Hero (HENC) 10-K 31 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 12, 2014
Document And Entity Information	'	'
Entity Registrant Name	'HOLLOMAN ENERGY CORP	'
Entity Central Index Key	'0001324736	'
Document Type	'10-K	'
Document Period End Date	31-Dec-13	'
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?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Public Float	'	$33,097,816
Entity Common Stock, Shares Outstanding	'	110,433,321
Document Fiscal Period Focus	'FY	'
Document Fiscal Year Focus	'2013	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013	Dec. 31, 2012
ASSETS	'	'
Cash	$23,260	$1,009,882
Other receivable	1,256	1,468
Prepaid expenses	8,447	6,657
Current Assets	32,963	1,018,007
Oil and gas properties, full cost method, unproven	17,185,618	16,629,162
Total Assets	17,218,581	17,647,169
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'
Accounts payable and accrued liabilities	237,133	212,769
Note payable	940,000	1,000,000
Current Liabilities	1,177,133	1,212,769
Deferred tax liability	4,992,436	4,909,617
Total Liabilities	6,169,569	6,122,386
STOCKHOLDERS' EQUITY	'	'
Authorized 150,000,000 common shares, par value $0.001 per share Issued and outstanding : 110,433,321 common shares (110,276,978 at December 31, 2011)	110,433	110,277
Additional paid in capital	25,888,388	25,828,544
Accumulated other comprehensive loss	-2,401	-8,898
Deficit accumulated during the exploration stage	-14,947,408	-14,405,140
Total Stockholders' Equity	11,049,012	11,524,783
Total Liabilities and Stockholders' Equity	$17,218,581	$17,647,169

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
STOCKHOLDERS' EQUITY	'	'
Preferred Shares par value	$0.00	$0.00
Preferred Shares Authorized	10,000,000	10,000,000
Common Shares par value	$0.00	$0.00
Common Shares authorized	150,000,000	150,000,000
Common Shares Issued	110,433,321	110,276,978
Common Shares outstanding	110,433,321	110,276,978

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended		92 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
CONTINUING OPERATIONS	'	'	'
Consulting	$61,318	$405,216	$1,678,147
Foreign exchange (gain) loss	-746,669	98,491	255,707
Gain on settlement of debt	'	'	-40,026
Management and directors fees	118,028	271,393	1,471,898
Stock-based compensation expense	'	104,874	2,511,212
Office, travel and general	122,002	115,068	946,551
Professional fees	114,364	100,964	873,633
Salaries, wages, and benefits	'	'	86,666
Bad debt expense	'	3,395	3,395
Total Expenses	330,957	-1,099,401	-7,787,183
Other income and expense	'	'	'
Oil and gas property impairment	'	'	-7,396,207
Deferred income tax recovery	'	'	2,244,107
Interest expense	-44,650	'	-44,650
Other income	'	495,775	535,869
Income (Loss) from Continuing Operations	286,307	-603,626	-12,448,064
DISCONTINUED OPERATIONS	'	'	'
Loss from Discontinued Operations	'	'	-2,454,637
Gain on Disposal of Endeavor	'	'	783,868
Loss from Discontinued Operations	'	'	-1,670,769
INCOME (LOSS) BEFORE TAXES	286,307	-603,626	-14,118,833
Provision for income tax	-828,575	'	-828,575
NET LOSS	-542,268	-603,626	-14,947,408
Foreign currency translation	6,497	3,445	-2,401
COMPREHENSIVE LOSS	($535,771)	($600,181)	($14,949,809)
BASIC AND DILUTED NET LOSS FROM CONTINUING OPERATIONS PER COMMON SHARE	$0	($0.01)	'
BASIC AND DILUTED NET LOSS FROM DISCONTINUED OPERATIONS PER COMMON SHARE	$0	$0	'
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$0	($0.01)	'
WEIGHTED AVERAGE NUMBER OF BASIC AND DILUTED COMMON SHARES OUTSTANDING	110,330,146	109,784,955	'

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income / (Loss)	Deficit accumulated during exploration stage	Total
Beginning balance, amount at Dec. 31, 2011	$108,998	$0	$25,353,199	($12,343)	($13,801,514)	$11,648,340
Beginning balance, shares at Dec. 31, 2011	108,997,599	0	'	'	'	'
Issued for services, amount	1,204	'	348,796	'	'	350,000
Issued for services, shares	1,204,379	'	'	'	'	204,379
Stock-based compensation granted, Amount	75	'	126,549	'	'	126,624
Stock-based compensation granted, Shares	75,000	'	'	'	'	'
Comprehensive loss	'	'	'	'	'	'
Net loss	'	'	'	'	-603,626	-603,626
Foreign currency translation	'	'	'	3,445	'	3,445
Total Comprehensive loss	'	'	'	'	'	-600,181
Ending balance, amount at Dec. 31, 2012	110,277	0	25,828,544	-8,898	-14,405,140	11,524,783
Ending balance, shares at Dec. 31, 2012	110,276,978	0	'	'	'	'
Issued for services, amount	156	'	59,844	'	'	60,000
Issued for services, shares	156,343	'	'	'	'	'
Comprehensive loss	'	'	'	'	'	'
Net loss	'	'	'	'	-542,268	-542,268
Foreign currency translation	'	'	'	6,497	'	6,497
Total Comprehensive loss	'	'	'	'	'	-535,771
Ending balance, amount at Dec. 31, 2013	$110,433	'	$25,888,388	($2,401)	($14,947,408)	$11,049,012
Ending balance, shares at Dec. 31, 2013	110,433,321	'	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended		92 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
OPERATING ACTIVITIES	'	'	'
Net loss	($542,268)	($603,626)	($14,947,408)
Cash used by discontinued operations	'	'	1,729,701
Gain on disposal of Endeavor	'	'	-783,868
Gain from settlement of indebtedness	'	'	-65,026
Stock-based compensation and fee payments	'	416,624	3,339,212
Unrealized foreign exchange (gain) loss	-739,259	101,666	213,759
Impairment of oil and gas properties (net of tax recovery)	'	'	5,152,100
Deferred income tax provision	828,575	'	828,575
Other receivable	212	2,418	-1,256
Prepaid expenses	-1,790	-1,918	-8,447
Accounts payable and accrued liabilities	31,508	84,467	542,843
Contract advances	'	-7,160	131,190
Cash used in operating activities	-423,022	-7,529	-3,868,625
INVESTING ACTIVITIES	'	'	'
Investing activities from discontinued operations	'	'	-1,447,739
Oil and gas expenditures	-503,600	-31,567	-1,910,585
Oil and gas expenditures recovered from partners	'	37,340	37,340
Cash acquired on acquisition	'	'	12,696
Deposit on acquisition	'	'	639,487
Cash provided by (used in) investing activities	-503,600	5,773	-3,947,775
FINANCING ACTIVITIES	'	'	'
Financing activities from discontinued operations	'	'	2,000,261
Common stock issued for cash	'	'	3,505,001
Loans payable	'	1,000,000	1,050,567
Loan Repayments	-60,000	'	-60,000
Related party repayments	'	-100,000	-100,000
Proceeds from related parties	'	100,000	1,443,831
Cash provided by (used in) financing activities	-60,000	1,000,000	7,839,660
CHANGE IN CASH	-986,622	998,245	23,260
CASH, BEGINNING	1,009,882	11,637	'
CASH,ENDING	23,260	1,009,882	23,260
SUPPLEMENTAL DISCLOSURE:	'	'	'
Cash paid for interest	44,965	1,190	56,063
NON-CASH INVESTING ACTIVITIES:	'	'	'
Accrued capital expenditures in oil and gas properties	52,857	'	52,857
NON-CASH FINANCING ACTIVITIES:	'	'	'
Shares issued for management fees	'	21,750	231,750
Shares issued for services	60,000	350,000	485,000
Shares issued on conversion of liabilities	'	'	2,661,879
Shares issued for property acquired	'	'	$15,903,000

1_NATURE_AND_CONTINUANCE_OF_OP

1. NATURE AND CONTINUANCE OF OPERATIONS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
1. NATURE AND CONTINUANCE OF OPERATIONS	'
	Holloman Energy Corporation (the “Company”), was incorporated in the State of Nevada on May 14, 2004. The Company focuses on oil and gas exploration and development in Australia’s Cooper Basin.
	The Company’s consolidated financial statements are prepared on a going concern basis in accordance with generally accepted accounting principles in the United States (“US GAAP”) which contemplates the realization of assets and discharge of liabilities and commitments in the normal course of business. The Company is in the exploration stage. It has not generated operating revenues, and has accumulated losses of $14,947,408 since inception. The Company has funded its operations through the issuance of capital stock, joint venturing of its work program obligations with third parties who have paid a significant portion of required program costs, and debt. Management plans to raise additional funds through: third-party equity or debt financings, continued joint venturing of its work program obligations, and reliance upon the continued support of its controlling shareholder. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The Company’s ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon: the continued participation of its joint venture partners and the support of its controlling shareholder, its ability to raise capital sufficient to fund its commitments and ongoing losses, and ultimately generating profitable operations.

