Mondial Ventures (MNVN) 10-Q 8 Jun 15 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Jun. 08, 2015
Entity Registrant Name	MONDIAL VENTURES, INC.
Document Type	10-Q
Document Period End Date	30-Sep-14
Amendment Flag	FALSE
Entity Central Index Key	1284452
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Entity Incorporation, State Country Name	Nevada
Entity Incorporation, Date of Incorporation	29-May-02
Common Class A
Entity Common Stock, Shares Outstanding		1,976,025,753
Series C Preferred Stock
Entity Common Stock, Shares Outstanding		100,000

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash	$4,125	$3,508
Deposit in transit
Accounts receivable	587
Total current assets	4,712	3,508
Other Assets:
Fixed assets - net	22,215	25,363
Proved oil and natural gas properties - net	1,071,840	800,341
Deferred Financing Costs	2,835	15,324
Total other assets	1,096,890	841,028
Total assets	1,101,602	844,536
Current liabilities:
Accounts payable and accrued expenses	469,503	219,528
Accounts payable and accrued expenses - related parties	137,982	15,958
Loans and notes payable	659,096	366,284
Loans and notes payable - in default	414,618	310,902
Advances and notes - related parties	21,851	1,232
Convertible loans payable, net of discount of $99,458 and $137,742, respectively	287,149	199,446
Convertible loans payable - related parties, net of discount of $50,137 and $6,590, respectively	39,863	8,410
Convertible loan payable, net - in default	179,328	25,000
Derivative liabilities	1,127,499	220,131
Total current liabilities	3,336,889	1,366,891
Long-term liabilities:
Asset retirement obligation	8,259	5,781
Total long-term liabilities	8,259	5,781
Total Liabilities	3,345,148	1,372,672
Stockholders' equity (deficit)
Preferred stock, $0.001 par value; 10,000,000 shares authorized, 100,000 shares issued and outstanding as of March 31, 2014 and nil at December 31, 2013	100
Common stock, $0.001 par value; 4,990,000,000 shares authorized, 1,665,857,182 shares and 334,738 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	1,665,857	335
Additional paid-in capital	6,652,810	4,881,543
Capital stock subscribed	106,759	4,000
Non-controlling interest in subsidiaries	151,638
Accumulated other comprehensive income	5,723
Accumulated deficit	-10,826,433	-5,414,014
Total shareholders' equity (deficit)	-2,243,546	-528,136
Total liabilities and stockholders' equity (deficit)	$1,101,602	$844,536

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets Parenthetical (USD $)	Sep. 30, 2014	Dec. 31, 2013
Consolidated Balance Sheets Parenthetical
Discount on Convertible loans payable - related parties	$50,137	$6,590
Discount on Convertible loans payable	$99,458	$137,742
Preferred stock par value	$0.00	$0.00
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	100,000
Preferred stock shares outstanding	100,000
Common stock par value	$0.00	$0.00
Common stock shares authorized	4,990,000,000	4,990,000,000
Common stock shares issued	1,665,857,182	334,738
Common stock shares outstanding	1,665,857,182	334,738

Consolidated_Statement_of_Oper

Consolidated Statement of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Gross revenues from oil and gas sales	$38,968	$41,654	$98,995	$103,544
Well operating costs	-32,569	-73,815	-83,007	-224,169
Gross margin	6,399	-32,161	15,988	-120,625
General and administrative expenses:
General and administration	120,149	155,362	3,152,543	637,465
Total general and administration expenses	120,149	155,362	3,152,543	637,465
Net loss from operations	-113,750	-187,523	-3,136,555	-758,090
Other (income) and expenses:
Interest expense	-300,349	-297,415	-800,523	-528,982
Miscellaneous expense			-880
Gain/loss on derivatives	-265,972	-84,876	-838,187	-356,910
Gain/loss on legal settlement			-84,500
Gain/loss on transfer of assets			-165,232
Gain/loss on settlement of debt	-63,400	-73,438	-473,100	-546,386
Net loss before provision for income taxes	-211,527	-643,252	-5,498,977	-2,190,368
Provision for income taxes
Net (loss) before non-controlling interests	-211,527	-643,252	-5,498,977	-2,190,368
Less: net (loss) attributable to non-controlling interest	-28,830		-86,558
Net (loss)	-182,697	-643,252	-5,412,419	-2,190,368
Other comprehensive income (loss)
Unrealized foreign currency translation (loss)	14,538		5,723
Less: other comprehensive income(loss) attributable to non-controlling interest	-9,641		-14,108
Net comprehensive (loss)	($177,800)	($643,252)	($5,420,804)	($2,190,368)
Net loss per common share - basic and diluted		($0.01)	($0.02)	($0.03)
Weighted average common shares outstanding - basic and diluted	790,151,987	128,436,920	278,741,466	83,759,984

Consolidated_Statement_of_Cash

Consolidated Statement of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities
Net loss	($5,412,419)	($2,190,368)
Net loss attributable to non-controlling interests	-86,558
Adjustments to reconcile net loss to net cash used in operating activities:
Common shares issued for services	2,037,413	216,500
Preferred shares issued for services	22,000
Accretion of asset retirement obligation	2,478	321
Adjustment to asset retirement obligation	-2,025
Depreciation	11,332	8,274
Promissory notes issued for services	75,000
Bad debt expense	550,000
Depletion	5,086	126,163
Amortization of debt discount	506,987	370,521
Loss on debt conversion and settlement	473,100	546,387
Amortization of deferred financing costs	18,830	9,581
Change in fair value of derivative liability	838,187	356,910
Imputed interest	20,628	2,223
Loss on stock issued for legal settlement	34,500
Loss on transfer of assets	165,233
Changes in other operating assets and liabilities:
Change in account receivables	-587
Change in accounts payable and accrued expenses	350,508	151,371
Change in accounts payable and accrued expenses - related parties	122,024	-16,692
Net cash provided by (used in) operating activities	-268,283	-419,079
Investing activities
Cash received from transfer of non-controlling interest	141,470
Net cash provided by investing activities	141,470
Financing activities:
Deferred financing costs	-6,500	-19,550
Borrowings on debt		98,550
Borrowings on debt - related parties	20,619
Borrowings on convertible debt	79,369	333,780
Borrowings on non-convertible debt	67,000
Payment on debt	-24,673	-12,000
Net cash provided by financing activities	135,815	400,780
Effect of exchange rate	-8,385
Net increase (decrease) in cash during the period	617	-18,299
Cash balance at beginning of period	3,508	23,518
Cash balance at end of period	4,125	5,219
Supplemental disclosures of cash flow information:
Interest paid during the year
Non-cash activities:
Conversion of debt rescinded during the period	12,500
Debt discount due to embedded derivative	486,942	452,541
Debt discount due to beneficial conversion feature		92,500
Shares issued for debt conversion and settlement	200,745	608,706
Shares subscribed for settlement of debt	102,759
Adjustment to derivative due to debt conversion	421,672	377,988
Effect of share exchange	-54,290
Increase in additional paid in capital due to acquisition of oil and gas interests from EGPI	282,744
Debt assumed from EGPI for oil and gas properties interest	$550,000

Consolidated_Statements_of_Sto

Consolidated Statements of Stockholder's Deficit (USD $)	Series C Preferred Stock	Common Stock	Additional Paid-In Capital	Stock Payable	Deficit	Accumulated Other Comprehensive Income (loss)	Non-Controlling Interest	Total
Balance at Dec. 31, 2012		$39	$2,949,471		($2,960,446)			($10,936)
Balance (shares) at Dec. 31, 2012		39,333
Common stock issued for debt conversion and settlement		294	1,211,812					1,212,106
Common stock issued for debt conversion and settlement - shares		293,738
Common stock issued for services		2	186,565	4,000				190,567
Common stock issued for services - shares		1,667
Debt discount			92,500					92,500
Adjustment to derivative due to debt conversion			421,206					421,206
Imputed interest			19,989					19,989
Net loss					-2,453,568			-2,453,568
Balance at Dec. 31, 2013		335	4,881,543	4,000	-5,414,014			-528,136
Balance (shares) at Dec. 31, 2013		334,738
Common stock issued for debt conversion and settlement		1,654,728	-980,703	102,759				776,784
Common stock issued for debt conversion and settlement - shares		1,654,728,671
Common stock issued for services		10,425	2,026,988					2,037,413
Common stock issued for services - shares		10,425,000
Common stock issued for legal settlement		375	34,125					34,500
Common stock issued for legal settlement - shares		375,000
Common stock cancelled		-7	-12,493					-12,500
Common stock cancelled - shares		-6,735
Fractional shares issued for stock split		1	-1
Fractional shares issued for stock split - shares		508
Preferred stock issued for services	100		21,900					22,000
Preferred stock issued for services - shares	100,000
Adjustment to derivative due to debt conversion			421,672					421,672
Imputed interest			20,628					20,628
Effect of amalgamation and share exchange			-43,592				252,304	208,712
Acquisition of oil and gas interests			282,743					282,743
Foreign currency translation adjustment						5,723	-14,108	5,723
Net loss					-5,412,419		-86,558	-5,412,419
Balance at Sep. 30, 2014	$100	$1,665,857	$6,652,810	$106,759	($10,826,433)	$5,723	$151,638	($2,243,546)
Balance (shares) at Sep. 30, 2014	100,000	1,665,857,182

