase in additional paid in capital - repurchase of CNWD shares				7,472
	Decrease in share capital – repurchase of CNWD share	$	-	$	(7,472	)

Income_Tax

Income Tax	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 7. Income Tax	a)	Current income tax
	The income tax expense is reconciled as below:
			2014			2013
	Net Loss		$	651,474		$	517,914
	Statutory tax rate			35	%		35	%
	Income Tax at Statutory tax rate			228,016			181,270
	Non-deductible expenses			(278,368	)		(129,456	)
	Change in valuation allowance			50,352			(51,814	)
	Total tax expenses			-			-
	The Company accounts for income taxes under ASC 740. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is "more likely than not" that some component or all of the benefits of deferred tax assets will not be realized.
	No provision for income taxes has been provided in these consolidated financial statements due to the net loss for the years ended December 31, 2014 and 2013. The net operating loss will expire at various times to December 31, 2032. The taxation years of 2012, 2013, and 2014 are open for review by the related state and federal regulatory authorities.
	b)	Deferred tax
			2014			2013
	Non-capital losses carried forward		$	3,096,302		$	2,723,196
	Statutory tax rate			35	%		35	%
	Income Tax at Statutory tax rate			1,083,706			953,119
	Valuation allowance			(1,083,706	)		(953,119	)

Capital_Stock_and_Additional_P

Capital Stock and Additional Paid-in Capital

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Note 8. Capital Stock and Additional Paid-in Capital

31-Dec-14

31-Dec-13

Number of shares

Number of shares

Authorized

Outstanding

Amount

Authorized

Outstanding

Amount

$

$

Capital Stock

Preferred stock, $0.001 par value

5,000,000

28,092

28

5,000,000

28,092

28

Common stock, $0.001 par value

100,000,000

24,094,551

24,095

100,000,000

18,758,657

18,760

Common shares to be issued

675,000

675

Additional Paid-in Capital

7,162,660

6,116,054

(a)

Preferred Stock

The Company is authorized to issue 5,000,000 shares of Series C Preferred Stock, par value $0.001 per share.

On October 3, 2012, the Company issued 28,092 shares of preferred stock to Tom Simeo in exchange for the return of the equal amount of shares of common stock, owned by Tom Simeo, deposited in a brokerage account, to the Company for cancellation. As of December 31, 2014, the Company’s transfer agent had still not received the 28,092 shares of common stock for cancellation, although Mr. Simeo has acknowledged his unconditional obligation to return the 28,092 shares of common stock to the Company and has arranged for his brokerage firm to do so. Thus, the 28,092 shares of common stock to be cancelled are shown as no longer issued and outstanding as of December 31, 2014, while the 28,092 shares of preferred stock are shown as issued and outstanding. Neither the common stock, nor the preferred stock, were assessed any value.

Each share of Preferred Stock shall entitle the holder thereof to two thousand (2,000) votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation shall at any time on or after the date that Preferred Stock has been issued (“Distribution Date) declare or pay any dividend on Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction of the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

Each share of Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for such stock, into one share of fully paid and non-assessable Common Stock (the “Conversion Rate").

(b)

Common Stock

On January 11, 2013, the Company authorized and approved the issuance of 200,000 shares of common stock to the Company’s lawyer for the provision of $30,000 in legal services rendered to the Company, at a fair value of $0.15 per share.

On January 10, 2013, 879,196 shares of the Company’s common stock which had been issued to a creditor as the collateral for the loan were returned to the Company for cancellation. See Note 4.

On June 6, 2013, 7,472,093 shares of the Company’s common stock were returned by Viking Nevis to the Company for cancellation, pursuant to the Guaranty and Repurchase Agreement. See Note 8.

On August 15, 2013, a balance of $147,504 due to Mr. Simeo, the then-CEO and a director of the Company, was converted into 1,134,646 restricted shares of common stock of the Company at $0.13 per share, which is calculated based on the average bid price of the Company’s stock for the last 30 days preceding the day of conversion. These shares were issued on November 22, 2013.

On October 28, 2013, the Board of Directors signed a resolution to convert the balance of $63,097 owed to Mr. Simeo into 485,359 restricted shares of common stock, and the balance of $58,176 owed to Ms. Zhong into 447,505 shares of common stock of the Company at $0.13 per share, which is calculated based on the average bid price of the Company’s stock for the last 30 days preceding the day of conversion. These shares were issued on November 22, 2013.

On December 5, 2013, a convertible note holder elected to convert $12,000 principal amount of the convertible note dated May 21, 2013, into 159,151 shares of the Company’s common stock at a fair value of $0.13 per share in accordance with the convertible note agreement. See Note 10. These shares were issued on December 17, 2013.

On February 20, 2014, a convertible note holder elected to convert $25,000 of the principal amount of the convertible note dated May 21, 2013, into 615,764 shares of the Company’s common stock at a fair value of $0.11 per share in accordance with the convertible note agreement. See Note 10. These shares were issued on March 5, 2014.

On March 12, 2014, a convertible note holder elected to convert $21,000 of the principal amount of the convertible note dated May 21, 2013, into 532,454 shares of the Company’s common stock at a fair value of $0.10 per share in accordance with the convertible note agreement. See Note 10. These shares were issued on March 20, 2014.

On May 5, 2014, a convertible note holder elected to convert $16,000 of the principal amount of the convertible note dated October 28, 2013, into 235,294 shares of the Company’s common stock at a fair value of $0.21 per share in accordance with the convertible note agreement. See Note 10. These shares were issued on June 9, 2014.

