Viking Energy (VKIN) 10-K/A14 Dec 162015 FY Annual report (amended)Financial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2015	Dec. 08, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	VIKING INVESTMENTS GROUP, INC.
Entity Central Index Key	1,102,432
Document Type	10-K/A
Document Period End Date	Dec. 31, 2015
Amendment Flag	true
Amendment Description	This Amendment No. 2 of Form 10-K/A for the year ended December 31, 2015, amends in its entirety the Annual Report on Form 10-K/A that was originally filed on May 16, 2016 to reflect a restatement of the Companys financial statements for the year ended December 31, 2015 (the 2015 Financial Statements) to correct various account balances as summarized below, and because the Companys new independent registered public accounting firm has recently completed its audit of the Companys 2015 Financial Statements. The restatements are being made in accordance with ASC 250, Accounting Changes and Error Corrections. The disclosure provision of ASC 250 requires a company that corrects an error to disclose that its previously issued financial statements have been restated, a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings (deficit) in the statement of financial position as of the beginning of each period presented.
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 1,841,964
Entity Common Stock, Shares Outstanding		51,986,940
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash		$ 1,345
Other receivable - related party
Total current assets		1,345
Oil and gas properties, full cost method
Proved developed producing oil and gas properties, net		21,310
Undeveloped and non-producing oil and gas properties, net		333,858
Total Oil and gas properties, net	$ 516,470	355,168
Long term investment		68,128
TOTAL ASSETS		424,641
Current liabilities:
Accrued expenses and other current liabilities		116,149
Accounts payable		39,314
Derivative liability	810,647
Amount due to directors	614,991	326,439
Convertible notes - current, net of debt discount	16,770
Total current liabilities		481,902
Convertible notes - net of current portion and debt discount	6,778
Asset retirement obligation	416,246
TOTAL LIABILITIES		481,902
Commitments and contingencies (Note 9)
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 Shares issued and outstanding as of December 31, 2015 and 2014		28
Common stock, $0.001 par value, 100,000,000 shares authorized, 30,333,993 and 24,094,551 shares issued and outstanding as of December 31, 2015 and 2014		24,095
Shares to be issued		675
Additional Paid-In Capital	7,960,372	7,162,660
Prepaid equity-based compensation
Accumulated Deficit		(177,452)
Accumulated other comprehensive loss		(7,067,267)
TOTAL STOCKHOLDERS' DEFICIENCY	(1,277,693)	(57,261)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY		$ 424,641
Restated [Member]
CURRENT ASSETS
Cash	30,585
Other receivable - related party	153,877
Total current assets	184,462
Oil and gas properties, full cost method
Proved developed producing oil and gas properties, net	30,989
Undeveloped and non-producing oil and gas properties, net	485,481
Total Oil and gas properties, net	516,470
Long term investment	87,156
TOTAL ASSETS	788,088
Current liabilities:
Accrued expenses and other current liabilities	95,575
Accounts payable	104,774
Derivative liability	810,647
Amount due to directors	614,991
Convertible notes - current, net of debt discount	16,770
Total current liabilities	1,642,757
Convertible notes - net of current portion and debt discount	6,778
Asset retirement obligation	416,246
TOTAL LIABILITIES	2,065,781
Commitments and contingencies (Note 9)
STOCKHOLDERS' DEFICIT
Preferred stock, $0.001 par value, 5,000,000 shares authorized, 28,092 Shares issued and outstanding as of December 31, 2015 and 2014	28
Common stock, $0.001 par value, 100,000,000 shares authorized, 30,333,993 and 24,094,551 shares issued and outstanding as of December 31, 2015 and 2014	30,334
Shares to be issued
Additional Paid-In Capital	7,960,372
Prepaid equity-based compensation	(145,562)
Accumulated Deficit	(158,424)
Accumulated other comprehensive loss	(8,964,441)
TOTAL STOCKHOLDERS' DEFICIENCY	(1,277,693)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 788,088

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
STOCKHOLDERS' EQUITY
Preferred stock Series, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	30,333,993	24,094,551
Common stock, outstanding	30,333,993	24,094,551

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenue
Oil and gas sales
Operating expenses
Lease operating costs
Impairment of oil and gas properties	$ 210,032
General and administrative		377,484
Stock based compensation		189,167
Accretion - ARO	10,032
Depreciation, depletion & amortization
Total operating expenses		566,651
Loss from operations		(566,651)
Other income (expenses)
Interest expense
Change in fair value of derivative liability	266,378	(96,748)
Derivative expense	(1,065,808)
Gain on settlement of debt		9,485
Other income		2,440
Total other income (expenses)		(84,823)
Net loss	(1,897,174)	(651,474)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	19,028	(179,316)
Foreign currency translation adjustment		53
Net Comprehensive loss		$ (830,737)
Loss per weighted average number of common shares outstanding ? basic and diluted		$ (0.03)
Weighted average number of common shares outstanding - basic and diluted		24,094,551
Restated [Member]
Revenue
Oil and gas sales	95,924
Operating expenses
Lease operating costs	49,965
Impairment of oil and gas properties	210,032
General and administrative	492,647
Stock based compensation	127,438
Accretion - ARO	10,032
Depreciation, depletion & amortization	34,881
Total operating expenses	924,995
Loss from operations	(829,071)
Other income (expenses)
Interest expense	(288,281)
Change in fair value of derivative liability	266,378
Derivative expense	(1,065,808)
Gain on settlement of debt	19,608
Other income
Total other income (expenses)	(1,068,103)
Net loss	(1,897,174)
Other comprehensive income (loss)
Unrealized gain (loss) on securities available-for-sale	19,028
Foreign currency translation adjustment
Net Comprehensive loss	$ (1,878,146)
Loss per weighted average number of common shares outstanding ? basic and diluted	$ (0.07)
Weighted average number of common shares outstanding - basic and diluted	27,283,026

Consolidated Statement Of Cash

Consolidated Statement Of Cash Flows - USD ($)	12 Months Ended
Consolidated Statement Of Cash Flows - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (1,897,174)	$ (651,474)
Adjustments to reconcile net loss to cash used in operating activities:
Change in fair value of derivative liability	(266,378)	96,748
Derivative expense	1,065,808
Gain on settlement of debt		(9,485)
Stock based compensation		189,167
Depreciation, depletion and amortization		5,053
Impairment of oil and gas properties	210,032
Accretion - Asset retirement obligation
Amortization of debt discount
Changes in operating assets and liabilities
Accounts payable		(123,734)
Accrued expenses and other current liabilities		113,284
Prepaid expenses and deposits		9,641
Amounts due to directors
Net cash used in operating activities		(370,800)
Cash flows from investing activities:
Investment in Tanager Energy		(247,444)
Investment in oil and gas properties		(302,367)
Net cash used in investing activities		(549,811)
Cash flows from financing activities:
Proceeds from amount due to directors		248,724
Repayment of amount due to directors
Proceeds from issuance of units		607,942
Proceeds from convertible notes		53,000
Repayment of convertible notes
Net cash provided by financing activities		909,666
Effect of exchange rate changes on cash		51
Net increase (decrease) in cash		(10,894)
Cash at beginning of year	1,345	12,239
Cash at ending of year		1,345
Supplemental Cash Flow Information
Cash paid for: Interest
Cash paid for: Income taxes
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuances of shares for convertible debt and accrued expenses		188,007
Recognition of asset retirement obligation
Settlement and reacquisition of derivative liabilities
Convertible notes paid through advances from directors
Payments to vendors from debt proceeds
Loan to Tanager advanced from directors
Debt discount on convertible debt
Restated [Member]
Cash flows from operating activities:
Net loss	(1,897,174)
Adjustments to reconcile net loss to cash used in operating activities:
Change in fair value of derivative liability	(266,378)
Derivative expense	1,065,808
Gain on settlement of debt	(19,608)
Stock based compensation	127,438
Depreciation, depletion and amortization	34,881
Impairment of oil and gas properties	210,032
Accretion - Asset retirement obligation	10,032
Amortization of debt discount	183,548
Changes in operating assets and liabilities
Accounts payable	86,459
Accrued expenses and other current liabilities	79,885
Prepaid expenses and deposits
Amounts due to directors	233,770
Net cash used in operating activities	(151,307)
Cash flows from investing activities:
Investment in Tanager Energy
Investment in oil and gas properties
Net cash used in investing activities
Cash flows from financing activities:
Proceeds from amount due to directors	11,692
Repayment of amount due to directors	(115,145)
Proceeds from issuance of units
Proceeds from convertible notes	348,000
Repayment of convertible notes	(64,000)
Net cash provided by financing activities	180,547
Effect of exchange rate changes on cash
Net increase (decrease) in cash	29,240
Cash at beginning of year	1,345
Cash at ending of year	30,585	$ 1,345
Supplemental Cash Flow Information
Cash paid for: Interest
Cash paid for: Income taxes
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Issuances of shares for convertible debt and accrued expenses	252,101
Recognition of asset retirement obligation	406,214
Settlement and reacquisition of derivative liabilities	278,175
Convertible notes paid through advances from directors	205,459
Payments to vendors from debt proceeds	21,000
Loan to Tanager advanced from directors	153,877
Debt discount on convertible debt	$ 337,278

