Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jun. 30, 2013 | Apr. 09, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'WGAS | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 258,922,616 |
Entity Registrant Name | 'WORTHINGTON ENERGY, INC. | ' | ' |
Entity Central Index Key | '0001342643 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Public Float | ' | $7,593,834 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Current Assets: | ' | ' |
Cash and cash equivalents | $166 | $8,065 |
Prepaid expenses and other current assets | 0 | 36,431 |
Total Current Assets | 166 | 44,496 |
Property and Equipment, net of accumulated depreciation | 10,123 | 14,570 |
Oil and gas properties | 5,698,563 | 6,854,550 |
Deferred financing costs | 0 | 370,000 |
Earnest money deposit | 0 | 100,000 |
Other assets | 14,610 | 14,610 |
Total Assets | 5,723,462 | 7,398,226 |
Current Liabilities: | ' | ' |
Accounts payable | 863,702 | 412,327 |
Accrued liabilities | 1,782,985 | 1,432,850 |
Payable to Ironridge Global IV, Ltd. | 241,046 | 1,489,623 |
Payable to former officer | 115,000 | 0 |
Unsecured convertible promissory notes payable, net of discount, in default | 929,964 | 663,054 |
Secured notes payable, net of discount, in default | 620,512 | 1,502,273 |
Convertible debentures in default | 2,453,032 | 2,550,000 |
Derivative liabilities | 7,908,415 | 7,795,335 |
Total Current Liabilities | 14,914,656 | 15,845,462 |
Long-Term Liabilities | ' | ' |
Long-term asset retirement obligation | 37,288 | 37,288 |
Total Liabilities | 14,951,944 | 15,882,750 |
Stockholders' Deficiency: | ' | ' |
Common stock, $0.001 par value; 6,490,000,000 shares authorized, 47,476,265 and 1,142,244 shares issued and outstanding, respectively | 47,476 | 1,141 |
Additional paid-in capital | 26,235,670 | 23,904,706 |
Deficit accumulated during the exploration stage | -35,512,628 | -32,390,371 |
Total Stockholders' Deficiency | -9,228,482 | -8,484,524 |
Total Liabilities and Stockholders' Deficiency | 5,723,462 | 7,398,226 |
Series A Preferred Stock [Member] | ' | ' |
Stockholders' Deficiency: | ' | ' |
preferred stock | 1,000 | 0 |
Undesignated preferred stock [Member] | ' | ' |
Stockholders' Deficiency: | ' | ' |
preferred stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 6,490,000,000 | 6,490,000,000 |
Common stock, shares issued | 47,476,265 | 1,142,244 |
Common stock, shares outstanding | 47,476,265 | 1,142,244 |
Series A Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 1,000,000 | 0 |
Preferred stock, shares outstanding | 1,000,000 | 0 |
Undesignated preferred stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 9,000,000 | 9,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | 114 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Oil and gas revenues, net | $0 | $0 | $370,437 |
Costs and Operating Expenses | ' | ' | ' |
Lease operating expenses | ' | 15,569 | 164,381 |
Impairment loss on oil and gas properties | 111,623 | 1,237,886 | 5,196,701 |
Accretion of asset retirement obligations | 0 | 228 | 8,982 |
General and administrative expense (including shares based compensation of $84,214, $429,909, and $8,198,057, respectively) | 1,550,206 | 2,346,308 | 15,958,239 |
Total costs and operating expenses | 1,661,829 | 3,599,991 | 21,328,303 |
Loss from operations | -1,661,829 | -3,599,991 | -20,957,866 |
Other income (expense) | ' | ' | ' |
Interest income | 0 | 0 | 63,982 |
Change in fair value of derviative liabilities | 971,995 | -4,344,508 | -3,217,153 |
Gain on transfer of common stock from Bayshore Exploration, L. L. C. | 0 | 0 | 24,000 |
Interest expense | -593,907 | -820,175 | -2,245,533 |
Amortization of discount on convertible debentures and notes and other debt | -1,468,516 | -3,671,035 | -7,658,435 |
Interest expense - Ironridge Global IV, Ltd | 0 | -594,935 | -594,935 |
Amortization of deferred financing costs | -370,000 | -224,451 | -926,688 |
Total other income (expense) | -1,460,428 | -9,655,104 | -14,554,762 |
Net loss | ($3,122,257) | ($13,255,095) | ($35,512,628) |
Basic and Diluted Loss Per Common Share (in dollars per share) | ($0.13) | ($0.64) | ' |
Basic and Diluted Weighted-Average Common Shares Outstanding (in shares) | 23,927,265 | 412,959 | ' |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS [Parenthetical] (USD $) | 12 Months Ended | 114 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Share-based Compensation | $84,214 | $429,908 | $8,198,056 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY EQUITY (USD $) | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit during Development Stage [Member] |
Balance at Jun. 29, 2004 | $0 | $0 | $0 | $0 | $0 |
Balance (in shares) at Jun. 29, 2004 | ' | 0 | 0 | ' | ' |
Stock-based compensation for services of founder, June 2004, $0.722 per share | 100,000 | ' | 3 | 99,997 | ' |
Stock-based compensation for services of founder, June 2004, $0.722 per share (in shares) | ' | ' | 2,770 | ' | ' |
Issuance of shares for cash, June 2004, $0.722 per share | 50,000 | ' | 1 | 49,999 | ' |
Issuance of shares for cash, June 2004, $0.722 per share (in shares) | ' | ' | 1,385 | ' | ' |
Issuance of shares for cash, June 2005, $25.271 per share, less offering costs of $14,188 | 140,693 | ' | 0 | 140,693 | ' |
Issuance of shares for cash, June 2005, $25.271 per share, less offering costs of $14,188 (in shares) | ' | ' | 123 | ' | ' |
Issuance of shares in connection with acquisition of oil and gas property, June 2005, $54.153 per share | 380,250 | ' | 0 | 380,250 | ' |
Issuance of shares in connection with acquisition of oil and gas property, June 2005, $54.153 per share (in shares) | ' | ' | 140 | ' | ' |
Stock-based compensation for services during 2005, $25.271 per share | 332,500 | ' | 0 | 332,500 | ' |
Stock-based compensation for services during 2005, $25.271 per share (in shares) | ' | ' | 263 | ' | ' |
Issuance of shares to the chief executive officer for 2005 compensation liability, January 2006, $25.271 per share | 122,500 | ' | 0 | 122,500 | ' |
Issuance of shares to the chief executive officer for 2005 compensation liability, January 2006, $25.271 per share (in shares) | ' | ' | 97 | ' | ' |
Issuance of beneficial conversion features and shares in conjunction with the issuance of secured convertible notes and other debt, February 2006 | 967,468 | ' | 0 | 967,468 | ' |
Issuance of beneficial conversion features and shares in conjunction with the issuance of secured convertible notes and other debt, February 2006 (in shares) | ' | ' | 62 | ' | ' |
Conversion of secured convertible notes into shares, April 2006, $25.271 per share | 919,000 | ' | 1 | 918,999 | ' |
Conversion of secured convertible notes into shares, April 2006, $25.271 per share (in shares) | ' | ' | 727 | ' | ' |
Issuance of shares and 126,925 warrants for cash, less offering and registration costs of $375,848 and derivative liability of $1,467,704, April 2006, $90.255 per share | 1,221,573 | ' | 1 | 1,221,572 | ' |
Issuance of shares and 126,925 warrants for cash, less offering and registration costs of $375,848 and derivative liability of $1,467,704, April 2006, $90.255 per share (in shares) | ' | ' | 679 | ' | ' |
Issuance of shares in connection with acquisition of oil and gas properties, March 2006, $151.628 per share | 210,000 | ' | 0 | 210,000 | ' |
Issuance of shares in connection with acquisition of oil and gas properties, March 2006, $151.628 per share (in shares) | ' | ' | 28 | ' | ' |
Issuance of shares in connection with acquisition of oil and gas properties, June 2006, $169.679 per share | 705,000 | ' | 0 | 705,000 | ' |
Issuance of shares in connection with acquisition of oil and gas properties, June 2006, $169.679 per share (in shares) | ' | ' | 83 | ' | ' |
Stock-based compensation for services, March 2006, $198.561 per share | 68,750 | ' | 0 | 68,750 | ' |
Stock-based compensation for services, March 2006, $198.561 per share (in shares) | ' | ' | 7 | ' | ' |
Stock-based compensation for options granted, July 2006 | 522,825 | ' | 0 | 522,825 | ' |
Stock-based compensation for options granted, July 2006 (in shares) | ' | ' | 0 | ' | ' |
Reclassification of warrants subject to registration payment arrangement from derivative liability, October 1, 2006 | 1,067,704 | ' | 0 | 1,067,704 | ' |
Cumulative-effect adjustment of change in accounting method for registration payment arrangements, October 1, 2006 | -1,066,295 | ' | 0 | 0 | ' |
Stock-based compensation for services, August to November 2007, $33.214 to $64.984 per share | 444,500 | ' | 0 | 444,500 | ' |
Stock-based compensation for services, August to November 2007, $33.214 to $64.984 per share (in shares) | ' | ' | 169 | ' | ' |
Common stock contributed to the Company by Bayshore Exploration L.L.C., September 2008 | -24,000 | ' | 0 | -24,000 | ' |
Common stock contributed to the Company by Bayshore Exploration L.L.C., September 2008 (in shares) | ' | ' | -83 | ' | ' |
Common stock contributed to the Company by Chief Operating Officer, September 2008 | 0 | ' | 0 | 0 | ' |
Common stock contributed to the Company by Chief Operating Officer, September 2008 (in shares) | ' | ' | -83 | ' | ' |
Common stock issed in connection with the issuance of notes payable, September 2008 | 38,710 | ' | 0 | 38,710 | ' |
Common stock issed in connection with the issuance of notes payable, September 2008 (in shares) | ' | ' | 166 | ' | ' |
Cumulative effect of reclassification of warrants to derivative liability, January 1, 2009 | -508 | ' | 0 | 0 | -1,066,803 |
Issuance of common stock in settlement of accrued registration rights penalties and interest, June 2010, $1.203 per share | 698,092 | ' | 12 | 698,080 | ' |
Issuance of common stock in settlement of accrued registration rights penalties and interest, June 2010, $1.203 per share (in shares) | ' | ' | 11,602 | ' | ' |
Issuance of common stock to directors, June 2010, $2.166 per share | 54,000 | ' | 0 | 54,000 | ' |
Issuance of common stock to directors, June 2010, $2.166 per share (in shares) | ' | ' | 499 | ' | ' |
Issuance of common stock in exchange for cancelation of common stock options and warrants, June 2010, $2.166 per share | 140,220 | ' | 1 | 140,219 | ' |
Issuance of common stock in exchange for cancelation of common stock options and warrants, June 2010, $2.166 per share (in shares) | ' | ' | 1,366 | ' | ' |
Issuance of common stock in satisfaction of payable to former officers and consultant, September 2010, $1.414 per share | 212,163 | ' | 3 | 212,160 | ' |
Issuance of common stock in satisfaction of payable to former officers and consultant, September 2010, $1.414 per share (in shares) | ' | ' | 3,000 | ' | ' |
Issuance of common stock for services, September 2010, $0.89 and $1.00 per share | 320,000 | ' | 6 | 319,994 | ' |
Issuance of common stock for services, September 2010, $0.89 and $1.00 per share (in shares) | ' | ' | 6,450 | ' | ' |
Issuance of common stock and warrants for cash, September 2010 to December 2010, $1.50 per unit | 165,000 | ' | 2 | 164,998 | ' |
Issuance of common stock and warrants for cash, September 2010 to December 2010, $1.50 per unit (in shares) | ' | ' | 2,200 | ' | ' |
Issuance of common stock and warrants upon conversion of notes payable and accrued interest, October 2010 to December 2010 | 287,391 | ' | 9 | 287,382 | ' |
Issuance of common stock and warrants upon conversion of notes payable and accrued interest, October 2010 to December 2010 (in shares) | ' | ' | 9,036 | ' | ' |
Issuance of beneficial conversion features related to unsecured convertible promissory notes payable, April 2010 to December 2010 | 491,676 | ' | 0 | 491,676 | ' |
Issuance of beneficial conversion features related to unsecured convertible promissory notes payable, April 2010 to December 2010 (in shares) | ' | ' | 0 | ' | ' |
Share-based compensation from grant of common stock options and issuance of common stock warrants to officers, directors and consultants | 1,732,744 | ' | 0 | 1,732,744 | ' |
Net Loss | -11,170,921 | ' | ' | ' | -11,170,921 |
Balance at Dec. 31, 2010 | -868,965 | 0 | 39 | 11,368,720 | -12,237,724 |
Balance (in shares) at Dec. 31, 2010 | ' | 0 | 40,686 | ' | ' |
Issuance of common stock and warrants for cash, January 2011, $1.50 per unit | 90,000 | ' | 1 | 89,999 | ' |
Issuance of common stock and warrants for cash, January 2011, $1.50 per unit (in shares) | ' | ' | 1,200 | ' | ' |
Issuance of common stock and warrants upon conversion of notes payable and accrued interest, January 2011 to November 2011, $0.162 to $0.625 per share | 699,857 | ' | 23 | 699,834 | ' |
Issuance of common stock and warrants upon conversion of notes payable and accrued interest, January 2011 to November 2011, $0.162 to $0.625 per share (in shares) | ' | ' | 22,813 | ' | ' |
Issuance of common stock in connection with the Montecito Asset Sale Agreement, May 2011, $2.45 per share | 3,675,000 | ' | 30 | 3,674,970 | ' |
Issuance of common stock in connection with the Montecito Asset Sale Agreement, May 2011, $2.45 per share (in shares) | ' | ' | 30,000 | ' | ' |
Issuance of common stock for legal and consulting services, May 2011 to September 2011, $0.349 to $2.50 per share | 102,400 | ' | 2 | 102,398 | ' |
Issuance of common stock for legal and consulting services, May 2011 to September 2011, $0.349 to $2.50 per share (in shares) | ' | ' | 2,400 | ' | ' |
Issuance of common stock in settlement of liabilities, August 2011, $1.50 per share | 60,000 | ' | 1 | 59,999 | ' |
Issuance of common stock in settlement of liabilities, August 2011, $1.50 per share (in shares) | ' | ' | 800 | ' | ' |
Share-based compensation from issuance of common stock to officers, June 2011, $1.90 per share | 2,992,500 | ' | 32 | 2,992,468 | ' |
Share-based compensation from issuance of common stock to officers, June 2011, $1.90 per share (in shares) | ' | ' | 31,500 | ' | ' |
Share-based compensation from grant of common stock options and issuance of common stock warrants to officers, directors and consultants | 346,314 | ' | 0 | 346,314 | ' |
Net Loss | -6,897,552 | ' | ' | ' | -6,897,552 |
Balance at Dec. 31, 2011 | 199,554 | 0 | 128 | 19,334,702 | -19,135,276 |
Balance (in shares) at Dec. 31, 2011 | ' | 0 | 129,399 | ' | ' |
Issuance of common stock in connection with the Black Cat Purchase and Sale Agreement, March 2012 at $0.38 per share and August 2012 at $0.07 per share | 1,012,500 | ' | 90 | 1,012,410 | ' |
Issuance of common stock in connection with the Black Cat Purchase and Sale Agreement, March 2012 at $0.38 per share and August 2012 at $0.07 per share (in shares) | ' | ' | 90,000 | ' | ' |