On November 7, 2014, a convertible note holder elected to convert $10,000 of the principal amount of the convertible note dated April 8, 2014, into 215,517 shares of the Company’s common stock at a fair value of $0.046 per share in accordance with the convertible note agreement. See Note 10. These shares were issued on November 25, 2014.

On September 8, 2014, the Company sold 300,000 units to Talem Investments, LLC (“Talem”) at a purchase price of $0.50 per unit. Each unit consists of one share of the Company’s common stock, $0.001 par value per share, and one warrant. Each warrant will entitle the holder to purchase one share of the Company’s common shares at an exercise price of $0.50 per share, be exercisable immediately, and have a term of exercise through June 30, 2015. The Company estimates that the fair value of the warrants is approximately $60,674 ($0.20 per unit) using a Black-Scholes option pricing model. The total proceeds of $150,000 were paid by Talem in September 2014. The Company approved the issuance of 300,000 restricted shares of the Company’s common shares to Talem on November 5, 2014.

On October 16, 2014, the Company sold 518,348 units to Sackville Holdings, LLC (“Sackville”) at a purchase price of $0.30 per unit. Each unit consists of one share of the Company’s common stock, $0.001 par value per share, and one warrant. Each warrant will entitle the holder to purchase one share of the Company’s common shares at an exercise price of $0.30 per share, be exercisable immediately, and have a term of exercise through October 15, 2015. The total proceeds of $155,514.51 were paid by Sackville on October 16, 2014. The Company approved the issuance of 518,348 restricted shares of the Company’s common shares to Sackville on November 5, 2014.

On October 30, 2014, the Company sold 622,665 units to Diana Dodge (“Dodge”) at a purchase price of $0.20 per unit. Each unit consists of one share of the Company’s common stock, $0.001 par value per share, and one warrant. Each warrant will entitle the holder to purchase one share of the Company’s common shares at an exercise price of $0.20 per share, be exercisable immediately, and have a term of exercise through October 30, 2015. The total proceeds of $124,533 were paid by Dodge on October 30, 2014. The Company approved the issuance of 622,665 restricted shares of the Company’s common shares to Dodge on November 5, 2014.

On October 30, 2014, the Company sold 889,521 units to L.A. Knapp Inc. (“Knapp”) at a purchase price of $0.20 per unit. Each unit consists of one share of the Company’s common stock, $0.001 par value per share, and one warrant. Each warrant will entitle the holder to purchase one share of the Company’s common shares at an exercise price of $0.20 per share, be exercisable immediately, and have a term of exercise through October 30, 2015. The total proceeds of $177,904.29 were paid by Knapp on October 30, 2014. The Company approved the issuance of 889,521 restricted shares of the Company’s common shares to Knapp on November 5, 2014.

On September 18, 2014, the Company authorized and approved the issuance of 540,000 shares of common stock to the Company’s lawyer for the provision of $66,667.75 in legal services rendered to the Company, at a cost base of $0.1235 per share.

During the year ended December 31, 2014, the Company authorized and approved the issuance of 44,118, 59,055, 81,591, and 31,597 restricted shares of common stock in June, July, September and October, respectively, to one of the Company’s consultants for the provision of $149,784 consulting services rendered to the Company, at a cost base of $0.34, $0.254, $0.3677 and $0.475 per share, respectively.

During the year ended December 31, 2014, the Company authorized and approved the issuance of 500,000 and 150,000 shares of common stock in September and November, respectively, to one of the Company’s consultants for the provision of $47,500 in consulting services rendered to the Company, at a cost base of $0.05 and $0.15 per share, respectively.

(c)

Stock-based Compensation payment

The stock warrants granted during 2009 were exercisable immediately and were recorded at the fair value of $24,020 on the grant date using the Black-Scholes option pricing model.

The assumptions used to estimate the fair value of stock warrants on the grant date were as follows:

Issuance Date

Expected

Risk-free

Expected term (years)

Dividend

volatility

rate

yield

16-Dec-09

204.7

%

0.11

%

3

0

%

In 2011, the Company cancelled all options and warrants issued in 2009. The Company did not issue any stock options or warrants during fiscal year ending December 31, 2014 and 2013.

Guarantee_and_Repurchase_Agree

Guarantee and Repurchase Agreement	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 9. Guarantee and Repurchase Agreement	On June 29, 2011, and on August 29, 2011, Viking Investment, LLC, a company controlled and managed by the Company’s Chairman, Chief Executive Officer and President, Tom Simeo, incorporated under the laws of The Federation of St. Kitts and Nevis, (“Viking Nevis”) sold 100,000 and 466,813 shares respectively of China Wood, Inc., publicly listed in the United States with the ticker “CNWD”, (the “China Wood Shares”) owned by Viking Nevis, in exchange of 1,912,000 and 12,569,420 newly issued restricted shares of common stock of the Company respectively.
	On April 11, 2012, Viking Nevis guaranteed that the price of the 566,813 shares of China Wood Inc., (that it had previously sold to the Company in consideration of the Company issuing Viking Nevis 14,481,420 shares of Company common stock), would not be less than $4.50 per share and agreed to repurchase the China Wood Shares by tendering shares of common stock of the Company owned by Viking Nevis to the Company if the 45-day volume weighted average price (“VWAP”) of the China Wood Shares was equal to or less than $4.00 per share. As the 45-day VWAP of the China Wood Shares has been $4.00 or less per share since the fourth quarter of 2012, the Company demanded Viking Nevis repurchase the China Wood Shares, and in a written repurchase agreement executed on April 15, 2013, by both parties, Viking Nevis agreed to do so by returning 7,472,093 shares of the Company’s common stock to the Company for cancellation.
	The Company, in valuing the China Wood shares (Note 3), had initially relied upon Viking Nevis’s Guaranty and Repurchase Agreement to value the China Wood Shares at $4.00/share in its consolidated financial statements for the year ended December 31, 2011. During the three month period ended September 30, 2013, the Company restated its financial statements as of December 31, 2011, and all financial statements subsequent to that date, to record the China Wood Shares at their carrying value on the transaction date, and such value was fully impaired as of December 31, 2011.
	On April 15, 2013, pursuant to the Guaranty and Repurchase Agreement, Viking Nevis agreed to repurchase the China Wood Shares from the Company by returning 7,472,093 shares of the Company’s common stock to the Company’s transfer agent for cancellation. Those 7,472,093 shares were returned to the Company and cancelled on June 7, 2013.