1_Organization_of_The_Company_

1. Organization of The Company and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Notes
1. Organization of The Company and Significant Accounting Policies	1. Organization of the Company and Significant Accounting Principals
	The Company was incorporated in the state of Nevada May 29, 2002 as Mondial Ventures, Inc.
	In December 2003, the Company owned a 100% interest, subject to a 2% net smelter returns royalty, in four mineral claims located in the Namaimo Mining Division of British Columbia.
	Effective December 1, 2010, the Company increased its authorized common shares to 250,000,000 with a par value of $0.001, and authorized shares of blank check preferred stock, par value $0.001 per share.
	On December 15, 2010 the claims related to the 100% interest owned in the British Columbia mineral claims expired.
	On December 30, 2010, the Company completed a merger with Legacy Athletic Apparel, LLC, a Virginia limited liability company (Legacy) in a Merger Agreement dated December 14, 2010, by and between the Company and Legacy.  Pursuant to the Plan of Merger, Legacy merged into the Company, with the Company being the surviving entity (“the Merger”).  The transaction was accounted for using the purchase method of accounting.
	On July 31, 2012, the Company purchased oil and gas assets and interests in the J.B. Tubb Leasehold Estate from EGPI Firecreek, Inc. The Company issued 14,000,000 shares of common stock to EGPI Firecreek, Inc. and the assumption of debt for 37.5% working interest and corresponding 28.125% net revenue interest in the oil and gas interests and pro rata oil and gas revenue and reserves in the North 40 plus additional right agreement for the South 40 of the J.B. Tubb Leasehold Estate, and for all depths below the surface to 8,500 ft. Also included are all related assets, fixtures, equipment, three well heads and three well bores.
	On October 30, 2012 the Company entered into a Definitive Short Form Agreement with EGPI Firecreek, Inc. for development of 240 acre leases, reserves, three wells and equipment located in Callahan, Steven and Shackelford Counties, West Central Texas, which includes but is not limited to continuing negotiations to buy out 50% partner interests, due diligence, evaluation and preparation including an initial 3-D Seismic study reserve studies and roll over leases if necessary.  The agreement is non-binding and the parties intend to finalize the agreement by executing a Definitive Long Form Agreement in the future.  The parties had until November 6, 2012 to finalize this agreement but did not do so by that date.  Both parties are still interested in pursuing this transaction in the future.
	Effective August 21, 2013, the Company increased its authorized common shares to 490,000,000 with a par value of $0.001, and with its current 10,000,000 authorized shares of blank check preferred stock, par value $0.001 per share.
	Effective October 2, 2013, the Company increased its authorized common shares to 1,490,000,000 with a par value of $0.001, and with its current 10,000,000 authorized shares of blank check preferred stock, par value $0.001 per share.
	Effective on January 31, 2014, the Company effected a one (1) for fifteen hundred (1,500) reverse stock split whereby, as of the record date, for every fifteen hundred shares of common stock then owned, each shareholder received one share of common stock.  All share amounts throughout this report have been retroactively adjusted for all periods to reflect this stock-split.
	On January 27, 2014, the Company executed an Omnibus Agreement with EGPI, TWL Investments a LLC (“TWL”), and Thomas J. Richards (“TJR”) whereby EGPI delivered an Assignment and Bill of Sale (the “Assignment and Bill of Sale Agreement”) for transfer of i) an additional 12.5% Working Interest and corresponding 9.375% Net Revenue Interest in the North 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field and oil and gas interests, including all related assets, fixtures, equipment, three well heads, three well bores, and pro rata oil & gas revenue and reserves for all depths below the surface to at least 8500 ft. ii) 12.5% Working Interest and 9.375% corresponding Net Revenue Interest in the Highland Production Company No. 2 well-bore located in the South 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field, oil and gas interests, pro rata oil & gas revenues and reserves with depth of ownership 4700 ft. to 4900 ft in well bore and 3800 ft. to 4000 ft in well bore, and iii) interest in the Participation Agreement (Turnkey Drilling, Re Entry, and Multiple Wells) granting certain rights in and to interests for additional development in the J.B. Tubb Leasehold Estate.  In consideration for the additional working interest, the Company assumed $550,000 debt from EGPI.  The Assignment and Bill of Sale was retroactively effective on January 1, 2014.
	Effective on January 1, 2014, the Company delivered an Assignment and Bill of Sale agreement to Shale Corp. for transfer of its entire 50% of working interest and corresponding 37.50% net revenue interest in the North 40 acres of the J.B. Tubb Leasehold Estate.  In consideration, the Company received cash payment, liabilities to be assumed by Shale corp., and 47 million of Shale Corp's common stock.  Based on the 47 million common stock ownership, the Company became 67.14% owner of Shale Corp.
	On March 25, 2014, Boomerang Oil, Inc. (formerly 0922327 B.C. Ltd.) entered into acquisition agreement with Shale Corp to acquire all issued and outstanding Shale Corp shares.  Pursuant to the acquisition agreement, Boomerang issued 70,000,000 of its common stock to acquire all of Shale Corp's issued and outstanding shares on a 1 to 1 basis.  Subsequent to the share exchange, Shale Corp became Boomerang's wholly owned subsidiary.  Immediately after the share exchange, Shale Corp amalgamated with Boomerang's wholly owned subsidiary 2301840 Ontario, Inc. to form a new subsidiary subsequently named as 1913564 Ontario, Inc.  As a result of the share exchange, the Company, which owned 47 million of Shale Corp immediately prior to the share exchanges, became 66.17% owner of the consolidated entity of Boomerang Oil, Inc. and 1913564 Ontario, Inc.
	Effective August 19, 2015, the Company increased its authorized common shares to 4,990,000,000 with a par value of $0.001, and with its current 10,000,000 authorized shares of blank check preferred stock, par value $0.001 per share.
	Use of Estimates
	The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make reasonable estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses at the date of the consolidated financial statements and for the period they include. Actual results may differ from these estimates.
	Revenue and Cost Recognition
	Oil and Gas: Revenue is recognized from oil and gas sales in the period of delivery.  Settlement on sales occurs anywhere from two weeks to two months after the delivery date. The Company recognizes revenue when an arrangement exists, the product has been delivered, the sales price has been fixed or determinable, and collectability is reasonably assured.
	Cash Equivalents
	The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents.  There were no cash equivalents as of June 30, 2014 or December 31, 2013.  The Company had cash balance of $4,125 and $3,508 as of September 30, 2014 and December 31, 2013, respectively.
	Oil and Gas Activities
	The Company uses the successful efforts method of accounting for oil and gas producing activities.  Under this method, acquisition costs for proved and unproved properties are capitalized when incurred.  Exploration costs, including geological and geophysical costs, the costs of carrying and retaining unproved properties and exploratory dry hole drilling costs are expensed.  Development costs, including the costs to drill and equip developmental wells, and successful exploratory drilling costs to locate proved reserves are capitalized.
	Exploratory drilling costs are capitalized when incurred pending the determination of whether a well has found proved reserves. A determination of whether a well has found proved reserves is made shortly after drilling is completed. The determination is based on a process which relies on interpretations of available geologic, geophysics, and engineering data.  If a well is determined to be unsuccessful, the capitalized drilling costs will be charged to expense in the period the determination is made.  If an exploratory well requires a major capital expenditure before production can begin, the cost of drilling the exploratory well will continue to be carried as an asset pending determination of whether proved reserves have been found only as long as: i) the well has found a sufficient quantity  of reserves to justify its completion as a producing well if the required capital expenditure is made, and: ii) drilling of the additional exploratory well is under way or firmly planned for the near future.  If drilling in the area is not under way or firmly planned, or if the well has not found a commercially producible quantity of reserves, the exploratory well is assumed to be impaired, and its costs are charged to expense.
	In the absence of a determination as to whether the reserves that have been found can be classified as proved, the cost of drilling such an exploratory well is not carried as an asset for more than one year following completion of drilling.  If after that year is passed, a determination that proved reserves exist cannot be made, the well is assumed impaired and its costs are charged to expense.  Its costs can, however, continue to be capitalized if a sufficient quantity of reserves is discovered in the well to justify its completion as a producing well and sufficient progress is made in assessing the reserves and the well’s economic and operating feasibility.
	The impairment of unamortized capital costs is measured at a lease level and is reduced to fair value if it is determined that the sum of expected future net cash flows is less than the net book value. The Company determines if impairment has occurred through either adverse changes or as a result of the annual review of all fields. During 2013 after conducting an impairment analysis, the Company recorded an impairment of $84,778.
	Asset Retirement Obligations
	(“ARO”- The estimated costs of restoration and removal of facilities are accrued. The fair value of a liability for an asset’s retirement obligation is recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period, and the capitalized cost is depreciated with the related long-lived asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized. For all periods presented, estimated future costs of abandonment and dismantlement are included in the full cost amortization base and are amortized as a component of depletion expense. At September 30, 2014 and December 31, 2013, the ARO of $8,259 and $5,781 is included in liabilities and fixed assets.
	Development costs of proved oil and gas properties, including estimated dismantlement, restoration and abandonment costs and acquisition costs, are depreciated and depleted on a field basis by the units-of-production method using proved developed and proved reserves, respectively. The costs of unproved oil and gas properties are generally combined and impaired over a period that is based on the average holding period for such properties and the Company’s experience of successful drilling.
	Costs of retired, sold or abandoned properties that make up a part of an amortization base (partial field) are charged to accumulated depreciation, depletion and amortization if the units-of-production rate is not significantly affected. Accordingly, a gain or loss, if any, is recognized only when a group of proved properties (entire field) that make up the amortization base has been retired, abandoned or sold.
	Stock-Based Compensation
	The Company estimates the fair value of share-based payment awards made to employees and directors, including stock options, restricted stock and employee stock purchases related to employee stock purchase plans, on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense ratably over the requisite service periods. We estimate the fair value of each share-based award using the Black-Sholes option pricing model. The Black-Sholes model is highly complex and dependent on key estimates by management. The estimates with the greatest degree of subjective judgment are the estimated lives of the stock-based awards and the estimated volatility of our stock price. The Black-Sholes model is also used for our valuation of warrants.
	Earnings per Common Share
	Basic earnings per common share are calculated based upon the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares and dilutive common share equivalents (convertible notes and interest on the notes, stock awards and stock options) outstanding during the period. Dilutive earnings per common share reflect the potential dilution that could occur if options to purchase common stock were exercised for shares of common stock. Basic and diluted EPS are the same as the effect of our potential common stock equivalents would be anti-dilutive.
	Fair Value Measurements
	On January 1, 2008, the Company adopted guidance which defines fair value, establishes a framework for using fair value to measure financial assets and liabilities on a recurring basis, and expands disclosures about fair value measurements. Beginning on January 1, 2009, the Company also applied the guidance to non-financial assets and liabilities measured at fair value on a non-recurring basis, which includes goodwill and intangible assets. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
	Level 1 – Valuation is based upon unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.
	Level 2 –Valuation is based upon quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable in the market.
	Level 3 – Valuation is based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use.
	The following table presents assets and liabilities that are measured and recognized at fair value as of September  30, 2014 and December 31, 2013 on a recurring and non-recurring basis:
									Total
									Gains
	Description		Level 1		Level 2		Level 3		(Losses)
	Derivative liabilities (recurring)		$	-	$	-	$	1,127,499	$	1,127,499
	The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2013 on a recurring and non-recurring basis:
									Total
									Gains
	Description		Level 1		Level 2		Level 3		(Losses)
	Derivative liabilities (recurring)		$	-	$	-	$	220,131	$	220,131
	The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt. The estimated fair value of cash, accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term nature of these instruments. The carrying value of long-term debt also approximates fair value since their terms are similar to those in the lending market for comparable loans with comparable risks. None of these instruments are held for trading purposes.
	Fixed Assets
	Fixed assets are stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful life of the asset. The following is a summary of the estimated useful lives used in computing depreciation expense:
	Well equipment	5 years
	Expenditures for major repairs and renewals that extend the useful life of the asset are capitalized. Minor repair expenditures are charged to expense as incurred.
	Impairment of Long-Lived Assets
	The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses or a forecasted inability to achieve break-even operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires that those assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
	Goodwill and Other Intangible Assets
	The Company periodically reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist. Goodwill and certain intangible assets are assessed annually, or when certain triggering events occur, for impairment using fair value measurement techniques. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale or disposition of a significant portion of the business, or other factors. Specifically, goodwill impairment is determined using a two-step process. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses level 3 inputs and a discounted cash flow methodology to estimate the fair value of a reporting unit. A discounted cash flow analysis requires one to make various judgmental assumptions including assumptions about future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s budget and long-term plans. Discount rate assumptions are based on an assessment of the risk inherent in the respective reporting units. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit.
	As of September 30, 2014 the Company had no amortizable intangible assets.
	Income taxes
	The Company accounts for income taxes using the asset and liability method, which requires the establishment of deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. 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. A valuation allowance is provided to the extent deferred tax assets may not be recoverable after consideration of the future reversal of deferred tax liabilities, tax planning strategies, and projected future taxable income.
	The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance requires the Company to recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards.
	Foreign Currency Translation
	The functional currency of the Company’s majority owned subsidiary is the Canadian dollar and these financial statements have been translated into U.S. dollars in accordance with standards issued by the FASB. The Canadian dollar based accounts of the Company’s foreign operations have been translated into United States dollars using the current rate method. Assets and liabilities of those operations are translated into U.S. dollars using exchange rates as of the balance sheet date; income and expenses are translated using the weighted average exchange rates for the reporting period. Translation adjustments are recorded as accumulated other comprehensive income (loss), a separate component of shareholders’ equity.
Recent accounting pronouncements
On November 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-17—Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force).  The amendments in this Update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle.
On August 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements – Going Concerns (Subtopic 205-40): Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in this update are applied retrospectively. The adoption of ASU 2014-10 removed the development stage entity financial reporting requirements from the Company.
In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The new guidance requires that share-based compensation that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards and that could be achieved after an employee completes the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation costs should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This new guidance is effective for fiscal years and interim periods with in those years beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on our financial position or results of operations.
In June 2014, the FASB issued ASU No. 2014-10: Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation , to improve financial reporting by reducing the cost and complexity associated with the incremental reporting requirements of development stage entities. The amendments in this update remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, thereby improving financial reporting by eliminating the cost and complexity associated with providing that information. The amendments in this Update also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The amendments to eliminate that exception simplify U.S. GAAP by reducing avoidable complexity in existing accounting literature and improve the relevance of information provided to financial statement users by requiring the application of the same consolidation guidance by all reporting entities. The elimination of the exception may change the consolidation analysis, consolidation decision, and disclosure requirements for a reporting entity that has an interest in an entity in the development stage. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 should be applied retrospectively except for the clarification to Topic 275, which shall be applied prospectively. For public companies, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The adoption of ASU 2014-10 is not expected to have a material impact on our financial position or results of operations.

2_Going_Concern

2. Going Concern	9 Months Ended
	Sep. 30, 2014
Notes
2. Going Concern	2. Going Concern
	The accompanying consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and liabilities and commitments in the normal course of business. The accompanying consolidated financial statements do not reflect any adjustments that might result if the Company is unable to continue as a going concern. The Company has experienced substantial losses, maintains a negative working capital and capital deficits, which raise substantial doubt about the Company’s ability to continue as a going concern.
	The Company is working to manage its current liabilities while it continues to make changes in operations to improve its cash flow and liquidity position. The ability of the Company to continue as a going concern and appropriateness of using the going concern basis is dependent upon the Company’s ability to generate revenue from the sale of its services and the cooperation of the Company’s note holders to assist with obtaining working capital to meet operating costs in addition to our ability to raise funds.

3_Common_Stock_Transactions

3. Common Stock Transactions	9 Months Ended
	Sep. 30, 2014
Notes
3. Common Stock Transactions	3. Common Stock Transactions
	During the nine months ended September 30, 2014, the Company issued 10,425,000 shares of common stock for services that were expensed and valued at $2,037,413 based upon the closing price of the common stock at the date of grant and reflecting the 1:1,500 reverse stock split.
	During the nine months ended September 30, 2014, the Company issued 1,654,728,671 shares of common stock valued at $776,784 for conversion or settlement of debt in the amount of $303,504, resulting in a loss on debt settlement of $473,100.  A portion of these shares, $102,759, remains unissued as of September 30, 2014. All shares issued were valued based upon the closing price of the Company’s common stock at the date of the debt settled. For all debts that were converted within the terms of the related promissory notes, no gain or loss was recorded. Any debts converted outside of the terms resulted in a gain or loss based on the fair value of the stock on the date of conversion.
	During the nine months ended September 30, 2014, the Company issued 375,000 as settlement fee for legal settlement with third party.  The common stock issued was valued on settlement date at $34,500. The Company recorded a corresponding loss on the settlement.
	During the nine months ended September 30, 2014, the Company and one of its debt holders agree to rescind a conversion of convertible debt executed during fiscal year 2013. Common stock of 6,667 was rescinded and debt in the amount of $12,500 was reinstated as of March 31, 2014. An additional 68 shares were cancelled by a shareholder due to the fact that they were issued in error.
	During the nine months ended September 30, 2014, the Company issued 508 fractional shares in relation to the reverse stock split effective on January 31, 2014. These fractional shares have no value.