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($)	Common Stock	Shares to be issued	Preferred Stock	Additional Paid-in Capital	Prepaid Equity-Based Compensation	Accumulated Other Comprehensive Income	Deficit	Total
Beginning Balance, Shares at Dec. 31, 2013	18,758,657		28,092
Beginning Balance, Amount at Dec. 31, 2013	$ 18,760		$ 28	$ 6,116,054		$ 1,811	$ (6,415,793)	$ (279,140)
Foreign currency translation adjustment						53		53
Shares issued for legal services, Shares	1,406,331
Shares issued for legal services, Amount	$ 1,406			187,761				189,167
Shares issued to investors, Shares	2,330,534
Shares issued to investors, Amount	$ 2,331			605,611				607,942
Shares to be issued to investors, Shares		675,000
Shares to be issued to investors, Amount		$ 675		66,825				67,500
Shares issued for convertible debt, Shares	1,599,029
Shares issued for convertible debt, Amount	$ 1,598			186,409				188,007
Unrealized gain (loss) on securities held for sale						(179,316)		(179,316)
Net Loss							(651,474)	(651,474)
Ending Balance, Shares at Dec. 31, 2014	24,094,551	675,000	28,092
Ending Balance, Amount at Dec. 31, 2014	$ 24,095	$ 675	$ 28	7,162,660		(177,452)	(7,067,267)	(57,261)
Shares issued to investors, Shares	675,000	(675,000)
Shares issued to investors, Amount	$ 675	$ (675)
Shares issued for convertible debt, Shares	550,000
Shares issued for convertible debt, Amount	$ 550			20,450				21,000
Shares issued as prepaid equity-based compensation, Shares	1,000,000
Shares issued as prepaid equity-based compensation, Amount	$ 1,000			164,000	(165,000)
Unrealized gain (loss) on securities held for sale						19,028		19,028
Amortization of prepaid equity-based compensation					19,438			19,438
Shares issued in satisfaction of debt, Shares	3,294,442
Shares issued in satisfaction of debt, Amount	$ 3,294			227,807				231,101
Shares issued for consulting services, Shares	720,000
Shares issued for consulting services, Amount	$ 720			107,280				108,000
Derivative liability adjustment - satisfaction of convertible debt				278,175				278,175
Net Loss							(1,897,174)	(1,897,174)
Ending Balance, Shares at Dec. 31, 2015	30,333,993		28,092
Ending Balance, Amount at Dec. 31, 2015	$ 30,334		$ 28	$ 7,960,372	$ (145,562)	$ (158,424)	$ (8,964,441)	$ (1,277,693)

Nature of Business and Going Co

Nature of Business and Going Concern	12 Months Ended
Nature of Business and Going Concern	Dec. 31, 2015
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., and the Company's ticker symbol was changed to "VKIN." The Company's business plan is to engage in the acquisition, exploration, development and production of oil and natural gas properties, both individually and through collaborative partnerships with other companies in this field of endeavor. On March 8, 2016, the Company incorporated a wholly owned subsidiary, Viking Oil & Gas (Canada) ULC, in Alberta, Canada, to hold its Canadian oil and gas interests. In November of 2014, the Company entered its first contract of this kind as explained in Note 4. 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 of $1,897,174 and $651,474 for the years ended December 31, 2015 and December 31, 2014, respectively. The Company had a working capital deficiency in the amount of $1,458,295 as of December 31, 2015. The Company had accumulated a stockholders deficit of $1,277,693 as of December 31, 2015, as compared to a stockholder' deficit of $57,261 as of December 31, 2014. These conditions raise substantial doubt about the Companys ability to continue as a going concern. 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 believes 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.