Convertible_Note

Convertible Note	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 10. Convertible Note	(a)	May 21, 2013 Convertible Note
	On May 21, 2013, the Company issued a $58,000, 8% convertible note with a term expiring on February 28, 2014 (the “Maturity Date”). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder’s option, at a 42% discount to the average of the five lowest closing bid prices of the common stock during the ten trading day period prior to conversion. In the event the Company prepays the note in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 110% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 115% if prepaid 31 days following the closing through 60 days following the closing, (iii) 120% if prepaid 61 days following the closing through 90 days following the closing, (iv) 125% if prepaid 91 days following the closing through 120 days following the closing, (v) 130% if prepaid 121 days following the closing through the 150 days following the closing, (vi) 135% if prepaid 151 days following the closing through the 180 days following the closing, and (vii) the Company shall have no right of prepayment after the expiration of 180 days following the closing. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable.
	The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4.
	The following table reflects the allocation of the purchase on the inception date:
	Convertible Note, Face Value		$	58,000
	Convertible promissory note, Fair Value			106,522
	Day-one derivative loss			(48,522	)
	On December 5, 2013, the note holder elected to convert $12,000 of the principal amount of the convertible note dated May 21, 2013, into 159,151 shares of the Company’s common stock at a fair value of $0.13 per share in accordance with the agreement. These shares were issued on December 17, 2013. A gain of $422 was recorded on the extinguishment of the debt.
	On February 20, 2014, a convertible note holder elected to convert $25,000 of the principal amount of the convertible note dated May 21, 2013, into 615,764 shares of the Company’s common stock at a fair value of $0.11 per share in accordance with the convertible note agreement. These shares were issued on March 5, 2014. A gain of $138 was recorded on the extinguishment of the debt.
	On March 12, 2014, a convertible note holder elected to convert $21,000 of the principal amount of the convertible note dated May 21, 2013, into 532,454 shares of the Company’s common stock at a fair value of $0.10 per share in accordance with the convertible note agreement. These shares were issued on March 20, 2014.
	As of December 31, 2014, this convertible note had been fully converted. A loss of $47,940 associated with the changes in the fair value of convertible note was recorded for the year ended December 31, 2014.
	(b)	October 28, 2013 Convertible Note
	On October 28, 2013, the Company issued a $16,000, 8% convertible note with a term expiring on July 30, 2014 (the “Maturity Date”). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder’s option, at a 60% discount to the average of the three lowest closing bid prices of the common stock during the ten trading day period prior to conversion. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable.
	The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4.
	The following table reflects the allocation of the purchase on the inception date:
	Convertible Note, Face Value		$	16,000
	Convertible promissory note, Fair Value			44,410
	Day-one derivative loss			(28,410	)
	On May 5, 2014, a convertible note holder elected to convert $16,000 of the principal amount of the convertible note dated October 28, 2013, into 235,294 shares of the Company’s common stock at a fair value of $0.10 per share in accordance with the convertible note agreement. These shares were issued on June 9, 2014. A gain of $1,094 was recorded on the extinguishment of the debt.
	As of December 31, 2014, this convertible note had been fully converted. A loss of $8,437 associated with the changes in the fair value of convertible note was recorded for the year ended December 31, 2014.
	(c)	April 8, 2014 Convertible Note
	On April 8, 2014, the Company issued a $53,000, 8% convertible note with a term expiring on January 14, 2015 (the “Maturity Date”). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock beginning 180 days after the issuance date, at the holder’s option, at a 42% discount to the average of the five lowest closing bid prices of the common stock during the twelve trading day period prior to conversion. The terms of the convertible note provide for certain redemption features which include features indexed to equity risks. In the event of default, the amount of principal and interest not paid when due bear interest at the rate of 22% per annum and the note becomes immediately due and payable.
	The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4.
	The following table reflects the allocation of the purchase on the inception date:
	Convertible Note, Face Value		$	53,000
	Convertible promissory note, Fair Value			102,414
	Day-one derivative loss			(49,414	)
	On November 7, 2014, a convertible note holder elected to convert $10,000 of the principal amount of the convertible note dated April 8, 2014, into 215,517 shares of the Company’s common stock at a fair value of $0.046 per share in accordance with the convertible note agreement. These shares were issued on November 25, 2014.
	On November 20, 2014, Talem paid $67,500 to the convertible note holder on behalf the Company as the settlement of the remaining principal balance of $43,000. In consideration for the $67,000 paid by Talem, the Company shall issue 675,000 unit to Talem with each unit consists of one share of the Company’s common stock, $0.001 par value per share, and one warrant. Each warrant will entitle the holder to purchase one share of the Company’s common shares at an exercise price of $0.10 per share, be exercisable immediately, and have a term of exercise through January 2, 2016. The agreement was sign between Talem and the Company on January 2, 2015. (Note 12)
	As of December 31, 2014, this convertible note had been fully settled. A loss of $40,371 associated with the changes in the fair value of convertible note, and a gain of $8,253 due to extinguishment of the debt were recorded for the year ended December 31, 2014.