2_SUMMARY_OF_SIGNIFICANT_ACCOU

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	Basis of Presentation
	These consolidated financial statements and related notes are presented in accordance with US GAAP, and are expressed in United States dollars. The Company has not produced revenues from its principal business and is an exploration stage company as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 915, Development Stage Entities. These statements include the accounts of the Company and its wholly owned subsidiaries First Endeavor Holdings, Inc. (“FEH”) and Holloman Petroleum Pty. Ltd. (“Holloman Petroleum”). All intercompany transactions and balances have been eliminated.
	Use of Estimates
	The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these consolidated financial statements relate to carrying values of oil and gas properties, determination of fair values of stock based transactions, and deferred income tax rates.
	Foreign Currency Translation
	The Company and its Australian subsidiaries’ functional and reporting currency is the United States dollar. The functional currency of the Company’s Canadian subsidiary (which is currently inactive) is the Canadian dollar. Foreign currency financial statements of the Company’s Canadian subsidiary are translated to United States dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues and expenses. Translation gains (losses) are recorded in accumulated other comprehensive income as a component of stockholders’ equity. Foreign currency financial statements of the Company’s Australian subsidiaries use period end rates for monetary assets and liabilities, historical rates for historical cost balances, and average rates for expenses.  If material, translation gains and losses are included in the determination of income. Foreign currency transactions of the Company’s subsidiaries are primarily undertaken in Australian and Canadian dollars. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
	Fair Market Measurements
	The Company estimates the fair values of financial and non-financial assets and liabilities under ASC Topic 820 “Fair Value Measurements and Disclosures” (“ASC Topic 820”). ASC Topic 820 provides a framework for consistent measurement of fair value for those assets and liabilities already measured at fair value under other accounting pronouncements. Certain specific fair value measurements, such as those related to share-based compensation, are not included in the scope of ASC Topic 820. Primarily, ASC Topic 820 is applicable to assets and liabilities related to financial instruments, to some long-term investments and liabilities, to initial valuations of assets and liabilities acquired in a business combination, and to long-lived assets written down to fair value when they are impaired. It does not apply to oil and natural gas properties accounted for under the full cost method, which are subject to impairment based on SEC rules. ASC Topic 820 applies to assets and liabilities carried at fair value on the consolidated balance sheet, as well as to supplemental fair value information about financial instruments not carried at fair value.
	Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of these techniques requires significant judgment and is primarily dependent upon the characteristics of the asset or liability, the principal (or most advantageous) market in which participants would transact for the asset or liability and the quality and availability of inputs. Inputs to valuation techniques are classified as either observable or unobservable within the following hierarchy:
		●	Level 1 — quoted prices in active markets for identical assets or liabilities.
		●	Level 2 — inputs other than quoted prices that are observable for an asset or liability. These include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).
		●	Level 3 — unobservable inputs that reflect the Company’s own expectations about the assumptions that market participants would use in measuring the fair value of an asset or liability.
	A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
	Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity.
	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
	Acquired oil and gas properties are reported at fair value on a nonrecurring basis in the Company’s balance sheet. See Oil and Gas Properties below for further discussion of the methods and assumptions used to estimate fair values.
	Cash, Cash Equivalents and the Fair Value of Financial Instruments
	The Company considers all highly liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. Cash and cash equivalents totaled $23,260 and $1,009,882 at December 31, 2013 and 2012, respectively. The Company is exposed to a concentration of credit risk with respect to its cash deposits. The Company places cash deposits with highly rated financial institutions in the United States and Australia. At times, cash balances held in financial institutions may be in excess of insured limits. The Company believes the financial institutions are financially strong and the risk of loss is minimal. The Company has not experienced any losses with respect to the related risks and does not believe its exposure to such risks is more than normal.
	The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, other receivables, accounts payable, accrued liabilities and demand notes payable approximates their carrying value due to their short-term nature.
	Long-Lived Assets
	The carrying value of long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.
	Oil and Gas Properties
	The Company utilizes the full cost method to account for its investment in oil and gas properties. Accordingly, all costs associated with acquisition, exploration and development of oil and gas reserves, including such costs as leasehold acquisition costs, interest costs relating to unproved properties, geological expenditures, tangible and intangible development costs including direct internal costs are capitalized to the full cost pool. When the Company commences production from established proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. Costs of unproved properties are not amortized until the proved reserves associated with the projects can be determined or until impairment occurs. If an assessment of such properties indicates that properties are impaired, the amount of impairment is added to the capitalized cost base to be amortized. At December 31, 2013 and 2012, the Company assessed that there was no material impairment of unproved properties.
	The capitalized costs included in the full cost pool are subject to a "ceiling test" (based on 12-month average of first-day-of-the-month pricing), which limits such costs to the aggregate of the (i) estimated present value, using a ten percent discount rate, of the future net revenues from proved reserves, based on current economic and operating conditions, (ii) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, (iii) the cost of properties not being amortized, less (iv) income tax effects related to differences between the book and tax basis of the cost of properties not being amortized and the cost or estimated fair value of unproved properties included in the costs being amortized. At December 31, 2013, all of the Company’s oil and gas interests were classified as unproven properties and were not being amortized.
	Sales of proved and unproved properties are accounted for as adjustments of capitalized costs with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations.
	Asset Retirement Obligations
	The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation.
	Environmental
	Oil and gas activities are subject to extensive federal and provincial environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites.
	Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Expenditures that have future economic benefits are capitalized. Liabilities for expenditures of a non-capital nature are recorded when an environmental assessment and/or remediation is probable, and the costs can be reasonably estimated.
	Income Taxes
	Income taxes are determined using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered 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 that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized.
	The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's consolidated financial statements.
	Stock Based Compensation
	The Company records compensation expense in the consolidated financial statements for share based payments using the fair value method. The fair value of stock options granted to directors and employees is determined using the Black-Scholes option valuation model at the time of grant. Fair value for common shares issued for goods or services rendered by non-employees are measured based on the fair value of the goods and services received. Share-based compensation is expensed with a corresponding increase to share capital. Upon the exercise of the stock options, the consideration paid is recorded as an increase in share capital.
	Other Comprehensive Income (Loss)
	The Company reports and displays comprehensive income and loss and its components in the consolidated financial statements. For the years ended December 31, 2013 and 2012, the only components of comprehensive loss were foreign currency translation adjustments.
	Earnings Per Share
	The Company presents both basic and diluted earnings per share (“EPS”) on the face of the consolidated statements of operations. Basic EPS is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Diluted EPS figures are equal to those of Basic EPS for each period since we had no securities outstanding during periods in which the Company generated net income that were potentially dilutive.
	Recent Accounting Pronouncements
	The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its consolidated financial position, results of operations or cash flows.

