Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'United American Petroleum Corp. |
Entity Central Index Key | '0001321516 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Is Entity a Well-known Seasoned Issuer? | 'No |
Is Entity a Voluntary Filer? | 'No |
Is Entity's Reporting Status Current? | 'No |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 97,418,383 |
Document Fiscal Period Focus | 'Q1 |
Document Fiscal Year Focus | '2014 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Cash | $440,252 | $557,298 |
Accounts receivable, net of allowance for uncollectible accounts | 23,617 | 119,052 |
Related party receivables | 79,564 | 99,536 |
Total current assets | 543,433 | 775,886 |
Evaluated, net of accumulated depletion of $256,502 and $236,614 as of March 31, 2014 and December 31, 2013, respectively | 667,854 | 1,139,435 |
TOTAL ASSETS | 1,211,287 | 1,915,321 |
Accounts payable and accrued liabilities | 750,754 | 1,150,116 |
Convertible note payable, net of debt discount of $64,811 and $26,758 | 178,504 | 131,027 |
Embedded derivative liability | 187,085 | 139,508 |
Deferred gain on sale of assets | 7,500 | 17,500 |
Other payable | 576,477 | 582,278 |
Total current liabilities | 1,700,320 | 2,020,429 |
Asset retirement obligation | 112,786 | 112,727 |
TOTAL LIABILITIES | 1,813,106 | 2,133,156 |
Preferred Stock, Series B, $0.001 par value, 1,000 shares authorized, 1,000 shares issued and 1,000 share outstanding and no shares issued and outstanding, respectively | 1 | 1 |
Common stock, $0.001 par value, 100,000,000 shares authorized, 97,418,381 shares issued and 97,418,381 and 86,875,192 shares outstanding, respectively | 97,418 | 86,876 |
Additional paid-in capital | 8,330,823 | 8,301,499 |
Accumulated deficit | -9,030,061 | -8,606,211 |
Total stockholders' deficit | -601,819 | -217,835 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $1,211,287 | $1,915,321 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Accumulated depletion of evaluted oil and gas properties | $256,502 | $236,614 |
Debt discount | $64,811 | $26,758 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000 | 1,000 |
Preferred stock, shares issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
Common stock par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 97,418,381 | 86,875,192 |
Common stock, shares outstanding | 97,418,381 | 86,875,192 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
REVENUE | ' | ' |
Oil and Gas sales | $134,260 | $130,346 |
Operator Income | 2,925 | 6,050 |
TOTAL REVENUE | 137,185 | 136,396 |
OPERATING EXPENSES | ' | ' |
Lease operating expenses | 139,258 | 75,461 |
Bad debt expense | 12,660 | ' |
Accretion expense | 3,186 | 1,000 |
Depletion expense | 19,887 | 18,364 |
General and administrative | 254,234 | 164,505 |
TOTAL OPERATING EXPENSES | 429,225 | 259,330 |
NET LOSS BEFORE OTHER EXPENSE | -292,040 | -122,934 |
OTHER INCOME (EXPENSE) | ' | ' |
Interest (expense) income | -114,736 | -17,252 |
Gain on embedded derivatives | 85,736 | 24,520 |
Penalty on convertible note | -102,810 | ' |
Total other income (expense) | -131,810 | 7,268 |
NET LOSS | ($423,850) | ($115,666) |
LOSS PER SHARE - BASIC | $0 | $0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC | 96,539,205 | 50,339,543 |
LOSS PER SHARE - DILUTED | $0 | $0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - DILUTED | 96,539,205 | 50,339,543 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Statement of Cash Flows [Abstract] | ' | ' |
Net income (loss) | ($423,850) | ($115,666) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Bad debt expense | 12,660 | ' |
Accretion expense | 3,186 | 1,000 |
Depletion expense | 19,887 | 18,364 |
Amortization of debt discount | 114,755 | 8,890 |
(Gain) loss on embedded derivatives | -85,736 | -24,520 |
Reduction in full cost pool due to operator income from owned wells | 38,567 | ' |
Change in assets and liabilities | ' | ' |
Accounts receivable | 82,775 | -22,445 |
Related party receivable | 19,972 | -12,125 |
Accounts payable and accrued expenses | -293,461 | 29,793 |
Other payable | -5,801 | 151,055 |
Net cash provided by (used in) operating activities | -517,046 | 34,346 |
CASH FLOWS USED IN INVESTING ACTIVITIES: | ' | ' |
Proceeds from sale of oil and gas properties | 400,000 | ' |
Net cash provided by investing activities | 400,000 | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from convertible notes | ' | 153,500 |