4_Preferred_Stock_Transactions

4. Preferred Stock Transactions	9 Months Ended
	Sep. 30, 2014
Notes
4. Preferred Stock Transactions	4. Preferred Stock Transactions
	Series C preferred stock: The Preferred C stock has a par value of $0.001 and no stated dividend rate and is non-participatory. The Series C (i) has voting rights for each share of Series C Preferred Stock shall have 31,500 votes on the election of directors of the Company and for all other purposes, and (ii) has no right to convert to common shares of the Company.
	During the nine months ended September 30, 2014, the Company issued 100,000 Series C preferred stock for services rendered.  The value assigned to this issuance is $22,000 based on an estimate of the fair market value on the issuance date. The holders of Series C preferred stock represent a controlling voting interest in the Company. As a result, a determination of the control premium was determined to estimate the value of the shares. The control premium is based on publicly traded companies or comparable entities which have been recently acquired in arm’s length transactions. The Company performed the valuation with the assistance of a valuations expert.

5_Fixed_Assets

5. Fixed Assets	9 Months Ended
	Sep. 30, 2014
Notes
5. Fixed Assets	5. Fixed Assets
	The following is a detailed list of fixed assets:
		September 30,		December 31,
		2014		2013
	Well equipment		75,551		56,663
	Accumulated depreciation		-53,336		-31,300
	Fixed assets – net	$	22,215		25,363
	Depreciation expense was $11,332 and $8,274 for the nine months ended September 30, 2014 and 2013, respectively.

6_Oil_and_Gas

6. Oil and Gas	9 Months Ended
	Sep. 30, 2014
Notes
6. Oil and Gas	6. Oil and Gas
		For the		For the
		Period Ended		Year Ended
		September 30,		December 31,
		2014		2013
	Purchase of oil and gas properties through assumption of debt, net of accumulated depletion	$	276,585	$	-
	Total purchase of oil and gas properties	$	276,585	$	-
	Oil and Gas Properties:	September 30,		December 31,
		2014		2014
	Oil and gas properties – proved reserves	$	1,248,784	$	958,157
	Accumulated depletion		-176,944		-157,665
	Oil and gas properties – net	$	1,071,840	$	800,341
	Depletion expense was $5,086 and $126,163 for the nine months ended September 30, 2014 and 2013, respectively.

7_Acquisition_of_Interest_in_O

7. Acquisition of Interest in Oil and Gas Property	9 Months Ended
	Sep. 30, 2014
Notes
7. Acquisition of Interest in Oil and Gas Property	7. Acquisition of interest in oil and gas property-related party
	·	Acquisition of 50% Oil and Gas Working Interests in the J.B. Tubb Leasehold Estate/Amoco Crawar Field, Ward County, Texas
	On  July 31, 2012 the Company, acquired assets of  Energy Producers, Inc., a wholly owned subsidiary of EGPI Firecreek, Inc., (“EPI”)  as described in the preliminary Assignment and Bill of Sale and summarily as follows: Under the terms of the agreement, which shall be effective  July 31, 2012, the Company acquired a  37.5% Working Interest and 28.125% corresponding Net Revenue Interest in the North 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field and oil and gas interests, including all related assets, fixtures, equipment, three well heads, three well bores, and pro rata oil & gas revenue and reserves for all depths below the surface to 8500 ft. The field is located in the Permian Basin and the Crawar Field in Ward County, Texas (12 miles west of Monahans & 30 miles west of Odessa in West Texas). Included in the transaction, the Company will also acquire 37.5% Working Interest and 28.125% corresponding Net Revenue Interest in the Highland Production Company No. 2 well-bore located in the South 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field, oil and gas interests, pro rata oil & gas revenues and reserves with depth of ownership 4700 ft. to 4900 ft. As consideration for the transaction the Company agreed to authorize, issue and sell to EGPI Firecreek, Inc. 14,000,000 shares of common stock, and assumption of $450,000 in related debt.
	On January 27, 2014, the Company executed an Omnibus Agreement with EGPI, TWL Investments, a LLC (“TWL”), and Thomas J. Richards (“TJR”) whereby EGPI delivered an Assignment and Bill of Sale (the “Assignment and Bill of Sale Agreement”) for transfer of i) an additional 12.5% Working Interest and corresponding 9.375% Net Revenue Interest in the North 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field and oil and gas interests, including all related assets, fixtures, equipment, three well heads, three well bores, and pro rata oil & gas revenue and reserves for all depths below the surface to at least 8500 ft. ii) 12.5% Working Interest and 9.375% corresponding Net Revenue Interest in the Highland Production Company No. 2 well-bore located in the South 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field, oil and gas interests, pro rata oil & gas revenues and reserves with depth of ownership 4700 ft. to 4900 ft in well bore and 3800 ft. to 4000 ft in well bore, and iii) interest in the Participation Agreement (Turnkey Drilling, Re Entry, and Multiple Wells) granting certain rights in and to interests for additional development in the J.B. Tubb Leasehold Estate.  In consideration for the additional working interest, the Company assumed $550,000 debt from EGPI.  As the net carrying value of the additional working interest was greater than debt assumed, the Company recorded an increase in additional paid in capital of $282,743 on the acquisition.  The Assignment and Bill of Sale was retroactively effective on January 1, 2014.
	The acquired leases and the property to which they relate are identified below:
	North 40 acres: J.B. TUBB “18-1”, being the W1/2 of the NW1/4 of Section 18, Block B-20, Public School Lands, Ward County, Texas, containing Forty (North 40) acres only (also listed as Exhibit “A” to Exhibit 10.1 in our Current Report on Form 8-K filed on March 7, 2011, incorporated herein by reference.
	Well-bore located on South 40 acres: The Highland Production Company (Crawar) #2 well-bore, API No. 42-475-33611, located on the J.B. Tubb Lease in W ½ of the NW ¼ of Sec. 18, Block B-20, Public School Lands, Ward County, Texas at 1787 FNL and 853 FWL being on the South Forty (40) acres of the J. B. Tubb Lease, Ward County, Texas.
	The following wells are located on the leases identified, above:
	1	Crawar #1
	2	Tubb #18-1
	3	Highland Production Company (Crawar) #2 well-bore only, with depth of ownership 4700’ to 4900’ft. in well bore, described as: The Highland Production Company (Crawar) #2 well-bore, API No. 42-475-33611, located on the J.B. Tubb Lease in W ½ of the NW ¼ of Sec. 18, Block B-20, Public School Lands, Ward County, Texas at 1787 FNL and 853 FWL being on the South Forty (40) acres of the J. B. Tubb Lease, Ward County, Texas.
	Listing for the Equipment items related to the wells on the leases on the J.B. Tubb Leasehold Estate (RRC #33611) Amoco/ Crawar field are as follows:
	The following is the current & present equipment list that  Mondial Ventures,  Inc. will acquire 50% ownership rights, on the J.B. Tubb property: 2 (Two) 500 barrels metal tanks, 1(One) 500 barrel cement salt water tank- (open top), 1 (One) heater treater/oil & gas separator, all flow lines, on the north forty acres, well-heads, 2 (two) Christmas tree valve systems on well-heads, 3 (Three) well heads, three wells (well-bores). Model 320D Pumpjack Serial No. E98371M/456604, One (1) Fiberglass lined heater-treater, One (1) Test pot, Tubing string Rods and down hole pump.
	Due to the fact that EGPI Firecreek, Inc. and Mondial Ventures, Inc. are considered related parties, the acquired assets were recorded at historical cost in the financial statements with no step up in basis.  On July 31, 2012, the total gross cost of oil and gas properties recorded on the date of the acquisition was $1,109,572, as well as an accumulated depletion of $98,230, and the gross cost of $56,663 with an accumulated depreciation of $16,055.  The consideration given consisted of 14,000,000 shares of common stock valued at $595,684 and assumed debt of $450,000.  On January 1, 2014, the total gross cost of the additional 12.5% working interest of oil and gas properties was $290,778 with an accumulated depletion of $14,193, and the gross cost of additional fixed assets acquired discussed in Note 6, was $18,888 with an accumulated depreciation of $10,703.  In consideration for the additional working interest, the Company assumed $550,000 debt from EGPI.  As the net carrying value of the additional working interest was greater than debt assumed, the Company recorded an increase in additional paid in capital of $282,743 on the acquisition.

8_Transfer_of_oil_and_gas_prop

8. Transfer of oil and gas properties interest	9 Months Ended
	Sep. 30, 2014
Notes
8. Transfer of oil and gas properties interest	8. Transfer of oil and gas properties interest
	Effective on January 1, 2014, the Company delivered an Assignment and Bill of Sale agreement to Shale Corp. for transfer of its entire 50% of working interest and corresponding 37.50% net revenue interest in the North 40 acres of the J.B. Tubb Leasehold Estate, discussed in Note 7.  In consideration, the Company received $42,703 cash payment, $400,000 outstanding debt to be assumed by Shale corp., and 47 million of Shale Corp's common stock, subject to terms of an Amalgamation Agreement dated March 25, 2014.  Based on the 47 million common stock ownership, the Company became 67.14% owner of Shale Corp, and reported the net value of the oil and gas properties and fixed assets in the consolidated financial statements with non-controlling interest in the Shale Corp.  At the time of the transaction, Shale Corp. consisted of only $141,470 in cash and had no operating activities.  Non-controlling interest of $263,001 and loss of $165,233 were recorded for this transaction.
	As of March 31, 2014, Shale Corp closed a “three cornered amalgamation” pursuant to an acquisition and amalgamation agreement (“Amalgamation Agreement”) dated March 25, 2014 among Boomerang Oil Inc. (formerly 0922327 B.C. Ltd.) (“Boomerang”), SCorp, and 2301840 Ontario Inc. (“Newco”), a wholly-owned subsidiary of Boomerang incorporated solely for the purpose of completing the Amalgamation. Pursuant to the Amalgamation Agreement, SCorp amalgamated with Newco to form a combined entity (“Amalco”) and Boomerang issued 70,000,000 common shares in the capital of Boomerang to the holders of common shares in the capital of SCorp on the basis of one share of Boomerang for one share of SCorp held by the SCorp shareholders. Upon closing of the Amalgamation, including consolidated adjustments, the Company owns 66.08% of Boomerang.
	Subsequent to completion and closing of the Amalgamation on April 8, 2014, the Company’s majority owned subsidiary Boomerang Oil, Inc. (formerly 0922327 B.C. Ltd.) reported and announced that it had completed the three cornered amalgamation (the Amalgamation”) and that it had, pursuant to the acquisition and amalgamation agreement (“Amalgamation Agreement”) dated March 25, 2014 among the Company, Shale Corp. (“Shale”), and 2301840 Ontario Inc. (“Newco”), a wholly owned subsidiary of Boomerang Oil, Inc., incorporated solely for the purpose of completing the Amalgamation. Pursuant to the Amalgamation Agreement, Shale amalgamated with Newco to form a combined entity (“Amalco”) and the Boomerang issued 70,000,000 common shares in the capital of the Company to the holders of common shares in the capital of Shale on the basis of one share of the Company for one share
	of Shale held by the Shale shareholders. Upon completion of the Amalgamation, Amalco became a wholly owned subsidiary of Boomerang Oil, Inc. In connection with the Amalgamation, 0922327 B.C. Ltd. changed its name to “Boomerang Oil, Inc.” to reflect the new business. Boomerang adopted the business of Shale, which includes the exploration, acquisition and operation of oil and gas assets principally within the United States of America. Shale is currently operating within Texas and has a compliant NI 51-101 Reserve Estimate. The Company as above noted owns 47 million shares as a result of the Amalgamation Agreement resulting in 66.08% consolidated ownership in Boomerang Oil, Inc., and based on its 71,125,792 common shares of Boomerang Oil, Inc. issued and outstanding as of September 30, 2014 and through the filing date of this report. Effective April 2, 2014 Boomerang Oil, Inc., the Company’s majority owned subsidiary, commenced trading on the Canadian Securities Exchange (“CSE”) under the symbol “BOI”. Further, effective on June 11, 2014 Boomerang Oil, Inc., the Company’s majority owned subsidiary, reported listing its common shares on the Frankfurt Stock Exchange (FWB) under the ticker symbol “0B9”.

9_Income_Tax_Provision

9. Income Tax Provision	9 Months Ended
	Sep. 30, 2014
Notes
9. Income Tax Provision	9. Income Tax Provision
	Deferred income tax assets and liabilities consist of the following at September 30, 2014 and December 31, 2013:
		September 30,		December 31,
		2014		2013
	Deferred Tax asset		740,174	$	372,442
	Valuation allowance		(740,174)		-372,442
	Net deferred tax assets		-		-
	The Company estimates that it has an NOL carry forward of approximately $2,114,783 that begins to expire in 2024.
	After evaluating any potential tax consequence from our former subsidiary and our own potential tax uncertainties, the Company has determined that there are no material uncertain tax positions that have a greater than 50% likelihood of reversal if the Company were to be audited. The Company believes that it is current with all payroll and other statutory taxes. Our tax return for the years ended December 31, 2010 to December 31, 2013 may be subject to IRS audit.