Issuance of common stock for fees in connection with Ironridge settlement transaction, March 2012, $0.40 per share | 40,000 | ' | 2 | 39,998 | ' |
Issuance of common stock for fees in connection with Ironridge settlement transaction, March 2012, $0.40 per share (in shares) | ' | ' | 2,000 | ' | ' |
Issuance of common stock to Ironridge in settlement of liabilities, March 2012 to December 2012, $0.0463 per share | 491,689 | ' | 213 | 491,476 | ' |
Issuance of common stock to Ironridge in settlement of liabilities, March 2012 to December 2012, $0.0463 per share (in shares) | ' | ' | 212,500 | ' | ' |
Issuance of common stock to La Jolla Cove Investors, Inc. upon conversion of convertible debenture and common stock purchased under an Equity Investment Agreement, September 2012 and December 2012, weighted average of $0.0410 per share | 101,630 | ' | 40 | 101,590 | ' |
Issuance of common stock to La Jolla Cove Investors, Inc. upon conversion of convertible debenture and common stock purchased under an Equity Investment Agreement, September 2012 and December 2012, weighted average of $0.0410 per share (in shares) | ' | ' | 40,239 | ' | ' |
Issuance of common stock to Charles Volk and other persons designated by Mr. Volk pursuant to the Change of Control and Recapitalization Agreement, August 2012, $0.07 per share | 70,000 | ' | 20 | 69,980 | ' |
Issuance of common stock to Charles Volk and other persons designated by Mr. Volk pursuant to the Change of Control and Recapitalization Agreement, August 2012, $0.07 per share (in shares) | ' | ' | 20,000 | ' | ' |
Issuance of common stock for services, June to November 2012, $0.076 to $0.098 per share | 86,044 | ' | 18 | 86,026 | ' |
Issuance of common stock for services, June to November 2012, $0.076 to $0.098 per share (in shares) | ' | ' | 18,125 | ' | ' |
Issuance of common stock to officers and directors in satisfaction of certain amounts owed to them, August 2012, $0.045 per share | 42,500 | ' | 19 | 42,481 | ' |
Issuance of common stock to officers and directors in satisfaction of certain amounts owed to them, August 2012, $0.045 per share (in shares) | ' | ' | 18,889 | ' | ' |
Issuance of common stock and warrants for cash, October 2012, $0.04 per unit | 20,000 | ' | 10 | 19,990 | ' |
Issuance of common stock and warrants for cash, October 2012, $0.04 per unit ( in shares) | ' | ' | 10,000 | ' | ' |
Fractional shares issued pursuant to reverse stock split (in shares) | ' | ' | 2 | ' | ' |
Issuance of common stock upon conversion of notes payable and accrued interest - weighted average of $0.018 per share | 2,472,789 | ' | 601 | 2,472,188 | ' |
Issuance of common stock upon conversion of notes payable and accrued interest - weighted average of $0.018 per share (in shares) | ' | ' | 601,090 | ' | ' |
Share-based compensation from grant of common stock options and issuance of common stock warrants to officers, directors and consultants | 233,865 | ' | 0 | 233,865 | ' |
Net Loss | -13,255,095 | ' | ' | ' | -13,255,095 |
Balance at Dec. 31, 2012 | -8,484,524 | 0 | 1,141 | 23,904,706 | -32,390,371 |
Balance (in shares) at Dec. 31, 2012 | ' | 0 | 1,142,244 | ' | ' |
Issuance of common stock upon conversion of notes payable and accrued interest - weighted average of $0.018 per share | 671,100 | ' | 36,738 | 634,362 | ' |
Issuance of common stock upon conversion of notes payable and accrued interest - weighted average of $0.018 per share (in shares) | ' | ' | 36,737,987 | ' | ' |
Issuance of common stock to Ironridge in settlement of liabilities, January 2013 to June 2013, $0.217 per share | 1,421,595 | ' | 6,550 | 1,415,045 | ' |
Issuance of common stock to Ironridge in settlement of liabilities, January 2013 to June 2013, $0.217 per share (in shares) | ' | ' | 6,550,000 | ' | ' |
Issuance of common stock to La Jolla Cove Investors, Inc. upon conversion of convertible debentures weighted average of $0.004 per share | 8,560 | ' | 2,158 | 6,402 | ' |
Issuance of common stock to La Jolla Cove Investors, Inc. upon conversion of convertible debentures weighted average of $0.004 per share (in shares) | ' | ' | 2,157,575 | ' | ' |
Issuance of common stock to La Jolla under an equity imvestment agreement - weighted average of $0.391 per share | 80,830 | ' | 207 | 80,623 | ' |
Issuance of common stock to La Jolla under an equity imvestment agreement - weighted average of $0.391 per share (in shares) | ' | ' | 206,887 | ' | ' |
Issuance of common stock and warrants for cash, February 2013, $0.607 per unit | 91,000 | ' | 642 | 90,358 | ' |
Issuance of common stock and warrants for cash, February 2013, $0.607 per unit (in shares) | ' | ' | 641,600 | ' | ' |
Issuance of common stock to chief executive officer in satisfaction of certain amounts owed to him, February 2013, $0.25 per share | 25,000 | ' | 100 | 24,900 | ' |
Issuance of common stock to chief executive officer in satisfaction of certain amounts owed to him, February 2013, $0.25 per share (in shares) | ' | ' | 100,000 | ' | ' |
Issuance of common stock for services, February 2013 - weighted average of $0.673 per share | 20,200 | ' | 30 | 20,170 | ' |
Issuance of common stock for services, February 2013 - weighted average of $0.673 per share (in shares) | ' | ' | 30,000 | ' | ' |
Return and cancelation of common stock in connection with the Settlement Agreement with Black Cat Exploration & Production, LLC and former officer, January 25, 2013, valued at $0.60 per share | -54,000 | ' | -90 | -53,910 | ' |
Return and cancelation of common stock in connection with the Settlement Agreement with Black Cat Exploration & Production, LLC and former officer, January 25, 2013, valued at $0.60 per share (in shares) | ' | ' | -90,000 | ' | ' |
Issuance of Series A Preferred Stock for accrued compensation | 50,000 | 1,000 | ' | 49,000 | ' |
Issuance of Series A Preferred Stock for accrued compensation (in shares) | ' | 1,000,000 | ' | ' | ' |
Share-based compensation from grant of common stock options and issuance of common stock warrants to officers, directors and consultants | 64,014 | ' | 0 | 64,014 | ' |
Net Loss | -3,122,257 | ' | ' | ' | -3,122,257 |
Balance at Dec. 31, 2013 | ($9,228,482) | $1,000 | $47,476 | $26,235,670 | ($35,512,628) |
Balance (in shares) at Dec. 31, 2013 | ' | 1,000,000 | 47,476,293 | ' | ' |
CONSOLIDATED_STATEMENT_OF_STOC1
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY [Parenthetical] (USD $) | 114 Months Ended |
Dec. 31, 2013 | |
Stock Based Compensation For Services Of Founder Price Per Share | $0.72 |
Issuance Of Shares For Cash Price Per Share | $0.72 |
Issuance Of Shares For Cash Price Per Share One | $25.27 |
Issuance Of Shares For Cash Offering Costs | $14,188 |
Issuance Of Shares In Connection With Acquisition Of Oil And Gas Property Price Per Share | $54.15 |
Stock Based Compensation For Services Price Per Share | $25.27 |
Issuance Of Shares To The Chief Executive Officer For 2005 Compensation Liability Price Per Share | $25.27 |
Conversion Of Secured Convertible Notes Into Shares Price Per Share | $25.27 |
Issuance Of Shares For Cash Price Per Share Two | $90.25 |
Issuance Of Warrants For Cash | $126,925 |
Offering And Registration Costs | 375,848 |
Issuance Of Shares For Cash Derivative Liability | $1,467,704 |
Issuance Of Shares In Connection With Acquisition Of Oil And Gas Properties Price Per Share | $151.63 |
Issuance Of Shares In Connection With Acquisition Of Oil And Gas Properties Price Per Share1 | $169.68 |
Stock Based Compensation For Services Price Per Share1 | $198.56 |
Stock Based Compensation For Services Price Per Share Lower | $33.21 |
Stock Based Compensation For Services Price Per Share Upper | $64.98 |
Issuance Of Common Stock In Settlement Of Accrued Registration Rights Penalties And Interest Price Per Share | $1.20 |
Issuance Of Common Stock To Directors Price Per Share | $2.17 |
Issuance Of Common Stock In Exchange For Cancelation Of Common Stock Options And Warrants Price Per Share | $2.17 |
Issuance Of Common Stock In Satisfaction Of Payable To Former Officers And Consultant Price Per Share | $1.41 |
Issuance Of Common Stock For Services Price Per Share Lower | $0.89 |
Issuance Of Common Stock For Services Price Per Share Upper | $1 |
Issuance Of Common Stock And Warrants For Cash Price Per Unit2 | $1.50 |
Issuance Of Common Stock And Warrants Upon Conversion Of Notes Payable And Accrued Interest Price Per Share Lower | $0.16 |
Issuance Of Common Stock And Warrants Upon Conversion Of Notes Payable And Accrued Interest Price Per Share Upper | $0.63 |
Issuance Of Common Stock In Connection With The Montecito Asset Sale Agreement Price Per Share | $2.45 |
Issuance Of Common Stock For Legal And Consulting Services Price Per Share Lower | $0.35 |
Issuance Of Common Stock For Legal And Consulting Services Price Per Share Upper | $2.50 |
Issuance Of Common Stock In Settlement Of Liabilities Price Per Share | $1.50 |
Share Based Compensation From Issuance Of Common Stock To Officers Price Per Share2012 | $1.90 |
Issuance Of Common Stock Upon Conversion Of Notes Payable And Accrued Interest Price Per Share Lower2012 | $0.01 |
Issuance Of Common Stock Upon Conversion Of Notes Payable And Accrued Interest Price Per Share Upper2012 | $0.32 |
Issuance Of Common Stock In Connection With The Black Cat Purchase And Sale Agreement Price Per Share Upper2012 | $0.38 |
Issuance Of Common Stock In Connection With The Black Cat Purchase And Sale Agreement Price Per Share Lower2012 | $0.07 |
Issuance Of Common Stock ForFees In Connection With Ironridge Settlement Transaction Price Per Share 2012 | $0.40 |
Issuance Of Common Stock To Ironridge In Settlement Of Liabilities Price Per Share2012 | $0.05 |
Issuance Of Common Stock To LaJolla Cove Investors Inc Weighted Average Price Per Share2012 | $0.04 |
Issuance Of Common Stock Pursuant O The Change Of Control And Recapitalization Agreement Price Per Share2012 | $0.07 |
Issuance Of Common Stock For Services Lower2012 | $0.08 |
Issuance Of Common Stock For Services Upper2012 | $0.10 |
Issuance Of Common Stock To Officers And Directors Price Per Share2012 | $0.05 |
Issuance Of Common Stock And Warrants For Cash Price Per Unit2012 | $0.04 |
Stock Issued During Period Upon Conversion Of Notes Payable And Accrued Interest Weighted Average Price Per Share | $0.02 |
Stock Issued During Period In Settlement Of Liabilities Value Price Per Share | $0.22 |
Stock Issued During Period Conversion Of Convertible Securities Weighted Average Price Per Share | $0.00 |
Stock Issued During Period For New Shares Weighted Average Price Per Share | $0.39 |
Stock And Warrants Issued During Period Shares Issued For Cash Price Per Share | $0.61 |
Stock Issued During Period In Satisfaction Of Certain Amounts Owed Price Per Share | $0.25 |
Stock Issued During Period Shares Issued For Services Weighted Average Price Per Share | $0.67 |
Stock Cancelled And Returned During Period Price Per Share | $0.60 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | 114 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Cash Flows From Operating Activities | ' | ' | ' |
Net loss | ($3,122,257) | ($13,255,095) | ($35,512,628) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Impairment loss on oil and gas properties | 111,623 | 1,237,886 | 5,196,701 |
Share-based compensation for services | 84,214 | 429,908 | 8,198,056 |
Amortization of deferred financing costs and discount on convertible debentures and notes and other debt | 1,838,516 | 3,895,486 | 8,585,123 |
Interest expense - Ironridge Global IV, Ltd. | 0 | 594,935 | 594,935 |
Gain on transfer of common stock from Bayshore Exploration, L.L.C. | 0 | 0 | -24,000 |
Accretion of asset retirement obligation | 0 | 228 | 8,982 |
Depreciation expense | 5,313 | 4,531 | 16,659 |
Change in fair value of derivative liabilities | -971,995 | 4,344,508 | 3,217,153 |
Change in assets and liabilities: | ' | ' | ' |
Prepaid expense and other current assets | 36,431 | -16,155 | 16,818 |
Other assets | 100,000 | 0 | 85,390 |
Accounts payable and accrued liabilities | 1,517,113 | 1,414,990 | 5,186,195 |
Payable to Ironridge Global IV, Ltd | 173,018 | 0 | 173,018 |
Net Cash Used In Operating Activities | -228,024 | -1,348,778 | -4,257,598 |
Cash Flows From Investing Activities | ' | ' | ' |
Proceeds from the sale of oil and gas properties | 0 | 500,000 | 500,000 |
Acquisition of oil and gas properties | 0 | -218,487 | -3,658,565 |
Earnest money deposit | 0 | -100,000 | -100,000 |
Purchase of property and equipment | -866 | -4,890 | -26,782 |
Net Cash Used in Investing Activities | -866 | 176,623 | -3,285,347 |
Cash Flows From Financing Activities | ' | ' | ' |
Proceeds from the issuance of common stock and warrants, net of registration and offering costs | 150,600 | 95,000 | 3,380,570 |
Proceeds from issuance of convertible notes and other debt, and related beneficial conversion features and common stock, less amount held in attorney's trust accounts | 80,391 | 1,508,668 | 3,163,391 |
Proceeds from issuance of convertible debentures | 0 | 0 | 2,550,000 |
Proceeds from related parties for issuance of secured convertible notes and other debt, and related beneficial conversion features and common stock | 0 | 0 | 180,000 |
Payment of deferred financing costs | 0 | -100,000 | -506,000 |
Payment of payable to Bayshore Exploration, L.L.C. | 0 | 0 | -489,600 |
Payment of principal on notes payable stockholder | 0 | 0 | -325,000 |
Payment on principal on notes payable | -10,000 | -325,000 | -410,250 |
Net Cash Provided By Financing Activities | 220,991 | 1,178,668 | 7,543,111 |
Net Increase (Decrease) In Cash and Cash Equivalents | -7,899 | 6,513 | 166 |
Cash and Cash Equivalents At Beginning Of Period | 8,065 | 1,552 | 0 |
Cash and Cash Equivalents At End Of Period | 166 | 8,065 | 166 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid during the period for interest | 13,650 | 61,300 | ' |
Cash paid during the period for taxes | 0 | 0 | ' |
NON CASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ' |
Valuation discounts recorded as derivative liabilities | 1,085,227 | 2,574,419 | ' |
Common stock issued for conversion of notes and accrued interest | 679,560 | 0 | ' |
Common stock issued for Ironridge Global IV Ltd settement | 1,421,595 | 531,689 | ' |
Common and preferred stock issued for executive compensation | 75,000 | 112,500 | ' |
Common stock issued in connection with Black Cat Exploration & Production, LLC purchase | 0 | 1,012,500 | ' |