Restatement and Reclassificatio

Restatement and Reclassification	12 Months Ended
Restatement and Reclassification	Dec. 31, 2015
Equity [Abstract]
Note 2. Restatement and Reclassification	Restatement of Financial Statements for the year ended December 31, 2015 The Company is restating its financial statements for the year ended December 31, 2015 (the 2015 Financial Statements) to correct various account balances as summarized below, and because the Companys new independent registered public accounting firm has recently completed its audit of the Companys 2015 Financial Statements. The restatements are being made in accordance with ASC 250, Accounting Changes and Error Corrections. The disclosure provision of ASC 250 requires a company that corrects an error to disclose that its previously issued financial statements have been restated, a description of the nature of the error, the effect of the correction on each financial statement line item and any per share amount affected for each prior period presented, and the cumulative effect on retained earnings (deficit) in the statement of financial position as of the beginning of each period presented. The effects of the adjustments on the Companys previously issued 2015 Financial Statements are summarized as follows: Selected Consolidated Balance Sheets Information as of December 31, 2015 Previously Increase Reported (Decrease) Restated Petroleum and natural gas rights / oil and gas properties 818,230 (301,760 ) 516,470 Derivative liability 154,297 656,350 810,647 Additional paid in capital 7,864,085 96,287 7,960,372 Accumulated deficit (7,979,257 ) (985,184 ) (8,964,441 ) Selected Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2015 Previously Increase Reported (Decrease) Restated Impairment of oil and gas properties - 210,032 210,032 Derivative gain (loss) / change in fair value (5,686 ) 272,064 266,378 Derivative expense - 1,065,808 1,065,808 Loss from operations (608,480 ) (220,591 ) (829,071 ) Net loss (911,990 ) (985,184 ) (1,897,174 ) Net comprehensive loss (892,962 ) (985,184 ) (1,878,146 ) Basic and diluted loss per common share (0.03 ) (0.04 ) (0.07 ) Selected Consolidated Statements of Cash Flows for the year ended December 31, 2015 Previously Increase Reported (Decrease) Restated Net Loss (911,990 ) (985,184 ) (1,897,174 ) Derivative (gain) loss / change in fair value 5,686 793,744 799,430 Impairment of oil and gas properties - 210,032 210,032 Stock based compensation 108,000 19,438 127,438 The Company uses the full cost method of accounting for its oil and gas properties, which requires a capitalized cost limitation test (ceiling test) at each report date. This analysis utilizes information included in an annual reserve report. The report originally used did not contemplate the pricing requirements for proved reserves promulgated by the Securities and Exchange Commission (SEC). The Company obtained a revised reserve report in October 2016, which met the SEC pricing requirements for proved reserves. Based on this report, the Company determined that an impairment of $210,032 should be recorded for the year ended December 31, 2015. The Company also reevaluated the methodology originally used to estimate the derivative liabilities associated with the conversion features of certain debt instruments, and the impact on additional paid in capital associated with these transactions. The Company determined that the original accounting for these transactions understated the derivative liability at December 31, 2015 by $656,350, and understated expense at inception of $1,065,808. The change in the estimated fair value of these derivatives resulted in a gain of $266,378 for the year ended December 31, 2015 as compared to originally recording a loss of $5.686. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2015
Notes to Financial Statements
Note 3. 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 the 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 ("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. 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 through December 2, 2015, when the Company sold for $1, all of its ownership interest to its member interest in Viking Investments Group LLC to Tom Simeo, the Company's Chairman. Viking Investments Group, LLC was never an operational entity, did not have any assets, liabilities, or operations, and therefore is not presented as a discontinued operation. c) Use of Estimates in the Preparation of Financial Statements 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, embedded derivative assets and liabilities, asset retirement obligations and impairment of long-term investment. The estimates of proved, probable and possible oil and gas reserves are used as significant inputs in determining the depletion of oil and gas properties and the impairment of proved and unproved oil and gas properties. There are numerous uncertainties inherent in the estimation of quantities of proved, probable and possible reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized. d) Financial Instruments ASC Topic 820-10, "Fair Value Measurement" 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 consolidated balance sheets for other receivables related party, accrued expenses and other current liabilities, accounts payable, derivative liabilities, amount due to directors, and convertible notes 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, 2015 are classified below based on the three fair value hierarchy described above: Description Quoted Prices (Level 1) Significant (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) Financial Assets Long term investment $ 87,156 $ - $ - $ 19,028 $ 87,156 $ - $ - $ 19,028 Financial liabilities Derivative liabilities $ - $ - $ 810,647 $ 266,378 $ - $ - $ 810,647 $ 266,378 Assets and liabilities measured at fair value as of December 31, 2014 are classified below based on the three fair value hierarchy described above: Description Quoted (Level 1) Significant (Level 2) Significant Unobservable (Level 3) Total Gains (Losses) Financial Assets Long term investment $ 68,128 $ - $ - $ (179,316 ) $ 68,128 $ - $ - $ (179,316 ) The Companys long term investment consists of 3,437,500 common shares of Tanager Energy, Inc., which is traded on the TSX Venture Exchange (Toronto Stock Exchange). The change in the fair value of this investment recognized as an unrealized gain (loss) in other comprehensive income on the statement of operations and comprehensive loss was $19,028 and ($179,316) for the years ended December 31, 2015 and 2014, respectively. The Company uses the Black-Scholes model to value its derivative liabilities. This model takes into account inputs such as contract terms, including maturity and market parameters, including assumptions associated with interest rates, volatility and credit worthiness. The derivative liabilities of the Company were $0 and $810,647 as of December 31, 2015 and 2014 respectively. e) Cash and Cash Equivalents Cash and cash equivalents include cash in banks and highly liquid investment securities that have original maturities of three months or less. At December 31, 2015, the Company does not have any cash deposits in excess of FDIC insured limits. f) Prepaid equity-based compensation Prepaid equity-based expenses represent amounts paid in advance through the issuance of restricted shares of stock, for future contractual benefits to be received. These expenses paid in advance are recorded as prepaid equity-based compensation as a component of Stockholders Equity and then amortized to the statements of operations over the life of the contract using the straight-line method. At December 31, 2015 and December 31, 2014, the balances of the prepaid equity-based compensation were comprised of the following: December 31, 2015 December 31, 2014 In November, 2015, a one-year consulting agreement with an unrelated party for services related to the petroleum industry in the amount of $165,000. $ 145,562 - $ 145,562 $ - g) Oil and Gas Properties The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs associated with acquisition, exploration and development of oil and gas reserves, including directly related overhead costs, are capitalized. General and administrative costs related to production and general overhead are expensed as incurred. All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit of production method using estimates of proved reserves. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized to income. Investment in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined or until impairment occurs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is included in loss from continuing operations before income taxes and the adjusted carrying amount of the unproved properties is amortized on the unit-of-production method. Depreciation, depletion and amortization expense utilizing the unit-of-production method for the Companys oil and gas properties in Canada for the years ended December 31, 2015 and 2014 were as follows: Oil and Gas Properties by Geographical Cost Center Years ended, December 31, Cost Center 2015 2014 Canada $ 34,881 $ - $ 34,881 $ - h) Limitation on Capitalized Costs Under the full-cost method of accounting, we are required, at the end of each reporting date, to perform a test to determine the limit on the book value of our oil and natural gas properties (the Ceiling test). If the capitalized costs of our oil and natural gas properties, net of accumulated amortization and related deferred income taxes, exceed the Ceiling, this excess or impairment is charged to expense. The expense may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the Ceiling. The Ceiling is defined as the sum of: (a) the present value, discounted at 10 percent, and assuming continuation of existing economic conditions, of 1) estimated future gross revenues from proved reserves, which is computed using oil and natural gas prices determined as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month hedging arrangements pursuant to SAB 103, less 2) estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves, plus (b) the cost of properties not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, net of (d) the related tax effects related to the difference between the book and tax basis of our oil and natural gas properties. i) Oil and Gas Reserves Our proved oil and gas reserves are estimated by independent petroleum engineers. Reserve engineering is a subjective process that is dependent upon the quality of available data and the interpretation thereof, including evaluations and extrapolations of well flow rates and reservoir pressure. Estimates by different engineers often vary sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of an estimate, as well as economic factors such as changes in product prices, may justify revision of such estimates. Because proved reserves are required to be estimated using recent prices of the evaluation, estimated reserve quantities can be significantly impacted by changes in product prices. The standardized measure of discounted future net cash flows and changes in such cash flows are prepared using assumptions required by the Financial Accounting Standards Board and the Securities and Exchange Commission. Such assumptions include using a 10% discount rate. Changes in any of these assumptions could have a significant impact on the standardized measure. Accordingly, the standardized measure does not represent managements estimated current market value of proved reserves. At December 31, 2015, the Companys net book value of oil and natural gas properties exceeded the ceiling amount, and the Company has recognized an impairment of oil and gas properties of $210,032 for the year ended December 31, 2015. The Company did not recognize an impairment loss for the year ended December 31, 2014. j) 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. At December 31, 2015 there were approximately 6,059,537 common stock equivalents that were anti-dilutive and were not included in the calculation. k) Revenue Recognition All revenue is recognized when persuasive evidence of an arrangement exists, the service or sale is complete, the price is fixed or determinable and collectability is reasonably assured. Revenue is derived from the sale of crude oil and natural gas. Revenue from crude oil and natural gas sales is recognized when the product is delivered to the purchaser and collectability is reasonably assured. The Company follows the sales method of accounting for oil and natural gas revenue, so it recognizes revenue on all natural gas or crude oil sold to purchasers. l) Comprehensive Loss FASB ASC 220 "Comprehensive Income," establishes standards for the reporting and display of comprehensive income and its components in the consolidated statement of operations and comprehensive loss. For the fiscal years ended December 31, 2015 and 2014, comprehensive income (loss) was $19,028 and ($179,263) respectively, and consisted primarily of unrealized gains and (losses) on available for sale securities. m) 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 2007 through 2015. In addition, the Company is subject to state and local income tax examinations for the tax years 2007 through 2015. n) 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, "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. o) 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 Loss, with the impairment losses, net of income taxes, charged to loss 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. A decline in the market value of any available-for-sale or held-for-maturity security below cost that is deemed to be other-then-temporary results in a reduction in carrying amount to fair value. Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of operations and comprehensive loss. 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, 2015 and 2014, the Company had no trading or held-to-maturity securities. On September 9, 2014, the Company subscribed for 1,250,000 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 expired without exercise 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 gain of $19,028 was recorded in other comprehensive income for the year ended December 31, 2015. An unrealized loss of $179,316 was recorded in other comprehensive loss for the year ended December 31, 2014. p) 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 was no impairment of long-lived assets recorded during the years ended December 31, 2015 and 2014, except oil and gas properties. q) 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 the U.S. Dollar. The reporting currency of the Company is the U.S. Dollar, and the functional currency of its oil and gas operations is the Canadian Dollar ("CAD" or "C$" herein). The oil and gas operations of the Company are located in Alberta, Canada, in which the CAD is the primary economic environment. The reporting currency of these consolidated financial statements is the U.S. Dollar. For financial reporting purposes, the operational results of the Company's oil and gas operations are prepared using the CAD, and 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 stockholders deficit is translated at historical exchange rates. r) 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. s) Derivative Liability We review the terms of convertible debt issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense. t) Accounting for Asset Retirement Obligations Asset retirement obligations (ARO) primarily represent the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the projected end of their productive lives, in accordance with applicable federal, state and local laws. We determined our ARO by calculating the present value of estimated cash flows related to the obligation. The retirement obligation is recorded as a liability at its estimated present value as of the obligations inception, with an offsetting increase to proved properties. On July 1, 2015, the Company recorded an asset retirement obligation and a related asset retirement cost in the amount of $406,214. This asset retirement cost was determined and discounted to present value using a credit-adjusted risk-free rate. After its initial recording, the liability is increased for the passage of time, with the increase being reflected as accretion expense in the consolidated statement of operations and comprehensive loss. Subsequent adjustments in the cost estimate are reflected in the liability and the amounts continue to be amortized over the useful life of the related long-lived asset. The following table describes the changes in the Company's asset retirement obligations for the year ended December 31, 2015: Asset retirement obligation at December 31, 2014 $ - Additions 406,214 Accretion expense 10,032 Asset retirement obligation at December 31, 2015 $ 416,246 u) Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. v) Recently Adopted Accounting Pronouncements The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2015. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company's reported financial position or operations in the near term. w) Subsequent Events The Company has evaluated all transactions through the date of filing of this Form 10-K/A for disclosure consideration.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2015
Notes to Financial Statements
Note 4. Related Party Transactions	During April 2015, the Company made an advance to Tanager Energy Inc., in conjunction with a joint investment in the second oil well of the Joffre Project (as defined and described in Note 4). As of December 31, 2015, the balance owed by Tanager to the Company is $153,877, which is shown as "Other receivable related party" on the balance sheet. On June 5, 2015, the Company authorized and approved the issuance of 2,000,000 and 872,871 restricted shares of common stock in settlement and cancellation of a total of $201,101 of amounts owed to directors, at a cost basis of $0.07 per share. During the year ended December 31, 2015, the Company's Executive Chairman and Director, Tom Simeo, accrued payroll and made advances to the Company in the amount of $56,692 in order to provide the Company with funds to carry on its operations. These accruals and advances do not bear interest, are unsecured and have no specific terms of repayment. As of December 31, 2015, the net amount due to Mr. Simeo for accrued payroll and expenses paid on behalf of the Company is $37,159. The Company has not imputed interest as the amount is deemed immaterial. During the year ended December 31, 2015, the Company's CEO and Director, James Doris, incurred expenses on behalf of, and made net advances to the Company in the amount of $128,770 in order to provide the Company with funds to carry on its operations. These advances do not bear interest, are unsecured and have no specific terms of repayment. The Company has not imputed interest as the amount is deemed immaterial. Additionally, Mr. Doris made several loans to the Company totaling $359,336, all accruing interest at 12%, and payable on demand. As of December 31, 2015, the total amount due to Mr. Doris for advances and expenses paid on behalf of the Company and loans is $577,832. Accrued interest of $20,401 is included in other payables at December 31, 2015. As at December 31, 2014, the net amount due to Mr. Simeo for accrued payroll and payment of certain expenses on behalf of the Company was $236,713. 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 Mr. Doris for the expenses paid on behalf of the Company was $89,726. The balance is non-interest bearing, has no fixed term of repayment and is payable on demand. The following table reflects the balances of related- parties' transactions as of December 31, 2015 and 2014: Years ended December 31, 2015 2014 Due to Mr. Tom Simeo $ 37,159 $ 236,713 Due to Mr. James A. Doris advances 218,496 89,726 Due to Mr. James A. Doris demand loans 359,336 - $ 614,991 $ 326,439

Oil and Gas Properties

Oil and Gas Properties	12 Months Ended
Oil and Gas Properties	Dec. 31, 2015
Notes to Financial Statements
Note 5. Oil and Gas Properties	The following table summarizes the Companys oil and gas activities by classification and geographical cost center for the year ended December 31, 2015: December 31, 2014 December 31, 2015 Additions Impairments Proved developed producing oil and gas properties Canada cost center $ 21,310 $ 24,374 $ (12,602 ) $ 33,082 Accumulated depreciation, depletion and amortization - (2,093 ) - (2,093 ) Proved developed producing oil and gas properties, net $ 21,310 $ 22,281 $ (12,602 ) $ 30,989 Undeveloped and non-producing oil and gas properties Canada cost center $ 333,858 $ 381,841 $ (197,430 ) $ 518,269 Accumulated depreciation, depletion and amortization - (32,788 ) - (32,788 ) Undeveloped and non-producing oil and gas properties, net $ 333,858 $ 349,053 $ (197,430 $ 485,481 Total Oil and Gas Properties, Net $ 355,168 $ 371,334 $ (210,032 ) $ 516,470 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 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 $302,367, with the balance of $52,801 (C$60,000) paid in January of 2015. Tanager owns the remaining 50% working interest in the property and operates and manages the property in accordance with an operating agreement pursuant to the Canadian Association of Petroleum Landman Operating Procedure. 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 have elapsed).