10_Related_Party_Transactions

10. Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Notes
10. Related Party Transactions	10. Related Party Transactions
	Through December 31, 2012 the CEO of Mondial Ventures, Inc provided office space for the Company’s Scottsdale office free of charge. As of January 1, 2013, a lease was signed for the same premises at a monthly rate of $2,000. Accrued rent due on this contract was $18,495 and $3,755 as of September 30, 2014 and December 31, 2013, respectively.
	The Company has a service agreement with Global Media Network USA, Inc. a company 100% owned by Dennis Alexander, to provide the services of Dennis Alexander to the Company at a monthly rate of $5,000. The monthly rate was increased to $10,000 as of October 1, 2013. Balance due on this contract was $11,200 and nil as of September 30, 2014 and December 31, 2013, respectively.
	The Company’s majority owned subsidiary Boomerang Oil, Inc. has a service agreement with Global Media Network USA, Inc. a company 100% owned by Dennis Alexander, to provide the services of Dennis Alexander to the Company at a monthly rate of $10,000 effective in March 2014. Balance due on this contract was $70,000 and $nil as of September 30, 2014 and December 31, 2013, respectively.
	The Company has a service agreement with Joanne M. Sylvanus, Accountant, a company owned 100% by Joanne M, Sylvanus, to provide her services to the Company at a rate of $3,000 per month. Balance due on this contract was $9,000 and $6,000 as of September 30, 2014 and December 31, 2013, respectively.
	The Company’s majority owned subsidiary Boomerang Oil, Inc. has a service agreement with Joanne M. Sylvanus, Accountant, a company owned 100% by Joanne M, Sylvanus, to provide her services to the Company at a rate of $4,000 per month. Balance due on this contract was $28,000 and $nil as of September 30, 2014 and December 31, 2013, respectively.
	As December 31, 2013, the Company’s CEO, Dennis Alexander, paid $53 on behalf of the Company for business related expenses.  The balance remained outstanding as of September 30, 2014.
	On November 20, 2013, the Company received cash proceeds of $15,000 from related party for debt obligation which bears interest at the rate of 6%. A debt discount of $7,424 was recorded due to embedded derivative feature in the convertible promissory note. This note is convertible into a number of shares by dividing the principal and interest owed by 50% of the average lowest three day trading prices over the 10 trading days prior to the conversion date. Financing costs of $10,000 were paid in conjunction with this debt. For the quarter ended March 31, 2014, the Company recorded debt discount amortization of $3,699 and amortization of deferred financing cost of $2,500. No payments were made during the period ended September 30, 2014, and there was $1,042 in accrued interest on the note.
	During the period ended September 30, 2014, the Company received $20,618 in loans from shareholders. These loans are payable on demand and carry a zero percent interest rate. Interest expense was imputed on these loans for the period.
	As discussed in Note 7, EGPI Firecreek, Inc. sold a 37.5% working interest to the Company in the J.B. Tubb Leasehold Estate/Amoco Crawar Field on July 31, 2012, and sold an additional 12.5% working interest in the same properties on January 1, 2014. The assets were recorded by the Company at historical cost and there was no step up in basis.
	On January 27, 2014, the Company executed an Omnibus Agreement with EGPI, TWL Investments a LLC (“TWL”), and Thomas J. Richards (“TJR”) whereby EGPI delivered an Assignment and Bill of Sale (the “Assignment and Bill of Sale Agreement”) for transfer of i) an additional 12.5% Working Interest and corresponding 9.375% Net Revenue Interest in the North 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field and oil and gas interests, including all related assets, fixtures, equipment, three well heads, three well bores, and pro rata oil & gas revenue and reserves for all depths below the surface to at least 8500 ft. ii) 12.5% Working Interest and 9.375% corresponding Net Revenue Interest in the Highland Production Company No. 2 well-bore located in the South 40 acres of the J.B. Tubb Leasehold Estate/Amoco Crawar field, oil and gas interests, pro rata oil & gas revenues and reserves with depth of ownership 4700 ft. to 4900 ft in well bore and 3800 ft. to 4000 ft in well bore, and iii) interest in the Participation Agreement (Turnkey Drilling, Re Entry, and Multiple Wells) granting certain rights in and to interests for additional development in the J.B. Tubb Leasehold Estate.  In consideration for the additional working interest, the Company assumed $550,000 debt from EGPI.  As the net carrying value of the additional working interest was greater than debt assumed, the Company recorded an increase in additional paid in capital of $282,743 on the acquisition.  The Assignment and Bill of Sale was retroactively effective on January 1, 2014.
	The transaction was a related party transaction and as a result no step up in basis was provided and all assets came over at cost. Shares granted were valued based upon the cost of the assets acquired. A subsequent review of the EGPI Firecreek, Inc. note deemed it uncollectible and resulted in a write-off to bad debts of the full amount.
	During the period ended September 30, 2014, the Company’s majority owned subsidiary Boomerang Oil, Inc. received cash of $1,710 from a related party for business related expenses.  The balance remained unpaid at September 30, 2014.
	On 3/25/2014, the Company closed a “three-cornered amalgamation” pursuant to an acquisition and amalgamation agreement (Amalgamation Agreement) dated March 25, 2014 among Boomerang Oil. Inc. (formerly 0922327 B. C. Ltd.) (Boomerang), SCorp, and 2301840 Ontario Inc., (Newco), a wholly owned subsidiary of Boomerang, incorporated solely for the purpose of completing the Amalgamation.  Pursuant to the Amalgamation Agreement, SCorp amalgamated with Newco to form a combined entity (Amalco) and Boomerang issued 70,000,000 common shares in the capital of Boomerang to the holders of common shares in the capital of SCorp on the basis of one share of Boomerang for one share of SCorp held by the SCorp shareholders.  The transaction was a related party transaction and as a result no step up in basis was provided and all assets came over at cost. Shares granted were valued based upon the cost of the assets acquired.