3_DIVESTITURE_OF_ENDEAVOR_AND_

3. DIVESTITURE OF ENDEAVOR AND DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
3. DIVESTITURE OF ENDEAVOR AND DISCONTINUED OPERATIONS	'
	Effective August 3, 2007, the Company entered into a share exchange agreement to acquire 100% of the issued and outstanding shares of Endeavor Canada Corporation (“Endeavor”), an Alberta Canada corporation involved in oil and gas development. The Company’s acquisition of Endeavor was accounted for as a re-capitalization using accounting principles applicable to reverse acquisitions whereby the financial statements subsequent to the date of the transaction are presented as a continuation of Endeavor. Under re-capitalization accounting Endeavor was treated as the Company’s accounting parent (legal subsidiary) and the Company was treated as the accounting subsidiary (legal parent). Accordingly, the consolidated results of operations of the Company include those of Endeavor from its inception on May 5, 2006 and those of the Company from the closing date of the re-capitalization on August 3, 2007. Endeavor, the acquired entity, was regarded as the predecessor and continuing entity as of August 3, 2007.
	On February 1, 2008, the Company entered into an agreement with its former Chief Executive Officer which provided the Company the option of exchanging all of its interest in Endeavor. On February 15, 2008, the option was exercised. In exchange, all outstanding shares of Endeavor were transferred to the former CEO. The Company recognized a gain on its divestiture of Endeavor as follows:
	Net liabilities of Endeavor:
	Assets	$	(780,467	)
	Liabilities, including $351,504 in amounts payable to related parties		3,401,781
	Accumulated comprehensive income		(31,265	)
	Carrying value		2,590,049
	Share consideration received		6,507
	Intercompany receivables written off		(1,812,688	)
	Gain on disposal of discontinued operations	$	783,868

4_OIL_AND_GAS_PROPERTIES

4. OIL AND GAS PROPERTIES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
4. OIL AND GAS PROPERTIES	'
	General
	All of the Company’s oil and gas properties are located in Australia and are unproven. As such, the costs capitalized in connection with those properties are not currently subject to depletion. The costs incurred in oil and gas property acquisition and exploration activities are summarized as follows:
	Australian Exploration Properties - Unproven
	Balance, December 31, 2006		$	––
	Acquisition costs			15,903,000
	Impact of deferred tax liability			6,177,000
	Exploration costs			290,925
	Balance, December 31, 2007			22,370,925
	Exploration Costs			710,204
	Balance, December 31, 2008			23,081,129
	Write down – Barrow			(2,908,010	)
	Write down – Vic P60			(2,212,197	)
	Write down – Deferred tax gross-ups			(1,636,508	)
	Exploration Costs			131,806
	Balance, December 31, 2009			16,456,220
	Exploration Costs			174,571
	Balance, December 31, 2010			16,630,791
	Exploration Costs			4,144
	Balance, December 31, 2011			16,634,935
	Exploration Costs - Recovered			(5,773	)
	Balance, December 31, 2012			16,629,162
	Exploration Costs			556,456
	Balance, December 31, 2013		$	17,185,618
	Offshore – The Gippsland and Barrow Basins
	In May 2007, the Company entered into an agreement to acquire a 62.5% working interest in an Australian oil and gas exploration permit (“Vic P60”) covering 340,000 acres, more or less, in the Gippsland Basin in Australia. On November 21, 2007, the Company purchased seven Australian oil and gas permits. This purchase was facilitated by the acquisition of Holloman Petroleum, a privately held Australian-based company, for 18,600,000 shares of the Company's common stock with a fair market value of $15,903,000. The purchase included a 66.67% working interest in three licenses located in the Cooper Basin in the State of South Australia, the remaining 37.5% working interest in Vic P60 and a 100% working interest in three permits in the Barrow Sub-Basin in the State of Western Australia. During 2009, the Company relinquished its Barrow Sub-Basin and Vic P60 permits, and recognized a net loss on the impairment of oil and gas assets of $5,759,694. This loss included the write-off of a $639,487 deposit paid in connection with the acquisition of Vic P60. The carrying value of oil and gas properties was also reduced by $1,636,508 in deferred tax gross-ups relating to the relinquished permits.
	Onshore – The Cooper Basin
	At December 31, 2013, the Company holds working interests in two onshore Petroleum Exploration Licenses (PELs) in Australia. PEL 112, in which the Company holds a 48.5007% working interest, is comprised of 2,196 square kilometers (542,643 gross acres, 263,185 net acres). PEL 444, in which the Company holds a 66.667% working interest, is comprised of 2,358 square kilometers (582,674 gross acres, 388,451 net acres). Both licenses are located on the southwestern flank of the Cooper Basin in the State of South Australia. The Company’s oil and gas properties are unproven. As such, the costs capitalized in connection with those properties are not currently subject to depletion.
	Subsequent to December 31, 2013 the Company renewed its license on PEL 112 and relinquished a portion of its acreage. The Company believes the acreage relinguished was non-prospective. The Company also granted an additional working interest in PEL 444 to a joint venture partner in connection with the Terra Nova Farm-In Agreement (see Note 12).
	The Terra Nova Farm-In Agreement
	Effective May 11, 2012, the Company entered into a definitive Oil and Gas Farm-In Agreement with Terra Nova Energy Ltd., and its wholly owned subsidiary Terra Nova Resources Inc. (“Terra Nova”), Australian-Canadian Oil Royalties Ltd. (“ACOR”) and Eli Sakhai (“Sakhai”) on PEL 112 and PEL 444 (the “Agreement”). The Agreement provides terms under which Terra Nova may earn up to a 55% undivided working interest in PEL 112 and PEL 444 (the “Farm-In Interest”).
	During 2012, in connection with the Agreement, Terra Nova paid the Company non-refundable cash fees totaling $350,000, and 666,670 shares of its common stock with a fair market value of $193,334. The shares were measured at fair market value on a non-recurring basis using quoted market prices, and are categorized as a Level 1 fair value measurement under ASC Topic 820. The Company agreed to provide ACOR and Sakhai a full accounting of its use of the cash fees, and to share with ACOR and Sakhai, any excess of the cash fees over the transaction costs it incurred in connection with the Agreement. As a result of its analysis, the Company identified a total of $54,719 in excess fees to be refunded to ACOR and Sakhai. Of that amount, the Company withheld $37,340 as a recovery of exploration costs payable to it by ACOR and Sakhai.
	To earn the entire Farm-In Interest, Terra Nova is required to fund exploration and development expenditures (the “Earning Obligations”) totaling at least AUD$13,700,000 (USD$14,308,000) including:
		·	AUD$4,700,000 (USD$4,968,000) which was placed in escrow during May 2012 for use in the completion of a seismic acquisition program sufficient to meet the minimum seismic acquisition requirements and interpretation of the acquired data for PEL 112 and PEL 444 (earning a 20% working interest in each license upon completion of the seismic obligations);
		·	AUD$4,500,000 (USD$4,670,000) which was placed in escrow on November 1, 2012 to secure Terra Nova’s obligation to sole fund the dry-hole costs of an initial three (3) well drilling program on either PEL 112 or PEL 444, provided that at least one well is drilled on each license (earning a working interest of 5.833% per well in each license upon completion, totaling a working interest of 17.5%); and
		·	AUD$4,500,000 (USD$4,670,000) to be placed in escrow on or before 45 days following completion or abandonment of the third well in the initial well program for use in funding the first AUD$4,500,000 in dry-hole costs of an optional three (3) well drilling program on either PEL 112 or PEL 444, provided that at least one well is drilled on each license (earning a working interest of 5.833% per well in each license upon completion, totaling a working interest of 17.5%).
	Terra Nova acts as contract operator with respect to all seismic acquisition and drilling work contemplated by the Agreement.
	Effective May 29, 2013, the Agreement was amended such that of the AUD$4,500,000 (USD$4,670,000) placed in escrow for the Initial Well Program, AUD$500,000 (USD$482,250) was used to pay costs incurred in the PEL 444 seismic program. Costs incurred in relation to the seismic earning obligations in excess of AUD$5,200,000 (previously AUD$4,700,000), have been borne by Terra Nova, the Company, ACOR and Sakhai in accordance with their working interest percentages calculated as though Terra Nova had successfully completed its Earning Obligations and earned the entire Farm-In Interest.
	In July 2013, Terra Nova drilled the first well on PEL 112. The well was plugged and abandoned in August 2013. In the event Terra Nova elects to complete the second well drilled in connection with the initial three well drilling program, Terra Nova will pay 50% of the completion costs and the Company will pay the other 50% of the completion costs. In the event Terra Nova elects to complete the third well drilled in connection with the initial three well drilling program, or any well drilled in connection with the optional three well drilling program, Terra Nova will pay 50% of the completion costs, and the Company, ACOR and Sakhai will pay the other 50% of the completion costs in accordance with their working interest at the effective date of the Agreement.
	In the event any well drilled in connection with either the initial or optional drilling programs is commercially viable, and Terra Nova elects to complete such well, Terra Nova is entitled to a preferential recovery of one hundred percent of the costs it has paid to drill and test that successful well. Terra Nova is entitled to 80% of production from that successful well until either that successful well has ceased production or Terra Nova has received net revenue equal to the reimbursable costs it has incurred.
	Terra Nova earns the Farm-In Interest in stages based upon successful completion of specific Earning Obligations. In each instance, the Company, ACOR and Sakhai will each contribute a portion of the working interest earned by Terra Nova. In the event Terra Nova earns the entire Farm-In Interest, the Company, ACOR and Sakhai will transfer to Terra Nova the following working interest percentages in both PEL 112 and PEL 444:
		(a)	The Company will contribute an undivided 38.556% working interest in both PEL 112 and PEL 444 (resulting in a residual working interest position of 28.112% in each license);
		(b)	ACOR will contribute an undivided 8.222% working interest in both PEL 112 and PEL 444; and
		(c)	Sakhai will contribute an undivided 8.222% working interest in both PEL 112 and PEL 444.
	The Agreement may be terminated by any party upon the occurrence of an uncured breach of any material term. Terra Nova may terminate the Agreement any time before it has earned the Farm-In Interest upon providing written notice of such termination. In the event Terra Nova terminates the Agreement, it shall not be entitled to any interest in either PEL 112 or PEL 444 unless it has satisfied an Earning Obligation with respect to that license.
	Cooper Basin Exploration Activity
	Acquisition of 127 square kilometers of 3D seismic data on PEL 112 (the “Mulka Survey”) was completed in late September 2012. The Mulka Survey fulfilled the Company’s minimum work requirements for PEL 112 License Year Four. As a result, Terra Nova completed its seismic Earning Obligation with respect to PEL 112, and earned an undivided 20% working interest in that license. Geokinetics (Australia) Pty. Ltd. undertook the Mulka Survey on the northern boundary of PEL 112 under the direction of Terra Nova. The Company, ACOR and Sakhai each contributed the following portion of the working interest earned to Terra Nova:
		(a)	The Company contributed an undivided 13.3334% working interest in PEL 112 resulting in a residual working interest position of 53.334% in that license;
		(b)	ACOR contributed an undivided 3.3333% working interest in PEL 112; and
		(c)	Sakhai contributed an undivided 3.3333% working interest in PEL 112.
	On July 17, 2013, the Government of South Australia finalized and registered the transfer of the 20% working interest earned by Terra Nova in PEL 112.
	On July 23, 2013, the Company spudded the Wolfman #1 exploration well on PEL 112. The well’s primary oil objective, the Namur Sandstone, was encountered at approximately 1,197 meters (3,927 feet) on August 6, 2013. Drilling continued to its secondary targets in the Birkhead formation and Hutton sandstones. Wolfman #1 reached Total Depth of 1,703 meters (5,587 feet), on August 7, 2013. No oil shows were observed while drilling in the primary and secondary oil objectives, and the well was plugged and abandoned. The entire cost of the well was paid by Terra Nova in accordance with the terms of the Agreement. The drilling of Wolfman #1 fulfilled the Company’s minimum work requirement for PEL 112 License Year Five.
	Upon completion of Wolfman #1 Terra Nova earned an additional undivided 5.8333% working interest in PEL 112. The Company, ACOR and Sakhai each contributed the following portion of the working interest earned to Terra Nova:
		(a)	The Company contributed an undivided 4.8333% working interest in PEL 112 resulting in a residual working interest position of 48.5007% in that license;
		(b)	ACOR contributed an undivided 0.5000% working interest in PEL 112; and
		(c)	Sakhai contributed an undivided 0.5000% working interest in PEL 112.
	On December 20, 2013, the Government of South Australia registered the transfer of the 5.8333% working interest earned by Terra Nova in PEL 112.
	During November 2013, the Company applied for a five-year renewal of its license on PEL 112. In connection with its application, the Company offered to relinquish 1,110 square kilometers (274,287 acres) of the area covered by that license. The Company’s management believes the acreage to be relinquished is non-prospective. On December 18, 2013, the Government of South Australia accepted the Company’s application and offered to renew its license on PEL 112 in accordance with its terms.
	Subsequent to December 31, 2013, the renewal of the Company’s license on PEL 112 was finalized (see Note 12). The Company intends to continue development of the remaining prospects identified on that concession.
	Acquisition of 80 square kilometers of 3D seismic data on PEL 444 (the “Wingman Survey”) began May 28, 2013 and was completed on July 2, 2013. At December 31, 2013, the processing of seismic data from the Wingman Survey was complete and the Company was awaiting interpretation of that data. The completion of the Wingman Survey fulfills the Company’s minimum work requirements for PEL 444 License Year Three. Subsequent to December 31, 2013, Terra Nova finalized its interpretation of the Wingman Survey data and earned a 25.8333% working interest in PEL 444 (see Note 12).