Net cash provided by financing activities | ' | 153,500 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -117,046 | 187,846 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 557,298 | 572,784 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 440,252 | 760,630 |
Cash paid during the period for: | ' | ' |
Interest | ' | ' |
Taxes | ' | ' |
NON CASH TRANSACTIONS: | ' | ' |
Change in asset retirement liability (sales/disposals) | 3,127 | ' |
Discount from derivative liabilities | 152,810 | 55,000 |
Reclassification of derivative liabilities from additional paid-in capital | ' | 197,821 |
Discount to additional paid-in capital from relative fair value of warrants | 19,497 | ' |
Conversion of convertible notes payable | 16,570 | ' |
Conversion of accrued interest | $3,800 | ' |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Nature of Operations and Basis of Presentation | ' |
1. Nature of Operations and Basis of Presentation | |
Nature of Operations | |
United American Petroleum Corp. is incorporated under the laws of the state of Nevada (“United”). United’s principal business is the acquisition and management of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. | |
Basis of Presentation | |
These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim consolidated financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q and Article 8 of SEC Regulation S-X. The principles for interim consolidated financial information do not require the inclusion of all the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements on Form 10-K for the year ended December 31, 2013. The condensed consolidated financial statements included herein are unaudited; however, in the opinion of management, they contain all normal recurring adjustments necessary for a fair statement of the condensed results for the interim periods. Operating results for the three month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. We made certain reclassifications to prior-period amounts to conform to the current presentation. |
Going_Concern
Going Concern | 3 Months Ended |
Mar. 31, 2014 | |
Going Concern | ' |
Going Concern | ' |
2. Going Concern | |
The Company has incurred a net loss and negative operating cash flows since inception through March 31, 2014. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s management is implementing plans to sustain the Company’s cash flow from operating activities and/or acquire additional capital funding. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
3. Related Party Transactions | |
As of March 31, 2014 the Company had a related party receivable in the amount of $79,564 due from a company with working interest amounts payable. This represents a $19,972 decrease from an amount of $99,536 as of December 31, 2013. Our directors are also officers in this company. |
Convertible_Notes_and_Detached
Convertible Notes and Detached Warrants | 3 Months Ended |
Mar. 31, 2014 | |
Convertible Notes And Detached Warrants | ' |
Convertible Notes Payable and Detached Warrants | ' |
4. Convertible Notes and Detached Warrants | |
Credit Facility – January 31, 2013 | |
On January 31, 2013, we entered into a Note Purchase Agreement with an investor pursuant to which the investor agreed to lend the Company up to $400,000 in multiple installments in exchange for a senior secured convertible | |
promissory note with a conversion price equal to 60% of the lowest trading price per share during the previous 25 trading days. The first installment of $55,000 was delivered less a fee of $5,000 on the date of the Purchase Agreement. The second installment of $25,000 was delivered in April 2013. The notes mature on January 31, 2014, or upon default, whichever is earlier and bear interest at an annual rate of 12%. As described in Note 5, the embedded conversion feature qualified for liability classification at fair value. As a result, the Company recorded a full discount of $55,000 to the note payable on issuance of the first installment, and a full discount of $25,000 to the note payable on issuance of the second installment. As of March 31, 2014 there was $20,072 in outstanding principal and $18,333 in outstanding original interest discount (OID) on this note. | |
On January 7, 2014 the holder of the convertible note exercised a portion of the conversion rights of the note for 2,800,000 shares of common respectively at a stock price of $0.0011 for a total of $6,380 principal converted. | |