Risk_Management

Risk Management	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 11. Risk Management	The Company is exposed to financial risks due to the nature of its business and the financial assets it holds. A summary of the Company’s risk exposures as it relates to financial instruments are reflected below:
	(a)	Market risk
	Market risk is the risk that the fair value from a financial instrument will fluctuate because of changes in market prices. The Company will be exposed to potential losses if the price of the long-term investment it hold decreases.
	(b)	Liquidity risk
	The Company manages liquidity risk by maintaining sufficient cash balances to meet operation expense requirement in additional to expenses assumed by majority shareholders.
	The Company is exposed to financial risks due to the nature of its business and the financial assets it holds. A summary of the Company’s risk exposures as it relates to financial instruments are reflected below:
	(c)	Credit Risk
	Credit risk also arises from cash and deposits with banks and financial institutions. To minimize the credit risk the Company places these instruments with a high credit quality financial institution.

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Note 12. Subsequent Events	On January 2, 2015, the Company signed a security purchase agreement with Talem to issue 675,000 Units to Talem, with each Unit consisting of one share of the Company’s common stock, $0.001 par value per share, and one warrant. Each warrant will entitle the holder to purchase one share of the Company’s common shares at an exercise price of $0.10 per share, be exercisable immediately, and have a term of exercise through January 2, 2016. The total proceeds of $67,500 were paid by Talem on November 20, 2014, on behalf of the Company to the Company’s convertible note holder to settle the remaining convertible note balance of $43,000. Those shares were subsequently issued on January 28, 2015.
	On or about January 12, 2015, the Company entered into a securities purchase agreement with KBM Worldwide, Inc., a New York corporation (“KBM Woldwide”), providing for the purchase of a convertible promissory note in the principal amount of $64,000, which note was entered into at the same time. The note was funded on or about January 22, 2015, with the Company receiving $60,000 of net proceeds after payment of KBM Worldwide’s legal and origination expenses. The note bears interest at the rate of 8% per annum, is due and payable on October 14, 2015, and may be converted by KBM Worldwide at any time after funding into shares of Company common stock at a conversion price equal to 58% of the average of the three lowest closing bid prices on the OTCQB during the 10 prior trading days. On or about March 23, 2015, the note was fully prepaid by the Company for $74,441.64.
	On or about March 12, 2015, the Company entered into a securities purchase agreement with LG Capital Funding, LLC, a New York limited liability company (“LG Capital”), providing for the purchase of a convertible promissory note in the principal amount of $50,000, which note was entered into at the same time. The note was funded on or about March 16, 2015, with the Company receiving $47,500 of net proceeds after payment of LG Capital’s legal and origination expenses. The note bears interest at the rate of 8% per annum, is due and payable on March 11, 2016, and may be converted by LG Capital at any time after funding into shares of Company common stock at a conversion price equal to 58% of the lowest trading price on the OTCQB during the 15 prior trading days.
	On or about March 13, 2015, the Company entered into a securities purchase agreement with GW Holdings Group, LLC, a New York limited liability company (“GW Holdings”), providing for the purchase of a convertible promissory note in the principal amount of $25,000, which note was entered into at the same time. The note was funded on or about March 16, 2015, with the Company receiving $23,000 of net proceeds after payment of GW Holdings’s legal and origination expenses. The note bears interest at the rate of 8% per annum, is due and payable on March 12, 2016, and may be converted by GW Holdings at any time after funding into shares of Company common stock at a conversion price equal to 58% of the lowest trading price on the OTCQB during the 15 prior trading days.
	On or about March 13, 2015, the Company entered into a securities purchase agreement with Service Trading Company, LLC, a Nevada limited liability company (“Service Trading”), providing for the purchase of a convertible promissory note in the principal amount of $25,000, which note was entered into at the same time. The note was funded on or about March 16, 2015, with the Company receiving $23,000 of net proceeds after payment of Service Trading’s legal and origination expenses. The note bears interest at the rate of 8% per annum, is due and payable on March 12, 2016, and may be converted by Service Trading at any time after funding into shares of Company common stock at a conversion price equal to 58% of the lowest trading price on the OTCQB during the 15 prior trading days.
	Subsequent to December 31, 2014, James Doris, the Company’s CEO and a director, advanced an additional $37,877.58 to or on behalf of the Company, including a payment of $25,108.77 to Tanager Energy on or about January 28, 2015, to satisfy in full the Company’s remaining payment obligations in connection with the Company’s acquisition of its 50% interest in the Joffre Project. The other monies, including an advance of $10,000 directly to the Company on or about March 12, 2015, were used by the Company for general working capital purposes.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Summary Of Significant Accounting Policies Policies
Basis of Presentation	The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year-end is December 31.
	The foregoing audited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for consolidated financial information and with the instructions to Form 10-K as promulgated by the Securities and Exchange Commission (the “SEC”). Accordingly, these consolidated financial statements include all of the disclosures required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, the audited consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the period presented.
Basis of Consolidation	The financial statements presented herein reflect the consolidated financial results of the Company and its wholly owned subsidiary, Viking Investments Group LLC, a Delaware limited liability company. All significant intercompany transactions and balances have been eliminated upon consolidation.
Use of Estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. The Company’s actual results could vary materially from management’s estimates and assumptions. Significant areas requiring the use of management estimates relate to the determination of expected tax rates for future income tax recoveries, stock-based compensation and impairment of long-term investment.
Financial Instruments	ASC Topic 820-10, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 820-10, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for other receivables, other payable, accrued liabilities, short term loan and due to director each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows:
	·	Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	·	Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	·	Level 3: inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	Assets and liabilities measured at fair value as of December 31, 2014 and 2013 are classified below based on the three fair value hierarchy described above:
			31-Dec
			2014				2013
			Carrying		Estimated Fair Value		Carrying		Estimated Fair Value
			Value				Value
	Financial Assets
	Cash		$	1,345		1,345	$	12,239		12,239
	Other receivables			-		-		9,641		9,641
	Long term investment			247,444		68,128
	Petroleum and natural gas rights			335,964		335,964
	Financial Liabilities