5_NOTE_PAYABLE

5. NOTE PAYABLE	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
5. NOTE PAYABLE	'
	On December 24, 2012, the Company entered into a Promissory Note with an unrelated party (“Lender”) under which it borrowed the principal amount of $1,000,000 (the “Note”). The Note bears interest at 4.5% per annum and provides for a penalty rate of interest of 10% per year on any unpaid principal which is not paid when due. The Note is payable upon demand of the Lender at any time, and may be prepaid by the Company without notice or penalty and has therefore been classified as a current liability. On August 16, 2013, we voluntarily repaid $60,000 of Principal on the Note, as a result, at December 31, 2013, the principal balance of the Note was $940,000.
	For the years ended December 31, 2013 and 2012, the Company recognized $43,979 and $740, respectively in interest expense on the Note, $10,662 of interest incurred remained unpaid at December 31, 2013.
	The Company’s controlling shareholder guaranteed the Company’s obligations under the Note.
	Subsequent to December 31, 2013, the Company initiated a transaction in which the remaining principal balance of the Note will be exchanged by the Lender for a 1% overriding royalty interest in all production of oil, gas and associated hydrocarbons from PEL 112 and PEL 444 (see Note 12).

6_OTHER_INCOME

6. OTHER INCOME	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
6. OTHER INCOME	'
	During the year ended December 31, 2012, in connection with the Agreement, Terra Nova paid the Company cash fees totaling $350,000, and 666,670 shares of its common stock with a fair market value of $193,334 (see Note 4). All fees paid by Terra Nova were fully earned upon receipt, and were not repayable to Terra Nova under any circumstances. After an offset of $54,719 in amounts refunded to ACOR and Sakhai, the Company recognized other income relating to these fees of $488,615.
	On July 29, 2011, the Company entered into an oil and gas farm-in agreement with Brandenburg Energy Corp., ("Brandenburg"). In connection with this agreement, Brandenburg paid the Company $261,212 in contract advances. On February 27, 2012, the Company terminated its agreement with Brandenburg. Upon execution of the agreement with Brandenburg, $261,212 in contract payments became non-refundable. Of that amount $40,094, which had been incurred on contract related expenditures during the three months ended June 30, 2011, were recognized as other income during the year ended December 31, 2011. The remaining balance of $7,160 was recognized as other income during the year ended December 31, 2012.