In January 2014, JMJ submitted a conversion request under one of its Convertible Notes; however, the Company was unable to comply with this request due to insufficient authorized shares of common stock. The lack of authorized shares constituted a default pursuant to the Note. The Company promptly notified JMJ of its inability to honor the conversion request. The Company expects to increase the number of authorized shares by May 29, 2014 (see Note 7, “Subsequent Events”). JMJ has not expressed an intention to assert the remedies set forth in the Note at this time. | |
Convertible Note – February 19, 2013 | |
On February 19, 2013, we entered into a credit facility with an investor unrelated to the investor described above pursuant to which the investor lent $103,500 to us in a single installment (minus fees of $16,500) in exchange for a convertible promissory note with a conversion price equal to the average lowest trading price per share during the previous 10 trading days. The embedded conversion option cannot be exercised until 180 days from the date of the note and as such, was not priced until exercisable. The total number of conversion shares is calculated by dividing the amount of the notes by the conversion price. | |
On January 2, 2014 the holder of the convertible note exercised a portion of the conversion rights of the note for 2,235,294 shares of common respectively at a stock price of $0.0017, for a total of $3,800 accrued interest converted. | |
As of December 31, 2013 the principal on this note had been fully converted. Upon conversion of the final accrued interest of $3,800 described above, the obligations relating to the note were fully satisfied. | |
Convertible Note – April 22, 2013 | |
On April 22, 2013, we entered into a credit facility with an investor unrelated to the investor described above pursuant to which the investor lent $63,000 (minus fees of $3,000) to us in a single installment in exchange for a convertible promissory note with a conversion price equal to 60% of the average lowest trading price per share during 5 of the previous 10 trading days. The embedded conversion option cannot be exercised until 180 days from the date of the note and as such, will not be priced until exercisable. The total number of conversion shares is calculated by dividing the amount of the notes by the conversion price. | |
On January 7, 2014 and January 13, 2014 the holder of the convertible note exercised a portion of the conversion rights of the note for 2,757,895 and 2,750,000 shares of common stock respectively at stock prices of $0.0019 and $0.0018 respectively for a total of $10,190 principal converted. | |
On September 23, 2013 the investor lent an additional $50,000 in a single installment (minus fees of $3,000) under the same terms agreement and terms as the previous installment made April 22, 2013. | |
As of March 31, 2014, there was $106,593 in outstanding principal and interest on these notes. | |
In January 2014, Asher submitted a conversion request under one of its Convertible Notes; however, the Company did not have sufficient shares of authorized common stock to honor the conversion request. Asher issued us a notice of default; however, Asher immediately waived the default provided that we began the process to increase our number of authorized shares. We have begun this process; however, the shares are not yet authorized. Consequently, Asher reissued the notice of default to us. Therefore, we have recognized a liability and a loss of $102,810 as of March 31, 2014, which represents the additional amount due under the Notes in the event of default. |
Fair_Value_Measurements_and_De
Fair Value Measurements and Derivative Liabilities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements and Derivative Liabilities | ' | ||||||||||||||||
5. Fair Value Measurements and Derivative Liabilities | |||||||||||||||||
The Company measures fair value in accordance with a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||||||||||
Level 2 | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | ||||||||||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||||||||||
The following table sets forth the Company's consolidated financial assets and liabilities measured at fair value by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
LIABILITIES: | |||||||||||||||||
Conversion option liability | — | — | — | 187,085 | |||||||||||||