Cancelation of common stock in connection with Black Cat Exploration & Production, LLC settlement | $54,000 | $0 | ' |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Basis of Presentation and Significant Accounting Policies [Text Block] | ' | |||||||||||||
Note 1 - Organization and Significant Accounting Policies | ||||||||||||||
Organization – Paxton Energy, Inc. was organized under the laws of the State of Nevada on June 30, 2004. On January 27, 2012, Paxton Energy, Inc. changed its name to Worthington Energy, Inc. (the “Company”). On October 12, 2012, the Company’s stockholders approved a 1-for-10 reverse common stock split. In addition, on October 2, 2013 the Company affected a 1-for-50 reverse common stock split. All references in these consolidated financial statements and related notes to numbers of shares of common stock, prices per share of common stock, and weighted average number of shares of common stock outstanding prior to the reverse stock splits have been adjusted to reflect the reverse stock splits on a retroactive basis for all periods presented, unless otherwise noted. | ||||||||||||||
Nature of Operations – As further described in Note 2 to these consolidated financial statements, the Company commenced acquiring working interests in oil and gas properties in June 2005. We are in the business of acquiring, exploring and developing oil and gas-related assets The Company is considered to be in the exploration stage due to the lack of significant revenues. | ||||||||||||||
Going Concern – The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not had significant revenue and is still considered to be in the exploration stage. The Company incurred losses of $3,122,257 for year ended December 31, 2013 and $13,255,095 for the year ended December 31, 2012. The Company also used cash of $228,024 and $1,348,778 in its operating activities during the year ended December 31, 2013 and 2012, respectively, and a significant portion of the Company’s debt is in default. At December 31, 2013, the Company has a working capital deficit of $14,914,490 and a stockholders’ deficiency of $9,228,482. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As a result, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2013 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. | ||||||||||||||
The Company is currently seeking debt and equity financing to fund potential acquisitions and other expenditures, although it does not have any contracts or commitments for either at this time. The Company will have to raise additional funds to continue operations and, while it has been successful in doing so in the past, there can be no assurance that it will be able to do so in the future. The Company’s continuation as a going concern is dependent upon its ability to obtain necessary additional funds to continue operations and the attainment of profitable operations. The Company hopes that working capital will become available via financing activities currently contemplated with regards to its intended operating activities. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty. | ||||||||||||||
Principles of Consolidation – The accompanying consolidated financial statements present the financial position, results of operations, and cash flows of Worthington Energy, Inc. and of PaxAcq Inc., a wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||
Use of Estimates – In preparing these consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in the Company’s consolidated financial statements relate to the valuation of long-lived assets, accrued other liabilities, and valuation assumptions related to share-based payments and derivative liability. | ||||||||||||||
Property and Equipment – Property and equipment are recorded at cost, and consist of office equipment and leasehold improvements. Depreciation of property and equipment is charged to operations on a straight-line basis over useful lives range from 3 to 5 years. Property and equipment consisted of the following at December 31, 2013 and 2012: | ||||||||||||||
2012 | 2012 | |||||||||||||
Office equipment | $ | 8,113 | $ | 7,247 | ||||||||||
Leasehold improvements | 13,507 | 13,507 | ||||||||||||
Less accumulated depreciation | -11,497 | -6,184 | ||||||||||||
Property and equipment, net | $ | 10,123 | $ | 14,570 | ||||||||||
Depreciation expense was $5,313 and $4,531 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||
Oil and Gas Properties – The Company follows the full cost method of accounting for oil and gas properties. Under this method, all costs associated with acquisition, exploration, and development of oil and gas reserves, including directly related overhead costs and related asset retirement costs, are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, and costs of drilling and equipping productive and nonproductive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization. | ||||||||||||||
All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, will be amortized, on the unit-of-production method using estimates of proved reserves. At December 31, 2013 and 2012, there were no capitalized costs subject to amortization. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is charged to operations. The Company has not yet obtained a reserve report on its producing properties in Texas because the properties are considered to be in the exploration stage, management has not completed an evaluation of the properties, and the properties have had limited oil and gas exploration and production. | ||||||||||||||
In addition, properties subject to amortization will be subject to a “ceiling test,” which basically limits such costs to the aggregate of the “estimated present value,” based on the projected future net revenues from proved reserves, discounted at 10% per annum to present value of future net revenues from proved reserves, based on current economic and operating conditions, plus the lower of cost or fair market value of unproved properties. | ||||||||||||||
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 results of operations. Abandonments of properties are accounted for as adjustments of capitalized costs with no loss recognized. | ||||||||||||||
Asset Retirement Obligation - The Company accounts for its future asset retirement obligations (“ARO”) by recording the fair value of the liability during the period in which it was incurred. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The increase in carrying value of a property associated with the capitalization of an ARO is included in proven oil and gas properties in the balance sheets. The ARO consists of costs related to the plugging of wells, removal of facilities and equipment, and site restoration on its oil and gas properties. The asset retirement liability is accreted to operating expense over the useful life of the related asset. As of December 31, 2013 and 2012, the Company had an ARO of $37,288. | ||||||||||||||
Impairment of Long-Lived Assets – Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to estimated future undiscounted net cash flows of the related asset or group of assets over their remaining lives. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the estimated fair value of the asset. Impairment of long-lived assets is assessed at the lowest levels for which there are identifiable cash flows that are independent of other groups of assets. The impairment of long-lived assets requires judgments and estimates. If circumstances change, such estimates could also change. During the years ended December 31, 2013 and 2012, the Company recorded impairment charges of $111,623 and $1,237,866, respectively, related to its oil and gas properties that were not subject to the “ceiling test”. | ||||||||||||||
Revenue Recognition – All revenues are derived from the sale of produced crude oil and natural gas. Revenue and related production taxes and lease operating expenses are recorded in the month the product is delivered to the purchaser. Normally, payment for the revenue, net of related taxes and lease operating expenses, is received from the operator of the well approximately 45 days after the month of delivery. However, during the years ended December 31, 2013 and 2012, our operator has retained any such payments to offset the amounts owed by it from the Company. Accounts receivable, if any, are stated at the amount management expects to collect. Management provides for probable uncollectible amounts through a charge to earnings and a credit to an allowance based on its assessment of the collectability of the receivable. At December 31, 2013 and 2012, there are no accounts receivable, and accordingly, no allowance for doubtful accounts was necessary. | ||||||||||||||
Stock-Based Compensation - The Company recognizes compensation expense for stock-based awards to employees expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. The Company estimates the fair value of stock options using a Black-Scholes option pricing model which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock and expected dividend yield of stock. | ||||||||||||||
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees and non-employee directors in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration for other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services. The fair value of the equity instrument is charged directly to share-based compensation expense and credited to paid-in capital. | ||||||||||||||
Income Taxes – Provisions for income taxes are based on taxes payable or refundable and deferred taxes. Deferred taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements and tax operating loss carryforwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of general and administrative expense. | ||||||||||||||
Basic and Diluted Loss per Common Share – Basic loss per common share amounts are computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted loss per share amounts are computed assuming the issuance of common stock for potentially dilutive common stock equivalents. All outstanding stock options, warrants, stock awards, convertible promissory notes, and other obligations to be satisfied with the issuance of common stock are currently antidilutive due to our net loss and have been excluded from the diluted loss per share calculations. As such, options, warrants, and stock awards to acquire 2,521,670 and 141,594 shares of common stock outstanding as of December 31, 2013 and 2012, respectively, and promissory notes and debentures convertible into an aggregate of 1,452,804,120 and 9,140,456 shares of common stock at December 31, 2013 and 2012, respectively were excluded in the computation of diluted loss per share at December 31, 2013 and 2012 as their effect would have been anti-dilutive. | ||||||||||||||
Fair Values of Financial Instruments – The carrying amounts reported in the consolidated balance sheets for accounts payable, payable to Ironridge Global IV, Ltd., and payable to former officer approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for unsecured convertible promissory notes payable, secured notes payable, and convertible debentures approximate fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of derivative liabilities are estimated based on a probability weighted average Black Scholes-Merton pricing model. | ||||||||||||||
For assets and liabilities measured at fair value, the Company uses the following hierarchy of inputs: | ||||||||||||||
· | Level one — Quoted market prices in active markets for identical assets or liabilities; | |||||||||||||
· | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and | |||||||||||||
· | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||||||||||||
Liabilities measured at fair value on a recurring basis at December 31, 2013 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,467,223 | $ | - | $ | 5,467,223 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,441,192 | $ | - | $ | 2,441,192 | ||||||
Liabilities measured at fair value on a recurring basis at December 31, 2012 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,460,914 | $ | - | $ | 5,460,914 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,334,421 | $ | - | $ | 2,334,421 | ||||||
Derivative Financial Instruments – The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average Black-Scholes-Merton pricing model to value the derivative instruments... The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | ||||||||||||||
Recently Issued Accounting Statements – The FASB has issued ASU No. 2013-04, Liabilities (Topic 405), “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. | ||||||||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists (A Consensus the FASB Emerging Issues Task Force). ASU 2013-11 provides guidance on financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforward in the same tax jurisdiction as of the reporting date. This amendment is effective for public entities for fiscal years beginning after December 15, 2013 and interim periods within those years. The company does not expect the adoption of this standard to have a material impact on the Company’s financial position and results of operations. | ||||||||||||||
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the “SEC”) did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. | ||||||||||||||
Oil_and_Gas_Properties
Oil and Gas Properties | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Oil and Gas Property [Abstract] | ' | |||||||
Oil and Gas Properties [Text Block] | ' | |||||||
Note 2 - Oil and Gas Properties | ||||||||
Summary of Oil and Gas Properties | ||||||||
At December 31, 2013 and 2012, oil and gas properties, net of impairment losses recognized, consist of the following: | ||||||||
2013 | 2012 | |||||||
Leasehold interest costs - Vermillion 179 | $ | 5,698,563 | $ | 5,698,563 | ||||
Leasehold interest costs - Mustang Island | - | 1,055,987 | ||||||
Leasehold interest costs - Texas | - | 100,000 | ||||||
$ | 5,698,563 | $ | 6,854,550 | |||||
Montecito Asset Sale Agreement (Vermillion 179) | ||||||||