7_RELATED_PARTY_TRANSACTION

7. RELATED PARTY TRANSACTION	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
7. RELATED PARTY TRANSACTION	'
	On December 24, 2012, the Company’s controlling shareholder guaranteed the Company’s obligations under a note payable in the principal amount of $1,000,000 (see Note 5).
	On April 2, 2012, the Company’s Board of Directors consented to the distribution of 666,670 shares of the common stock of Terra Nova, to its directors, officers and principal advisors. The Terra Nova shares were received by the Company in connection with the Agreement with Terra Nova, and were distributed as compensation for efforts put forth in securing the Terra Nova opportunity. The fair market value of the Terra Nova shares is the market price of the shares at the date they were earned by the Company. The 666,670 shares had an aggregate value of $193,334, or $0.29 per share at that date.
	On April 2, 2012, the Company granted 1,000,000 shares of its common stock to a consultant whose efforts it judged instrumental in identifying and finalizing the Agreement with Terra Nova (see Note 10).
	On March 1, 2012, the Company executed a promissory note in the principal amount of $100,000 with one of its consultants who is also a shareholder. The note was non-interest bearing and payable upon demand. The entire principal amount of the note was repaid on March 23, 2012.
	During 2013, management fees totaling $118,028 (2012 - $111,525) were paid to the Company’s Chief Financial Officer. The fees were incurred as compensation for services rendered in the normal course of operations and were paid at the amount established and agreed to by the related parties.
	Effective October 1, 2010, the Company executed an administrative services agreement with Holloman Corporation, the Company’s controlling shareholder. Under this agreement, fees of $5,000 per month are payable to Holloman Corporation covering office and meeting space, supplies, utilities, office equipment, network access and other administrative facilities costs. These fees are payable quarterly in shares of the Company’s restricted common stock at the closing price of the stock on the last trading-day of the applicable monthly billing period. This administrative services agreement can be terminated by either party with 30-days’ notice. During 2013, the Company recorded $60,000 (2012 – $60,000) of office expense and issued 156,343 (2012– 204,379) shares of its common stock as a result of this agreement (see Note 10).

8_STOCKBASED_COMPENSATION

8. STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
8. STOCK-BASED COMPENSATION	'
	On August 15, 2009, the Company established a Non-Qualified Stock Option Plan and a Stock Bonus Plan. The Non-Qualified Stock Option Plan (the “Option Plan”) authorizes the issuance of up to 7,200,000 shares of the Company’s common stock. Under the Stock Bonus Plan up to 300,000 shares (“Bonus Shares”) of the Company’s common stock may be issued to employees, directors, officers, consultants and advisors, provided qualifying services are rendered.
	At the discretion of the Company’s Board of Directors, any option may include installment exercise terms such that the option becomes fully exercisable in a series of cumulating portions. Any options granted or shares issued pursuant to the Plans will be forfeited if the "vesting" schedule established at the time of the grant is not met. The Company may at any time, and from time to time, amend, terminate, or suspend one or more of the Plans in any manner its deems appropriate, provided that any amendment, termination or suspension may not adversely affect rights or obligations with respect to options or shares previously granted.
	Issuance of Options and Bonus Shares
	On April 3, 2012, the Company granted options to its Chief Executive Officer under the terms shown below. The options were granted pursuant to the Option Plan.
	Number of Shares	Exercise		First Date		Expiration
	Issuable Upon	Price		Exercisable		Date
	Exercise of Option
	450,000	$      0.70		4/3/12		8/15/12
	450,000	$      0.80		4/3/12		8/15/12
	450,000	$      1.00		4/3/12		8/15/14
	450,000	$      1.20		4/3/12		8/15/14
	1,800,000
	The Company applied the Black-Scholes option pricing model to determine the fair market value of the options granted. In applying the model, the Company used the following parameters: contractual lives of .38 to 2.38 years, historical stock price volatility of 103% to 138%, a risk-free rate of 4.5% and an annual dividend rate of 0%. As a result, the Company determined that the total fair market value of the options granted was $104,874 and the weighted-average grant-date fair value per option granted was $0.06.
	On February 14, 2012, stock warrants providing for the purchase of 700,003 shares of the Company’s common stock, at a price of $0.25 per share, expired without exercise. On August 15, 2012, stock options granted in connection with the Company’s 2009 Non-Qualified Stock Option Plan providing for the purchase of 3,300,000 shares of the Company’s common stock, at a weighted average price of $0.75 per share expired without exercise. At December 31, 2013 the Company had a total of 3,300,000 stock options outstanding with weighted average exercise prices and lives of $1.10 and 8.5 months, respectively.
	A summary of Option Plan activity as of December 31, 2013, and changes during the year then ended is presented below.
	Options	Shares					Weighted-Average		Aggregate
		(000’s)			Weighted-Average		Remaining Contract Term (yrs)		Intrinsic value
					Exercise Price
	Outstanding – January 1, 2013		3,300		$	1.1
	Granted		––			––
	Exercised		––			––
	Forfeited or expired		––			––
	Outstanding – December 31, 2013		3,300		$	1.1		0.71	$	0
	Exercisable – December 31, 2013		3,300		$	1.1		0.71	$	0
	There was no share-based compensation recognized during the year ended December 31, 2013.
	A total of $104,874 in non-cash, stock-based compensation was recognized in connection with the Option Plan during the year ended December 31, 2012.
	In addition, on April 3, 2012, the Company authorized the issuance of 75,000 bonus shares of its common stock pursuant to the 2009 Stock Bonus Plan. The fair market value of these bonus shares is the market price of the shares at the date of grant. The 75,000 bonus shares had an aggregate value of $21,750, or $0.29 per share at that date.
	On April 3, 2012, the Company also issued its Chief Executive Officer fractional participation in a 2% net revenue interest in wells drilled by the Company on PEL 112 and PEL 444. The participation units granted represent a 0.017% interest in the Company’s Cooper Basin revenues, after all royalties, exploration expenses, operating costs and capital investments associated with the Cooper Basin have been recovered. In management’s opinion no value can be assigned to these revenue interests, as any valuation is non-estimable.

9_PREFERRED_SHARES

9. PREFERRED SHARES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
9. PREFERRED SHARES	'
	The Company and its wholly-owned subsidiary, First Endeavor Holdings (“FEH”), are each authorized to issue 10,000,000 preferred shares with a par value of $0.001 per share. At December 31, 2013 and 2012, neither the Company nor FEH had any preferred shares outstanding.

10_COMMON_SHARES

10. COMMON SHARES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
10. COMMON SHARES	'
	The Company is authorized to issue 150,000,000 common shares with a par value of $0.001.
	On April 2, 2012, the Company granted 1,000,000 shares of its common stock to a consultant whose efforts it judged instrumental in identifying and finalizing the Agreement with Terra Nova. The grant was conditioned upon the execution of the Agreement which occurred on May 11, 2012. The 1,000,000 bonus shares had a fair market value at the date of grant equal to $290,000, or $0.29 per share.
	During 2013, the Company issued 156,343 (2012 – 204,379) shares of common stock, at an average price of $0.384 (2012 - $0.294) per share in connection with the conversion of $60,000 (2012 - $60,000) in administrative service fees payable to its controlling shareholder.

11_INCOME_TAXES

11. INCOME TAXES	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
11. INCOME TAXES	'
	The Company is subject to United States federal income taxes at an approximate rate of 35%. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows:
			Year Ended			Year Ended
			December 31,			December 31,
			2013			2012
	Statutory tax rates		35	%			35	%
	Expected recovery of income taxes at statutory rates	$	103,182			$	(214,506	)
	Increase (reduction) in income taxes resulting from:
	Non-deductible expenditures and other		––				34,282
	Foreign exchange rate and tax rate differences		(220,870	)			27,917
	Valuation allowance change		946,263				152,307
	Provision for income taxes	$	828,575			$	––
	The significant components of deferred income tax assets and liabilities at December 31, 2013 and 2012 are as follows:
		Year Ended			Year Ended
		December 31,			December 31,
		2013			2012
	Deferred income tax assets:
	Stock-based compensation	$	878,925		$	878,925
	US net operating loss carryforwards		1,509,626			1,353,256
	Australian operating loss carryforwards		814,822			277,616
	Australian deposits on property		––			––
	US loan receivable		543,806			543,806
	Other accruals		17,536			16,889
	Total deferred income tax assets		3,764,715			3,070,492
	Less: valuation allowance		-3,764,715			(2,818,452	)
	Deferred income tax assets, net		––			252,040
	Petroleum and natural gas properties, Australia		-4,992,436			(5,161,657	)
	Deferred income tax liabilities, net	$	-4,992,436		$	(4,909,617	)
	In the United States, the Company had regular tax net operating losses of $4,313,217 that expire from 2026-2036. A valuation allowance of $2,406,087 has been applied against the deferred tax assets.
	In Australia, the Company had regular tax net operating losses of $2,716,074 that may be used in future years to reduce taxable income. A valuation allowance of $1,358,679 has been applied against the deferred tax assets.
	The Company's tax returns for 2010 and subsequent years remain subject to examination by tax authorities.