Income Tax

Income Tax	12 Months Ended
Income Tax	Dec. 31, 2015
Notes to Financial Statements
Note 6. Income Tax	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. The Company has estimated net operating losses of $7,979,257 and $7,067,267 as of December 31, 2015 and 2014 respectively. The potential benefit of these net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not that it will utilize the net operating losses carried forward in future years. The tax returns have not been filed; hence the taxation years of 2012, 2013 and 2014 are open for audit by both federal and state taxing authorities. The components of the net deferred tax asset at December 31, 2015 and December 31, 2014 and the statutory tax rate, the effective tax rate and the elected amount of the valuation allowance are indicated below: December 31, December 31, 2015 2014 Net Operating Losses $ 8,964,441 $ 7,067,267 Statutory Tax Rate 35 % 35 % Effective Tax Rate - - Deferred Tax Asset 3,137,554 2,473,543 Valuation Allowance (3,137,554 ) (2,473,543 ) Net Deferred Tax Asset $ - $ -

Capital Stock and Additional Pa

Capital Stock and Additional Paid-in Capital	12 Months Ended
Capital Stock and Additional Paid-in Capital	Dec. 31, 2015
Notes to Financial Statements
Note 7. Capital Stock and Additional Paid-in Capital	December 31, 2015 Number of shares December 31, 2014 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 30,333,993 30,334 100,000,000 24,094,551 24,095 Common shares to be issued - - 675,000 675 Additional Paid-in Capital 7,960,372 7,162,660 (a) Preferred Stock The Company is authorized to issue 5,000,000 shares of Series C Preferred Stock, par value $0.001 per share (the "Preferred Stock"). Each share of Series C 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 Series C 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 Series C 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"). On October 3, 2012, the Company issued 28,092 shares of Series C 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. On or about September 1, 2015, Tom Simeo instructed the Company's Stock Transfer Agent, VStock Transfer LLC, to cancel stock certificate number 3032, representing 28,092 shares of common stock, in consideration for the missing 28,092 shares of common stock. Neither the common stock, nor the preferred stock, were assessed any value. On July 16, 2015, Tom Simeo, Executive Chairman, and a director of the Company, who owned 28,092 shares of the Company's Series C Preferred Stock (the "Shares"), transferred 50% (14,046) of the Shares to James A. Doris, President, CEO and a director of the Company in consideration of the purchase price of $10,000, paid from the personal funds of Mr. Doris. Mr. Simeo retained 14,046 shares of the Company's Series C Preferred Stock, and no other shares of Series C Preferred Stock are issued or outstanding. Since each of the preferred shares entitles the holder to 2,000 votes per share, Mr. Simeo and Mr. Doris effectively control the Company jointly, neither of them solely controls the Company, and the transfer of the preferred shares constituted a change of control of the Company. (b) Common Stock The Company is authorized to issue 100,000,000 shares of common stock, par value $0.001 per share. 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. 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. 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. These shares were issued on June 9, 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 consisted of one share of the Company's common stock, $0.001 par value per share, and one warrant. Each warrant entitled the holder to purchase one share of the Company's common shares at an exercise price of $0.50 per share, was exercisable immediately, and had a term of exercise through June 30, 2015. The Company estimated that the fair value of the warrants was approximately $60,674 ($0.20 per unit) using a Black-Scholes option pricing model at the time of issuance. The total proceeds of $150,000 were paid by Talem in September 2014. The Company approved the issuance of 300,000 shares of the Company's common stock 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 consisted of one share of the Company's common stock, $0.001 par value per share, and one warrant. Each warrant entitles the holder to purchase one share of the Company's common shares at an exercise price of $0.30 per share, was exercisable immediately, and has a term of exercise through October 15, 2015. The total proceeds of $155,515 were paid by Sackville on October 16, 2014. The Company approved the issuance of 518,348 restricted shares of the Company's common stock 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 consisted of one share of the Company's common stock, $0.001 par value per share, and one warrant. Each warrant entitled the holder to purchase one share of the Company's common shares at an exercise price of $0.20 per share, was exercisable immediately, and has a term of exercise through October 30, 2015. The total proceeds of $124,533 were paid by on October 30, 2014. The Company approved the issuance of 622,665 restricted shares of the Company's common stock 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 consisted of one share of the Company's common stock, $0.001 par value per share, and one warrant. Each warrant entitled the holder to purchase one share of the Company's common shares at an exercise price of $0.20 per share, was exercisable immediately, and has a term of exercise through October 30, 2015. The total proceeds of $177,904 were paid by Knapp on October 30, 2014. The Company approved the issuance of 889,521 restricted shares of the Company's common stock 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 $66,668 in legal services rendered to the Company, at a cost basis 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 in consulting services rendered to the Company, at a cost basis 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 basis of $0.05 and $0.15 per share, respectively. In May 2015, the Company authorized and approved the issuance of 720,000 shares of its common stock in conjunction with a six-month consulting agreement, at a cost basis of $0.15 per share, the current fair market value at the time of the agreement. On August 3, 2015, the Company issued 421,571 restricted shares of common stock in settlement and cancellation of $30,000 of accrued payroll, and 2,000,000 and 872,871 restricted shares of common stock in settlement and cancellation of a total of $201,101 of amounts owed to directors, at a cost basis of $0.07 per share. On November 18, 2015, the Company issued 1,000,000 restricted shares of its common stock in conjunction with a one year consulting agreement, at a cost of $0.165 per share, the current fair market value at the time of agreement.. On November 23, 2015, a convertible note holder elected to convert $4,200 of the principal amount of the convertible note dated May 22, 2015, into 100,000 shares of the Company's common stock in accordance with the convertible note agreement. On December 1, 2015, a convertible note holder elected to convert $8,400 of the principal amount of the convertible note dated May 22, 2015, into 200,000 shares of the Company's common stock in accordance with the convertible note agreement. On December 24, 2015, a convertible note holder elected to convert $8,400 of the principal amount of the convertible note dated May 22, 2015, into 250,000 shares of the Company's common stock in accordance with the convertible note agreement.

Convertible Notes

Convertible Notes	12 Months Ended
Convertible Notes	Dec. 31, 2015
Notes to Financial Statements
Note 8. Convertible Notes	Convertible notes payable at December 31, 2015 and 2014 as detailed below, is summarized as follows: December 31, December 31, 2015 2014 (h) - JMJ Financial $ 6,778 $ - (i) - LG Capital 63,000 - (j) - GW Holdings 30,000 - (k) - EMA Financial 50,000 - (l) - JDF Capital 27,500 - 177,278 - Net of unamortized debt discount (153,730 ) - $ 23,548 $ - Less current portion (16,770 ) - $ 6,778 $ - (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 units 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 signed between Talem and the Company on January 2, 2015. 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. (d) March 11, 2015 Convertible Note On March 11, 2015, the Company issued a $50,000 8% convertible note with a term expiring on March 11, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. 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) 115% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 121% if prepaid 31 days following the closing through 60 days following the closing, (iii) 127% if prepaid 61 days following the closing through 90 days following the closing, (iv) 133% if prepaid 91 days following the closing through 120 days following the closing, (v) 139% if prepaid 121 days following the closing through the 150 days following the closing, (vi) 145% 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. This note was paid in full on September 8, 2015. (e) March 12, 2015 Convertible Note On March 12, 2015, the Company issued a $25,000 8% convertible note with a term expiring on March 12, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. 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) 115% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 121% if prepaid 31 days following the closing through 60 days following the closing, (iii) 127% if prepaid 61 days following the closing through 90 days following the closing, (iv) 133% if prepaid 91 days following the closing through 120 days following the closing, (v) 139% if prepaid 121 days following the closing through the 150 days following the closing, (vi) 145% 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. This note was paid in full on September 8, 2015. (f) March 12, 2015 Convertible Note On March 12, 2015, the Company issued a $25,000 8% convertible note with a term expiring on March 12, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. 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) 115% if prepaid during the period commencing on the closing date through 30 days thereafter, (ii) 121% if prepaid 31 days following the closing through 60 days following the closing, (iii) 127% if prepaid 61 days following the closing through 90 days following the closing, (iv) 133% if prepaid 91 days following the closing through 120 days following the closing, (v) 139% if prepaid 121 days following the closing through the 150 days following the closing, (vi) 145% 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. This note was paid in full on September 8, 2015. (g) March 25, 2015 Convertible Note On March 25, 2015, the Company issued a $35,000 12% convertible note with a term expiring on March 24, 2016 (the "Maturity Date"), and which was funded on April 23 2015. The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. This note was paid in full on October 22, 2015. (h) May 22, 2015 Convertible Note On May 22, 2015, the Company issued a convertible promissory note with a cap of $50,000 with a 0% interest rate for the first three months. The terms of the note include a $5,000 Original Issue Discount, providing for a maximum funding of $45,000. The amount of the note funded as of December 31, 2015 was $25,000. The Company may repay this Note at any time on or before 90 days from the effective date. If the Company does not make a payment on or before 90 days from the notes effective date, a one-time interest charge of 12%shall be applied to the principal sum. The maturity date of the note is two years from the effective date of the note. The investor has the right, at any time after the Effective Date, at its election, to convert all of part of the outstanding and unpaid Principal Sum and accrued interest. The conversion price is the lesser of $0.10 or 60% of the lowest trade price in the 25 trading days previous to the conversion. As of December 31, 2015, $21,000 of this note had been converted to common shares. The principal balance of $6,778 is accounted for as a non - current liability due to being satisfied through the issuance of equity in January 2016. (i) November 3, 2015 Convertible Note On November 3, 2015, the Company issued a $63,000 8% convertible note with a term expiring on November 3, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 58% of the lowest trading price of the common stock for the fifteen prior trading days including the day upon which a Notice of Conversion is received by the Company. (j) November 20, 2015 Convertible Note On November 20, 2015, the Company issued a $30,000 12% convertible note with a term expiring on November 20, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 52% of the lowest trading price of the common stock for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. (k) November 19, 2015 Convertible Note On November 19, 2015, the Company issued a $50,000 12% convertible note with a term expiring on November 19, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 52% of the lowest trading price of the common stock for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company. (l) November 25, 2015 Convertible Note On November 25, 2015, the Company issued a $27,500 8% convertible note with a term expiring on November 25, 2016 (the "Maturity Date"). The principal amount of the note and interest is payable on the maturity date. The note is convertible into common stock at any time, at the holder's option, at a price equal to 42% of the lowest trading price of the common stock for the twenty-five prior trading days including the day upon which a Notice of Conversion is received by the Company.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
Commitments and contingencies	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Note 9. Commitments and contingencies	From time to time the Company may be a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Companys financial position or results of operations.