On May 6, 2011, the Company completed its acquisition of certain assets pursuant to an Asset Sale Agreement (the Montecito Agreement) with Montecito Offshore, L.L.C. (Montecito). The assets consist of certain oil and gas leases located in the Vermillion 179 tract, which is in the shallow waters of the Gulf of Mexico offshore from Louisiana. Pursuant to the terms of the Montecito Agreement, as amended, Montecito agreed to sell the Company a 70% leasehold working interest, with a net revenue interest of 51.975%, of certain oil and gas leases owned by Montecito, for $1,500,000 in cash, a subordinated promissory note in the amount of $500,000, and 30,000 shares of common stock. The leasehold interest has been capitalized in the amount of $5,698,563, representing $2,000,000 in cash and promissory note, $3,675,000 for the common stock based on a closing price of $2.45 per share on the closing date, and $23,563 in acquisition costs. No drilling or production has commenced as of December 31, 2013. Consequently, the oil and gas properties have not been subjected to amortization of the full cost pool. | ||||||||
In December 2011, Montecito filed a lawsuit in the Civil District Court for the Parish of Orleans of the State of Louisiana against the Company by filing a Petition to Rescind Sale. In this action, Montecito is seeking to rescind the asset sale transaction, as described in the previous paragraph. Pursuant to a Release and Settlement Agreement dated February 12, 2014 that has been signed and notarized by all parties involved, the matter has been settled. The operative terms of the settlement were recited into the record in open court on the day of trial. The result is that a judicially recognized compromise has been perfected under Louisiana law, which has the effect of extinguishing the underlying obligations the compromise is premised on. The Company’s obligations expected to be extinguished include a secured note payable in the amount of $500,000 to Montecito Offshore, LLC (see Note 6) and convertible debentures of $2,453,032 (see Note 7). However, recording the conveyance of the lease interest and cancelling mortgages and UCC-1’s by the debt holders has not occurred. The debt holders have delayed in performing these obligations because they want to first undertake a degree of internal restructuring before accepting the royalty interest they negotiated to receive as a part of the settlement. The debt holders have indicated that, after they have formed an entity to receive the royalty interest, they will cancel the outstanding mortgages and UCC-1’s along with recording the documents conveying the various interests in the public records. The Company will account for the transaction in 2014 upon final settlement as an exchange of the oil and gas asset for the debt and an extinguishment of the related derivative liability (see Note 13). | ||||||||
Black Cat Purchase and Sale Agreement (Mustang Island) | ||||||||
On March 9, 2012, the Company acquired certain assets from Black Cat Exploration & Production LLC (“Black Cat”) pursuant to an amended Purchase and Sale Agreement for Oil & Gas Properties and Related Assets (the “Black Cat Agreement”). The Company acquired a 2% override interest in the Mustang Island 818-L lease, covering 1,400 acres in the Gulf of Mexico, with a 10.35% carried interest in the recently drilled I-1 well, located on the lease. The Company paid $175,000 in cash, issued a note for $1,075,000 and agreed to issue 90,000 shares of common stock, of which 45,000 shares were issued to Black Cat at the time of closing and the remaining 45,000 shares were issued on August 30, 2012 pursuant to when the well was connected to the main offshore pipeline of the Six Pigs Processing facility. The leasehold interest was capitalized in the amount of $2,305,987, representing $1,250,000 in cash and promissory note, $855,000 for the initial common stock issued in March 2012 (based on a closing price of $19.00 per share on the closing date), $157,500 for the second issuance of common stock in August 2012 (based on the most recent closing price of $3.50 per share at the time of connecting the well), and $43,487 in acquisition and well costs. | ||||||||
On November 1, 2012, the Company sold its 2% overriding royalty interest in the Mustang Island 818-L lease for $500,000. The sale reduced the carrying cost of the lease and well to $1,805,987. Proceeds from the sale were used to reduce the principal balance of the junior secured promissory note with Black Cat by $200,000 and the remaining $300,000 was used by the Company for working capital purposes. | ||||||||
On January 25, 2013, the Company entered into a Settlement Agreement and Mutual Release of Claims (the “Settlement Agreement”) with Mr. Anthony Mason and Black Cat. Pursuant to the terms of the Settlement Agreement, the Company agreed to pay Black Cat and/or Mr. Mason $125,000 in 10 equal payments, with the first payment due March 11, 2013 and the remaining payments every 30 days thereafter until paid in full. The Company has paid $10,000 to Mr. Mason resulting in a remaining liability of $115,000 at December 31, 2013. In the event that the Company obtains a credit facility in an amount equal to or greater than $3,500,000, the full amount of the settlement payment then outstanding will become immediately due and payable. In addition, the Company agreed to transfer to Black Cat all title and interest the Company owned in the I-1 well, Mustang Island 818-L lease and other assets acquired from Black Cat pursuant to the Black Cat Agreement. Furthermore, all production from the I-1 well, from the date the well went online was transferred to Black Cat in connection with the Settlement Agreement. In return, Black Cat agreed to return to the Company for cancellation the 90,000 shares of the Company’s common stock it received in connection with the Black Cat Agreement and to release the Company from all of its claims, which included the balance of the promissory note and accrued interest, unpaid compensation and other miscellaneous amounts. Further, in connection with the Settlement Agreement, Mr. Mason agreed to resign as President, Chief Executive Officer and a Director of the Company. | ||||||||
In connection with its accounting for the year ended December 31, 2012, the Company evaluated the accounting effects of the Settlement Agreement and concluded that estimated impairment in the approximate amount of $750,000 should be recorded as of December 31, 2012 by further reducing the carrying cost of the properties to $1,055,987. In January 2013, the Company accounted for the Settlement Agreement by removing the carrying value of the property; removed the released liabilities for the promissory note in the amount of $850,000; removed current liabilities for amounts owed to Mr. Mason, Black Cat, and others for accrued interest, accrued compensation, lease operating expenses, and other expenses in the aggregate amount of $265,364; recorded the fair value of the common stock returned to the Company for cancelation in the amount of $54,000; recorded a liability to Mr. Mason of $125,000; and recognized additional impairment expense of $11,623. | ||||||||
Texas Oil and Gas Operations | ||||||||
Commencing in the year ended December 31, 2005 and continuing into the year ended December 31, 2009, the Company participated in oil and gas exploration and development activities in Texas, principally with Bayshore Exploration L.L.C. (“Bayshore”) in La Salle County, Texas. During 2005, the Company acquired from Bayshore a 31.75% working interest (23.8125% net revenue interest) in the Cooke Ranch prospect, consisting of approximately 8,883 acres. During 2006, the Company entered into an agreement with Bayshore to acquire a 50% working interest in approximately 3,200 acres of oil and gas leases and oil and gas lease options located in La Salle County, Texas, for the purpose of oil and gas exploration and production. The Company was also granted an option to increase its working interest in the leases to 75% within 90 days of the date of the agreement, on the same terms and conditions. On June 13, 2006, the Company exercised its option to increase its working interest to 75% (56.25% net revenue interest). To date, the Company has acquired a 75% working interest in approximately 2,268 acres. Additionally during 2006, the Company entered into a Joint Exploration Agreement with Bayshore covering the 8,883 acres of the Cooke Ranch prospect. The Exploration Agreement provides for the Company and Bayshore to join together for the purpose of drilling exploratory wells and performing studies of the Cooke Ranch prospect acreage and acquiring additional prospective oil and gas properties on which to explore for, develop, and produce oil and gas. During 2008, Bayshore entered into a lease of 220 acres in LaSalle County, Texas within the area of mutual interest covered by the exploration agreement. The Company exercised its right to purchase its proportionate share (31.75%) of that lease and paid Bayshore for the Company’s share of the lease bonus and related expenses. In connection with that new lease, the Company entered into a participation in a farm out whereby the Company retained approximately a 4% fully carried working interest in the Cartwright No. 3 well drilled on the new lease by third parties. | ||||||||
During the period of time commencing with the year ended December 31, 2005 and continuing into the year ended December 31, 2009, the Company participated with Bayshore in the drilling of ten wells and participated with another entity in the drilling of a well in another county in Texas. Three of these wells were determined to be dry and were plugged and abandoned. The Company has sold all or part of its interests in two wells to Bayshore in order to reduce its indebtedness to Bayshore. At December 31, 2013, the Company has remaining interests in six wells in Texas with working interests ranging from 4.0% to 31.75%. Management of the Company has the understanding that the six wells are currently shut in and not producing. At December 31, 2013, given that the Company is still considered to be in the exploration stage, a determination has not been made about the extent of oil reserves that should be classified as proved reserves. Consequently, the oil and gas properties have not been subjected to amortization of the full cost pool. | ||||||||
Each year, the management of the Company has performed evaluations of its producing oil and gas properties to determine whether oil and gas properties are impaired. Management has also considered the market value of its nonproducing properties. During 2006, 2008, and 2009, the Company determined that capitalized costs for wells drilled, for leasehold interests, and other related costs were in excess of the present value of estimated future cash flows from those properties, and recognized impairment losses in the total amount of $3,847,192 during those years. During the years ended December 31, 2013 and 2012, the management of the Company also performed evaluations of its producing oil and gas properties and determined that their oil and gas properties were impaired, and recognized an impairment loss of $100,000 and $487,886, respectively. As such, carrying value of the Company’s oil and gas properties after recognizing the impairment losses were zero and $100,000 at December 31, 2013 and 2012, respectively. | ||||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | |||||||
Note 3 - Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following at December 31, 2013 and 2012: | ||||||||
2013 | 2012 | |||||||
Accrued salaries | $ | 255,867 | $ | 352,038 | ||||
Accrued payroll taxes | 104,899 | 85,323 | ||||||
Accrued directors fees | 64,969 | 69,033 | ||||||
Accrued interest | 1,340,122 | 909,606 | ||||||
Accrued registration rights penalties and interest | 14,628 | 14,350 | ||||||
Other accrued expenses | 2,500 | 2,500 | ||||||
Total accrued liabilities | $ | 1,782,985 | $ | 1,432,850 | ||||
Payable_to_Ironridge_Global_IV
Payable to Ironridge Global IV, Ltd. | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Payable To Ironridge Global Ltd [Text Block] | ' |
Note 4 – Payable to Ironridge Global IV, Ltd. | |
In March 2012, Ironridge Global IV, Ltd. (“Ironridge”) filed a complaint against the Company for the payment of $1,388,407 in outstanding accounts payable, accrued compensation, accrued interest, and notes payable of the Company (the “Claim Amount”) that Ironridge had purchased from various creditors of the Company. The lawsuit was filed in the Superior Court of the State of California for the County of Los Angeles Central District, and the case was Ironridge Global IV, Ltd. v. Worthington Energy, Inc., Case No. BC 480184 . On March 22, 2012, the court approved an Order for Approval of Stipulation for Settlement of Claims (the "Order"). | |
The Order provided for the immediate issuance by the Company of 20,300 shares of common stock (the “Initial Shares”) to Ironridge towards settlement of the Claim Amount. The Order also provided for an adjustment in the total number of shares which may be issuable to Ironridge based on a calculation period for the transaction, defined as that number of consecutive trading days following the date on which the Initial Shares were issued (the "Issuance Date") required for the aggregate trading volume of the common stock, as reported by Bloomberg LP, to exceed $4.2 million (the "Calculation Period"). Pursuant to the Order, Ironridge would retain 200 shares of the Company's common stock as a fee, plus that number of shares (the "Final Amount") with an aggregate value equal to (a) the $1,358,135 plus reasonable attorney fees through the end of the Calculation Period, (b) divided by 70% of the following: the volume weighted average price ("VWAP") of the Common Stock over the length of the Calculation Period, as reported by Bloomberg, not to exceed the arithmetic average of the individual daily VWAPs of any five trading days during the Calculation Period. The Company has calculated that the Calculation Period ended during the year ended December 31, 2012 and calculated that the Final Amount to be issued under the Order is 856,291 shares of common stock. Additionally, during the year ended December 31, 2012 when the Final Amount was determined, the Company calculated the fair value of the original liability to Ironridge Global IV, Ltd to be $1,981,312, that amount which when discounted to 70% of the VWAP and multiplied by the Final Amount, would equal $1,358,135 plus reasonable attorney fees. In so doing, the Company recognized an expense for the excess of the fair value of the resultant liability to Ironridge Global IV, Ltd. in excess of the original carrying amount of the liabilities acquired by Ironridge and adjusted the liability to Ironridge Global IV, Ltd. for the fair value adjustment. | |