11_Notes_Payable

11. Notes Payable	9 Months Ended
	Sep. 30, 2014
Notes
11. Notes Payable	11. Notes Payable
	At September 30, 2014 the Company was liable on the following Promissory notes
	(See notes below to the accompanying table)
	Date of			Date Obligation	Interest		Balance Due
	Obligation	Notes		Matures	Rate (%)		6/30/2014 ($)
	2/8/11		1	5/9/11		24		20,000
	3/17/14		4	3/17/15		10		10,000
	8/4/11		2	8/4/12		24		75,250
	8/1/12		3	On demand		18*		100,107
	1/2/14		6	1/2/15		9.875		12,500
	8/1/12		5	8/31/13		24		100,000
	3/17/14		8	3/17/15		10		7,500
	1/11/13		7	1/11/14		12		17,870
	1/2/14		9	1/2/15		10		9,375
	2/11/14		14	11/13/14		8		22,500
	3/27/13		10	On demand		n/a		11,300
	4/1/13		5	3/31/14		24		22,000
	5/20/13		11	3/20/14		22		30,000
	4/18/13		12	12/18/13		6		25,000
	5/22/13		13	5/22/14		12		50,635
	3/21/14		18	On demand		n/a		27,911
	6/19/13		15	10/19/13		18*		21,042
	5/30/13		16	2/28/14		22		6,550
	Various		17	On demand		18*		16,531
	1/2/14		24	On demand		18*		27,811
	5/14/13		20	5/14/14		8		12,500
	11/20/13		19	11/20/14		6		15,000
	8/21/13		20	8/21/14		12		22,000
	8/23/13		21	2/23/14		n/a		25,000
	8/30/13		11	8/30/14		12		25,000
	8/30/13		11	8/30/14		12		19,273
	9/30/13		22	7/2/14		8		15,995
	10/20/13		23	10/20/14		6		1,287
	4/26/13		25	10/31/14		n/a		176,327
	1/1/14		26	On demand		18*		390,534
	1/1/14		24	On demand		18*		112,812
	4/19/14		28	1/14/15		8		8,000
	5/12/14		29	12/12/14		12		30,000
	5/12/14		30	12/13/14		12		43,244
	6/1/14		31	6/1/15		6		75,000
	6/13/14		32	12/13/14		10		44,000
	6/13/14		33	12/13/14		10		101,082
	6/19/14		34	On demand		n/a		20,564
	Total							1,751,500
	Unamortized discount							-149,595
	Net							1,601,905
	*compounded monthly
	Note 1: The Company entered into two note agreements with an unrelated third party for the amount of $20,000 and $25,000 during fiscal year 2011. During the year ended December 31, 2013, the Company entered into an agreement with the note holder to settle one of the note agreements in the amount of $25,000 with Company’s common shares. As of December 31, 2013 the promissory note of $20,000, bearing interest at 24% annually remained outstanding. The note is in default as of September 30, 2014.
	Note 2: Promissory note in the amount of $175,000 was outstanding as of December 31, 2013, bearing interest 24% annually.  The total amount of $75,250 is outstanding as of September 30, 2014. The note is in default as of September 30, 2014.
	Note 3: The Company entered into a promissory note agreement in the amount of $450,000 in 2012. The note is due on demand as of September 30, 2014 and the total balance is $100,107, which includes several debt repayments, debt assignments to third parties, and additional increases to the note. During the nine months period ended September 30, 2014, $54,000 was loaned under the terms of this note.
	Note 4: On March 17, 2014, the Company received cash proceeds of $10,000 for this debt obligation which bears interest at the rate of 10% and included financing cost of $1,500. This note is convertible into a number of shares by dividing the principal and interest owed by 50% of the average lowest 3 trading prices over the 30 days prior to the conversion date. A debt discount was recorded for $10,000 based on the fact that there was an embedded derivative features in the note. The debt discount and financing cost are amortized over the life of the note. The balance of this note as of September 30, 2014 was $10,000.
	Note 5: During fiscal year 2012 Company entered into a non interest bearing note in the amount of $100,000 with 10% interest expenses embedded in the note amount, and default interest rate of $24%. No payment was made to this note during the quarter ended September 30, 2014. Interest debt discount was fully amortized as of December 31, 2013. On April 1, 2013, the Company entered into a second note agreement with the same party in the amount of $22,000 with the same terms. No payments were made during the nine months ended September 30, 2014. Interest discount is being amortized over the life of the note. Both notes were at default as of September 30, 2014.
	Note 6: On January 2, 2014, the Company received cash proceeds of $12,500 for this debt obligation which bears interest at the rate of 10% and included financing cost of $2,500. This note is convertible into a number of shares by dividing the principal and interest owed by 50% of the average lowest 3 trading prices over the 30 days prior to the conversion date. A debt discount was recorded for $12,500 based on the fact that there was an embedded derivative features in the note. The debt discount and financing cost are amortized over the life of the note. The balance remaining on this note as of September 30, 2014 is $12,500.
	Note 7: The Company had a debt obligation which bears interest at the rate of 12%. This note is convertible into a number of shares by dividing the principal and interest owed by 30% of the average lowest trading prices over the 15 days prior to the conversion date.  During the nine months ended September 30, 2014, no payment was made to the notes. The balance was $17,870 as of September 30, 2014. The note was at default as of September 30, 2014.
	Note 8: On March 17, 2014, one of the note holders assigned debt in the amount of $7,500 to unrelated third party, and Company issued a convertible promissory note to this unrelated party for the debt assigned with 10% annual interest. This note is convertible into a number of shares at a discount of 65% of the lowest intra-day trading price during the five trading days immediately prior to conversion date. The Company evaluated the note and determined that the shares issuable pursuant to the conversion option were indeterminate and therefore this conversion option and all other dilutive securities would be classified as a derivative liability as of March 17, 2014. A debt discount of $7,500 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $11,173 was recorded on issuance date of the note. The debt discount was amortized over the life of the debt. The balance of the note as of September 30, 2014 is $7,500.
	Note 9: On January 2, 2014, one of the note holders assigned debt in the amount of $20,000 to unrelated third party, and Company issued a convertible promissory note to this unrelated party for the debt assigned with 10% annual interest. This note is convertible into a number of shares at a discount of 65% of the lowest intra-day trading price during the five trading days immediately prior to conversion date. The Company evaluated the note and determined that the shares issuable pursuant to the conversion option were indeterminate and therefore this conversion option and all other dilutive securities would be classified as a derivative liability as of January 2, 2014. A debt discount of $20,000 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $24,989 was recorded on issuance date of the note. The debt discount was amortized over the life of the debt. As of September 30, 2014, the balance of the note is $9,375.
	Note 10: As of September 30, 2014 the Company had a debt obligation of $11,300. The note bears no interest; therefore, Company imputed interest at 12% as additional paid in capital.
	Note 11: On May 20, 2013, one of the note holders assigned debt in the amount of $30,000 to unrelated third party, and Company issued a convertible promissory note to this unrelated party for the debt assigned with 12% annual interest and default rate of 22%. The note is convertible into a number of shares at a discount of 50% off the lowest intra-day trading prices during the 10 days prior to the conversion date. The Company evaluated the note and determined that the shares issuable pursuant to the conversion option were indeterminate and therefore this conversion option and all other dilutive securities would be classified as a derivative liability as of May 20, 2013. Debt discount of $30,000 for each convertible note was recorded due to embedded derivative feature, and a loss on derivative valuation of $4,541 for each convertible note was also recorded as of December 31, 2013. As of September 30, 2014, the balance is $30,000. This note was at default as of September 30, 2014. On August 26, 2013, one of the note holders assigned debt in the amount of $42,000 to this same unrelated third party, and Company issued a convertible promissory note for the debt assigned with 12% annual interests and default rate of 22%. This convertible note has the same conversion terms as those previously issued to this unrelated third party. A debt discount of $42,000 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $11,035 was recorded as of December 31, 2013. As of September 30, 2014, the balance is $19,273. This note was in default as of September 30, 2014. On August 30, 2013, the Company received cash proceeds in the amount of $25,000 related to a convertible debt obligation with the same unrelated third party. This convertible note has the same conversion terms as those previously issued to this unrelated third party. A debt discount of $25,000 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $5,026 was recorded as of December 31, 2013. As of September 30, 2014, the balance of this note is $25,000.
	Note 12: In April, 2013 the Company received cash proceeds of $25,000 for this debt obligation which bears interest at the rate of 6%. This note is convertible into a number of shares arrived at  by dividing the principal and interest owed by 50% of the average lowest 3 trading prices over the 20 days prior to the conversion date. A debt discount was recorded for $25,000 based on the fact that there was a beneficial conversion feature in the promissory note and fully amortized during the year ended December 31, 2013. This note is in default as of September 30, 2014.
	Note 13: On May 22, 2013, the Company received cash advances of $25,000 against a reserved note of $275,000. Outstanding principal amount included cash proceed of $25,000, 10% of original interest discount of $2,500, and financing cost of $2,000. The note bears annual interest of 12%. This note is convertible into a number of shares equal to the dollar conversion amount divided by the lesser of $0.10 or 60% of the lowest trading price in the 25 trading days prior to conversion. A debt discount of $26,137 was recorded due to embedded derivative feature in the convertible promissory note. The balance on this note as of September 30, 2014 is $21,135. In addition, on August 21, 2013, the Company received another convertible note in the amount of $25,000 against the reserved note of $275,000 from the same unrelated third party. Outstanding principal of this note included cash proceed of $25,000, 10% of original interest discount of $2,500, and financing cost of $2,000. This note has the same conversion and interest term as that previously issued to the same party. A debt discount of $29,500 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $9,369 was recorded as of December 31, 2013. As of September 30, 2014, the balance of this note is $50,635.
	Note 14: On February 11, 2014, the Company received cash proceeds of $22,500 for this debt obligation which bears interest at the rate of 8% and includes financing cost of $2,500. This note is convertible into a number of shares arrived at by dividing the principal and interest owed by 45% of the average lowest 3 days trading prices over the 10 days prior to the conversion date. The Company evaluated the note and determined that the shares issuable pursuant to the conversion option were indeterminate and therefore this conversion option and all other dilutive securities would be classified as a derivative liability as of February 11, 2014. A debt discount of $22,500 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $19,666 was recorded as of March 31, 2014. The balance of this note is $22,500 as of September 30, 2014.
	Note 15: As of December 31, 2013 the Company had a note outstanding of $12,000 for this debt obligation which bears interest at the rate of 18% compounded monthly. No payments were made during the period and there is accrued interest of $3,903 on the note. Accrued interest was reclassified to principal owed as of December 31, 2013, yielding balance of $15,903. During the nine months ended September 30, 2014, no payment was made, interest expenses of $4,220 for the nine months ended September 30, 2014 was reclassified to the principal owed, yielding balance of $21,042 as of September 30, 2014. This note is in default as of September 30, 2014.
	Note 16: On May 30, 2013, the Company received cash proceeds of $50,000 for this debt obligation which bears interest at the rate of 12% and default rate of 22%. This note is convertible into a number of shares arrived at by dividing the principal and interest owed by 50% of the average lowest trading prices over the 5 days prior to the conversion date. A debt discount of $50,000 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $5,652 was recorded as of December 31, 2013. In relation to the cash advances, financing costs of $2,500 were paid in conjunction with this debt. These fees are amortized over the term of the loan. As of September 30, 2014, the balance of this note is $6,550.
	Note 17: During the year ended December 31, 2013 we received cash proceeds from an unrelated third party for the aggregate amount of $11,500, which is payable in principal and interest with rates of 18% compounded monthly. During the period ended September 30, 2014, this unrelated third party advanced additional $10,000 cash to the Company for its daily operation, and the Company repaid this party $4,000 cash during the period. Accrued interest was reclassified to principal owed. The balance as of September 30, 2014 is $16,531.
Note 18: On March 21, 2014, the Company entered into a settlement agreement with unrelated third party. Pursuant to the settlement agreement the third party was to pay past due accounts payable up to $206,000 on behalf of the Company in exchange for the issuance of Company stock at 60% of the lowest trading price during 15 trading days prior to conversion. During the period ended September 30, 2014, the third party assumed $63,234 of Company’s past due liabilities. As of September 30, 2014, a balance of $27,911 remains outstanding.
Note 19: On November 20, 2013, the Company received cash proceeds of $15,000 for this debt obligation which bears interest at the rate of 6%. This note is an unsecured Promissory Note. As of September 30, 2014, the balance of this note is $15,000.
Note 20: On August 14, 2013, the Company received cash proceeds of $22,000 for this convertible debt obligation which bears interest at the rate of 8%, and includes financing cost of $2,500. This note is convertible into a number of shares by dividing the principal and interest owed by 50% of the average lowest three day trading prices over the 10 days prior to the conversion date. A debt discount of $22,000 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $1,407 was recorded as of December 31, 2013. As of September 30, 2014, the balance of this note is $22,000.
Note 21: On August 23, 2013, the Company received cash proceeds of $25,000 for this convertible debt obligation that has a cash redemption premium of 125%. This note is convertible into a number of shares by dividing the principal by 50% of the average of the three lowest trades over the 10 days prior to the conversion date. This convertible note bears no interest; therefore, the Company imputed interest at 12% and recorded as additional paid in capital. A debt discount of $25,000 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $7,178 was recorded as of December 31, 2013. As of September 30, 2014, the note balance is $25,000. The note was at default as of September 30, 2014.
Note 22: On September 30, 2013, the Company received cash proceeds of $32,500 for this debt obligation which bears interest at the rate of 8% and includes financing cost of $2,500. This note is convertible into a number of shares by dividing the principal and interest owed by 45% of the average lowest three day trading prices over the 20 days prior to the conversion date. A debt discount of $32,500 was recorded due to embedded derivative feature in the convertible promissory note, and a loss on derivative valuation of $9,967 was recorded as of December 31, 2013. As of September 30, 2014, the balance of this note is $15,995.
Note 23: On November 20, 2013, related parties paid Company obligations in the amount of $1,287. These are non-interest bearing advances to the Company for which the related parties are to be reimbursed.
Note 24: On January 1, 2014, the Company acquired additional 12.5% of the total 100% of working interest in the Tubb lease oil and gas properties from its related party EGPI Firecreek. As consideration of the acquisition, the Company assumed $173,727 debt from EGPI Firecreek. The debt assumed bears 18% compounded annual interest. During the nine months ended September 30, 2014, the Company approved a partial assignment of this debt in the amount of $75,000 to certain institutional or accredited investors, and interest expense for the nine months ended September 30, 2014 in the amount of $14,457 was reclassified to the principal  owed, yielding balance of $112,812 as of September 30, 2014.
Note 25: On April 26, 2013, the Company entered into an agreement to extend option with related party EGPI Firecreek and its oil and gas properties operator.  In the agreement, the Company acknowledged that related party, EGPI Firecreek, Inc. had outstanding balance in the amount of $200,000 owed to Company’s oil and gas properties operator, and agreed to assume the debt repaying obligation along with EGPI Firecreek. In the nine months ended September 30, 2014, payment of $23,673 was made.  As the note agreement has no stated interest, the Company imputed interest at 12%, and recorded imputed interest as additional paid in capital.
Note 26: On January 1, 2014, the Company acquired additional 12.5% of the total 100% of working interest in the Tubb lease oil and gas properties from its related party EGPI Firecreek. As consideration of the acquisition, the Company assumed $376,273 debt from EGPI Firecreek. The debt assumed bears 18% compounded annual interest. During the quarter ended March 31, 2014, $10,000 of the debt was paid by unrelated party on behalf of the Company. During the nine months ended September 30, 2014, the Company approved a partial assignment of this debt in the amount of $60,000 to certain institutional or accredited investors, and interest expense for the nine months ended September 30, 2014 in the amount of $32,840 was reclassified to the principal owed, yielding balance of $390,534 as of September 30, 2014.
Note 27: During the quarter ended March 31, 2014, the Company and one of its debt holders agreed to rescind a conversion of convertible debt executed during fiscal year 2013. Common stock of 6,667 was rescinded and debt in the amount of $12,500 was reinstated as of March 31, 2014. During the quarter ended September 30, 2014, no payment was made to this note, and there was accrued interest of $750 due on this note as of September 30, 2014.
Note 28: On April 9, 2014, the Company received cash proceeds of $8,000 for debt obligation which bears interest at the rate of 8%. This note is convertible into a number of shares by dividing the principal and interest owed by 45% of the average lowest three day trading prices during the 30 trading days prior to the conversion date. A debt discount of $8,000 and a loss on derivative valuation of $10,186 was recorded due to embedded derivative feature in the convertible promissory note as of September 30, 2014. During the nine months ended September 30, 2014, no payment was made to this note.
Note 29: On May 12, 2014, the Company received cash proceeds of $30,000 for this debt obligation which bears interest at the rate of 12% and the face value includes $10,000 of interest. This note is convertible into a number of shares by dividing the principal and interest owed by 50% of the average lowest trading prices over the 5 days prior to the conversion date. A debt discount of $30,000 and a loss on derivative valuation of $29,205 was recorded due to embedded derivative feature in the convertible promissory note as of September 30, 2014. The balance is $30,000 as of September 30, 2014.
Note 30: In June 2014, the Company approved a partial assignment of Company debt via an assignment and assumption agreement in the face amount of $60,000 to certain institutional or accredited investors. This note bears interest at the rate of 12% and is convertible into a number of shares by dividing the principal and interest owed by 50% of the average lowest trading prices over the 10 days prior to the conversion date. A debt discount of $60,000 and a loss on derivative valuation of $81,254 was recorded due to embedded derivative feature in the convertible promissory note as of September 30, 2014. During the nine months ended September 30, 2014 payment of $ 16,756 was made on this note leaving a balance of $ 43,244 as of September 30,2014.
Note 31: In June 2014, the Company issued a convertible note in the amount of $75,000 under a consulting agreement with an unrelated third party. The note bears interest at the rate of 6% and the note is convertible into a number of shares by dividing the principal and interest owed by 50% of the average lowest three day trading prices over the 10 days prior to the conversion date. A debt discount of $75,000 and a loss on derivative valuation of $102,262 was recorded due to embedded derivative feature in the convertible promissory note as of September 30, 2014. During the nine months ended September 30, 2014 no payment was made on this note.
Note 32: June 13, 2014 the Company received cash proceeds of $22,000 as the first installment on a debt obligation of $44,000 with an original issue discount of 10%. Second installment of $22,000 was received in the next fiscal quarter in the month of July 2014.  This note bears interest at the rate of 10% and is convertible into a number of shares by dividing the principal and interest owed by 50% of the average lowest trading prices over the 20 days prior to the conversion date. A debt discount of $44,000 and a loss on derivative valuation of $40,894 was recorded due to embedded derivative feature in the convertible promissory note as of September 30, 2014.  No payments have been made on this note.
Note 33: On June 13, 2014, the Company approved a partial assignment of Company debt via a securities settlement agreement in the amount of $153,089 to certain institutional or accredited investors. The debt bears guaranteed interest at a rate of 10% that was added to the recorded note value and is convertible at a 50% discount of the lowest trading price over the 20 days prior to the conversion date. A debt discount of $113,208 was recorded due to embedded derivative feature in the convertible promissory note as of September 30, 2014. Payments of $52,007 have been made on this note.
Note 34: During the period ended September 30, 2014, the Company received $20,564 in loans from related parties. These loans did not have a stated rate of interest. The Company imputed interest and recorded as additional paid in capital.

12_Derivative_Liabilities

12. Derivative Liabilities	9 Months Ended
	Sep. 30, 2014
Notes
12. Derivative Liabilities	12. Derivative Liabilities
	The Company evaluated the conversion feature embedded in the convertible notes to determine if such conversion feature should be bifurcated from its host instrument and accounted for as a freestanding derivative. Due to the note not meeting the definition of a conventional debt instrument because it contained a diluted issuance provision, the convertible notes were accounted for in accordance with ASC 815. According to ASC 815, the derivatives associated with the convertible notes were recognized as a discount to the debt instrument, and the discount is being amortized over the life of the note and any excess of the derivative value over the note payable value is recognized as additional expense at issuance date.
	Further, and in accordance with ASC 815, the embedded derivatives are revalued at each balance sheet date and marked to fair value with the corresponding adjustment as a “gain or loss on change in fair value of derivatives” in the consolidated statement of operations.
	As of September 30, 2014, the fair value of the embedded derivatives included on the accompanying consolidated balance sheet was $1,127,499. During the nine months period ended September 30, 2014, the Company recognized a loss on change in fair value of derivative liability totaling $838,187.  Key assumptions used in the valuation of derivative liabilities associated with the convertible notes at September 30, 2014 were as follows:
	·	The stock price would fluctuate with an annual volatility ranging from 324% to 550% based on the historical volatility for the company.
	·	An event of default would occur 5% of the time, increasing 1.00% per quarter to a maximum of 10%.
	·	Alternative financing for the convertible notes would be initially available to redeem the note 0% of the time and increase quarterly by 1% to a maximum of 20%.
	·	The monthly trading volume would average $51,785 to $487,379 and would increase at 1% per month.
	·	The variable conversion prices ranging from 25% to 60% of bid or close prices over 10 to 25 trading days have effective discount rates of 59.87% to 82.38%
	·	The holder would automatically convert at variable conversion prices ranging from 25% to 60% of bid or close prices over 10 to 25 trading days if the registration was effective and the company was not in default.
	·	Conversion price reset events are assumed every 3 months.
	The Company classifies the fair value of these securities under level three of the fair value hierarchy of financial instruments. The fair value of the derivative liability was calculated using a lattice model that values the compound embedded derivatives based on a probability weighted discounted cash flow model. This model is based on future projections of the various potential outcomes. The embedded derivatives that were analyzed and incorporated into the model included the conversion feature with the full ratchet reset, and the redemption options.
	The components of the derivative liability on the Company’s balance sheet at September 30, 2014 and December 31, 2013 are as follows:
			September 30,		December 31,
			2014		2013
	Embedded conversion features - convertible promissory notes		$	1,127,499	$	220,131
			$	1,127,499	$	220,131
	The Company had the following changes in the derivative liability:
	Balance at December 31, 2013			220,131
	Issuance of securities with embedded derivatives		$	822,415
	Debt conversion			-421,672
	Prior period conversion rescinded			3,911
	Derivative (gain) or loss due to mark to market adjustment			502,714
	Balance at June 30, 2014		$	1,127,499