Risk Management

Risk Management	12 Months Ended
Risk Management	Dec. 31, 2015
Notes to Financial Statements
Note 10. 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. (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
Subsequent Events	Dec. 31, 2015
Notes to Financial Statements
Note 11. Subsequent Events	The Company has evaluated subsequent events from December 31, 2015 through the date of filing this report, and determined there are no other items to disclose other than those disclosed below: On January 12, 2016 the Company issued 300,926 common shares for convertible debt. On February 23, 2016, the Company closed on the acquisition of working interests (Net Revenue Interests from 80 to 87%) in four leases with access to the mineral rights (oil and gas) concerning approximately 281 acres of property in Miami and Franklin Counties in eastern Kansas. This project produces oil from the Cherokee formation at a depth of approximately 600 feet. These leases offer the potential for several future drilling locations. The purchase includes an undivided interest in all oil and gas wells, equipment, fixtures and other personal property located upon the leased properties and used in connection with oil and gas operations upon the leases attributable to the working interests purchased by the Company. The effective date of the acquisitions is February 1, 2016, so the Company was entitled to net revenues from its share of production as of such date. As consideration for this transaction, the Company made a cash payment of $1,305,000 at closing to the vendors and issued a promissory note in the amount of $45,000. The note was paid in full on or about March 11, 2016. The note bears interest at a rate of 0% per annum and was due at the end of February. The Company also agreed to issue the vendors 4,500,000 shares of common stock. Immediately prior to the above-noted acquisition, the Company also purchased a 100% working interest (Net Revenue Interest of 83%) in: (i) three leases with access to the mineral rights (oil and gas) concerning approximately 270 acres of property in Miami and Franklin Counties in eastern Kansas; and (ii) 31 leases with access to the mineral rights (oil and gas) concerning approximately 5,500 acres of property in Cass and Bates Counties in Missouri. The purchase includes an undivided interest in all oil and gas wells, equipment, fixtures and other personal property located upon the leased properties and used in connection with oil and gas operations upon the leases attributable to the working interests purchased by Viking. As consideration for this transaction, Viking agreed to issue the vendors 5,150,000 shares of common stock of Viking. To facilitate these acquisitions, the Company borrowed $1,450,000 from private lenders pursuant to a 15% Senior Secured Convertible Promissory Note (the "Note"), arranged through a licensed broker/dealer, with the primary terms of the loan being as follows: (i) Term Rate Security st Conversion Warrants As of February 1, 2016, the Company issued 9,650,000 common shares as part of the consideration for the acquisition of the oil and gas investment made at that time. On March 16, 2016, the Company issued 1,000,000 common shares for services, valued at $102,500. On March 21, 2016, the Company executed two one-year consulting agreements requiring the issuance of 2,000,000 common shares for each contract. Both of these contracts were terminated, the shares were returned to the Company, and were cancelled in August 2016. On March 21, 2016, the Company executed a one-year advisory services agreement requiring the issuance of 1,000,000 common shares for the contract. The shares are to be issued as 375,002 upon execution of the contract, with 56,818 shares being issued at the beginning of each month for the remaining eleven months. As of April 29, 2016, the Company issued a total of $375,000 of 10% Secured Subordinated promissory notes with a term expiring January 12, 2017 (the Maturity Date), and an original issue discount of fifty percent (50%). Interest is payable on the outstanding principal of these notes at 10% per annum on the Maturity Date. As of April 29, 2016, the Company, pursuant to a securities purchase agreement, sold 1,250,000 shares of its common stock at $0.15 per share. On September 28, 2016, the Company issued 2,400,000 common shares, at the current market value of $288,000 as a portion of the purchase price of additional oil and gas properties acquired on October 4, 2016. During September 2016, the Company negotiated the payment of certain convertible notes, and committed to the issuance of 375,000 common shares at the current market value of $52,500 as additional interest. As of September 30, 2016, the Company, pursuant to a securities purchase agreement, sold $1,337,500 shares of its common stock at $0.15 per share. As of October 2016, the Company issued a total of $610,000 of 10% Secured promissory notes with a term expiring April 3, 2017 (the Maturity Date), and an original issue discount of thirty seven and one half percent (37.5%). Interest is payable on the outstanding principal of these notes at 10% per annum on the Maturity Date. On October 4, 2016, the Company closed on the purchase of working interests in various oil and gas leases in Eastern Kansas. Simultaneously, to facilitate the purchase, the Company closed on its initial funding from Crossfirst Bank under the September 30, 2016 Revolver Agreement in the amount of $1,800,000. Additionally, on October 4, 2016, the Company committed to the issuance of 2,752,021 common shares as a part of the consideration for the acquisition of this oil and gas investment. The shares were issued in December 2016. During November 2016, the Company issued 1,400,000 common shares as part of a negotiated settlement on convertible notes. During November, 2016, the Company issued 187,500 common shares pursuant to a securities purchase agreement. SUPPLEMENTAL INFORMATION - PETROLEUM AND NATURAL GAS PRODUCTION (unaudited) Results of Operations The results of operations for petroleum and natural gas production as of December 31, 2015 consist exclusively of the Company's 50% working interest in the Joffre oil and gas property located in Alberta, Canada as follows; Canada 2015 2014 Results of Operations Revenue $ 95,924 $ - Production costs 49,965 - $ 45,959 $ - Oil and Gas Production and Sales by geographic area for the years ended December 31, 2015 and 2014: Geographic Unit of December 31, Area Measure 2015 2014 Sales - Volumes Oil Canada Barrels 1,639 - Natural Gas Canada Mcf 5,404 - Natural Gas Liquids Canada Barrels 849 - Sulphur Canada Tonnes 36 - Sales Oil Canada Barrels $ 76,619 $ - Natural Gas Canada Mcf $ 12,340 $ - Natural Gas Liquids Canada Barrels $ 5,646 $ - Sulphur Canada Tonnes $ 1,319 $ - Average Sales Prices Oil Canada Barrels $ 46.75 $ - Natural Gas Canada Mcf $ 2.28 $ - Natural Gas Liquids Canada Barrels $ 6.65 $ - Sulphur Canada Tonnes $ 36.69 $ - Mcf = thousands of cubic feet Tonnes = Metric tons Petroleum and Natural Gas Reserves Reserves are estimated remaining quantities of oil and natural gas and related substances, which by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations prior to the time at which contracts providing the right to operate expire. The reserve information disclosed herein is representative of the one producing well, and the re-activation of the three suspended wells expected to begin production in 2016. Reserves Reconciliation Summary The following table is a reconciliation of reserve balances for the year ended December 31, 2015: Joffre Project - Canada Proved Probable Oil (Mbbl) Natural Gas (MMcf) Natural Gas Liquids (Mbbl) Barrels of Oil Equivalent (Mboe) Oil (Mbbl) Natural Gas (MMcf) Natural Gas Liquids (Mbbl) Barrels of Oil Equivalent (Mboe) Opening Balance 216.2 907.6 38.2 390.2 198.0 848.1 35.2 374.6 Production (1.6 ) (5.4 ) (0.8 ) (3.3 ) - - - - Closing Balance 214.6 902.2 37.4 386.9 198.0 848.1 35.2 374.6 Reserves Summary Oil Natural Gas Natural Gas Liquids Barrels of Oil Equivalent (Mbbl) (MMcf) (Mbbl) (Mboe) Proved Developed - Producing 16.2 44.0 1.8 24.5 Developed - Non-Producing 198.4 858.2 35.6 362.4 Undeveloped - - - - Total Proved 214.6 902.2 37.4 386.9 Probable 198.0 848.1 35.2 360.1 Total Proved plus Probable 412.60 1,750.3 72.6 747.0 Mbbl = thousands of barrels MMcf = millions of cubic feet Mboe - thousands of barrels of oil equivalent Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves The standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves and the changes in standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves were prepared in accordance with provisions of ASC 932 - Extractive Activities - Oil and Gas Future income tax expenses are calculated by applying appropriate year-end tax rates to future pretax net cash flows relating to proved oil and natural gas reserves, less the tax basis of properties involved. Future income tax expenses give effect to permanent differences, tax credits and loss carry forwards relating to the proved oil and natural gas reserves. Future net cash flows are discounted at a rate of 10% annually to derive the standardized measure of discounted future net cash flows. This calculation procedure does not necessarily result in an estimate of the fair market value of the Companys oil and natural gas properties. The standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves for the year ended December 31, 2015 are as follows: Future cash inflows $ 6,096,432 Future production costs (5,019,577 ) Future development costs (870,645 ) Future income tax expense - Future net cash flows 206,210 10% annual discount for estimated timing of cash flows - Standardized measure of DFNCF $ 206,210 There was no production activity for the year ended December 31, 2014. Changes in Standardized Measure of Discounted Future Net Cash Flows The changes in the standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves for the year ended December 31, 2015 are as follows: Balance at January 1, 2015 $ 175,671 Net changes in prices and production costs - Net changes in future development costs - Sales of oil and gas produced, net (45,959 ) Extensions, discoveries and improved recovery - Purchases of reserves - Sales of reserves - Revisions of previous quantity estimates - Previously estimated development costs incurred - Net change in income taxes 4,022 Accretion of discount 6,146 Other (6,145 ) Balance at December 31, 2015 $ 133,735 There was no production activity for the year ended December 31, 2014. In accordance with SEC requirements, the pricing used in the Companys standardized measure of future net revenues is based on the 12-month un-weighted arithmetic average of the first-day-of-the-month price for the period January through December for each period presented and adjusted by lease for transportation fees and regional price differentials. The use of SEC pricing rules may not be indicative of actual prices realized by the Company in the future.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2015
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 the 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 ("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.
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 through December 2, 2015, when the Company sold for $1, all of its ownership interest to its member interest in Viking Investments Group LLC to Tom Simeo, the Company's Chairman. Viking Investments Group, LLC was never an operational entity, did not have any assets, liabilities, or operations, and therefore is not presented as a discontinued operation.
Use of Estimates in the Preparation of Financial Statements	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, embedded derivative assets and liabilities, asset retirement obligations and impairment of long-term investment. The estimates of proved, probable and possible oil and gas reserves are used as significant inputs in determining the depletion of oil and gas properties and the impairment of proved and unproved oil and gas properties. There are numerous uncertainties inherent in the estimation of quantities of proved, probable and possible reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized.