12_SUBSEQUENT_EVENTS

12. SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
12. SUBSEQUENT EVENTS	'
	During November 2013, the Company applied for a five-year renewal of its license on PEL 112. On December 18, 2013, the Government of South Australia accepted the Company’s application and offered to renew its license on PEL 112 in accordance with its terms. On March 12, 2014, the Government of South Australia finalized its renewal of PEL 112. As a result, the Company now holds a 48.5007% working interest in PEL 112 comprising 1,086 square kilometers (268,356 acres) until January 10, 2019.
	During February 2014, Terra Nova finalized its interpretation of the Wingman Survey data and earned a 25.8333% working interest in PEL 444. The working interest earned by Terra Nova was comprised of a 20% interest resulting from the completion of the Wingman Survey and a 5.8333% interest granted in connection with Terra Nova’s completion of the Wolfman #1 well. The Company, ACOR and Sakhai each contributed a portion of the working interest earned by Terra Nova as follows:
		(a)	The Company contributed an undivided 18.1667% working interest in PEL 444 resulting in a residual working interest position of 48.5007% in that license;
		(b)	ACOR contributed an undivided 3.8333% working interest in PEL 444; and
		(c)	Sakhai contributed an undivided 3.8333% working interest in PEL 444.
	As of March 28, 2014 the Government of South Australia was processing the documents required to finalize the transfer of the working interest earned by Terra Nova.
	On February 24, 2014, the Company initiated a non-binding transaction in which it has agreed to assign a 1% overriding royalty interest in all production of oil, gas and associated hydrocarbons arising from lands covered by PEL 112 and PEL 444 in exchange for $940,000, which is the remaining principal balance of its Note payable to a third party (see Note 5). The completion of the transaction is contingent upon the rejection of first rights of refusal by Terra Nova, ACOR and Sakhai.

2_SUMMARY_OF_SIGNIFICANT_ACCOU1

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies Policies	'
Basis of Presentation	'
	These consolidated financial statements and related notes are presented in accordance with US GAAP, and are expressed in United States dollars. The Company has not produced revenues from its principal business and is an exploration stage company as defined by Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 915, Development Stage Entities. These statements include the accounts of the Company and its wholly owned subsidiaries First Endeavor Holdings, Inc. (“FEH”) and Holloman Petroleum Pty. Ltd. (“Holloman Petroleum”). All intercompany transactions and balances have been eliminated.
Use of Estimates	'
	The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. The most significant estimates with regard to these consolidated financial statements relate to carrying values of oil and gas properties, determination of fair values of stock based transactions, and deferred income tax rates.
Foreign Currency Translation	'
	The Company and its Australian subsidiaries’ functional and reporting currency is the United States dollar. The functional currency of the Company’s Canadian subsidiary (which is currently inactive) is the Canadian dollar. Foreign currency financial statements of the Company’s Canadian subsidiary are translated to United States dollars using period-end rates of exchange for assets and liabilities, and average rates of exchange for the period for revenues and expenses. Translation gains (losses) are recorded in accumulated other comprehensive income as a component of stockholders’ equity. Foreign currency financial statements of the Company’s Australian subsidiaries use period end rates for monetary assets and liabilities, historical rates for historical cost balances, and average rates for expenses.  If material, translation gains and losses are included in the determination of income. Foreign currency transactions of the Company’s subsidiaries are primarily undertaken in Australian and Canadian dollars. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Fair Market Measurements	'
	The Company estimates the fair values of financial and non-financial assets and liabilities under ASC Topic 820 “Fair Value Measurements and Disclosures” (“ASC Topic 820”). ASC Topic 820 provides a framework for consistent measurement of fair value for those assets and liabilities already measured at fair value under other accounting pronouncements. Certain specific fair value measurements, such as those related to share-based compensation, are not included in the scope of ASC Topic 820. Primarily, ASC Topic 820 is applicable to assets and liabilities related to financial instruments, to some long-term investments and liabilities, to initial valuations of assets and liabilities acquired in a business combination, and to long-lived assets written down to fair value when they are impaired. It does not apply to oil and natural gas properties accounted for under the full cost method, which are subject to impairment based on SEC rules. ASC Topic 820 applies to assets and liabilities carried at fair value on the consolidated balance sheet, as well as to supplemental fair value information about financial instruments not carried at fair value.
	Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of these techniques requires significant judgment and is primarily dependent upon the characteristics of the asset or liability, the principal (or most advantageous) market in which participants would transact for the asset or liability and the quality and availability of inputs. Inputs to valuation techniques are classified as either observable or unobservable within the following hierarchy:
		●	Level 1 — quoted prices in active markets for identical assets or liabilities.
		●	Level 2 — inputs other than quoted prices that are observable for an asset or liability. These include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).
		●	Level 3 — unobservable inputs that reflect the Company’s own expectations about the assumptions that market participants would use in measuring the fair value of an asset or liability.
	A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
	Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity.
	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
	Acquired oil and gas properties are reported at fair value on a nonrecurring basis in the Company’s balance sheet. See Oil and Gas Properties below for further discussion of the methods and assumptions used to estimate fair values.
	Cash, Cash Equivalents and the Fair Value of Financial Instruments
	The Company considers all highly liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. Cash and cash equivalents totaled $23,260 and $1,009,882 at December 31, 2013 and 2012, respectively. The Company is exposed to a concentration of credit risk with respect to its cash deposits. The Company places cash deposits with highly rated financial institutions in the United States and Australia. At times, cash balances held in financial institutions may be in excess of insured limits. The Company believes the financial institutions are financially strong and the risk of loss is minimal. The Company has not experienced any losses with respect to the related risks and does not believe its exposure to such risks is more than normal.
	The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, other receivables, accounts payable, accrued liabilities and demand notes payable approximates their carrying value due to their short-term nature.
	Long-Lived Assets
	The carrying value of long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.
	The Company estimates the fair values of financial and non-financial assets and liabilities under ASC Topic 820 “Fair Value Measurements and Disclosures” (“ASC Topic 820”). ASC Topic 820 provides a framework for consistent measurement of fair value for those assets and liabilities already measured at fair value under other accounting pronouncements. Certain specific fair value measurements, such as those related to share-based compensation, are not included in the scope of ASC Topic 820. Primarily, ASC Topic 820 is applicable to assets and liabilities related to financial instruments, to some long-term investments and liabilities, to initial valuations of assets and liabilities acquired in a business combination, and to long-lived assets written down to fair value when they are impaired. It does not apply to oil and natural gas properties accounted for under the full cost method, which are subject to impairment based on SEC rules. ASC Topic 820 applies to assets and liabilities carried at fair value on the consolidated balance sheet, as well as to supplemental fair value information about financial instruments not carried at fair value.
	Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of these techniques requires significant judgment and is primarily dependent upon the characteristics of the asset or liability, the principal (or most advantageous) market in which participants would transact for the asset or liability and the quality and availability of inputs. Inputs to valuation techniques are classified as either observable or unobservable within the following hierarchy:
		●	Level 1 — quoted prices in active markets for identical assets or liabilities.
		●	Level 2 — inputs other than quoted prices that are observable for an asset or liability. These include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).
		●	Level 3 — unobservable inputs that reflect the Company’s own expectations about the assumptions that market participants would use in measuring the fair value of an asset or liability.
	A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
	Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instrument’s complexity.
	Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
	Acquired oil and gas properties are reported at fair value on a nonrecurring basis in the Company’s balance sheet. See Oil and Gas Properties below for further discussion of the methods and assumptions used to estimate fair values.
	Cash, Cash Equivalents and the Fair Value of Financial Instruments
	The Company considers all highly liquid instruments with an original maturity of three months or less at the time of issuance to be cash equivalents. Cash and cash equivalents totaled $23,260 and $1,009,882 at December 31, 2013 and 2012, respectively. The Company is exposed to a concentration of credit risk with respect to its cash deposits. The Company places cash deposits with highly rated financial institutions in the United States and Australia. At times, cash balances held in financial institutions may be in excess of insured limits. The Company believes the financial institutions are financially strong and the risk of loss is minimal. The Company has not experienced any losses with respect to the related risks and does not believe its exposure to such risks is more than normal.
	The estimated fair values for financial instruments are determined at discrete points in time based on relevant market information. These estimates involve uncertainties and cannot be determined with precision. The estimated fair value of cash, other receivables, accounts payable, accrued liabilities and demand notes payable approximates their carrying value due to their short-term nature.
Oil and Gas Properties	'
	The Company utilizes the full cost method to account for its investment in oil and gas properties. Accordingly, all costs associated with acquisition, exploration and development of oil and gas reserves, including such costs as leasehold acquisition costs, interest costs relating to unproved properties, geological expenditures, tangible and intangible development costs including direct internal costs are capitalized to the full cost pool. When the Company commences production from established proven oil and gas reserves, capitalized costs, including estimated future costs to develop the reserves and estimated abandonment costs, net of salvage, will be depleted on the units-of-production method using estimates of proved reserves. Costs of unproved properties are not amortized until the proved reserves associated with the projects can be determined or until impairment occurs. If an assessment of such properties indicates that properties are impaired, the amount of impairment is added to the capitalized cost base to be amortized. At December 31, 2013 and 2012, the Company assessed that there was no material impairment of unproved properties.
	The capitalized costs included in the full cost pool are subject to a "ceiling test" (based on 12-month average of first-day-of-the-month pricing), which limits such costs to the aggregate of the (i) estimated present value, using a ten percent discount rate, of the future net revenues from proved reserves, based on current economic and operating conditions, (ii) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, (iii) the cost of properties not being amortized, less (iv) income tax effects related to differences between the book and tax basis of the cost of properties not being amortized and the cost or estimated fair value of unproved properties included in the costs being amortized. At December 31, 2013, all of the Company’s oil and gas interests were classified as unproven properties and were not being amortized.
	Sales of proved and unproved properties are accounted for as adjustments of capitalized costs with no gain or loss recognized, unless such adjustments would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized in the statement of operations.
Asset Retirement Obligations	'
	The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs an obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. The estimated fair value of the asset retirement obligation is based on the current cost escalated at an inflation rate and discounted at a credit adjusted risk-free rate. This liability is capitalized as part of the cost of the related asset and amortized over its useful life. The liability accretes until the Company settles the obligation.
Environmental	'
	Oil and gas activities are subject to extensive federal and provincial environmental laws and regulations. These laws, which are constantly changing, regulate the discharge of materials into the environment and may require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites.
	Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations and that have no future economic benefits are expensed. Expenditures that have future economic benefits are capitalized. Liabilities for expenditures of a non-capital nature are recorded when an environmental assessment and/or remediation is probable, and the costs can be reasonably estimated.
Income Taxes	'
	Income taxes are determined using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered 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 that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized.
	The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's consolidated financial statements.
Stock Based Compensation	'
	The Company records compensation expense in the consolidated financial statements for share based payments using the fair value method. The fair value of stock options granted to directors and employees is determined using the Black-Scholes option valuation model at the time of grant. Fair value for common shares issued for goods or services rendered by non-employees are measured based on the fair value of the goods and services received. Share-based compensation is expensed with a corresponding increase to share capital. Upon the exercise of the stock options, the consideration paid is recorded as an increase in share capital.
Other Comprehensive Income (Loss)	'
	The Company reports and displays comprehensive income and loss and its components in the consolidated financial statements. For the years ended December 31, 2013 and 2012, the only components of comprehensive loss were foreign currency translation adjustments.
Earnings Per Share	'
	The Company presents both basic and diluted earnings per share (“EPS”) on the face of the consolidated statements of operations. Basic EPS is computed by dividing net earnings (loss) available to common shareholders by the weighted average number of shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Diluted EPS figures are equal to those of Basic EPS for each period since we had no securities outstanding during periods in which the Company generated net income that were potentially dilutive.
Recent Accounting Pronouncements	'
	The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. It does not expect the adoption of these pronouncements to have a material impact on its consolidated financial position, results of operations or cash flows.