13_Asset_Retirement_Obligation

13. Asset Retirement Obligation (ARO)	9 Months Ended
	Sep. 30, 2014
Notes
13. Asset Retirement Obligation (ARO)	13. Asset Retirement Obligation (ARO)
	The ARO is recorded at fair value and accretion expense is recognized as the discounted liability is accreted to its expected settlement value. The fair value of the ARO liability is measured by using expected future cash outflows discounted at the Company’s credit adjusted risk free interest rate.
	Amounts incurred to settle plugging and abandonment obligations that are either less than or greater than amounts accrued are recorded as a gain or loss in current operations. Revisions to previous estimates, such as the estimated cost to plug a well or the estimated future economic life of a well, may require adjustments to the ARO and are capitalized as part of the costs of proved oil and natural gas property.
	The following table is a reconciliation of the ARO liability for continuing operations for the three months ended September 30, 2014 and December 31, 2013.
		September 30,		December 31,
		2014		2013
	Asset retirement obligation at the beginning of period	$	5,781	$	5,114
	Acquisition of oil and gas leases		2,025		-
	Adjustment to ARO		-2,025		-
	Dispositions		-		-
	Accretion expense		2,478		667
	Asset retirement obligation at the end of period	$	8,259	$	5,781

14_Concentrations_and_Risk

14. Concentrations and Risk	9 Months Ended
	Sep. 30, 2014
Notes
14. Concentrations and Risk	14. Concentrations and Risk
	Customers
	During the nine months ended September 30, 2014, revenue generated under the top two customers accounted for 100% of the Company’s total revenue. Concentration with a single or a few customers may expose the Company to the risk of substantial losses if a single dominant customer stops conducting business with the Company. Moreover, the Company may be subject to the risks faced by these major customers to the extent that such risks impede such customers’ ability to stay in business and make timely payments.

15_Legal_Proceeding

15. Legal Proceeding	9 Months Ended
	Sep. 30, 2014
Notes
15. Legal Proceeding	15. Legal Proceeding
	On March 21, 2014, the Circuit Court in the Twelfth Judicial Circuit in and for Sarasota County, Florida (the “Court”), entered an Order Granting Approval of Settlement Agreement (the “Order”) approving, among other things, the fairness of the terms and conditions of an exchange pursuant to Section 3(a)(10) of the Securities Act of 1933, as amended (the “Securities Act”), in accordance with a Settlement Agreement (the “Settlement Agreement”) between the Company and IBC Funds, LLC, a Nevada limited liability company (“IBC”), in the matter entitled IBC Funds, LLC, vs. Mondial Ventures, Inc., Case No. 2014 CA 011677 NC (the “Action”). IBC commenced the Action against us to recover an aggregate of $206,000 of past-due accounts payable, which IBC had purchased from certain of our vendors pursuant to the terms of separate claim purchase agreements between IBC and each of the respective vendors (the Assigned Accounts), plus fees and costs (the “Claim”). The Assigned Accounts relate to certain transfer agent fees, oil and gas development costs, oil and gas reserve and engineering report costs, and legal fees and services, and consulting fees. The Order provides for the full and final settlement of the Claim and the Action.
	During the nine months ended September 30, 2014, IBC Funds, LLC purchased claim purchase agreement in the amount of $63,234.  During the nine months ended September 30, 2014, the Company has issued 6,482,000 shares valued at $10,441 to settle $10,441 of debt due to IBC Funds, LLC. In addition, the Company issued 375,000 shares valued on settlement date at $34,500 as settlement fee pursuant to the settlement agreement.
	In May 2015 the Company received a lawsuit from LG Capital, LLC alleging the Company has not paid at the maturity date on two of its convertible promissory notes. The Plaintiffs action describes the notes as totaling $13,245.49 and $23,315.86 plus interest, fees and costs. The Company had understood the transaction for the two promissory notes would have earlier been converted into common shares. The Company will proceed to determine on a potential settlement or resolution of the matter. The notes are recorded as a liability in the balance sheet as convertible loan payable net – in default.
	In May 2015 the Company received a lawsuit from JSJ Investments, Inc. alleging the Company has not paid at the maturity date on a convertible promissory note. The Plaintiffs action describes the note as totaling $25,000 plus interest, fees, costs and other relief. The Company had understood the transaction for the promissory note would have earlier been converted into common shares. The Company will proceed to determine on a potential settlement or resolution of the matter. The notes are recorded as a liability in the balance sheet as convertible loan payable net – in default.

16_Contingencies

16. Contingencies	9 Months Ended
	Sep. 30, 2014
Notes
16. Contingencies	16. Contingencies
	The Company has certain notes that may become convertible in the future and potentially result in dilution to our common shareholders.
	The Company, through its majority owned Canadian subsidiary, Boomerang Oil, Inc. entered into a Listing Service Agreement with Public Eye Consulting, on April 28, 2014. The terms were for payment of $90,000 Canadian dollars, 400,000 common shares and 125,000 stock options. Public Eye has failed to perform as contracted and Boomerang is rescinding the contract. Partial payment has already been made, but Boomerang may be liable for some portion of the remaining balance after negotiations are completed. Provisions for this contingent liability have been recorded on the books.

17_Amalgamation_and_Acquisitio

17. Amalgamation and Acquisition	9 Months Ended
	Sep. 30, 2014
Notes
17. Amalgamation and Acquisition	17. Amalgamation and Acquisition-related party
	On 3/25/2014, Boomerang Oil, Inc. (formerly 0922327 B.C. Ltd.) entered into acquisition agreement with Shale Corp to acquire all issued and outstanding Shale Corp shares. Pursuant to the acquisition agreement, Boomerang was to issue 70,000,000 of its common stock to acquire all of Shale Corp's issued and outstanding shares on a 1 to 1 basis.  Subsequent to the share exchange, Shale Corp became Boomerang's wholly owned subsidiary. Immediately after the share exchange, Shale Corp amalgamated with Boomerang's wholly owned subsidiary 2301840 Ontario, Inc. to form a new subsidiary subsequently named as 1913564 Ontario, Inc. As a result of the share exchange, the Company, which owned 47 million of Shale Corp immediately prior to the share exchanges, became 66.17% owner of the consolidated entity of Boomerang Oil, Inc. and 1913564 Ontario, Inc. Through its majority ownership, the Company reported carrying value of net assets/liabilities of Boomerang Oil, Inc. and 1913564 Ontario, Inc. with non-controlling interest. The Company recorded $208,712 equity balance as effect of the amalgamation and acquisition as of March 31, 2014.

18_Noncontrolling_Interest

18. Non-controlling Interest	9 Months Ended
	Sep. 30, 2014
Notes
18. Non-controlling Interest	18. Non-controlling interest
	Non-controlling interest represents the 33.83% interest in the subsidiaries. This non-controlling interest balance is composed of the transfer of oil and gas properties interest, amalgamation and acquisition among majority owned subsidiaries, net loss, and unrealized foreign currency translation loss attributable to the non-controlling interest for the nine months ended September 30, 2014.

19_Subsequent_Events

19. Subsequent Events	9 Months Ended
	Sep. 30, 2014
Notes
19. Subsequent Events	19. Subsequent Events
	Subsequent to quarter ended September 30, 2014 to May 25, 2015, the Company issued 155,168,571 common shares to reduce debt on convertible promissory notes in the amount of approximately $7,187.
	Subsequent to quarter ended September 30, 2014 to May 25, 2015, the Company issued 155,000,000 common shares to reduce account payable balances in the amount of approximately $9,300.
	In January, 2014 and February, March, April, and most recently in May 2015, the Company entered into an amended a Modification and Extension to “Amended Participation Agreement” dated January 21, 2014. The Modification and Extension again updates and extends Exhibit “B” of an Asset Purchase Agreement made and entered into as of January 21, 2014, the Effective Date (“Effective Date”), by and among Shale Corp., a corporation organized under the laws of the Province of Ontario in Canada with its principal place of business located at 365 Bay St, Suite 400, Toronto On, M5H 2V1(the “Company”), and the Investor acting as the Company, along with approvals from Success Oil Co., Inc., its Operator and Partner, EGPI Firecreek, Inc. via its wholly owned subsidiary Energy Producers, Inc., Partner, and TWL Investments, LLC, investing participants, to amend, modify and extend Section II. Paragraph one thereto, giving extra time to the Participation Agreement originally allowing for six (6) months (through June 30, 2014 unless mutually extended by all parties thereto), extended to June 30, 2015 (unless mutually extended by all parties thereto) for participants to deliver to Operator Participant’s share of the Turnkey Cost to Casing Point for drilling of the first Prospect Well.
	In January, 2014, and February, March, April, and most recently in May 2015, the Company entered into a Thirteenth Amendment to a Modification, Amendment, and Further Extension of the Agreement to Extend Option dated effective on December 31, 2013 between EGPI Firecreek, Inc. on behalf of itself and all of its wholly owned subsidiaries including, but not limited to, Energy Producers, Inc. (“EPI”), and the Company, which is amended to be by and through 2301840 Ontario Inc., a wholly owned subsidiary of Boomerang Oil, Inc. (formerly 0922337 BC LTD) (“Boomerang”), now a Majority owned subsidiary of the Company. The parties thereto, as amended, having earlier entered into an Agreement to Extend Option with Success Oil Co., Inc., (“Success”) along with all the parties to wit, agreed summarily to i) further extend the Option Agreement through June 30, 2015 unless further modified or extended by the parties in writing, and ii) in summary, to allow certain past due capital expenditure costs in the total aggregate amount of $200,000 historically held by Success to begin to be paid out of available cash flow on a monthly basis from the Joint Interest Billings, and from only the current producing economic wells and interests, pro rata, not to include future wells, and to begin after April 6, 2014 for the January 2014 forward billings, until paid, unless otherwise negotiated to the satisfaction of Success.
	In March 2015, the Company issued 18% promissory notes in the total face amount of $4,000 to a certain accredited investor in behalf of its direct investment to the company. Terms for the purchase price in addition to interest include additional $100 repayment fee all due on the Maturity date which is 7 days from December 1, 2014 or May 1, 2015.
	In April 2015, the Company issued shares of its majority owned subsidiary: i) 300,000 for legal and other services; 30,000 shares for accrued services rendered; 50,000 shares in behalf of borrowings, loans, and other business services provided to the Company; and sold 400,000 shares of common stock held by the Company in the majority owned subsidiary. The shares in the aggregate represent 1.66% of the interests held by the Company in the majority owned subsidiary.
	In May 2015 the Parent Company which owns majority ownership of the Company issued and sold 400,000 shares of common stock held in the majority owned subsidiary representing .85% of 1% issued in behalf of assisting partial service fees required to maintain the oil and gas interests held in the Company’s majority owned subsidiary, sold 510,000 shares of common stock held in the majority owned subsidiary representing 1.08% in behalf of assisting the Company’s expenses, and issued 900,000 shares for partial payment of accrued services rendered to the majority owned subsidiary representing of 1.92% of the interests held by the Company in the majority owned subsidiary.
	As of May 25, 2015 the Company holds 44,225,000 common shares representing 60.18% interest in its majority owned subsidiary.
	In May 2015 the Company received a lawsuit from LG Capital, LLC alleging the Company has not paid at the maturity date on two of its convertible promissory notes. The Plaintiffs action describes the notes as totaling $13,245.49 and $23,315.86 plus interest, fees and costs. The Company had understood the transaction for the two promissory notes would have earlier been converted into common shares. The Company will proceed to determine on a potential settlement or resolution of the matter. The notes are recorded as a liability in the balance sheet as convertible loan payable net – in default.
	In May 2015 the Company received a lawsuit from JSJ Investments, Inc. alleging the Company has not paid at the maturity date on a convertible promissory note. The Plaintiffs action describes the note as totaling $25,000 plus interest, fees, costs and other relief. The Company had understood the transaction for the promissory note would have earlier been converted into common shares. The Company will proceed to determine on a potential settlement or resolution of the matter. The notes are recorded as a liability in the balance sheet as convertible loan payable net – in default.
	Please also see Item 5 “Other Information” listed in this report.

1_Organization_of_The_Company_1

1. Organization of The Company and Significant Accounting Policies: Use of Estimates (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Use of Estimates	Use of Estimates
	The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make reasonable estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses at the date of the consolidated financial statements and for the period they include. Actual results may differ from these estimates.

1_Organization_of_The_Company_2

1. Organization of The Company and Significant Accounting Policies: Revenue and Cost Recognition (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Revenue and Cost Recognition	Revenue and Cost Recognition
	Oil and Gas: Revenue is recognized from oil and gas sales in the period of delivery.  Settlement on sales occurs anywhere from two weeks to two months after the delivery date. The Company recognizes revenue when an arrangement exists, the product has been delivered, the sales price has been fixed or determinable, and collectability is reasonably assured.

1_Organization_of_The_Company_3

1. Organization of The Company and Significant Accounting Policies: Cash Equivalents Policy (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Cash Equivalents Policy	Cash Equivalents
	The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents.  There were no cash equivalents as of June 30, 2014 or December 31, 2013.  The Company had cash balance of $4,125 and $3,508 as of September 30, 2014 and December 31, 2013, respectively.