Financial Instruments	ASC Topic 820-10, "Fair Value Measurement" 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 consolidated balance sheets for other receivables related party, accrued expenses and other current liabilities, accounts payable, derivative liabilities, amount due to directors, and convertible notes 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, 2015 are classified below based on the three fair value hierarchy described above: Description Quoted Prices (Level 1) Significant (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) Financial Assets Long term investment $ 87,156 $ - $ - $ 19,028 $ 87,156 $ - $ - $ 19,028 Financial liabilities Derivative liabilities $ - $ - $ 810,647 $ 266,378 $ - $ - $ 810,647 $ 266,378 Assets and liabilities measured at fair value as of December 31, 2014 are classified below based on the three fair value hierarchy described above: Description Quoted (Level 1) Significant (Level 2) Significant Unobservable (Level 3) Total Gains (Losses) Financial Assets Long term investment $ 68,128 $ - $ - $ (179,316 ) $ 68,128 $ - $ - $ (179,316 ) The Companys long term investment consists of 3,437,500 common shares of Tanager Energy, Inc., which is traded on the TSX Venture Exchange (Toronto Stock Exchange). The change in the fair value of this investment recognized as an unrealized gain (loss) in other comprehensive income on the statement of operations and comprehensive loss was $19,028 and ($179,316) for the years ended December 31, 2015 and 2014, respectively. The Company uses the Black-Scholes model to value its derivative liabilities. This model takes into account inputs such as contract terms, including maturity and market parameters, including assumptions associated with interest rates, volatility and credit worthiness. The derivative liabilities of the Company were $0 and $810,647 as of December 31, 2015 and 2014 respectively.
Cash and Cash Equivalents	Cash and cash equivalents include cash in banks and highly liquid investment securities that have original maturities of three months or less. At December 31, 2015, the Company does not have any cash deposits in excess of FDIC insured limits.
Prepaid equity-based compensation	Prepaid equity-based expenses represent amounts paid in advance through the issuance of restricted shares of stock, for future contractual benefits to be received. These expenses paid in advance are recorded as prepaid equity-based compensation as a component of Stockholders Equity and then amortized to the statements of operations over the life of the contract using the straight-line method. At December 31, 2015 and December 31, 2014, the balances of the prepaid equity-based compensation were comprised of the following: December 31, 2015 December 31, 2014 In November, 2015, a one-year consulting agreement with an unrelated party for services related to the petroleum industry in the amount of $165,000. $ 145,562 - $ 145,562 $ -
Oil and Gas Properties	The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs associated with acquisition, exploration and development of oil and gas reserves, including directly related overhead costs, are capitalized. General and administrative costs related to production and general overhead are expensed as incurred. All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit of production method using estimates of proved reserves. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized to income. Investment in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined or until impairment occurs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is included in loss from continuing operations before income taxes and the adjusted carrying amount of the unproved properties is amortized on the unit-of-production method. Depreciation, depletion and amortization expense utilizing the unit-of-production method for the Companys oil and gas properties in Canada for the years ended December 31, 2015 and 2014 were as follows: Oil and Gas Properties by Geographical Cost Center Years ended, December 31, Cost Center 2015 2014 Canada $ 34,881 $ - $ 34,881 $ -
Limitation on Capitalized Costs	Under the full-cost method of accounting, we are required, at the end of each reporting date, to perform a test to determine the limit on the book value of our oil and natural gas properties (the Ceiling test). If the capitalized costs of our oil and natural gas properties, net of accumulated amortization and related deferred income taxes, exceed the Ceiling, this excess or impairment is charged to expense. The expense may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the Ceiling. The Ceiling is defined as the sum of: (a) the present value, discounted at 10 percent, and assuming continuation of existing economic conditions, of 1) estimated future gross revenues from proved reserves, which is computed using oil and natural gas prices determined as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month hedging arrangements pursuant to SAB 103, less 2) estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves, plus (b) the cost of properties not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, net of (d) the related tax effects related to the difference between the book and tax basis of our oil and natural gas properties.
Oil and Gas Reserves	Our proved oil and gas reserves are estimated by independent petroleum engineers. Reserve engineering is a subjective process that is dependent upon the quality of available data and the interpretation thereof, including evaluations and extrapolations of well flow rates and reservoir pressure. Estimates by different engineers often vary sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of an estimate, as well as economic factors such as changes in product prices, may justify revision of such estimates. Because proved reserves are required to be estimated using recent prices of the evaluation, estimated reserve quantities can be significantly impacted by changes in product prices. The standardized measure of discounted future net cash flows and changes in such cash flows are prepared using assumptions required by the Financial Accounting Standards Board and the Securities and Exchange Commission. Such assumptions include using a 10% discount rate. Changes in any of these assumptions could have a significant impact on the standardized measure. Accordingly, the standardized measure does not represent managements estimated current market value of proved reserves. At December 31, 2015, the Companys net book value of oil and natural gas properties exceeded the ceiling amount, and the Company has recognized an impairment of oil and gas properties of $210,032 for the year ended December 31, 2015. The Company did not recognize an impairment loss for the year ended December 31, 2014.
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. At December 31, 2015 there were approximately 6,059,537 common stock equivalents that were anti-dilutive and were not included in the calculation.
Revenue Recognition	All revenue is recognized when persuasive evidence of an arrangement exists, the service or sale is complete, the price is fixed or determinable and collectability is reasonably assured. Revenue is derived from the sale of crude oil and natural gas. Revenue from crude oil and natural gas sales is recognized when the product is delivered to the purchaser and collectability is reasonably assured. The Company follows the sales method of accounting for oil and natural gas revenue, so it recognizes revenue on all natural gas or crude oil sold to purchasers.
Comprehensive Loss	FASB ASC 220 "Comprehensive Income," establishes standards for the reporting and display of comprehensive income and its components in the consolidated statement of operations and comprehensive loss. For the fiscal years ended December 31, 2015 and 2014, comprehensive income (loss) was $19,028 and ($179,263) respectively, and consisted primarily of unrealized gains and (losses) on available for sale securities.
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 2007 through 2015. In addition, the Company is subject to state and local income tax examinations for the tax years 2007 through 2015.
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, "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.
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 Loss, with the impairment losses, net of income taxes, charged to loss 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. A decline in the market value of any available-for-sale or held-for-maturity security below cost that is deemed to be other-then-temporary results in a reduction in carrying amount to fair value. Impairments that are considered other-than-temporary are recognized as a loss in the consolidated statements of operations and comprehensive loss. 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, 2015 and 2014, the Company had no trading or held-to-maturity securities. On September 9, 2014, the Company subscribed for 1,250,000 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 expired without exercise 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 gain of $19,028 was recorded in other comprehensive income for the year ended December 31, 2015. An unrealized loss of $179,316 was recorded in other comprehensive loss for the year ended December 31, 2014.
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 was no impairment of long-lived assets recorded during the years ended December 31, 2015 and 2014, except oil and gas properties.
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 the U.S. Dollar. The reporting currency of the Company is the U.S. Dollar, and the functional currency of its oil and gas operations is the Canadian Dollar ("CAD" or "C$" herein). The oil and gas operations of the Company are located in Alberta, Canada, in which the CAD is the primary economic environment. The reporting currency of these consolidated financial statements is the U.S. Dollar. For financial reporting purposes, the operational results of the Company's oil and gas operations are prepared using the CAD, and 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 stockholders deficit is translated at historical exchange rates.
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.
Derivative Liability	We review the terms of convertible debt issues to determine whether there are embedded derivative instruments, including embedded conversion options, which are required to be bifurcated and accounted for separately as derivative financial instruments. In circumstances where the host instrument contains more than one embedded derivative instrument, including the conversion option, that is required to be bifurcated, the bifurcated derivative instruments are accounted for as a single, compound derivative instrument. Bifurcated embedded derivatives are initially recorded at fair value and are then revalued at each reporting date with changes in the fair value reported as non-operating income or expense. When the equity or convertible debt instruments contain embedded derivative instruments that are to be bifurcated and accounted for as liabilities, the total proceeds received are first allocated to the fair value of all the bifurcated derivative instruments. The remaining proceeds, if any, are then allocated to the host instruments themselves, usually resulting in those instruments being recorded at a discount from their face value. The discount from the face value of the convertible debt, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to interest expense.
Accounting for Asset Retirement Obligations	Asset retirement obligations (ARO) primarily represent the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the projected end of their productive lives, in accordance with applicable federal, state and local laws. We determined our ARO by calculating the present value of estimated cash flows related to the obligation. The retirement obligation is recorded as a liability at its estimated present value as of the obligations inception, with an offsetting increase to proved properties. On July 1, 2015, the Company recorded an asset retirement obligation and a related asset retirement cost in the amount of $406,214. This asset retirement cost was determined and discounted to present value using a credit-adjusted risk-free rate. After its initial recording, the liability is increased for the passage of time, with the increase being reflected as accretion expense in the consolidated statement of operations and comprehensive loss. Subsequent adjustments in the cost estimate are reflected in the liability and the amounts continue to be amortized over the useful life of the related long-lived asset. The following table describes the changes in the Company's asset retirement obligations for the year ended December 31, 2015: Asset retirement obligation at December 31, 2014 $ - Additions 406,214 Accretion expense 10,032 Asset retirement obligation at December 31, 2015 $ 416,246
Reclassification of Prior Year Presentation	Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations.
Recently Adopted Accounting Pronouncements	The Financial Accounting Standards Board and other entities issued new or modifications to, or interpretations of, existing accounting guidance during 2015. Management has carefully considered the new pronouncements that altered generally accepted accounting principles and does not believe that any other new or modified principles will have a material impact on the Company's reported financial position or operations in the near term.
Subsequent Events	The Company has evaluated all transactions through the date of filing of this Form 10-K/A for disclosure consideration.