	Other payable			96,945		96,945		2,865		2,865
	Accrued liabilities			39,314		39,314		110,247		110,247
	Amount due to directors			326,439		326,439		77,715		77,715
	Convertible notes			-		-		62,000		115,246
	The carrying amounts reported in the accompanying consolidated balance sheets for cash, other receivables, other payable, accrued liabilities, and amount due to directors approximate their fair value based on the short-term maturity of these instruments.
	The fair value of the long term investment and petroleum and natural gas rights were recorded as of December 31, 2014.
Cash	Cash includes bank deposits and cash on hand.
Loss per Share	Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and, adjusted by any effects of warrants and options outstanding, if dilutive, that may add to the number of common shares during the period. There were no common stock equivalent shares outstanding at December 31, 2014 and 2013 that have been included in the diluted loss per share calculation as the effects would have been anti-dilutive.
Revenue Recognition	Revenues from contracts for consulting services with fees based on time and materials are recognized as the services are performed and amounts are earned in accordance with the Securities and Exchange Commission (the “SEC”) Staff Accounting Bulletin (“SAB”) No. 101, “Revenue Recognition in Financial Statements” (“SAB 101”), as amended by SAB No. 104, “Revenue Recognition” (“SAB 104”). The Company considers amounts to be earned once evidence of an arrangement has been obtained, services are delivered, fees are fixed or determinable, and collectability is reasonably assured. In such contracts, the Company’s efforts, measured by time incurred, typically represent the contractual milestones or output measure, which is the contractual earnings pattern. For consulting contracts with fixed fees, the Company recognizes revenues in accordance with contract terms, and when the services are delivered, price is determinable and the revenue is earned or collectable.
Comprehensive Income	FASB ASC 220 “Comprehensive Income,” establishes standards for the reporting and display of comprehensive income and its components in the consolidated financial statements. For the fiscal years ended December 31, 2014 and 2013, comprehensive loss was $830,737 and $517,716, respectively.
Income Taxes	The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company provides a valuation allowance for deferred tax assets for which it does not consider realization of such assets likely. The Company did not incur any material impact to its financial condition or results of operations due to the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company is subject to U.S federal jurisdiction income tax examinations for the tax years 2006 through 2014. In addition, the Company is subject to state and local income tax examinations for the tax years 2006 through 2014.
Stock-Based Compensation	The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. The Company has adopted ASC Topic 718 (formerly SFAS 123R), “Accounting for Stock-Based Compensation”, which establishes a fair value method of accounting for stock-based compensation plans. In accordance with guidance now incorporated in ASC Topic 718, the cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period.
	The fair value of stock warrants was determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends.
Leasehold Improvements	Leasehold improvements are recorded at cost less accumulated amortization and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset. Amortization is recognized in the statement of operations over the estimated useful lives of the related assets using the following annual rate and method:
		Leasehold Improvements	Straight line over period of lease
Long-term Investment	Management determines the appropriate classification of investment securities at the time of purchase. Securities are classified held-to-maturity when the Company has both the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at amortized cost. Securities that are bought and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Securities not classified as held-to-maturity or trading are classified as available-for-sale. Available-for-sale securities are stated at fair value, the changes in the market value of available-for-sale securities, excluding other-than-temporary impairments, are reflected in Other Comprehensive Income, with the impairment losses, net of income taxes, charged to net income in the period in which it occurs.
	The fair value of securities is based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities.
	Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of operations. The Company considers various factors in reviewing impairments, including the length of time and extent to which fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investments for a period of time sufficient to allow for any anticipated recovery in market value.
	As at December 31, 2014 and 2013, the Company had no trading and held-to-maturity securities.
	On September 9, 2014, the Company subscribed for 1,265,593 units of Tanager Energy Inc. (“Tanager”), a Canadian mining company listed on the Canadian TSX Venture Exchange as a Tier 2 company and trading under the stock symbol “TAN,” at a price of C$0.08 per unit. Each unit consists of one share of Tanager’s common stock and one warrant. Each warrant entitles the Company to subscribe for one additional Common Share at a price of C$0.15 at any time until October 5, 2016. The Warrants expire on October 5, 2016. The total price for the units subscribed is C$101,247.47. The Company paid US$92,000, which was equivalent to C$101,247.47 on September 11, 2014.
	On October 6, 2014, the Company subscribed for an additional 2,187,500 units of Tanager at a price of C$0.08 per unit. Each unit consists of one share of Tanager’s common stock and one warrant. Each warrant entitles the Company to subscribe for one additional Common Share at a price of $ 0.15 at any time until October 5, 2016. The Warrants expire on October 5, 2016. The total price for the units subscribed is C$175,000. The Company paid US$155,444, which was equivalent to C$175,000 on October 17, 2014.
	The Company’s investment in Tanager is considered as “available-for-sale” securities, and an unrealized loss of $179,316 was recorded in other comprehensive income for the year ended December 31, 2014.
	The Company’s long-term investment in the China Wood Shares was written off as of December 31, 2011, and repurchased by Viking Nevis on August 15, 2013. See Note 3 for more information regarding the China Wood Shares.
Impairment of long-lived assets	In accordance with ASC 360, "Accounting for the Impairment or Disposal of Long-Lived Assets", the Company is required to review its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value.
	Assets are grouped and evaluated at the lowest level for their identifiable cash flows that are largely independent of the cash flows of other groups of assets. The Company considers historical performance and future estimated results in its evaluation of potential impairment and then compares the carrying amount of the asset to the future estimated cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, the Company measures the amount of impairment by comparing the carrying amount of the asset to its fair value. The estimation of fair value is generally determined by using the asset's expected future discounted cash flows or market value. The Company estimates fair value of the assets based on certain assumptions such as budgets, internal projections, and other available information as considered necessary. There is no impairment of long-lived assets during the year ended December 31, 2014 and 2013.