3_DIVESTITURE_OF_ENDEAVOR_AND_1

3. DIVESTITURE OF ENDEAVOR AND DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2013
Divestiture Of Endeavor And Discontinued Operations Tables	'
Recognized a gain on its divestiture	'
	Net liabilities of Endeavor:
	Assets	$	(780,467	)
	Liabilities, including $351,504 in amounts payable to related parties		3,401,781
	Accumulated comprehensive income		(31,265	)
	Carrying value		2,590,049
	Share consideration received		6,507
	Intercompany receivables written off		(1,812,688	)
	Gain on disposal of discontinued operations	$	783,868

4_OIL_AND_GAS_PROPERTIES_Table

4. OIL AND GAS PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2013
Oil And Gas Properties Tables	'
Costs incurred in oil and gas property acquisition and exploration activities	'
	Australian Exploration Properties - Unproven
	Balance, December 31, 2006	$	––
	Acquisition costs		15,903,000
	Impact of deferred tax liability		6,177,000
	Exploration costs		290,925
	Balance, December 31, 2007		22,370,925
	Exploration Costs		710,204
	Balance, December 31, 2008		23,081,129
	Write down – Barrow		(2,908,010	)
	Write down – Vic P60		(2,212,197	)
	Write down – Deferred tax gross-ups		(1,636,508	)
	Exploration Costs		131,806
	Balance, December 31, 2009		16,456,220
	Exploration Costs		174,571
	Balance, December 31, 2010		16,630,791
	Exploration Costs		4,144
	Balance, December 31, 2011		16,634,935
	Exploration Costs - Recovered		(5,773	)
	Balance, December 31, 2012		16,629,162
	Exploration Costs		556,456
	Balance, December 31, 2013	$	17,185,618

8_STOCKBASED_COMPENSATION_Tabl

8. STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2013
Stock-Based Compensation Tables	'
Share based compensation	'
	Number of Shares	Exercise		First Date		Expiration
	Issuable Upon	Price		Exercisable		Date
	Exercise of Option
	450,000	$      0.70		4/3/12		8/15/12
	450,000	$      0.80		4/3/12		8/15/12
	450,000	$      1.00		4/3/12		8/15/14
	450,000	$      1.20		4/3/12		8/15/14
	1,800,000
Summary of Option Plan activity	'
	Options	Shares					Weighted-Average		Aggregate
		(000’s)			Weighted-Average		Remaining Contract Term (yrs)		Intrinsic value
					Exercise Price
	Outstanding – January 1, 2013		3,300		$	1.1
	Granted		––			––
	Exercised		––			––
	Forfeited or expired		––			––
	Outstanding – December 31, 2013		3,300		$	1.1		0.71	$	0
	Exercisable – December 31, 2013		3,300		$	1.1		0.71	$	0

11_INCOME_TAXES_Tables

11. INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes Tables	'
Income tax expense	'
			Year Ended			Year Ended
			December 31,			December 31,
			2013			2012
	Statutory tax rates		35	%			35	%
	Expected recovery of income taxes at statutory rates	$	103,182			$	(214,506	)
	Increase (reduction) in income taxes resulting from:
	Non-deductible expenditures and other		––				34,282
	Foreign exchange rate and tax rate differences		(220,870	)			27,917
	Valuation allowance change		946,263				152,307
	Provision for income taxes	$	828,575			$	––
Deferred income tax assets and liabilities	'
		Year Ended			Year Ended
		December 31,			December 31,
		2013			2012
	Deferred income tax assets:
	Stock-based compensation	$	878,925		$	878,925
	US net operating loss carryforwards		1,509,626			1,353,256
	Australian operating loss carryforwards		814,822			277,616
	Australian deposits on property		––			––
	US loan receivable		543,806			543,806
	Other accruals		17,536			16,889
	Total deferred income tax assets		3,764,715			3,070,492
	Less: valuation allowance		-3,764,715			(2,818,452	)
	Deferred income tax assets, net		––			252,040
	Petroleum and natural gas properties, Australia		-4,992,436			(5,161,657	)
	Deferred income tax liabilities, net	$	-4,992,436		$	(4,909,617	)