During 2013, the Company issued debt instruments that were convertible into common stock at a conversion price equal to 60% of the lowest trading price per share during the previous 25 trading days. The conversion options embedded in these instruments contain no explicit limit to the number of shares to be issued upon settlement and as a result are classified as liabilities under ASC 815. Additionally, because the number of shares to be issued upon settlement is indeterminate, all other share settle-able instruments must also be classified as liabilities. As a result, the Company measured its outstanding warrants on March 31, 2014 at fair value and re-classified these amounts from additional paid-in capital to derivative liabilities. | |||||||||||||||||
The following is a reconciliation of the conversion option liability and embedded warrant liability for which Level 3 inputs were used in determining fair value: | |||||||||||||||||
Beginning balance December 31, 2013 | $ | 139,508 | |||||||||||||||
Additions due to new convertible debt | 152,810 | ||||||||||||||||
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | (19,497 | ) | |||||||||||||||
Mark to market of debt derivative | (85,736 | ) | |||||||||||||||
Debt derivative as of March 31, 2014 | $ | 187,085 | |||||||||||||||
The Company’s conversion option liabilities are valued using pricing models and the Company generally uses similar models to value similar instruments. Where possible, the Company verifies the values produced by its pricing models to market prices. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit spreads, measures of volatility and correlations of such inputs. These consolidated financial liabilities do not trade in liquid markets, and as such, model inputs cannot generally be verified and do involve significant management judgment. Such instruments are typically classified within Level 3 of the fair value hierarchy. The Company uses the Black Scholes Option Pricing Model to value its derivatives based upon the following assumptions: dividend yield of -0-%, volatility of 138%-398%, risk free rate of 0.03-0.44% and an expected term of 0.08 years to 3 years. |
Significant_Sale_of_Assets
Significant Sale of Assets | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Significant Sale of Assets | ' |
6. Significant Sale of Assets | |
On February 26, 2014, the Company completed the sale of a 46% working interest (comprising a 34.5% net revenue interest) in an oil, gas and mineral lease covering 430 acres in Duval County, Texas, to RTO Exploration, LLC (“Buyer”) for the purchase price of $400,000. In addition to the purchase price, in 2013 the Buyer paid a $10,000 non-refundable option payment to the Company. The purchase price was the result of negotiations between the Company and the Buyer. | |
UAPC’s chief executive officer and chief operating officer have performed certain consulting services for the Buyer. | |
To account for the sale, we applied the two step process required by the full cost rules. First we calculated the impact of the sale of the working interest on the Company’s depletion rate, determining that the resulting change was not significant (less than 10%). Therefore, step two of the process (calculate loss or gain on sale) was not applicable, and we recognized the $410,000 proceeds as a direct reduction to the full cost pool. We also reduced the asset retirement obligation by $3,127 which was the amount attributable to the working interest that was sold. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
7. Subsequent Events | |
On January 30, 2014, the Company’s Board of Directors voted to propose for shareholder approval an increase in the number of authorized shares of common stock of the Company to 750,000,000. On the same date, holders of 57.44% of the voting power of the Company voted to approve this action. This increase is expected to become effective on May 29, 2014. | |
In April 2014, we settled a judgment that had been rendered against the Company in the amount of $19,856 plus attorneys’ fees of $73,669. We settled this judgment by assigning our interest in the Walker Smith lease and having the other working interest owners assign their interest in the lease as well. |
Fair_Value_Measurements_and_De1
Fair Value Measurements and Derivative Liabilities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of consolidated financial assets and liabilities measured at fair value | ' | ||||||||||||||||
The following table sets forth the Company's consolidated financial assets and liabilities measured at fair value by level within the fair value hierarchy. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