Foreign Currency Exchange	An entity's functional currency is the currency of the primary economic environment in which it operates, normally that is the currency of the environment in which the entity primarily generates and expends cash. Management's judgment is essential to determine the functional currency by assessing various indicators, such as cash flows, sales price and market, expenses, financing and inter-company transactions and arrangements. Functional currency of the parent company is U.S. Dollar. The reporting currency of the Company is U.S. Dollar, and the functional currency of its PRC operation is RMB. PRC is the primary economic environment in which the Representative Office operates. The reporting currency of these consolidated financial statements is the U.S. Dollar.
	For financial reporting purposes, the financial statements of the Company's Representative Office which is prepared using the RMB are translated into the Company's reporting currency, the U.S. dollar. Assets and liabilities are translated using the exchange rate at each balance sheet date. Revenue and expenses are translated using average rates prevailing during each reporting period, and shareholders' equity is translated at historical exchange rates. Adjustments resulting from the translation are recorded as a separate component of accumulated other comprehensive income in stockholders' equity.
Convertible Notes Payable	The Company accounts for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free standing derivative financial instruments.
	The Company has evaluated the terms and conditions of the convertible note under the guidance of ASC 815. The conversion feature did not meet the definition of “indexed to a company’s own stock” provided for in ASC 815 due to the down round protection feature. Therefore, the conversion feature requires bifurcation and liability classification. Additionally, the default put requires bifurcation because it is indexed to risks that are not associated with credit or interest risk. As a result, the compound embedded derivative comprises of (i) the embedded conversion feature and (i) the default put. Rather than bifurcating and recording the compound embedded derivative as a derivative liability, the Company elected to initially and subsequently measure the convertible note in its entirety at fair value, with changes in fair value recognized in earnings in accordance with ASC 815-15-25-4.
Recently Adopted Accounting Pronouncements	In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The adoption of ASU 2013-02 has no material impact on the Company’s financial position or results of operations
	In March 2013, the FASB issued ASU 2013-05, Foreign Currency Matter (Topic 830): Parent’s accounting for the Cumulative Translation Adjustment upon the recognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity a consensus of the FASB Emerging Issues Task Force. The amendments in this Update are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. Early adoption is permitted. If an entity elects to early adopt the amendments, it should apply them as of the beginning of the entity’s fiscal year of adoption. The adoption of ASU 2013-05 has no material impact on the Company’s financial position or results of operations.
	In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. The amendments require an entity to present its financial statements using the liquidation basis of accounting when liquidation is imminent unless the liquidation follows a plan that was specified in the entity’s governing documents at the entity’s inception. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective or (b) a plan for liquidation is being imposed by other forces. The amendments require financial statements prepared using the liquidation basis of accounting to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The amendments in this Update are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The adoption of ASU 2013-07 has no material impact on the Company’s financial position or results of operations.
	In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This guidance states that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 has no material impact on the Company’s consolidated financial position or results of operations.
Recent Accounting Pronouncements	On April 10, 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). The guidance amends the guidance in FASB Accounting Standards Codification (FASB ASC) 205, Presentation of Financial Statements, and FASB ASC 360, Property, Plant, and Equipment, to change the definition of discontinued operations and the criteria for reporting discontinued operations and require expanded disclosures about discontinued operations. A discontinued operation may include a component or group of components of an entity, or a business or nonprofit activity. In accordance with the new guidance, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s operations and financial results would qualify as discontinued operations. In addition, ASU 2014-08 (a) expands the disclosure requirements for disposals that meet the definition of a discontinued operation; (b) requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations, and (c) conforms the definition of “discontinued operations” similarly to how it is defined under IFRS 5, Non-current Assets Held for Sale and Discontinued Operations .The amendments in this update are effective in the first quarter of 2015. The adoption of ASU 2014-08 is not expected to have a material impact on the Company’s consolidated financial statements.
	In May 2014, the FASB issued ASU 2014-09 with the intent of significantly enhancing comparability of revenue recognition practices across entities and industries. The new standard provides a single principles-based, five-step model to be applied to all contracts with customers and introduces new, increased disclosure requirements. The new standard is effective for annual and interim periods beginning on or after December 15, 2016 and may be applied on either a full or modified retrospective basis. The Company is currently assessing the impact of the new standard to the Company's consolidated financial statements.
	In June 2014, the FASB issued ASU 2014-12, an update on stock compensation. The guideline requires performance targets, which affect vesting and can be achieved after the requisite service period, to be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If achievement of the performance target becomes probable before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The amendments are effective for interim and annual periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact of the new standard on its consolidated financial statements. The Company does not expect these changes to have a material impact on the Company’s consolidated financial statements
	In August 2014, FASB issued ASU 2014-15 with the intent of defining management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The new standard is effective for annual and interim periods beginning on or after December 15, 2016 and may be applied on either a full or modified retrospective basis. The Company is currently assessing the impact of the new standard on its consolidated financial statements. The Company does not expect these changes to have a material impact on the Company’s consolidated financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Summary Of Significant Accounting Policies Tables
Financial Assets and Liabilities at carrying value and estimated fair value	Assets and liabilities measured at fair value as of December 31, 2014 and 2013 are classified below based on the three fair value hierarchy described above:
		31-Dec
		2014				2013
		Carrying		Estimated Fair Value		Carrying		Estimated Fair Value
		Value				Value
	Financial Assets
	Cash	$	1,345		1,345	$	12,239		12,239
	Other receivables		-		-		9,641		9,641
	Long term investment		247,444		68,128
	Petroleum and natural gas rights		335,964		335,964
	Financial Liabilities
	Other payable		96,945		96,945		2,865		2,865
	Accrued liabilities		39,314		39,314		110,247		110,247
	Amount due to directors		326,439		326,439		77,715		77,715
	Convertible notes		-		-		62,000		115,246