Since the issuance of the Initial Shares, the Company issued an additional 194,200 shares of common stock during the year ended December 31, 2012 (for an aggregate value of $531,689) which has been accounted for as the reduction of a proportionate amount of the calculated fair value of the original liability to Ironridge. Accordingly, the amount of the liability to Ironridge reported in the accompanying condensed consolidated balance sheet is $1,489,623 at December 31, 2012. During the year ended December 31, 2013 the Company issued an additional 6,550,000 shares of common stock to Ironridge with an aggregate value of $1,421,595. At that time, the Company believed it had a remaining obligation to Ironridge of $68,028. However, on February 24, 2014 after Ironridge claimed that the Company’s failure to comply with prior order and stipulation has caused them harm and claimed that it was still owed $241,046. A judge awarded Ironridge a third order enforcing a prior order for approval of stipulation for settlement claim by requiring the Company to reserve 1,095,950,732 shares of the Company’s common stock until the balance of the claim in paid. The Company has increased the balance due to Ironridge to $241,046 at December 31, 2013 which reflects the fair value of the remaining shares to be issued. | |
Unsecured_Convertible_Promisso
Unsecured Convertible Promissory Notes Payable (In default) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Convertible Notes Payable [Abstract] | ' | |||||||||||||||||||
Mortgage Notes Payable Disclosure [Text Block] | ' | |||||||||||||||||||
Note 5 - Unsecured Convertible Promissory Notes Payable (In default) | ||||||||||||||||||||
A summary of unsecured convertible promissory notes at December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Unpaid | Unamortized | Carrying | Unpaid | Unamortized | Carrying | |||||||||||||||
Principal | Discount | Value | Principal | Discount | Value | |||||||||||||||
Asher Enterprises, Inc. | $ | 111,900 | $ | 7,473 | $ | 104,427 | $ | 133,000 | $ | 69,821 | $ | 63,179 | ||||||||
GEL Properties, LLC | 149,000 | 13,486 | 135,514 | 167,762 | 84,690 | 83,072 | ||||||||||||||
Prolific Group, LLC | 79,900 | 11,849 | 68,051 | 64,150 | 38,123 | 26,027 | ||||||||||||||
Haverstock Master Fund, LTD and Common Stock, LLC | 289,906 | - | 289,906 | 344,102 | 107,591 | 236,511 | ||||||||||||||
Five Individuals | 206,250 | - | 206,250 | 206,250 | 960 | 205,290 | ||||||||||||||
Charles Volk (related party) | 125,000 | 53,596 | 71,404 | - | - | - | ||||||||||||||
Various Other Individuals and Entities | 78,750 | 24,338 | 54,412 | 110,500 | 61,525 | 48,975 | ||||||||||||||
$ | 1,040,706 | $ | 110,742 | $ | 929,964 | $ | 1,025,764 | $ | 362,710 | $ | 663,054 | |||||||||
Asher Enterprises, Inc. | ||||||||||||||||||||
At various dates commencing in April 2010 and continuing through December 31 2013, the Company has issued fourteen unsecured convertible promissory notes to Asher Enterprises, Inc. (Asher), an unaffiliated entity. The convertible promissory notes bear interest at 8% per annum. The principal and unpaid accrued interest are generally due approximately nine months after the issuance date. Certain of these notes are currently in default. In general, the notes are convertible until maturity at a variable conversion price equal to 50% of the average of the lowest three closing bid prices from the ten trading days prior to the date of the conversion notice. Additionally, the notes have generally contained a reset provision that provides that if the Company issues or sells any shares of common stock for consideration per share less than the conversion price of the notes, that the conversion price will be reduced to the amount of consideration per share of the stock issuance. During the year ended December 31, 2013, the Company received notices of conversion of notes totaling $120,350 and accrued interest of $5,500, which were converted into 4,997,164 shares of common stock, or a weighted-average conversion price of $0.025 per share. This variable conversion price and the anti-dilution reset provision constitute an embedded derivative under generally accepted accounting principles and are required to be recorded as liabilities and valued at fair value. The fair value of these embedded conversion features is recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $273,655 and $400,938 for the years ended December 31, 2013 and 2012, respectively. The carrying amount of these convertible promissory notes was $104,427 at December 31, 2013, representing their unconverted face amount of $111,900 less the unamortized discount of $7,473. The carrying amount of these convertible promissory notes was $63,179 at December 31, 2012, representing their unconverted face amount of $133,000 less the unamortized discount of $69,821. | ||||||||||||||||||||
GEL Properties, LLC and Prolific Group, LLC | ||||||||||||||||||||
At various dates commencing in August 2011 and continuing through December 31, 2013, the Company received proceeds pursuant to seven unsecured convertible promissory notes to GEL Properties, LLC (“GEL”), an unaffiliated entity. Additionally, in August 2012, GEL purchased the rights to $75,000 of principal of a secured bridge loan note held by a noteholder of the Company and in February 2013, GEL purchased the rights to $37,500 of principal of a secured note held by What Happened LLC. These acquired rights were restated to be consistent with other notes held by GEL. The convertible promissory notes bear interest at 6% per annum. The principal and unpaid accrued interest are generally due approximately one year after the issuance date. Certain of these notes are currently in default. The notes are convertible until maturity at a variable conversion price equal to 70% of the lowest closing bid price from the five trading days prior to the date of the conversion notice. During the year ended December 31, 2013, the Company received notices of conversion of notes totaling $181,262 and accrued interest of $7,451, which were converted into 12,624,392 shares of common stock, or a weighted-average conversion price of $0.015 per share. This variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be recorded as liabilities and valued at fair value. The fair value of these embedded conversion features is recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $376,264 and $292,278 for the years ended December 31, 2013 and 2012, respectively. The carrying amount of these convertible promissory notes was $135,514 at December 31, 2013, representing their unconverted face amount of $149,000 less the unamortized discount of $13,486. The carrying amount of these convertible promissory notes is $83,072 at December 31, 2012, representing their unconverted face amount of $167,762 less the unamortized discount of $84,690. | ||||||||||||||||||||
In September 2012 and February 2013, the Company received proceeds pursuant to two unsecured convertible promissory notes to Prolific Group, LLC (“Prolific”), an unaffiliated entity. Additionally, 1) in July 2012 Prolific acquired the rights to three unsecured convertible promissory notes from one of the Company’s noteholders, 2) in September 2012 Prolific purchased the rights to $40,000 of principal of a secured bridge loan note held by another noteholder of the Company, and 3) in February 2013 Prolific purchased the rights to $50,000 of principal of a secured note held What Happened LLC. These acquired rights were restated such that all notes held by Prolific bear interest at 6% per annum and the principal and unpaid accrued interest are generally due approximately one year after the issuance date. Certain of these notes are currently in default. The notes are convertible until maturity at a variable conversion price equal to 70% of the lowest closing bid price from the five trading days prior to the date of the conversion notice. During the year ended December 31, 2013, the Company received notices of conversion of notes totaling $59,250 and accrued interest of $1,272, which were converted into 3,207,002 shares of common stock, or a weighted-average conversion price of $0.019 per share. This variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be recorded as liabilities and valued at fair value. The fair value of these embedded conversion features are recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $187,608 and $328,272 for the years ended December 31, 2013 and 2012, respectively. The carrying amount of these convertible promissory notes was $68,051 at December 31, 2013, representing their unconverted face amount of $79,900 less the unamortized discount of $11,849. The carrying amount of these convertible promissory notes is $26,027 at December 31, 2012, representing their unconverted face amount of $64,150 less the unamortized discount of $38,123. | ||||||||||||||||||||
Five Individuals | ||||||||||||||||||||
On July 31, 2012, the Company received proceeds of $100,000 pursuant to an unsecured promissory note and issued a warrant to purchase 2,000 shares of common stock of the Company to two individuals. The promissory note requires the repayment of $115,000 of principal (including interest of $15,000) by October 31, 2012. The warrant has an exercise price of $5.00 per share and expires on July 31, 2015. Proceeds from the note were used to pay down $100,000 on the Bridge Loan Note that is discussed in further detail in Note 6 to these consolidated financial statements. As of December 31, 2013, this note is in default. | ||||||||||||||||||||
On August 9, 2012, the Company received proceeds of $25,000 pursuant to an unsecured promissory note and issued a warrant to purchase 500 shares of common stock of the Company to an individual. The promissory note requires the repayment of $28,750 of principal (including interest of $3,750) by November 9, 2012. The warrant has an exercise price of $5.00 per share of common stock and will be exercisable until October 9, 2015. As of December 31, 2013, this note is in default. | ||||||||||||||||||||
On October 8, 2012, the Company received proceeds of $50,000 pursuant to an unsecured promissory note and issued a warrant to purchase 1,000 shares of common stock of the Company to two individuals. The promissory note requires the repayment of $62,500 of principal (including interest of $12,500) by January 7, 2013. The warrant has an exercise price of $5.00 per share of common stock and will be exercisable until October 8, 2015. As of December 31, 2013, this note is in default. | ||||||||||||||||||||
The fair value of the warrants and the amounts of stated interest were recorded as discounts to these notes and are amortized over the terms of the notes. The Company recognized interest expense from the amortization of the discounts in the amount of $960 and $33,450 for the years ended December 31, 2013 and 2012, respectively. The aggregate carrying amount of these promissory notes is $206,250 at December 31, 2013, representing their face amount. The carrying amount of these promissory notes is $205,290 at December 31, 2012, representing their face amount of $206,250 less the unamortized discount of $960. | ||||||||||||||||||||
Charles Volk (Related Party) | ||||||||||||||||||||
On June 4, 2013, the Company issued an unsecured convertible promissory notes to Charles Volk, the Company’s CEO, (“Volk”). The convertible promissory bear at 10% per annum and contains a $25,000 original issue discount. The convertible note was issued in exchange for $100,000 of accrued compensation due to Volk. The principal and unpaid accrued interest due one year after the issuance date. The notes are convertible at a variable conversion price equal to 50% of the current market price of the Company’s common stock. In addition, the conversion price also included an anti-dilution provision that allows for the automatic reset of the conversion price upon any future sale of the Company’s common stock, warrants, options, convertible debt or any other equity-linked securities at an issuance, exercise or conversion price below the current conversion price of the convertible promissory note. The Company determined that the variable conversion price and the anti-dilution reset provision caused the conversion feature to be bifurcated from the convertible promissory notes, and are required to be recorded as a liability and valued at fair value. The fair value of these embedded conversion features and the original issue discount are recorded as discounts to the carrying amount of the convertible promissory note. In addition to the issuance of the convertible note, in the same transaction, the Company issued to Volk a warrant to purchase 1,250,000 shares of the Company’s common stock at $0.05 per share. The fair value of the warrant at the date of issuance was $37,116 and is considered a discount to the note. The fair value was calculated using the Black-Scholes model with the following assumptions: volatility - 307%; terms – 3 years; dividend yield – 0% and risk free interest rate – 0.14%. In the event the discount to the note exceeds the face amount of the note, the excess is amortized immediately as interest expense. The remaining discounts are amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $236,823 for the year ended December 31, 2013. The carrying amount of this convertible promissory note was $71,404 at December 31, 2013, representing their unconverted face amount of $125,000 less the unamortized discount of $53,596. | ||||||||||||||||||||
Various Other Individuals and Entities | ||||||||||||||||||||