1_Organization_of_The_Company_4

1. Organization of The Company and Significant Accounting Policies: Oil and Gas Properties Policy (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Oil and Gas Properties Policy	Oil and Gas Activities
	The Company uses the successful efforts method of accounting for oil and gas producing activities.  Under this method, acquisition costs for proved and unproved properties are capitalized when incurred.  Exploration costs, including geological and geophysical costs, the costs of carrying and retaining unproved properties and exploratory dry hole drilling costs are expensed.  Development costs, including the costs to drill and equip developmental wells, and successful exploratory drilling costs to locate proved reserves are capitalized.
	Exploratory drilling costs are capitalized when incurred pending the determination of whether a well has found proved reserves. A determination of whether a well has found proved reserves is made shortly after drilling is completed. The determination is based on a process which relies on interpretations of available geologic, geophysics, and engineering data.  If a well is determined to be unsuccessful, the capitalized drilling costs will be charged to expense in the period the determination is made.  If an exploratory well requires a major capital expenditure before production can begin, the cost of drilling the exploratory well will continue to be carried as an asset pending determination of whether proved reserves have been found only as long as: i) the well has found a sufficient quantity  of reserves to justify its completion as a producing well if the required capital expenditure is made, and: ii) drilling of the additional exploratory well is under way or firmly planned for the near future.  If drilling in the area is not under way or firmly planned, or if the well has not found a commercially producible quantity of reserves, the exploratory well is assumed to be impaired, and its costs are charged to expense.
	In the absence of a determination as to whether the reserves that have been found can be classified as proved, the cost of drilling such an exploratory well is not carried as an asset for more than one year following completion of drilling.  If after that year is passed, a determination that proved reserves exist cannot be made, the well is assumed impaired and its costs are charged to expense.  Its costs can, however, continue to be capitalized if a sufficient quantity of reserves is discovered in the well to justify its completion as a producing well and sufficient progress is made in assessing the reserves and the well’s economic and operating feasibility.
	The impairment of unamortized capital costs is measured at a lease level and is reduced to fair value if it is determined that the sum of expected future net cash flows is less than the net book value. The Company determines if impairment has occurred through either adverse changes or as a result of the annual review of all fields. During 2013 after conducting an impairment analysis, the Company recorded an impairment of $84,778.

1_Organization_of_The_Company_5

1. Organization of The Company and Significant Accounting Policies: Asset Retirement Obligations (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Asset Retirement Obligations	Asset Retirement Obligations
	(“ARO”- The estimated costs of restoration and removal of facilities are accrued. The fair value of a liability for an asset’s retirement obligation is recorded in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. The liability is accreted to its then present value each period, and the capitalized cost is depreciated with the related long-lived asset. If the liability is settled for an amount other than the recorded amount, a gain or loss is recognized. For all periods presented, estimated future costs of abandonment and dismantlement are included in the full cost amortization base and are amortized as a component of depletion expense. At September 30, 2014 and December 31, 2013, the ARO of $8,259 and $5,781 is included in liabilities and fixed assets.
	Development costs of proved oil and gas properties, including estimated dismantlement, restoration and abandonment costs and acquisition costs, are depreciated and depleted on a field basis by the units-of-production method using proved developed and proved reserves, respectively. The costs of unproved oil and gas properties are generally combined and impaired over a period that is based on the average holding period for such properties and the Company’s experience of successful drilling.
	Costs of retired, sold or abandoned properties that make up a part of an amortization base (partial field) are charged to accumulated depreciation, depletion and amortization if the units-of-production rate is not significantly affected. Accordingly, a gain or loss, if any, is recognized only when a group of proved properties (entire field) that make up the amortization base has been retired, abandoned or sold.

1_Organization_of_The_Company_6

1. Organization of The Company and Significant Accounting Policies: Stock Based Compensation (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Stock Based Compensation	Stock-Based Compensation
	The Company estimates the fair value of share-based payment awards made to employees and directors, including stock options, restricted stock and employee stock purchases related to employee stock purchase plans, on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense ratably over the requisite service periods. We estimate the fair value of each share-based award using the Black-Sholes option pricing model. The Black-Sholes model is highly complex and dependent on key estimates by management. The estimates with the greatest degree of subjective judgment are the estimated lives of the stock-based awards and the estimated volatility of our stock price. The Black-Sholes model is also used for our valuation of warrants.

1_Organization_of_The_Company_7

1. Organization of The Company and Significant Accounting Policies: Earnings Per Share (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Earnings Per Share	Earnings per Common Share
	Basic earnings per common share are calculated based upon the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares and dilutive common share equivalents (convertible notes and interest on the notes, stock awards and stock options) outstanding during the period. Dilutive earnings per common share reflect the potential dilution that could occur if options to purchase common stock were exercised for shares of common stock. Basic and diluted EPS are the same as the effect of our potential common stock equivalents would be anti-dilutive.

1_Organization_of_The_Company_8

1. Organization of The Company and Significant Accounting Policies: Fair Value Measurements (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Fair Value Measurements	Fair Value Measurements
	On January 1, 2008, the Company adopted guidance which defines fair value, establishes a framework for using fair value to measure financial assets and liabilities on a recurring basis, and expands disclosures about fair value measurements. Beginning on January 1, 2009, the Company also applied the guidance to non-financial assets and liabilities measured at fair value on a non-recurring basis, which includes goodwill and intangible assets. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
	Level 1 – Valuation is based upon unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.
	Level 2 –Valuation is based upon quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; or valuations based on models where the significant inputs are observable in the market.
	Level 3 – Valuation is based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the inputs that market participants would use.
	The following table presents assets and liabilities that are measured and recognized at fair value as of September  30, 2014 and December 31, 2013 on a recurring and non-recurring basis:
								Total
								Gains
	Description	Level 1		Level 2		Level 3		(Losses)
	Derivative liabilities (recurring)	$	-	$	-	$	1,127,499	$	1,127,499
	The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2013 on a recurring and non-recurring basis:
								Total
								Gains
	Description	Level 1		Level 2		Level 3		(Losses)
	Derivative liabilities (recurring)	$	-	$	-	$	220,131	$	220,131
	The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt. The estimated fair value of cash, accounts receivable, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term nature of these instruments. The carrying value of long-term debt also approximates fair value since their terms are similar to those in the lending market for comparable loans with comparable risks. None of these instruments are held for trading purposes.

1_Organization_of_The_Company_9

1. Organization of The Company and Significant Accounting Policies: Fixed Assets (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Fixed Assets	Fixed Assets
	Fixed assets are stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful life of the asset. The following is a summary of the estimated useful lives used in computing depreciation expense:
	Well equipment	5 years
	Expenditures for major repairs and renewals that extend the useful life of the asset are capitalized. Minor repair expenditures are charged to expense as incurred.

Recovered_Sheet1

1. Organization of The Company and Significant Accounting Policies: Impairmentl of Long-Lived Assets, Policy (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Impairmentl of Long-Lived Assets, Policy	Impairment of Long-Lived Assets
	The Company has adopted Accounting Standards Codification subtopic 360-10, Property, Plant and Equipment (“ASC 360-10”). ASC 360-10 requires that long-lived assets and certain identifiable intangibles held and used by the Company be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company evaluates its long-lived assets for impairment annually or more often if events and circumstances warrant. Events relating to recoverability may include significant unfavorable changes in business conditions, recurring losses or a forecasted inability to achieve break-even operating results over an extended period. The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of intangible assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. ASC 360-10 also requires that those assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

Recovered_Sheet2

1. Organization of The Company and Significant Accounting Policies: Goodwill and Other Intangible Assets (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets
	The Company periodically reviews the carrying value of intangible assets not subject to amortization, including goodwill, to determine whether impairment may exist. Goodwill and certain intangible assets are assessed annually, or when certain triggering events occur, for impairment using fair value measurement techniques. These events could include a significant change in the business climate, legal factors, a decline in operating performance, competition, sale or disposition of a significant portion of the business, or other factors. Specifically, goodwill impairment is determined using a two-step process. The first step of the goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses level 3 inputs and a discounted cash flow methodology to estimate the fair value of a reporting unit. A discounted cash flow analysis requires one to make various judgmental assumptions including assumptions about future cash flows, growth rates, and discount rates. The assumptions about future cash flows and growth rates are based on the Company’s budget and long-term plans. Discount rate assumptions are based on an assessment of the risk inherent in the respective reporting units. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. That is, the fair value of the reporting unit is allocated to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit was the purchase price paid to acquire the reporting unit.
	As of September 30, 2014 the Company had no amortizable intangible assets.

Recovered_Sheet3

1. Organization of The Company and Significant Accounting Policies: Income Taxes (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Income Taxes	Income taxes
	The Company accounts for income taxes using the asset and liability method, which requires the establishment of deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. 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. A valuation allowance is provided to the extent deferred tax assets may not be recoverable after consideration of the future reversal of deferred tax liabilities, tax planning strategies, and projected future taxable income.
	The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance requires the Company to recognize tax benefits only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards.

Recovered_Sheet4

1. Organization of The Company and Significant Accounting Policies: Foreign Currency Translation (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
Foreign Currency Translation	Foreign Currency Translation
	The functional currency of the Company’s majority owned subsidiary is the Canadian dollar and these financial statements have been translated into U.S. dollars in accordance with standards issued by the FASB. The Canadian dollar based accounts of the Company’s foreign operations have been translated into United States dollars using the current rate method. Assets and liabilities of those operations are translated into U.S. dollars using exchange rates as of the balance sheet date; income and expenses are translated using the weighted average exchange rates for the reporting period. Translation adjustments are recorded as accumulated other comprehensive income (loss), a separate component of shareholders’ equity.

Recovered_Sheet5

1. Organization of The Company and Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies)	9 Months Ended
	Sep. 30, 2014
Policies
New Accounting Pronouncements, Policy	Recent accounting pronouncements
	On November 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-17—Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force).  The amendments in this Update provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in this Update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle.
	On August 2014, The Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements – Going Concerns (Subtopic 205-40): Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in this update are applied retrospectively. The adoption of ASU 2014-10 removed the development stage entity financial reporting requirements from the Company.
	In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The new guidance requires that share-based compensation that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards and that could be achieved after an employee completes the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation costs should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. This new guidance is effective for fiscal years and interim periods with in those years beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on our financial position or results of operations.
	In June 2014, the FASB issued ASU No. 2014-10: Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation , to improve financial reporting by reducing the cost and complexity associated with the incremental reporting requirements of development stage entities. The amendments in this update remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, thereby improving financial reporting by eliminating the cost and complexity associated with providing that information. The amendments in this Update also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The amendments to eliminate that exception simplify U.S. GAAP by reducing avoidable complexity in existing accounting literature and improve the relevance of information provided to financial statement users by requiring the application of the same consolidation guidance by all reporting entities. The elimination of the exception may change the consolidation analysis, consolidation decision, and disclosure requirements for a reporting entity that has an interest in an entity in the development stage. The amendments related to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 should be applied retrospectively except for the clarification to Topic 275, which shall be applied prospectively. For public companies, those amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted. The adoption of ASU 2014-10 is not expected to have a material impact on our financial position or results of operations.

Recovered_Sheet6

1. Organization of The Company and Significant Accounting Policies: Fair Value Measurements: Assets and Liabilities Measured and Recognized At Fair Value On A Recurring and Non-recurring Basis (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules
Assets and Liabilities Measured and Recognized At Fair Value On A Recurring and Non-recurring Basis:	The following table presents assets and liabilities that are measured and recognized at fair value as of September  30, 2014 and December 31, 2013 on a recurring and non-recurring basis:
								Total
								Gains
	Description	Level 1		Level 2		Level 3		(Losses)
	Derivative liabilities (recurring)	$	-	$	-	$	1,127,499	$	1,127,499
	The following table presents assets and liabilities that are measured and recognized at fair value as of December 31, 2013 on a recurring and non-recurring basis:
								Total
								Gains
	Description	Level 1		Level 2		Level 3		(Losses)
	Derivative liabilities (recurring)	$	-	$	-	$	220,131	$	220,131

5_Fixed_Assets_Fixed_Asset_Sch

5. Fixed Assets: Fixed Asset Schedule (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules
Fixed Asset Schedule		September 30,		December 31,
		2014		2013
	Well equipment		75,551		56,663
	Accumulated depreciation		-53,336		-31,300
	Fixed assets – net	$	22,215		25,363

6_Oil_and_Gas_Schedule_of_oil_

6. Oil and Gas: Schedule of oil and gas related activity (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules
Schedule of oil and gas related activity
		For the		For the
		Period Ended		Year Ended
		September 30,		December 31,
		2014		2013
	Purchase of oil and gas properties through assumption of debt, net of accumulated depletion	$	276,585	$	-
	Total purchase of oil and gas properties	$	276,585	$	-
	Oil and Gas Properties:	September 30,		December 31,
		2014		2014
	Oil and gas properties – proved reserves	$	1,248,784	$	958,157
	Accumulated depletion		-176,944		-157,665
	Oil and gas properties – net	$	1,071,840	$	800,341

9_Income_Tax_Provision_Schedul

9. Income Tax Provision: Schedule of Deferred Tax Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities
		September 30,		December 31,
		2014		2013
	Deferred Tax asset		740,174	$	372,442
	Valuation allowance		(740,174)		-372,442
	Net deferred tax assets		-		-