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2014
Related Party Transactions Tables
Related- partiesb transactions	The following table reflects the balances of related- parties’ transactions as of December 31, 2014 and 2013:
		Years ended
		31-Dec
		2014		2013
	Due to Mr. Tom Simeo	$	236,713	$	77,715
	Due to Mr. James A. Doris		89,726		-
			236,439		77,715

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2014
Supplemental Cash Flow Information Tables
Supplemental Cash Flow Information		Years ended
		December 31,
		2014		2013
	Cash paid for:
	Interest	$	-	$	55
	Income taxes		-		-
	Non-Cash transactions:				-
	Conversion of convertible note		188,007		12,000
	Common shares issued for balance owed to stockholders		-		268,777
	Increase in additional paid in capital - repurchase of CNWD shares				7,472
	Decrease in share capital – repurchase of CNWD share	$	-	$	(7,472	)

Income_Tax_Tables

Income Tax (Tables)	12 Months Ended
	Dec. 31, 2014
Income Tax Tables
Income tax expense	The income tax expense is reconciled as below:
		2014			2013
	Net Loss	$	651,474		$	517,914
	Statutory tax rate		35	%		35	%
	Income Tax at Statutory tax rate		228,016			181,270
	Non-deductible expenses		(278,368	)		(129,456	)
	Change in valuation allowance		50,352			(51,814	)
	Total tax expenses		-			-
Deferred tax		2014			2013
	Non-capital losses carried forward	$	3,096,302		$	2,723,196
	Statutory tax rate		35	%		35	%
	Income Tax at Statutory tax rate		1,083,706			953,119
	Valuation allowance		(1,083,706	)		(953,119	)

Capital_Stock_and_Additional_P1

Capital Stock and Additional Paid-in Capital (Tables)	12 Months Ended
	Dec. 31, 2014
Capital Stock And Additional Paid-In Capital Tables
Capital Stock		31-Dec-14											31-Dec-13
		Number of shares											Number of shares
		Authorized			Outstanding			Amount		Authorized			Outstanding		Amount
								$							$
	Capital Stock
	Preferred stock, $0.001 par value		5,000,000			28,092			28		5,000,000			28,092		28
	Common stock, $0.001 par value		100,000,000			24,094,551			24,095		100,000,000			18,758,657		18,760
	Common shares to be issued					675,000			675
	Additional Paid-in Capital								7,162,660							6,116,054
Assumption used to estimate the fair value of stock warrants	The assumptions used to estimate the fair value of stock warrants on the grant date were as follows:
	Issuance Date	Expected			Risk-free			Expected term (years)		Dividend
		volatility			rate					yield
	16-Dec-09		204.7	%		0.11	%		3		0	%

Convertible_Note_Tables

Convertible Note (Tables)	12 Months Ended
	Dec. 31, 2014
May 21, 2013 Convertible Note [Member]
Allocation of Purchase of Convertible Notes	The following table reflects the allocation of the purchase on the inception date:
	Convertible Note, Face Value	$	58,000
	Convertible promissory note, Fair Value		106,522
	Day-one derivative loss		(48,522	)
October 23, 2013 Convertible Note [Member]
Allocation of Purchase of Convertible Notes	The following table reflects the allocation of the purchase on the inception date:
	Convertible Note, Face Value	$	16,000
	Convertible promissory note, Fair Value		44,410
	Day-one derivative loss		(28,410	)
April 8, 2014 Convertible Note [Member]
Allocation of Purchase of Convertible Notes	The following table reflects the allocation of the purchase on the inception date:
	Convertible Note, Face Value	$	53,000
	Convertible promissory note, Fair Value		102,414
	Day-one derivative loss		(49,414	)

Nature_of_Business_and_Going_C1

Nature of Business and Going Concern (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Nature Of Business And Going Concern Details Narrative
Net Loss	($651,474)	($517,914)
Accumulated stockholders' deficiency	-57,261	-279,140
Working capital deficiency	$480,557