1_NATURE_AND_CONTINUANCE_OF_OP1

1. NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) (USD $)	12 Months Ended		92 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Nature And Continuance Of Operations Details Narrative	'	'	'
State incorporated	'State of Nevada	'	'
Date incorporated	14-May-04	'	'
Accumulated losses	($542,268)	($603,626)	($14,947,408)

3_DIVESTITURE_OF_ENDEAVOR_AND_2

3. DIVESTITURE OF ENDEAVOR AND DISCONTINUED OPERATIONS (Details) (USD $)	12 Months Ended		92 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Accumulated comprehensive income	($535,771)	($600,181)	($14,949,809)
Gain on disposal of discontinued operations	'	'	783,868
Segment, Discontinued Operations [Member]	'	'	'
Assets	-780,467	'	-780,467
Liabilities, including $351,504 in amounts payable to related parties	3,401,781	'	3,401,781
Accumulated comprehensive income	-31,265	'	'
Carrying value	2,590,049	'	2,590,049
Share consideration received	6,507	'	'
Intercompany receivables written off	-1,812,688	'	-1,812,688
Gain on disposal of discontinued operations	$783,868	'	'

4_OIL_AND_GAS_PROPERTIES_Detai

4. OIL AND GAS PROPERTIES (Details Narrative)	Dec. 31, 2013
Working interests in PEL 444	66.67%
Working interests in PEL 112	48.50%
Square Kilometers [Member]	'
Area of PEL 112	'2,196 square kilometers
Area of PEL 444	'2,358 square kilometers
Gross Acres [Member]	'
Area of PEL 112	'542,643 gross acres
Area of PEL 444	'582,674 gross acres

5_OIL_AND_GAS_PROPERTIES_Detai

5. OIL AND GAS PROPERTIES (Details) (USD $)	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2013
	December 31, 2006 [Member]	December 31, 2007 [Member]	December 31, 2008 [Member]	December 31, 2009 [Member]	December 31, 2010 [Member]	December 31, 2011 [Member]	December 31, 2012 [Member]	December 31, 2013 [Member]
Begining balance	'	'	'	'	'	'	'	'
Acquisition costs	'	15,903,000	'	'	'	'	'	'
Impact of deferred tax liability	'	6,177,000	'	'	'	'	'	'
Write down - Barrow	'	'	'	-2,908,010	'	'	'	'
Write down - Vic P60	'	'	'	-2,212,197	'	'	'	'
Write down - Deferred tax gross-ups	'	'	'	-1,636,508	'	'	'	'
Exploration costs	'	290,925	710,204	131,806	174,571	4,144	-5,773	556,456
Ending balance	'	$22,370,925	$23,081,129	$16,456,220	$16,630,791	$16,634,935	$16,629,162	$17,185,618

6_OTHER_INCOME_Details_Narrati

6. OTHER INCOME (Details Narrative) (USD $)	3 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2013
Other Income Details Narrative	'	'
Other income	'	$488,615
Contract advances	261,212	7,160
Contract related expenditures	$40,094	'

7_RELATED_PARTY_TRANSACTION_De

7. RELATED PARTY TRANSACTION (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction Details Narrative	'	'
Management fees	$118,028	$111,525
Office expense	$60,000	$60,000
Common stock issued during period	156,343	204,379

8_STOCKBASED_COMPENSATION_Deta

8. STOCK-BASED COMPENSATION (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Apr. 03, 2012
Number of Shares Issuable Upon Exercise of Option	3,300,000	3,300,000	1,800,000
Exercise Price	$1.10	$1.10	'
Stock Option A	'	'	'
Number of Shares Issuable Upon Exercise of Option	'	'	450,000
Exercise Price	'	'	0.7
First Date Exercisable	'	'	3-Apr-12
Expiration Date	'	'	15-Aug-12
Stock Option B	'	'	'
Number of Shares Issuable Upon Exercise of Option	'	'	450,000
Exercise Price	'	'	0.8
First Date Exercisable	'	'	3-Apr-12
Expiration Date	'	'	15-Aug-12
Stock Option C	'	'	'
Number of Shares Issuable Upon Exercise of Option	'	'	450,000
Exercise Price	'	'	1
First Date Exercisable	'	'	3-Apr-12
Expiration Date	'	'	15-Aug-14
Stock Option D	'	'	'
Number of Shares Issuable Upon Exercise of Option	'	'	450,000
Exercise Price	'	'	1.2
First Date Exercisable	'	'	3-Apr-12
Expiration Date	'	'	15-Aug-14

8_STOCKBASED_COMPENSATION_Deta1

8. STOCK-BASED COMPENSATION (Details 1) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Apr. 03, 2012
Number of shares	'	'
Outstanding	3,300,000	1,800,000
Granted	'	'
Exercised	'	'
Expired	'	'
Outstanding	3,300,000	1,800,000
Exercisable - December 31, 2013	3,300,000	'
Weighted-Average Exercise Price	'	'
Outstanding	$1.10	'
Granted	'	'
Exercised	'	'
Forfeited or expired	'	'
Outstanding	$1.10	'
Exercisable - December 31, 2013	$1.10	'
Weighted-Average Remaining Contract Term (yrs)	'	'
Outstanding - December 31, 2013	'8 months 16 days	'
Exercisable - December 31, 2013	'8 months 16 days	'
Aggregate Intrinsic value	'	'
Outstanding - December 31, 2013	$0	'
Exercisable - December 31, 2013	$0	'

8_STOCKBASED_COMPENSATION_Deta2

8. STOCK-BASED COMPENSATION (Details Narrative) (USD $)	12 Months Ended		92 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Stock-Based Compensation Details Narrative	'	'	'
Stock-based compensation	'	$104,874	$2,511,212

10_COMMON_SHARES_Details_Narra

10. COMMON SHARES (Details Narrative) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Apr. 03, 2012
Common Shares Details Narrative	'	'	'
Common stock issued during the year, conversion of accounts payable	156,343	204,379	'
Common stock issued during the year, Par value	$0.38	$0.29	'
Administrative service fees	$60,000	$60,000	'
Common stock issued and outstanding	3,300,000	'	'
Weighted-average exercise price	$1.10	$1.10	'
Weighted-average remaining life	'8 months 16 days	'	'
Exercise price	'	'	'
Stock options outstanding	3,300,000	3,300,000	1,800,000
Expected life	'8 months 16 days	'	'

11_INCOME_TAXES_Details

11. INCOME TAXES (Details) (USD $)	12 Months Ended		92 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Income Taxes Details	'	'	'
Statutory tax rates	35.00%	35.00%	'
Expected recovery of income taxes at statutory rates	$103,182	($214,506)	'
Non-deductible expenditures and other	'	34,282	'
Foreign exchange rate and tax rate differences	-220,870	27,917	'
Valuation allowance change	946,263	152,307	'
Provision for income taxes	$828,575	'	$828,575

11_INCOME_TAXES_Details_1

11. INCOME TAXES (Details 1) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Deferred income tax assets:	'	'
Stock-based compensation	$878,925	$878,925
US net operating loss carryforwards	1,509,626	1,353,256
Australian operating loss carryforwards	814,822	277,616
Australian deposits on property	'	'
US loan receivable	543,806	543,806
Other accruals	17,536	16,889
Total deferred income tax assets	3,764,715	3,070,492
Less: valuation allowance	-3,764,715	-2,818,452
Deferred income tax assets, net	0	252,040
Petroleum and natural gas properties, Australia	-4,992,436	-5,161,657
Deferred income tax liabilities, net	($4,992,436)	($4,909,617)

11_INCOME_TAXES_Details_Narrat

11. INCOME TAXES (Details Narrative) (USD $)	Dec. 31, 2013
Income Taxes Details Narrative	'
Net operating losses carry forward	$4,313,217
Net operating losses carry forward - Australia	$2,716,074