As of December 31, 2013 and 2012, the Company had outstanding various unsecured convertible promissory notes to various unaffiliated entities or individuals. These notes are currently in default. In general, the notes were convertible until maturity at a variable conversion price equal to 50% of the average of the lowest three closing bid prices from the ten trading days prior to the date of the conversion notice. This variable conversion price constituted an embedded derivative under generally accepted accounting principles and was required to be recorded as liabilities and valued at fair value. The fair value of these embedded conversion features was recorded as discounts to the carrying amount of the convertible promissory notes. In the event the fair value of the embedded conversion feature exceeded the face amount of the note, the excess was amortized immediately as interest expense. The remaining discounts were amortized over the period from the issuance dates to the maturity dates or to the conversion dates, whichever was earlier. During the year ended December 31, 2013, the Company received notices of conversion on notes totaling $110,500 and accrued interest of $3,124 which were converted into 8,730,588 shares of common stock, or a weighted-average conversion price of $0.013per share. The balance of the notes outstanding as of December 31, 2013 was $78,750. The Company recognized interest expense from the amortization of the discounts in the amount of $191,216 and $490,964 for the years ended December 31, 2013 and 2012, respectively. The carrying amount of the notes was $54,412 at December 31, 2013, representing their unconverted face amount of $78,750 less the unamortized discount of $24,338. The carrying amount of the notes was $48,975 at December 31, 2012, representing their unconverted face amount of $110,500 less the unamortized discount of $61,525. | ||||||||||||||||||||
Secured_Notes_Payable_In_defau
Secured Notes Payable (In default) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Debt Disclosure [Text Block] | ' | |||||||||||||||||||
Note 6 - Secured Notes Payable (In default) | ||||||||||||||||||||
A summary of secured notes payable at December 31, 2013 and 2012: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Unpaid | Unamortized | Carrying | Unpaid | Unamortized | Carrying | |||||||||||||||
Principal | Discount | Value | Principal | Discount | Value | |||||||||||||||
Black Cat Exploration & Production LLC | $ | - | $ | - | $ | - | $ | 850,000 | $ | - | $ | 850,000 | ||||||||
Montecito Offshore, LLC | 500,000 | - | 500,000 | 500,000 | - | 500,000 | ||||||||||||||
Bride Loan Settlement Note | 40,000 | - | 40,000 | 40,000 | - | 40,000 | ||||||||||||||
What Happened LLC | 21,575 | - | 21,575 | 125,000 | - | 125,000 | ||||||||||||||
La Jolla Cove Investors, Inc. | 83,940 | 25,003 | 58,937 | 92,500 | 105,227 | -12,727 | ||||||||||||||
$ | 645,515 | $ | 25,003 | $ | 620,512 | $ | 1,607,500 | $ | 105,227 | $ | 1,502,273 | |||||||||
Black Cat Exploration & Production, LLC (Mustang Island) | ||||||||||||||||||||
As further described in Note 2 to these consolidated financial statements, on March 9, 2012, the Company acquired certain assets from Black Cat pursuant to the Black Cat Agreement, as amended. Pursuant to the terms of the Black Cat Agreement the Company issued a junior secured promissory note in the amount of $1,075,000 as partial consideration for the purchase. $100,000 of the junior secured promissory note was due on May 31, 2012 and the balance was payable at the later of (i) June 25, 2012 or (ii) 30 days after production commenced from the Mustang Island Well, which was deemed to have occurred on August 29, 2012 when the well was connected to the main offshore pipeline of the Six Pigs Processing facility. The Company paid $25,000 toward the principal of this note during the three months ended June 30, 2012 and paid an additional $200,000 in November 2012, resulting in a balance of $850,000 at December 31, 2012. The note accrued interest at 11% per annum, was secured by a second lien mortgage on the properties acquired from Black Cat, and was subordinated to the bridge loan note described below. | ||||||||||||||||||||
As more fully described in Note 2 to these consolidated financial statements, on January 25, 2013, the Company and Black Cat entered into a Settlement Agreement and Mutual Release of Claims with Mr. Mason and Black Cat which, among other things, released the Company from its obligation to repay this promissory note and related accrued interest. | ||||||||||||||||||||
Montecito Offshore, L.L.C. (Vermillion 179) | ||||||||||||||||||||
As further described in Note 2, on May 6, 2011, the Company acquired a leasehold interest in oil and gas properties from Montecito Offshore, L.L.C. (Montecito). Pursuant to the terms of the agreement, as amended, the Company issued a subordinated promissory note in the amount of $500,000 as partial consideration for the purchase. The note is secured by a second lien mortgage, subordinated to the convertible debentures issued in May 2011, as further described in Note 7 to these consolidated financial statements. The note bears interest at 9% per annum. The note and unpaid interest were originally due ninety days after the date of the promissory note, but the due date was extended to August 15, 2011. The note came due on August 15, 2011 and has not been paid. The Company’s failure to repay the note when due constitutes an event of default under the note. Upon the occurrence of an event of default, the note holder has the right to exercise its rights under the security agreement associated with the note. These rights include, among other things, the right to foreclose on the collateral if necessary. The Company is exploring alternatives for a partial sale, a farm-in, or the refinancing of the Vermillion 179 tract in order to pay off this note, with accrued interest. | ||||||||||||||||||||
In December 2011, Montecito filed a lawsuit in the Civil District Court for the Parish of Orleans of the State of Louisiana against the Company by filing a Petition to Rescind Sale. In this action, Montecito is seeking to rescind the asset sale transaction, as described in the previous paragraph. The Company has entered into settlement discussions and has reached a preliminary settlement, but final document remain to be signed as of the date of this Report. | ||||||||||||||||||||
Bridge Loan Note | ||||||||||||||||||||
On March 6, 2012, the Company received proceeds of $250,000 under a secured bridge loan note. The Company agreed to pay the note holder $277,500 by the maturity date of May 5, 2012 and issued a warrant to purchase 2,500 shares of common stock of the Company, exercisable at $75.00 per share and expiring March 6, 2017. This note is currently in default. The bridge loan note was secured by a deed of trust on certain oil and gas properties acquired from Black Cat as described in Note 2 to these consolidated financial statements. In the event of default, the note holder was entitled to 80% of the proceeds from the sale of production from the collateral property and the principal amount due under the note was to be increased by $27,500. This note was not repaid by May 5, 2012 and was in default. Accordingly, the principal amount of the note was increased by $27,500 to $305,000. In June 2012, the noteholder sold a 50% interest in this note to an entity related to the noteholder. As described in Note 5 to these consolidated financial statements, proceeds from an unsecured promissory note were used to reduce the balance by $100,000, resulting in a combined balance on the notes of $205,000. During the period from July to December 2012, the noteholders sold the remaining principal balance of the notes to GEL ($75,000), Prolific ($40,000), and Magna ($90,000), all as disclosed in Note 5 to these consolidated financial statements. | ||||||||||||||||||||
Upon issuance, the Company determined the fair value of the warrants was $8,639 and recorded a corresponding discount to the note payable. The Company also recorded $27,500 as the original issue discount on this note. The total discount of $36,139 has been amortized over the sixty day term of the note. | ||||||||||||||||||||
On December 12, 2012, the Company and these noteholders entered into a Settlement Agreement and Mutual Release of Claims in order to settle any and all claims that may have existed between the parties. In connection with this settlement agreement, the Company issued an unsecured promissory note in the amount of $40,000 to settle unpaid accrued interest, certain legal costs, and other unspecified amounts. The note bears interest at 6% per annum and is due on or before June 12, 2013. This note is currently in default. Additionally, the Company issued a warrant to acquire 20,000 shares of the Company’s common stock which expired on December 12, 2013. | ||||||||||||||||||||
What Happened LLC | ||||||||||||||||||||
On April 19, 2012, the Company issued a secured promissory note in the principal face amount of $100,000 in exchange for $100,000 from What Happened LLC. Pursuant to a deed of trust, security agreement and financing statement covering as extracted collateral, the Company granted the investor a security interest in all of the Company’s prospective 6% working interest in the Alvey Lease. The Company agreed to repay $125,000 on June 18, 2012, plus interest at the rate of 11% per annum. The secured promissory note was not repaid by the due date and is in default. Proceeds from the secured promissory note were used to pay an earnest money deposit in 2012 that was written off in 2013 when the purchase was not completed. | ||||||||||||||||||||
In lieu of repayment in cash, the investor has the option of converting the obligation represented by the secured promissory note into a 3.75% carried working interest in the Alvey Lease, which the investor was required to advise the Company of whether it intended to exercise such option on or prior to the maturity of the secured note. Although the period for exercise of the option has expired, the Company and the investor have had discussions to extend the date to exercise such option to any time prior to repayment. As disclosed in Note 5 to these consolidated financial statements, What Happened LLC has sold $87,500 of the secured promissory note to GEL and Prolific, leaving a balance of $37,500 which is also expected to be sold. During the year ended December 31, 2013, the Company received notices of conversion of notes totaling $15,925, which were converted into 1,000,000 shares of common stock, or a weighted-average conversion price of $0.016 per share. The carrying amount of this note payable was $21,575 and $125,000 at December 31, 2013 and December 31, 2102, respectively. Upon completion of the sale of this note, the option will expire and the Company will retain the 3.75% carried working interest in settlement of the earning money deposit. | ||||||||||||||||||||
La Jolla Cove Investors, Inc. | ||||||||||||||||||||
The Company and La Jolla Cove Investors, Inc. (La Jolla) entered into a Securities Purchase Agreement (the SPA) dated as of April 30, 2012 (the Closing Date). Pursuant to the SPA, the Company issued La Jolla a Convertible Debenture in the amount of $200,000 (the Convertible Debenture) and an Equity Investment Agreement (the Equity Investment Agreement – see note 9) in exchange for $100,000 in cash and a Secured Promissory Note (the Promissory Note) from La Jolla in the amount of $100,000 which is due on demand by the Company at any time after April 30, 2013. La Jolla was required to prepay the Promissory Note on January 25, 2013 if certain conditions were met at that date. However, the conditions were not met. | ||||||||||||||||||||
Pursuant to the Convertible Debenture, the Company agreed to pay La Jolla the principal sum of $200,000 (subject to adjustment as provided in the Convertible Debenture) on April 30, 2014 or such earlier date as required by the Convertible Debenture. Interest on the outstanding Convertible Debenture accrues at a rate of 4.75% per annum. The number of shares into which the Convertible Debenture can be converted is equal to the dollar amount being converted, divided by the quotient of the Conversion Price divided by 10, plus the dollar amount of the Convertible Debenture being converted divided by the Conversion Price. The Conversion Price is defined as equal to the lesser of (i) $225.00 or (ii) 75% of the three lowest volume weighted average prices (“VWAPs”) during the 21 days prior to the date of the conversion notice submitted by La Jolla. If on the date La Jolla delivers a conversion notice, the applicable conversion is below $10.00 (the “Floor Price”), the Company shall have the right exercisable within two business days after the Company’s receipt of the Conversion Notice to prepay that portion of the Convertible Debenture that La Jolla elected to convert. Any such prepayment shall be made in an amount equal to 120% of the sum of (i) the principal amount to be converted as specified in the applicable conversion notice plus (ii) any accrued and unpaid interest on any such principal amount. | ||||||||||||||||||||
During the year ended December 31, 2013, the Company received notices of conversion from La Jolla of its Convertible Debenture totaling $8,560, which were converted into 2,157,575 shares of common stock, or a weighted-average conversion price of $0.004 per share. | ||||||||||||||||||||
Among the conditions that constitute an event of default is the situation where the average VWAP per share of the Company’s common stock for any period of three consecutive trading days during the term of the Convertible Debenture is less than $5.00 per share. This condition initially occurred in early June 2012 and has continued through December 31, 2013. On June 14, 2012, La Jolla notified the Company of the event of default and that it was accelerating the repayment of the Convertible Debenture (net of the $100,000 note receivable), repayment premium, and accrued interest in the aggregate amount of $120,586. However, in July 2012, La Jolla withdrew its notification. But, since an event of default has occurred, and has not been cured by the Company or the requirement has not been waived by La Jolla, the Convertible Debenture continues to be callable by La Jolla. As such, the Convertible Debenture is classified among the current liabilities of the Company and is presented net of the $100,000 note receivable. | ||||||||||||||||||||
In connection with the issuance of the Convertible Debenture, Charles F. Volk, Jr., Anthony Mason and Samuel J. Butero issued a Secured Continuing Personal Guaranty pursuant to which they guaranteed the Company’s obligations under the Equity Investment Agreement and the Convertible Debenture, up to a total of $100,000. | ||||||||||||||||||||