Restatement and Reclassificat19

Restatement and Reclassification (Tables)	12 Months Ended
Restatement and Reclassification (Tables)	Dec. 31, 2015
Restatement And Reclassification Tables
Prior period adjustment of financial statements	Selected Consolidated Balance Sheets Information as of December 31, 2015 Previously Increase Reported (Decrease) Restated Petroleum and natural gas rights / oil and gas properties 818,230 (301,760 ) 516,470 Derivative liability 154,297 656,350 810,647 Additional paid in capital 7,864,085 96,287 7,960,372 Accumulated deficit (7,979,257 ) (985,184 ) (8,964,441 ) Selected Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2015 Previously Increase Reported (Decrease) Restated Impairment of oil and gas properties - 210,032 210,032 Derivative gain (loss) / change in fair value (5,686 ) 272,064 266,378 Derivative expense - 1,065,808 1,065,808 Loss from operations (608,480 ) (220,591 ) (829,071 ) Net loss (911,990 ) (985,184 ) (1,897,174 ) Net comprehensive loss (892,962 ) (985,184 ) (1,878,146 ) Basic and diluted loss per common share (0.03 ) (0.04 ) (0.07 ) Selected Consolidated Statements of Cash Flows for the year ended December 31, 2015 Previously Increase Reported (Decrease) Restated Net Loss (911,990 ) (985,184 ) (1,897,174 ) Derivative (gain) loss / change in fair value 5,686 793,744 799,430 Impairment of oil and gas properties - 210,032 210,032 Stock based compensation 108,000 19,438 127,438

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2015
Summary Of Significant Accounting Policies Tables
Financial Assets and liabilities measured at fair value	Assets and liabilities measured at fair value as of December 31, 2015 are classified below based on the three fair value hierarchy described above: Description Quoted Prices (Level 1) Significant (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) Financial Assets Long term investment $ 87,156 $ - $ - $ 19,028 $ 87,156 $ - $ - $ 19,028 Financial liabilities Derivative liabilities $ - $ - $ 810,647 $ 266,378 $ - $ - $ 810,647 $ 266,378 Assets and liabilities measured at fair value as of December 31, 2014 are classified below based on the three fair value hierarchy described above: Description Quoted (Level 1) Significant (Level 2) Significant Unobservable (Level 3) Total Gains (Losses) Financial Assets Long term investment $ 68,128 $ - $ - $ (179,316 ) $ 68,128 $ - $ - $ (179,316 )
Summary of changes in the Company's asset retirement obligations	Asset retirement obligation at December 31, 2014 $ - Additions 406,214 Accretion expense 10,032 Asset retirement obligation at December 31, 2015 $ 416,246
Summary prepaid equity-based compensation	December 31, 2015 December 31, 2014 In November, 2015, a one-year consulting agreement with an unrelated party for services related to the petroleum industry in the amount of $165,000. $ 145,562 - $ 145,562 $ -
Oil and gas properties	Oil and Gas Properties by Geographical Cost Center Years ended, December 31, Cost Center 2015 2014 Canada $ 34,881 $ - $ 34,881 $ -

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2015
Related Party Transactions Tables
Summary of balances of related- parties transactions	Years ended December 31, 2015 2014 Due to Mr. Tom Simeo $ 37,159 $ 236,713 Due to Mr. James A. Doris advances 218,496 89,726 Due to Mr. James A. Doris demand loans 359,336 - $ 614,991 $ 326,439

Oil and Gas Properties(Tables)

Oil and Gas Properties(Tables)	12 Months Ended
Oil and Gas Properties(Tables)	Dec. 31, 2015
Oil And Gas Propertiestables
Summary of oil and gas activities	December 31, 2014 December 31, 2015 Additions Impairments Proved developed producing oil and gas properties Canada cost center $ 21,310 $ 24,374 $ (12,602 ) $ 33,082 Accumulated depreciation, depletion and amortization - (2,093 ) - (2,093 ) Proved developed producing oil and gas properties, net $ 21,310 $ 22,281 $ (12,602 ) $ 30,989 Undeveloped and non-producing oil and gas properties Canada cost center $ 333,858 $ 381,841 $ (197,430 ) $ 518,269 Accumulated depreciation, depletion and amortization - (32,788 ) - (32,788 ) Undeveloped and non-producing oil and gas properties, net $ 333,858 $ 349,053 $ (197,430 $ 485,481 Total Oil and Gas Properties, Net $ 355,168 $ 371,334 $ (210,032 ) $ 516,470

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
Income Tax (Tables)	Dec. 31, 2015
Income Tax Tables
Summary of Deferred tax	December 31, December 31, 2015 2014 Net Operating Losses $ 8,964,441 $ 7,067,267 Statutory Tax Rate 35 % 35 % Effective Tax Rate - - Deferred Tax Asset 3,137,554 2,473,543 Valuation Allowance (3,137,554 ) (2,473,543 ) Net Deferred Tax Asset $ - $ -

Capital Stock and Additional 24

Capital Stock and Additional Paid-in Capital (Tables)	12 Months Ended
Capital Stock and Additional Paid-in Capital (Tables)	Dec. 31, 2015
Capital Stock And Additional Paid-in Capital Tables
Summary of capital stock	December 31, 2015 Number of shares December 31, 2014 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 30,333,993 30,334 100,000,000 24,094,551 24,095 Common shares to be issued - - 675,000 675 Additional Paid-in Capital 7,960,372 7,162,660

Convertible Notes (Tables)

Convertible Notes (Tables)	12 Months Ended
Convertible Notes (Tables)	Dec. 31, 2015
Convertible notes payable	December 31, December 31, 2015 2014 (h) - JMJ Financial $ 6,778 $ - (i) - LG Capital 63,000 - (j) - GW Holdings 30,000 - (k) - EMA Financial 50,000 - (l) - JDF Capital 27,500 - 177,278 - Net of unamortized debt discount (153,730 ) - $ 23,548 $ - Less current portion (16,770 ) - $ 6,778 $ -
May 21, 2013 Convertible Note [Member]
Allocation of Purchase of Convertible Notes	Convertible Note, Face Value $ 58,000 Convertible promissory note, Fair Value 106,522 Day-one derivative loss (48,522 )
October 28, 2013 Convertible Note [Member]
Allocation of Purchase of Convertible Notes	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	Convertible Note, Face Value $ 53,000 Convertible promissory note, Fair Value 102,414 Day-one derivative loss (49,414 )

Nature of Business and Going 26

Nature of Business and Going Concern (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Nature Of Business And Going Concern Details Narrative
Net Loss	$ (1,897,174)	$ (651,474)
Total stockholders' deficiency	(1,277,693)	$ (57,261)	$ (279,140)
Working capital deficiency	$ 1,458,295