LIABILITIES: | |||||||||||||||||
Conversion option liability | — | — | — | 187,085 | |||||||||||||
Reconciliation of the conversion option liability and detachable warrant liability for Level 3 inputs | ' | ||||||||||||||||
The following is a reconciliation of the conversion option liability and embedded warrant liability for which Level 3 inputs were used in determining fair value: | |||||||||||||||||
Beginning balance December 31, 2013 | $ | 139,508 | |||||||||||||||
Additions due to new convertible debt | 152,810 | ||||||||||||||||
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | (19,497 | ) | |||||||||||||||
Mark to market of debt derivative | (85,736 | ) | |||||||||||||||
Debt derivative as of March 31, 2014 | $ | 187,085 |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Related Party Receivable Details Narrative | ' | ' |
Related party receivables | $79,564 | $99,536 |
Increase (Decrease) in related party receivable | ($19,972) | ' |
Convertible_Notes_and_Detached1
Convertible Notes and Detached Warrants (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jan. 13, 2014 | Jan. 07, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Convertible Note 2/19/2013 | Convertible Note 4/22/2013 | Convertible Note 4/22/2013 | Convertible Note 4/22/2013 | Credit Facility 1/31/2013 | |||
Date of issuance | ' | ' | ' | ' | ' | ' | 31-Jan-13 |
Maturity date | ' | ' | ' | ' | ' | ' | 31-Jan-14 |
Interest rate | ' | ' | ' | ' | ' | ' | 12.00% |
Borrowing capacity | ' | ' | ' | ' | ' | $63,000 | $400,000 |
Debt fee | ' | ' | 16,500 | ' | ' | 3,000 | 5,000 |
Discount on issuance | 64,811 | 26,758 | ' | ' | ' | ' | 25,000 |
First installment | ' | ' | 103,500 | ' | ' | ' | 55,000 |
First installment, date | ' | ' | ' | ' | ' | 22-Apr-13 | ' |
Second installment | ' | ' | ' | ' | ' | 47,000 | ' |
Second installment, date | ' | ' | ' | ' | ' | 23-Sep-13 | ' |
Conversion price, percentage of trading price | ' | ' | ' | ' | ' | 60.00% | 60.00% |
Debt conversion price, number of trading days to compute conversion price | ' | ' | ' | ' | ' | '10 days | '25 days |
Embedded conversion option can be exercised, earliest number of days from issuance | ' | ' | '180 days | ' | ' | '180 days | ' |
Debt conversion price, number of days for average price | ' | ' | '10 days | ' | ' | '5 days | ' |
Debt conversion, shares issued | ' | ' | 2,235,294 | 2,757,895 | 2,757,895 | ' | 2,800,000 |
Total principal amount converted | ' | ' | 3,800 | ' | ' | 10,190 | 6,380 |
Debt conversion price | ' | ' | $0.00 | $0.00 | $0.00 | ' | $0.00 |
Outstanding principal | 178,504 | 131,027 | ' | ' | ' | 106,593 | 20,072 |
Outstanding Orignal Interest | ' | ' | ' | ' | ' | ' | $18,333 |
Fair_Value_Details
Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Conversion Option Liability | $187,085 | $139,508 |
Level 3 | ' | ' |
Conversion Option Liability | $187,085 | ' |
Fair_Value_Details_2
Fair Value (Details 2) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Details 2 | ' |
Conversion option liability and detachable warrant liability, beginning | $139,508 |
Additions due to new convertible debt | 152,810 |
Reclassification of derivative liabilities to additional paid-in capital due to conversion of related notes payable | -19,497 |
Mark to market of debt derivative | -85,736 |
Conversion option liability and detachable warrant liability, ending | $187,085 |
Fair_Value_Details_3
Fair Value (Details 3) | 3 Months Ended |
Mar. 31, 2014 | |
Dividend Yield | 0.00% |
Minimum [Member] | ' |
Volatility | 138.00% |
Risk Free Rate | 0.03% |
Expected Term | '29 days |
Maximum [Member] | ' |
Volatility | 398.00% |
Risk Free Rate | 0.44% |
Expected Term | '3 years |
Significant_Sale_of_Assets_Det
Significant Sale of Assets (Details Narrative) (USD $) | 2 Months Ended | 3 Months Ended |
Feb. 26, 2014 | Mar. 31, 2014 | |
acre | ||
Subsequent Events [Abstract] | ' | ' |
Event date | 26-Feb-14 | ' |
Sale of working interest, percent | 46.00% | ' |
Sale of working interest consisting of net revenue interest, percent | 34.50% | ' |
Number of acres in oil, gas and mineral lease | 430 | ' |
Sales price of working interest | $400,000 | $410,000 |
Non-refundable option payment paid by buyer | 10,000 | ' |
Reduction in Asset Retirement Obligation | $3,127 | ' |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (Subsequent Event [Member], USD $) | 1 Months Ended |
Apr. 30, 2014 | |
Subsequent Event [Member] | ' |
Amount of settlement as a result of judgement | $19,856 |
Attorneys' fees | $73,669 |