11_Notes_Payable_Schedule_of_D

11. Notes Payable: Schedule of Debt (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules
Schedule of Debt
	Date of			Date Obligation	Interest		Balance Due
	Obligation	Notes		Matures	Rate (%)		6/30/2014 ($)
	2/8/11		1	5/9/11		24		20,000
	3/17/14		4	3/17/15		10		10,000
	8/4/11		2	8/4/12		24		75,250
	8/1/12		3	On demand		18*		100,107
	1/2/14		6	1/2/15		9.875		12,500
	8/1/12		5	8/31/13		24		100,000
	3/17/14		8	3/17/15		10		7,500
	1/11/13		7	1/11/14		12		17,870
	1/2/14		9	1/2/15		10		9,375
	2/11/14		14	11/13/14		8		22,500
	3/27/13		10	On demand		n/a		11,300
	4/1/13		5	3/31/14		24		22,000
	5/20/13		11	3/20/14		22		30,000
	4/18/13		12	12/18/13		6		25,000
	5/22/13		13	5/22/14		12		50,635
	3/21/14		18	On demand		n/a		27,911
	6/19/13		15	10/19/13		18*		21,042
	5/30/13		16	2/28/14		22		6,550
	Various		17	On demand		18*		16,531
	1/2/14		24	On demand		18*		27,811
	5/14/13		20	5/14/14		8		12,500
	11/20/13		19	11/20/14		6		15,000
	8/21/13		20	8/21/14		12		22,000
	8/23/13		21	2/23/14		n/a		25,000
	8/30/13		11	8/30/14		12		25,000
	8/30/13		11	8/30/14		12		19,273
	9/30/13		22	7/2/14		8		15,995
	10/20/13		23	10/20/14		6		1,287
	4/26/13		25	10/31/14		n/a		176,327
	1/1/14		26	On demand		18*		390,534
	1/1/14		24	On demand		18*		112,812
	4/19/14		28	1/14/15		8		8,000
	5/12/14		29	12/12/14		12		30,000
	5/12/14		30	12/13/14		12		43,244
	6/1/14		31	6/1/15		6		75,000
	6/13/14		32	12/13/14		10		44,000
	6/13/14		33	12/13/14		10		101,082
	6/19/14		34	On demand		n/a		20,564
	Total							1,751,500
	Unamortized discount							-149,595
	Net							1,601,905

12_Derivative_Liabilities_Comp

12. Derivative Liabilities: Components of the derivative liability (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules
Components of the derivative liability
		September 30,		December 31,
		2014		2013
	Embedded conversion features - convertible promissory notes	$	1,127,499	$	220,131
		$	1,127,499	$	220,131

12_Derivative_Liabilities_Sche

12. Derivative Liabilities: Schedule of changes in the derivative liability (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules
Schedule of changes in the derivative liability
	Balance at December 31, 2013		220,131
	Issuance of securities with embedded derivatives	$	822,415
	Debt conversion		-421,672
	Prior period conversion rescinded		3,911
	Derivative (gain) or loss due to mark to market adjustment		502,714
	Balance at June 30, 2014	$	1,127,499

13_Asset_Retirement_Obligation1

13. Asset Retirement Obligation (ARO): Schedule of Change in Asset Retirement Obligation (Tables)	9 Months Ended
	Sep. 30, 2014
Tables/Schedules
Schedule of Change in Asset Retirement Obligation
		September 30,		December 31,
		2014		2013
	Asset retirement obligation at the beginning of period	$	5,781	$	5,114
	Acquisition of oil and gas leases		2,025		-
	Adjustment to ARO		-2,025		-
	Dispositions		-		-
	Accretion expense		2,478		667
	Asset retirement obligation at the end of period	$	8,259	$	5,781

Recovered_Sheet7

1. Organization of The Company and Significant Accounting Policies (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Entity Incorporation, State Country Name	Nevada
Entity Incorporation, Date of Incorporation	29-May-02
Common stock shares authorized	4,990,000,000	4,990,000,000
Common stock par value	$0.00	0.001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock par value	$0.00	0.001
Common Stock
Issued Common Shares In Connection With Acquisition of Interest In Oil And Gas Property Shares		14,000,000

Recovered_Sheet8

1. Organization of The Company and Significant Accounting Policies: Cash Equivalents Policy (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Details
Cash balance at beginning of period	$4,125	$3,508	$5,219	$23,518

Recovered_Sheet9

1. Organization of The Company and Significant Accounting Policies: Oil and Gas Properties Policy (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
Details
Impairment of oil and gas assets	$84,778

Recovered_Sheet10

1. Organization of The Company and Significant Accounting Policies: Asset Retirement Obligations (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Details
Asset retirement obligation	$8,259	$5,781	$5,114

Recovered_Sheet11

1. Organization of The Company and Significant Accounting Policies: Fair Value Measurements: Assets and Liabilities Measured and Recognized At Fair Value On A Recurring and Non-recurring Basis (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Derivative liabilities	$1,127,499	$220,131
Derivative Liability	1,127,499	220,131
Fair Value, Inputs, Level 3
Derivative liabilities	1,127,499	220,131
Derivative Liability	$1,127,499	$220,131

Recovered_Sheet12

1. Organization of The Company and Significant Accounting Policies: Fixed Assets (Details) (Wells and Related Equipment and Facilities)	9 Months Ended
	Sep. 30, 2014
Wells and Related Equipment and Facilities
Property, Plant and Equipment, Useful Life	5 years

3_Common_Stock_Transactions_De

3. Common Stock Transactions (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Common stock issued for services	$2,037,413	$190,567
Common stock issued for debt conversion and settlement	776,784	1,212,106
Common stock issued for legal settlement	34,500
Common stock cancelled	12,500
Common Stock
Common stock issued for services - shares	10,425,000	1,667
Common stock issued for services	10,425	2
Common stock issued for debt conversion and settlement - shares	1,654,728,671	293,738
Common stock issued for debt conversion and settlement	1,654,728	294
Common stock issued for legal settlement - shares	375,000
Common stock issued for legal settlement	375
Common stock cancelled - shares	-6,735
Common stock cancelled	$7
Fractional shares issued for stock split - shares	508
Common Stock | Rescinded Shares
Common stock cancelled - shares	6,667
Common Stock | Cancelled by shareholder
Common stock cancelled - shares	68

4_Preferred_Stock_Transactions1

4. Preferred Stock Transactions (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Preferred stock issued for services	$22,000
Series C Preferred Stock
Preferred stock issued for services - shares	100,000
Preferred stock issued for services	$100

5_Fixed_Assets_Fixed_Asset_Sch1

5. Fixed Assets: Fixed Asset Schedule (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fixed assets - net	$22,215	$25,363
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	-53,336	-31,300
Wells and Related Equipment and Facilities
Fixed assets - net	$75,551	$56,663

5_Fixed_Assets_Details

5. Fixed Assets (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Details
Depreciation	$11,332	$8,274

6_Oil_and_Gas_Schedule_of_oil_1

6. Oil and Gas: Schedule of oil and gas related activity (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Details
Purchase of oil and gas properties	$276,585
Total purchase and development costs, oil and gas properties	276,585
Oil and gas properties proved reserves	1,248,784	958,157
Mineral Properties, Accumulated Depletion	-176,944	-157,665
Proved oil and natural gas properties - net	$1,071,840	$800,341

6_Oil_and_Gas_Details

6. Oil and Gas (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Details
Depletion	$5,086	$126,163

7_Acquisition_of_Interest_in_O1

7. Acquisition of Interest in Oil and Gas Property (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Sep. 30, 2014
Liabilities Assumed	$450,000
Fixed assets - net	25,363	22,215
IssuedCommonSharesInConnectionWithAcquisition	595,684
Wells and Related Equipment and Facilities
Fixed assets - net	$56,663	$75,551
Common Stock
Issued Common Shares In Connection With Acquisition of Interest In Oil And Gas Property Shares	14,000,000

9_Income_Tax_Provision_Schedul1

9. Income Tax Provision: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Details
Deferred Tax Assets, Gross	$740,174	$372,442
Deferred Tax Assets, Valuation Allowance	($740,174)	($372,442)

9_Income_Tax_Provision_Details

9. Income Tax Provision (Details) (USD $)	Sep. 30, 2014
Details
Operating Loss Carryforwards	$2,114,783

10_Related_Party_Transactions_

10. Related Party Transactions (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Business Related Expenses Paid by a Related Party	$53
BorrowingsOnConvertibleDebtRelatedParties	15,000
Finance Costs Related Parties	10,000
Finance Costs Amortization Related Parties	2,500
Debt assumed from EGPI for oil and gas properties interest	550,000
Proceeds from Other Operating Activities	1,710
Shares issued related to amalgamation	70,000,000
Dennis Alexander
Management Fee, Description		The Company has a service agreement with Global Media Network USA, Inc. a company 100% owned by Dennis Alexander, to provide the services of Dennis Alexander to the Company at a monthly rate of $5,000. The monthly rate was increased to $10,000 as of October 1, 2013.
Due to Officers or Stockholders, Current	11,200
Joanne M. Sylvanus
Management Fee, Description		The Company has a service agreement with Joanne M. Sylvanus, Accountant, a company owned 100% by Joanne M, Sylvanus, to provide her services to the Company at a rate of $3,000 per month.
Due to Officers or Stockholders, Current	$9,000	6,000

11_Notes_Payable_Schedule_of_D1

11. Notes Payable: Schedule of Debt (Details) (USD $)	Sep. 30, 2014
Short-term Debt	$1,601,905
N1aNoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	24.00%
Short-term Debt	20,000
N4NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	10.00%
Short-term Debt	10,000
N2NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	24.00%
Short-term Debt	75,250
N3NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	18.00%
Short-term Debt	100,107
N6NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	9.88%
Short-term Debt	12,500
N5NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	24.00%
Short-term Debt	100,000
N8NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	10.00%
Short-term Debt	7,500
N7NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	12.00%
Short-term Debt	17,870
N9NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	10.00%
Short-term Debt	9,375
N14NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	8.00%
Short-term Debt	22,500
N10NoteMember
Short-term Debt	11,300
N5bNoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	24.00%
Short-term Debt	22,000
N11NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	22.00%
Short-term Debt	30,000
N12NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	6.00%
Short-term Debt	25,000
N13NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	12.00%
Short-term Debt	50,635
N18NoteMember
Short-term Debt	27,911
N15NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	18.00%
Short-term Debt	21,042
N16NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	22.00%
Short-term Debt	6,550
N17NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	18.00%
Short-term Debt	16,531
N24aNoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	18.00%
Short-term Debt	27,811
N20aNoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	8.00%
Short-term Debt	12,500
N19NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	6.00%
Short-term Debt	15,000
N20bNoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	12.00%
Short-term Debt	22,000
N21NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate
Short-term Debt	25,000
N11bNoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	12.00%
Short-term Debt	25,000
N11cNoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	12.00%
Short-term Debt	19,273
N22NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	8.00%
Short-term Debt	15,995
N23NoteMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	6.00%
Short-term Debt	1,287
N25NoteMember
Short-term Debt	176,327
Note26Member
Short-term Debt, Percentage Bearing Fixed Interest Rate	18.00%
Short-term Debt	390,534
Note24bMember
Short-term Debt, Percentage Bearing Fixed Interest Rate	18.00%
N24bNoteMember
Short-term Debt	112,812
Note28Member
Short-term Debt, Percentage Bearing Fixed Interest Rate	8.00%
Short-term Debt	8,000
Note29Member
Short-term Debt, Percentage Bearing Fixed Interest Rate	12.00%
N29NoteMember
Short-term Debt	30,000
Note30Member
Short-term Debt, Percentage Bearing Fixed Interest Rate	12.00%
Short-term Debt	43,244
Note31Member
Short-term Debt, Percentage Bearing Fixed Interest Rate	6.00%
N31NoteMember
Short-term Debt	75,000
Note32Member
Short-term Debt, Percentage Bearing Fixed Interest Rate	10.00%
Short-term Debt	44,000
Note33Member
Short-term Debt, Percentage Bearing Fixed Interest Rate	10.00%
Short-term Debt	101,082
Note34Member
Short-term Debt	$20,564

12_Derivative_Liabilities_Comp1

12. Derivative Liabilities: Components of the derivative liability (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Embedded conversion features - convertible promissory notes	$1,127,499	$220,131
Derivative Liability	1,127,499	220,131
Fair Value, Inputs, Level 3
Derivative Liability	$1,127,499	$220,131

12_Derivative_Liabilities_Sche1

12. Derivative Liabilities: Schedule of changes in the derivative liability (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Derivative Liability	$1,127,499	$220,131
Issuance of securities with embedded derivatives	822,415
Debt conversion	-421,672
Prior period conversion rescinded	3,911
Derivative (gain) or loss due to mark to market adjustment	502,714
Fair Value, Inputs, Level 3
Derivative Liability	$1,127,499	$220,131

13_Asset_Retirement_Obligation2

13. Asset Retirement Obligation (ARO): Schedule of Change in Asset Retirement Obligation (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013
Details
Asset retirement obligation	$8,259	$5,781	$8,259	$5,114
Acquisition of oil and gas leases	2,025
Adjustment to asset retirement obligation			-2,025
Accretion Expense, Including Asset Retirement Obligations	$2,478	$667

15_Legal_Proceeding_Details

15. Legal Proceeding (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Estimated Litigation Liability	$206,000
Common stock issued for legal settlement	34,500
Common Stock
Common stock issued for legal settlement - shares	375,000
Common stock issued for legal settlement	$375

17_Amalgamation_and_Acquisitio1

17. Amalgamation and Acquisition (Details) (USD $)	9 Months Ended
	Sep. 30, 2014
Details
Effect of amalgamation and share exchange	$208,712

18_Noncontrolling_Interest_Det

18. Non-controlling Interest (Details)	Sep. 30, 2014
Details
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	33.83%