Restatement and Reclassificat27

Restatement and Reclassification (Details) - USD ($)	12 Months Ended
Restatement and Reclassification (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 13, 2014
Petroleum and natural gas rights / oil and gas properties	$ 516,470	$ 355,168	$ 355,168
Derivative liability	810,647
Accumulated deficit		(177,452)
Impairment of oil and gas properties	210,032
Derivative gain (loss) / change in fair value	266,378	(96,748)
Derivative expense	1,065,808
Loss from operations		(566,651)
Net loss	(1,897,174)	(651,474)
Net comprehensive loss		$ (830,737)
Basic and diluted loss per common share		$ (0.03)
Stock based compensation		$ 189,167
Previously Reported [Member]
Petroleum and natural gas rights / oil and gas properties	818,230
Derivative liability	154,297
Additional paid in capital	7,864,085
Accumulated deficit	(7,979,257)
Impairment of oil and gas properties
Derivative gain (loss) / change in fair value	(5,686)
Derivative expense
Loss from operations	(608,480)
Net loss	(911,990)
Net comprehensive loss	$ (892,962)
Basic and diluted loss per common share	$ (0.03)
Stock based compensation	$ 108,000
Increase (Decrease) [Member]
Petroleum and natural gas rights / oil and gas properties	(301,760)
Derivative liability	656,350
Additional paid in capital	96,287
Accumulated deficit	(985,184)
Impairment of oil and gas properties	210,032
Derivative gain (loss) / change in fair value	272,064
Derivative expense	1,065,808
Loss from operations	(220,591)
Net loss	(985,184)
Net comprehensive loss	$ (985,184)
Basic and diluted loss per common share	$ (0.04)
Stock based compensation	$ 19,438
Restated [Member]
Petroleum and natural gas rights / oil and gas properties	516,470
Derivative liability	810,647
Additional paid in capital	7,960,372
Accumulated deficit	(158,424)
Impairment of oil and gas properties	210,032
Derivative gain (loss) / change in fair value	266,378
Derivative expense	1,065,808
Loss from operations	(829,071)
Net loss	(1,897,174)
Net comprehensive loss	$ (1,878,146)
Basic and diluted loss per common share	$ (0.07)
Stock based compensation	$ 127,438

Restatement and Reclassificat28

Restatement and Reclassification (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Impairment of oil and gas properties	$ 210,032
Derivative liability	810,647
Derivative expense	1,065,808
Derivative gain (loss) / change in fair value	266,378	$ (96,748)
Previously Reported [Member]
Impairment of oil and gas properties
Derivative liability	154,297
Derivative expense
Derivative gain (loss) / change in fair value	$ (5,686)

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Financial Assets
Long term investment		$ 68,128
Financial Liabilities
Derivative Liabilities	$ 810,647
Quoted Prices in Active Markets for Identical Assets/Level 1 [Member]
Financial Assets
Long term investment	87,156	68,128
Financial Liabilities
Derivative Liabilities
Significant Other Observable Inputs/Level 2 [Member]
Financial Assets
Long term investment
Financial Liabilities
Derivative Liabilities
Significant Unobservable Inputs/Level 3 [Member]
Financial Assets
Long term investment
Financial Liabilities
Derivative Liabilities	810,647
Total Gain Loss [Member]
Financial Assets
Long term investment	19,028	$ (179,316)
Financial Liabilities
Derivative Liabilities	$ 266,378

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Prepaid equity-based compensation	$ 145,562
Prepaid Equity-Based Compensation
Prepaid equity-based compensation	$ 145,562

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Depreciation depletion and amortization expense	$ 34,881
CANADA[Member]
Depreciation depletion and amortization expense	$ 34,881

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies Details 3
Asset retirement obligation at December 31, 2014
Additions	406,214
Accretion expense	10,032
Asset retirement obligation at December 31, 2015	$ 416,246

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies Details Narrative
Common stock equivalents as anti dilutive	6,059,537
Unrealized gain (loss) on securities available-for-sale	$ 19,028	$ (179,316)
Derivative Liabilities	810,647
Impairment of oil and gas properties	$ 210,032

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Due to related party	$ 614,991	$ 326,439
Mr. Tom Simeo [Member]
Due to related party	37,159	236,713
Mr. James A. Doris advances [Member]
Due to related party	218,496	89,726
Mr. James A. Doris demand loans [Member]
Due to related party	$ 359,336

Related Party Transactions (D35

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
Related Party Transactions (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Due to related party	$ 614,991	$ 326,439
Accrued interest	20,401
Mr. Tom Simeo [Member]
Advances to related party	56,692
Due to related party	37,159	236,713
Mr. James A. Doris [Member]
Advances to related party	128,770
Due to related party	$ 577,832	$ 89,726

Oil and Gas Properties (Details

Oil and Gas Properties (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 13, 2014
Total Oil and Gas Properties, Net	$ 516,470	$ 355,168	$ 355,168
Proved Developed Producing [Member]
Canada cost center	33,082	21,310
Accumulated depletion and impairment	(2,093)
Oil and gas properties, net	30,989	21,310
Undeveloped and Non-producing [Member]
Canada cost center	518,269	333,858
Accumulated depletion and impairment	(32,788)
Oil and gas properties, net	485,481	$ 333,858
Additions Proved Developed Producing [Member]
Canada cost center	24,374
Accumulated depletion and impairment	(2,093)
Oil and gas properties, net	22,281
Additions Undeveloped and non-producing [Member]
Canada cost center	381,841
Accumulated depletion and impairment	(32,788)
Oil and gas properties, net	349,053
Total Oil and Gas Properties, Net	371,334
Impairments Proved Developed Producing [Member]
Canada cost center	(12,602)
Accumulated depletion and impairment
Oil and gas properties, net	(12,602)
Impairments Undeveloped and non-producing [Member]
Canada cost center	(197,430)
Accumulated depletion and impairment
Oil and gas properties, net	(197,430)
Total Oil and Gas Properties, Net	$ (210,032)

Oil and Gas Properties (Detai37

Oil and Gas Properties (Details Nrrative) - USD ($)	Nov. 04, 2014	Nov. 03, 2014
Tanager Energy Inc. [Member]
Working interest		50.00%
Canadian Association of Petroleum Landman Operating Procedure [Member]
Working interest	50.00%
First transaction amount	$ 302,367
Second transaction amount	$ 52,801

Income Tax (Details)

Income Tax (Details) - USD ($)	12 Months Ended
Income Tax (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Details
Net Operating Losses	$ 8,964,441	$ 7,067,267
Statutory tax rate	35.00%	35.00%
Effective Tax Rate	0.00%	0.00%
Deferred Tax Asset	$ 2,792,740	$ 2,473,543
Valuation Allowance	(3,137,554)	(2,473,543)
Net Deferred Tax Asset

Income Tax (Details Narrative)

Income Tax (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Details Narrative
Net operating losses	$ 7,979,257	$ 7,067,267

Capital Stock and Additional 40

Capital Stock and Additional Paid-in Capital (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
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	30,333,993	24,094,551
Common stock, $0.001 par value, Amount	$ 30,334	$ 24,095
Common shares to be issued, Outstanding		675,000
Common shares to be issued, Amount		$ 675
Additional Paid-In Capital	$ 7,960,372	$ 7,162,660

Capital Stock and Additional 41

Capital Stock and Additional Paid-in Capital (Details Narrative)	12 Months Ended
	Dec. 31, 2014USD ($)$ / sharesshares
June [Member]
Issuance of restricted shares of common stock \| shares	44,118
Restricted shares price \| $ / shares	$ 0.34
July [Member]
Issuance of restricted shares of common stock \| shares	59,055
Restricted shares price \| $ / shares	$ 0.254
September [Member]
Issuance of restricted shares of common stock \| shares	81,591
Restricted shares price \| $ / shares	$ 0.3677
Issuance of common stock \| shares	500,000
Common stock price \| $ / shares	$ 0.05
October [Member]
Issuance of restricted shares of common stock \| shares	31,597
Restricted shares price \| $ / shares	$ 0.475
November [Member]
Issuance of common stock \| shares	150,000
Common stock price \| $ / shares	$ 0.15
Common Stock
Provision from consulting services \| $	$ 47,500
Restricted Stock [Member]
Provision from consulting services \| $	$ 149,784

Convertible Notes (Details)

Convertible Notes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Gross convertable notes payable	$ 177,278
Net of unamortized debt discount	(153,730)
Convertible notes payable	27,060
Less current portion	(16,770)
Convertible notes - net of current	6,778
JMJ Financial [Member]
Gross convertable notes payable	6,778
LG Capital [Member]
Gross convertable notes payable	63,000
GW Holding [Member]
Gross convertable notes payable	30,000
EMA Financial [Member]
Gross convertable notes payable	50,000
JDF Capita [Member]
Gross convertable notes payable	$ 27,500

Convertible Notes (Details 1)

Convertible Notes (Details 1) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Convertible promissory note, Fair Value	$ 16,770
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 28, 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 Notes (Details Narr

Convertible Notes (Details Narrative) - USD ($)	12 Months Ended
Convertible Notes (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
May 21, 2013 Convertible Note [Member]
Changes in fair value of convertible note recorded		$ 47,940
October 28, 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
May 22, 2015 Convertible Note [Member]
Amount of note funded	$ 25,000
Amount of note converted to common shares	$ 21,000