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Financial Assets
Cash	$1,345	$12,239
Long term investment	68,128
Financial Liabilities
Other payable	116,149	2,865
Amount due to director	326,439	77,715
Convertible note		115,246
Carrying Value [Member]
Financial Assets
Cash	1,345	12,239
Other receivables		9,641
Long term investment	247,444
Petroleum and natural gas rights	335,964
Financial Liabilities
Other payable	96,945	2,865
Accrued Liabilities	39,314	110,247
Amount due to director	326,439	77,715
Convertible note		62,000
Estimated Value [Member]
Financial Assets
Cash	1,345	12,239
Other receivables		9,641
Long term investment	68,128
Petroleum and natural gas rights	335,964
Financial Liabilities
Other payable	96,945	2,865
Accrued Liabilities	39,314	110,247
Amount due to director	326,439	77,715
Convertible note		$115,246

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies Details Narrative
Comprehensive loss	$830,737	$517,716
Unrealized loss on securities available-for-sale	$179,316

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Due to related party	$236,439	$77,715
Mr. Tom Simeo [Member]
Due to related party	236,713	77,715
Mr. James A. Doris [Member]
Due to related party	$89,726

Related_Party_Transactions_Det1

Related Party Transactions (Details Narrative) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Due to related party	$236,439	$77,715
Mr. Tom Simeo [Member]
Due to related party	236,713	77,715
Mr. James A. Doris [Member]
Due to related party	$89,726

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash paid for:
Interest		$55
Income taxes
Non-Cash transactions:
Conversion of convertible note	188,007	12,000
Common shares issued for balance owed to stockholders		268,777
Increase in additional paid in capital - repurchase of CNWD shares		7,472
Decrease in share capital - repurchase of CNWD shares		($7,472)

Income_Tax_Details

Income Tax (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Details
Net Loss	$651,474	$517,914
Statutory tax rate	35.00%	35.00%
Income Tax at Statutory tax rate	228,016	181,270
Non-deductible expenses	-278,368	-129,456
Change in valuation allowance	50,352	-51,814
Total tax expenses

Income_Tax_Details_1

Income Tax (Details 1) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Tax Details
Non-capital losses carried forward	$3,096,302	$2,723,196
Statutory tax rate	35.00%	35.00%
Income Tax at Statutory tax rate	1,083,706	953,119
Valuation allowance	($1,083,706)	($953,119)

Income_Tax_Details_Narrative

Income Tax (Details Narrative)	12 Months Ended
	Dec. 31, 2014
Income Tax Details Narrative
Net operating loss expiry	The net operating loss will expire at various times to December 31, 2032.

Capital_Stock_and_Additional_P2

Capital Stock and Additional Paid-in Capital (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Capital Stock
Preferred stock, $0.001 par value, Authorized	5,000,000	5,000,000
Preferred stock, $0.001 par value, Outstanding	28,092	28,092
Preferred stock, $0.001 par value, Amount	$28	$28
Common stock, $0.001 par value, Authorized	100,000,000	100,000,000
Common stock, $0.001 par value, Outstanding	24,094,551	18,758,657
Common stock, $0.001 par value, Amount	24,095	18,760
Common shares to be issued, Outstanding	675,000
Common shares to be issued, Amount	675
Additional Paid-In Capital	$7,162,660	$6,116,054

Capital_Stock_and_Additional_P3

Capital Stock and Additional Paid-in Capital (Details 1)	12 Months Ended
	Dec. 31, 2014
Capital Stock And Additional Paid-In Capital Details 1
Issuance Date	16-Dec-09
Expected volatility	204.70%
Risk - free rate	0.11%
Expected term (years)	3 years
Dividend yield	0.00%

Capital_Stock_and_Additional_P4

Capital Stock and Additional Paid-in Capital (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Common Stock cancelled		28,092
Preferred stock issued	28,092	28,092
Preferred stock outstanding	28,092	28,092
Preferred stock par value	$0.00	$0.00
Preferred stock, authorized	5,000,000	5,000,000
June [Member]
Issuance of restricted shares of common stock	44,118
Restricted shares price	$0.34
July [Member]
Issuance of restricted shares of common stock	59,055
Restricted shares price	$0.25
September [Member]
Issuance of restricted shares of common stock	81,591
Restricted shares price	$0.37
Issuance of common stock	500,000
Common stock price	$0.05
October [Member]
Issuance of restricted shares of common stock	31,597
Restricted shares price	$0.48
November [Member]
Issuance of common stock	150,000
Common stock price	$0.15
Common Stock
Provision from consulting services	$47,500
Restricted Stock [Member]
Provision from consulting services	$149,784

Convertible_Note_Details

Convertible Note (Details) (USD $)	Dec. 31, 2014
May 21, 2013 Convertible Note [Member]
Convertible Note, Face Value	$58,000
Convertible promissory note, Fair Value	106,522
Day-one derivative loss	-48,522
October 23, 2013 Convertible Note [Member]
Convertible Note, Face Value	16,000
Convertible promissory note, Fair Value	44,410
Day-one derivative loss	-28,410
April 8, 2014 Convertible Note [Member]
Convertible Note, Face Value	53,000
Convertible promissory note, Fair Value	102,414
Day-one derivative loss	($49,414)

Convertible_Note_Details_Narra

Convertible Note (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2014
May 21, 2013 Convertible Note [Member]
Changes in fair value of convertible note recorded	$47,940
October 23, 2013 Convertible Note [Member]
Changes in fair value of convertible note recorded	8,437
April 8, 2014 Convertible Note [Member]
Changes in fair value of convertible note recorded	40,371
Extinguishment of the debt	$8,253