The variable conversion price constitutes an embedded derivative under generally accepted accounting principles and is required to be valued at fair value. The fair value of the embedded conversion feature has been recorded as a discount to the carrying amount of the Convertible Debenture. The discount is being amortized over the period from the issuance date to the maturity date or to the conversion date, whichever is earlier. The Company recognized interest expense from the amortization of the discounts in the amount of $80,224 for the year ended December 31, 2013. The carrying amount of this Convertible Debenture is $58,937 at December 31, 2013, representing the unconverted face amount of $184,500, less the unamortized discount of $25,003 and less the note receivable due from La Jolla in the amount of $100,000. The carrying amount of this Convertible Debenture is $(12,727) at December 31, 2012, representing the unconverted face amount of $192,500, less the unamortized discount of $105,227 and less the note receivable due from La Jolla in the amount of $100,000. | ||||||||||||||||||||
Convertible_Debentures_and_Rel
Convertible Debentures and Related Warrants (In Default) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' |
Convertible Debt Disclosures [Text Block] | ' |
Note 7 - Convertible Debentures and Related Warrants (In Default) | |
In May 2011 the Company sold units to certain investors for aggregate cash proceeds of $2,550,000 at a price of $30,000 per unit. Each unit consisted of a secured convertible debenture in the principal amount of $30,000 and a warrant to purchase 400 shares of the Company’s common stock. The convertible debentures were issued in three tranches, matured one year after issuance on May 5, 2012, May 13, 2012, and May 19, 2012, and originally accrued interest at 9% per annum. The debentures were convertible at the holder’s option at any time into common stock at a conversion price originally set at $150.00 per share. The debentures will automatically be redeemed with a 30% premium upon a Change of Control or Listing Event (each as defined in the convertible debenture). Interest on the debentures is payable quarterly in arrears in cash. The Company is in default under the convertible debentures because it has not made the interest payments that were due beginning July 1, 2011 and has not repaid the principal which matured on May 19, 2012. As such, the Company is in default on all unpaid principal and total accrued interest of $1,123,110 as of December 31, 2013. The default interest rate is 18% per annum. Interest on the convertible debentures has been accrued at 18% in the accompanying consolidated financial statements commencing on July 1, 2011, the date when the Company first defaulted on an interest payment. To date, such default has not been either cured by the Company or waived by the holders of the convertible debentures. Upon the occurrence of an event of default, the debenture holders have the right to exercise their rights under the Mineral Mortgage associated with the debentures. These rights include, among other things, the right to foreclose on the collateral if necessary. The Company is currently working to resolve the default on these debentures. Pursuant to a Release and Settlement Agreement dated February 12, 2014 that has been signed and notarized by all parties involved, the matter has been settled. The operative terms of the settlement were recited into the record in open court on the day of trial. The result is that a judicially recognized compromise has been perfected under Louisiana law, which has the effect of extinguishing the underlying obligations the compromise is premised on. The Company’s obligations expected to be extinguished include a secured note payable in the amount of $500,000 to Montecito Offshore, LLC (see Note 6) and the convertible debentures. However, recording the conveyance of the lease interest and cancelling mortgages and UCC-1’s by the debt holders has not occurred. The debt holders have delayed in performing these obligations because they want to first undertake a degree of internal restructuring before accepting the royalty interest they negotiated to receive as a part of the settlement. The debt holders have indicated that, after they have formed an entity to receive the royalty interest, they will cancel the outstanding mortgages and UCC-1’s along with recording the documents conveying the various interests in the public records (See Notes 2 and 13) | |
The debentures contain price ratchet anti-dilution protection. In addition, the conversion price shall be adjusted if the conversion price of securities in a subsequent offering by the Company is adjusted pursuant to a make good provision. The shares of common stock issuable upon conversion of the debentures are entitled to piggyback registration rights. The Company has determined that this anti-dilution reset provision caused the conversion feature to be bifurcated from the debentures, treated as a derivative liability, and accounted for as a valuation discount at its fair value. Upon issuance, the Company recorded a corresponding discount to the convertible debentures. During the year ended December 31, 2013 and 2012, the conversion of certain unsecured convertible promissory notes and related issuance of common stock triggered the reset of the conversion price of the convertible debentures pursuant to the price ratchet anti-dilution protection provisions of these agreements. As of December 31, 2013 and 2012, the reset conversion price of the debentures is $0.014 and $0.44 per share, respectively, based on the lowest of the conversion prices. The conversion price of these debentures has been further adjusted subsequent to December 31, 2013 pursuant to the price ratchet anti-dilution protection provisions. During the year ended December 31, 2013, a debenture holder sent the Company notices of conversion of $96,968 of convertible debentures and $36,532 of the accrued interest. Pursuant to these notices, the Company issued 2,239,181 shares of common stock at a weighted average price of $0.06 per share. | |
In connection with this placement of convertible debentures, the Company issued warrants to acquire 34,000 shares of the Company’s common stock to the debenture holders. The warrants were originally exercisable for a period of five years at an exercise price of $150.00 per hare. The warrants became exercisable on a cashless basis after issuance because there was not an effective registration statement registering for resale the shares issuable upon exercise of the warrants. The shares of common stock issuable upon exercise of the warrants are entitled to piggyback registration rights. The warrants contain price ratchet anti-dilution protection. The Company has determined that this anti-dilution reset provision of the warrants is subject to derivative liability treatment and is required to be accounted for at its fair value. Upon issuance, the Company determined the fair value of the warrants and recorded a corresponding discount to the convertible debentures which was amortized over the life of the notes. During the years ended December 31, 2013 and 2012, the conversion of certain unsecured convertible promissory notes and related issuance of common stock triggered the reset of the exercise price of these warrants pursuant to the price ratchet anti-dilution protection provisions of these agreements. As of December 31, 2013 and December 31, 2012, the reset exercise price of the warrants is $0.014 and $0.44 per share, respectively, based on the lowest of the conversion prices. | |
The total discount to the debentures of $2,367,194 has been amortized over the one year term of the debentures using the effective interest method and was fully amortized as of December 31, 2012. The carrying amount of the convertible debentures is $2,453,032 at December 31, 2013 and $2,550,000 at December 31, 2012, representing their unconverted face amount since the discount is now fully amortized. | |
In connection with this sale of convertible debentures and warrants, the Company 1) incurred a placement fee with its placement agent of $356,000, 2) issued five-year warrants to its placement agent to acquire 3,400 shares of common stock and 3) paid $50,000 for legal services in connection with the issuance of these convertible debentures and warrants. The warrants issued to the placement agent were originally exercisable at $150.00 per share, may be exercised on a cashless basis, and contain price ratchet anti-dilution protection. The Company has determined that this anti-dilution reset provision of the warrants is subject to derivative liability treatment and is required to be accounted for at its fair value. Upon issuance, the Company determined the fair value of the warrants and recorded a corresponding charge to deferred financing costs. During the year ended December 31, 2013 and during the year ended December 31, 2012, the conversion of certain unsecured convertible promissory notes and related issuance of common stock triggered the reset of the exercise price of these warrants pursuant to the price ratchet anti-dilution protection provisions of these agreements. As of December 31, 2013 and 2012, the reset exercise price of the warrants is $0.014 and $0.44 per share, respectively, based on the lowest of the conversion prices. | |
Total deferred financing costs recorded for the issuance of convertible debentures was $531,688. Deferred financing costs have been amortized over the one year term of the debentures using the effective interest method, and therefore, no further interest expense was recognized on the amortization of these costs during the year ended December 31, 2013. | |
Pursuant to the debentures and warrants, no holder may convert or exercise such holder’s debenture or warrant if such conversion or exercise would result in the holder beneficially owning in excess of 4.99% of our then issued and outstanding common stock. A holder may, however, increase or decrease this limitation (but in no event exceed 9.99% of the number of shares of common stock issued and outstanding) by providing the Company with 61 days’ notice that such holder wishes to increase or decrease this limitation. | |
Pursuant to a Mineral Mortgage between the Company and the purchasers of the debentures and warrants, the Company granted a first priority lien on all assets acquired from Montecito Offshore, LLC, as further discussed in Note 2 to these consolidated financial statements. | |
Derivative_Liabilities
Derivative Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Derivatives and Fair Value [Text Block] | ' | ||||||||
Note 8 - Derivative Liabilities | |||||||||
Under the authoritative guidance of the FASB on determining whether an instrument (or embedded feature) is indexed to an entity’s own stock, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. All of the notes described in Notes 5, 6 and 7 that contain a reset provision or have a conversion price that is a percentage of the market price contain embedded conversion features which are considered derivative liabilities to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. The conversion feature of the Company’s Debentures (described in Note 7), and the related warrants, do not have fixed settlement provisions because their conversion and exercise prices, respectively, may be lowered if the Company issues securities at lower prices in the future. The Company was required to include the reset provisions in order to protect the holders of the Debentures from the potential dilution associated with future financings. In accordance with the FASB authoritative guidance, the conversion feature of the Debentures was separated from the host contract (i.e., the Debentures) and recognized as a derivative instrument. | |||||||||
As of December 31, 2013 and 2012, the derivative liabilities were valued using a probability weighted average Black Scholes-Merton pricing model with the following assumptions: | |||||||||
2013 | 2012 | ||||||||
Conversion feature: | |||||||||
Risk-free interest rate | 0.13 | % | 0.24 | % | |||||
Expected Volatility | 425 | % | 249 | % | |||||
Expected life (in years) | .04 to .62 | 1 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Warrants: | |||||||||
Risk-free interest rate | 0.13 | % | 0.8 | % | |||||
Expected Volatility | 425 | % | 233 | % | |||||
Expected life (in years) | 1.6 to 3.6 | 3.1 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Fair Value | |||||||||
Conversion feature | $ | 7,896,892 | $ | 7,768,138 | |||||
Warrants | 11,523 | 27,197 | |||||||
$ | 7,908,415 | $ | 7,795,335 | ||||||
The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the convertible debentures and notes was determined by the maturity date of the notes. The expected life of the warrants was determined by their expiration dates. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. | |||||||||
At December 31, 2013 and December 31, 2012, the fair value of the aggregate derivative liability of the conversion features and warrants was $7,908,415 and $7,795,335, respectively. For the years ended December 31, 2013 and 2012, the Company recorded a change in fair value of the derivative liability of $971,995 and $4,344,508, respectively. During the years ended December 31, 2013 and 2012, we recognized additional derivative liabilities of $1,085,075 and $2,226,531, respectively, related to the issuances of convertible promissory notes payable and warrants as described under Note 5 and 6. | |||||||||
Preferred_and_Common_Stock
Preferred and Common Stock | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders Equity Note [Abstract] | ' |
Stockholders Equity Note Disclosure [Text Block] | ' |
Note 9 – Preferred and Common Stock | |
Authorized shares | |
On April 17, 2013, pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended to increase the Company’s authorized common stock from 500 million to 1.49 billion shares of common stock. On May 8, 2013, pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended again to increase the Company’s authorized common stock from 1.49 billion to 2.49 billion shares of common stock. On June 24, 2013, pursuant to an Action by Written Consent of the Stockholders of the Company, the Company’s certificate of incorporation was amended again to increase the Company’s authorized common stock from 2.49 billion to 6.49 billion shares of common stock. | |
Issuance of Series A Preferred Stock | |
On April 17, 2013, the board of directors authorized the Company to file a certificate of designation authorizing 1,000,000 shares of Series A Preferred Stock and authorized the sale and issuance of 1,000,000 shares of Series A Preferred Stock to Charles Volk, the Company’s chief executive officer in exchange for the conversion of $50,000 of accrued salary owing to Mr. Volk. On April 17, 2013, the certificate of designation was filed with the Secretary of State of Nevada. Among the designations are that 1) one share of Series A Preferred Stock is convertible into one share of common stock and 2) each share of Series A Preferred Stock is entitled to 750 votes for each share of common stock. | |
Issuance of Common Stock for Services | |
On June 1, 2012, the Company issued 1,125 shares of common stock to a consulting firm and its owner as compensation for consulting services rendered to the Company. For accounting purposes, this issuance has been recorded at $5,343, or $4.75 per share, the closing price of the common stock on the date the issuance was made. | |
On June 21, 2012, the Company issued 6,000 shares of common stock to a consulting firm as compensation for consulting services rendered to the Company. For accounting purposes, this issuance has been recorded at $29,400, or $4.90 per share, the closing price of the common stock on the date the issuance was made. | |
On November 7, 2012, the Company entered into a consulting contract for investment advisory services. The contract provided for the issuance of 10,000 shares of common stock to the consultant. For accounting purposes, this issuance has been recorded at $47,500, or $4.75 per share, the closing price of the common stock on the date of the contract. | |
In connection with a consulting agreement dated February 1, 2013 with David Pinkman, a newly-appointed member of the board of directors, the Company issued 20,000 shares of common stock to Mr. Pinkman for consulting services to the Company. For accounting purposes, this issuance has been recorded at $5,200, or $0.26 per share, the closing price of the common stock on the date the issuance was made. | |
On February 6, 2013, the Company issued 10,000 shares of common stock to an employee as bonus compensation for services rendered. For accounting purposes, this issuance has been recorded at $15,000, or $1.50 per share, as valued by the Company. | |
Issuance of Common Stock to Chief Executive Officer and Other Employees | |
On August 22, 2012, the Company issued 1,000 shares of common stock to an employee as bonus compensation for services rendered. For accounting purposes, this issuance has been recorded at $3,800, or $3.80 per share, the closing price of the common stock on the date the issuance was made. | |
On June 6, 2012, the Board of Directors authorized the issuance of common stock to certain officers and directors in satisfaction for monies owed to them. Pursuant to this authorization, the Company issued 18,889 shares of common stock to five individuals. The stock was valued at $42,500, or $2.25 per share, the amounts stated in the Board resolution. | |
On February 6, 2013, the board of directors authorized the issuance of common stock to the chief executive officer in satisfaction of certain amounts owed to him. Pursuant to this authorization, the Company issued 100,000 shares of common stock to the chief executive officer. The stock was valued at $25,000, or $0.25 per share, the amount stated in the unanimous consent of the board of directors. | |
Issuance of Common Stock and Warrants for Cash | |
On October 23, 2012, the Company entered into a Unit Purchase Agreement with a trust and sold 10,000 shares of common stock and issued warrants to purchase 10,000 shares of common stock at $5.00 per share. Proceeds from the sale were $20,000, which were allocated $10,206 to the common stock and $9,794 to the warrants based on their relative fair values. The warrants expire in October 2015. | |
During 2013 the Company entered into various common stock and warrant purchase agreements and sold 641,600 shares of common stock at prices ranging from $0.025 per share to $0.87 per share, and issued warrants to purchase 600,000 shares of common stock. Proceeds from the sale were $91,000. The warrants are exercisable at prices ranging from $.025 to $2.50 per share and expire in various dates through 2016. | |
Equity Investment Agreement | |
Pursuant to the Equity Investment Agreement as described in Note 6, La Jolla, has the right from time to time during the term of the agreement to purchase up to $2,000,000 of the Company’s Common Stock in accordance with the terms of the agreement. Beginning October 27, 2012 and for each month thereafter, La Jolla shall purchase from the Company at least $100,000 of common stock, at a price per share equal to 125% of the VWAP on the Closing Date, provided, however, that La Jolla shall not be required to purchase common stock if (i) the VWAP for the five consecutive trading days prior to the payment date is equal to or less than $10.00 per share or (ii) an event of default has occurred under the SPA, the Convertible Debenture or the Equity Investment Agreement. Pursuant to the Equity Investment Agreement, La Jolla has the right to purchase, at any time and in any amount, at La Jolla’s option, common stock from the Company at a price per share equal to 125% of the VWAP on the Closing Date. | |
During the year ended December 31, 2013, the Company also received notices of purchase from La Jolla under the Equity Investment Agreement totaling $80,830, pursuant to which the Company issued 206,887 shares of common stock at a weighted average price of $0.391 per share. | |
Stock_Options_and_Warrants
Stock Options and Warrants | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||
Note 10 - Stock Options and Warrants | ||||||||||||||
Stock Options and Compensation-Based Warrants | ||||||||||||||
On September 29, 2010, the stockholders of the Company approved the adoption of the 2010 Stock Option Plan. The Plan provides for the granting of incentive and nonqualified stock options to employees and consultants of the Company. Generally, options granted under the plan may not have a term in excess of ten years. Upon adoption, the Plan reserved 40,000 shares of the Company’s common stock for issuance there under. | ||||||||||||||
Generally accepted accounting principles for stock options and compensation-based warrants require the recognition of the cost of services received in exchange for an award of equity instruments in the financial statements, is measured based on the grant date fair value of the award, and requires the compensation expense to be recognized over the period during which an employee or other service provider is required to provide service in exchange for the award (the vesting period). No income tax benefit has been recognized for share-based compensation arrangements and no compensation cost has been capitalized in the accompanying consolidated balance sheet. | ||||||||||||||
A summary of stock option and compensation-based warrant activity for the years ended December 31, 2013 and 2012 is presented below: | ||||||||||||||
Weighted | ||||||||||||||
Shares | Weighted | Average | ||||||||||||
Under | Average | Remaining | Aggregate | |||||||||||
Option or | Exercise | Contractual | Intrinsic | |||||||||||
Warrant | Price | Life (in years) | Value | |||||||||||
Outstanding at December 31, 2011 | 36,100 | $ | 106.5 | 6.1 | $ | - | ||||||||
Granted or issued | 40,900 | 15 | ||||||||||||
Expired or forfeited | -2,700 | 75 | ||||||||||||
Outstanding at December 31, 2012 | 74,300 | 40.5 | 2.9 | $ | 7,910 | |||||||||
Granted or issued | 38,000 | 3.5 | ||||||||||||
Expired or forfeited | -20,000 | 5 | ||||||||||||
Outstanding at December 31, 2013 | 92,300 | $ | 33.52 | 2.9 | $ | - | ||||||||
Exercisable at December 31, 2013 | 92,300 | $ | 33.52 | 2.9 | $ | - | ||||||||
During the year ended December 31, 2013, the Company granted options and issued compensation-based warrants to certain consultants and individuals to acquire an aggregate of 38,000 shares of common stock at exercise prices ranging from $2.50 to $5.00 per share. All of these options and compensation-based warrants vested immediately. | ||||||||||||||
During the year ended December 31, 2012, the Company granted options and issued compensation-based warrants to certain consultants to acquire an aggregate of 59,000 shares of common stock at exercise prices ranging from $7.50 to $12.50 per share. Of these options and compensation-based warrants, 47,000 vested immediately and 12,000 vest over twelve months. | ||||||||||||||
The fair value of these stock options and compensation-based warrants was estimated on the date of grant or issuance using the Black-Scholes option pricing model. The weighted-average fair value of the stock options granted and compensation based warrants issued during the year ended December 31, 2013 was $1.01 per share. The weighted-average assumptions used for the options granted and compensation-based warrants issued during the year ended December 31, 2013 were risk-free interest rate of 0.27%, volatility of 425%, expected life of 2.0 years, and dividend yield of zero. The weighted-average fair value of the stock options granted and compensation based warrants issued during the year ended December 31, 2012 was $1.41 per share. The weighted-average assumptions used for the options granted and compensation-based warrants issued during the year ended December 31, 2012 were risk-free interest rate of 0.31%, volatility of 219%, expected life of 2.0 years, and dividend yield of zero. | ||||||||||||||
For the years ended December 31, 2013 and 2012, the Company reported compensation expense related to stock options, compensation-based warrants, and stock awards of $64,014 and $115,054, respectively. As of December 31, 2013, there was no unrecognized compensation cost related to stock options and compensation-based warrants that will be recognized in future periods. | ||||||||||||||
Other Stock Warrants | ||||||||||||||
A summary of other stock warrant activity for the years ended December 31, 2013 and 2012 is presented below: | ||||||||||||||
Weighted | Average | |||||||||||||
Shares | Average | Remaining | Aggregate | |||||||||||
Under | Exercise | Contractual | Intrinsic | |||||||||||
Warrant | Price | Life (in years) | Value | |||||||||||
Outstanding at December 31, 2011 | 46,194 | $ | 162 | 3.9 | $ | - | ||||||||
Granted or issued | 21,100 | 30 | ||||||||||||
Expired or forfeited | - | - | ||||||||||||
Outstanding at December 31, 2012 | 67,294 | 37 | 3.3 | $ | 21,261 | |||||||||
Granted or issued | 2,350,000 | 0.1 | ||||||||||||
Expired or forfeited | -7,924 | 225 | ||||||||||||
Outstanding at December 31, 2013 | 2,409,370 | $ | 0.38 | 2.4 | $ | - | ||||||||
Exercisable at December 31, 2013 | 2,409,370 | $ | 0.38 | 2.4 | $ | - | ||||||||
As discussed more fully in Note 7 to these consolidated financial statements, the Company issued warrants to purchase 34,630 shares of common stock at $150.00 per share principally during May 2011 in connection with the issuance of convertible debentures, plus the Company issued compensation-based warrants in September 2011 to purchase 14,000 shares of common stock at $90.00 per share that contain price ratchet anti-dilution protection. During the year ended December 31, 2013 and during the year ended December 31, 2012, the conversion of certain unsecured convertible promissory notes and related issuance of common stock triggered the reset of the exercise price of these warrants pursuant to the price ratchet anti-dilution protection provisions of these agreements. As of December 31, 2013 and December 31, 2012, the reset exercise price of the warrants is $0.014 and $0.44 per share, respectively, based on the lowest of the conversion prices. | ||||||||||||||
RELATEDPARTY_AND_OTHER_TRANSAC
RELATED-PARTY AND OTHER TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 11 – RELATED-PARTY AND OTHER TRANSACTIONS | |
Payable to Related Parties | |
Warren Rothouse was appointed to be a director of the Company in October 2012. Mr. Rothouse is Senior Partner of Surety Financial Group, LLC (Surety). Surety has provided investor relations services to the Company in recent years. On November 7, 2012, the Company entered into a new agreement with Surety to provide investor relations services for the fifteen month period commencing December 1, 2012 and continuing through February 28, 2014. The agreement provided for monthly payments of $6,500 for Surety’s services. In addition, Surety was issued 10,000 shares of restricted common stock of the Company’s common stock and warrants to purchase 15,000 shares of the Company’s common stock. The exercise price of the warrants is $5.00 per share and the warrants are exercisable on a cashless basis. The term of the warrants is three years. On February 27, 2013, the Company amended the November 7, 2012 agreement. Under the amended agreement, Surety will provide investor relations services for the fifteen month period commencing March 1, 2013 and continuing through May 31, 2014 and Surety will receive monthly payments of $10,000 for its services. Compensation to Surety under the agreements was $227,000 for the year ended December 31, 2013, of which $113,300 remained outstanding and included on the Company’s Accounts payable balance as of the year then ended. | |
Effective January 31, 2013, David Pinkman was appointed to the Board of Directors of the Company. On February 1, 2013, the Company entered into a consulting agreement with Mr. Pinkman. The term of the agreement is for twelve months and provides for monthly compensation of $8,330. As additional compensation, the Company issued 20,000 shares of restricted common stock to Mr. Pinkman and issued him a warrant to acquire 20,000 shares of the Company’s common stock at $2.50 per share. Compensation earned by Mr. Pinkman under the consulting agreement was $17,121 for the year ended December 31, 2013, of which approximately $7,000 remained outstanding and included on the Company’s Accounts payable balance as of the year then ended. | |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE 12 – INCOME TAXES | |||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and operating loss carryforwards. The significant components of net deferred tax assets and liabilities were as follows at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Operating loss carry forwards | $ | 4,849,254 | $ | 3,950,488 | |||||
Oil and gas properties | 1,000,179 | 962,227 | |||||||
Accrued compensation | 197,069 | 272,415 | |||||||
Stock-based compensation | 261,572 | 239,807 | |||||||
Property and equipment | 152 | 237 | |||||||
Valuation allowance | -6,308,226 | -5,425,174 | |||||||
Net Deferred Tax Asset | $ | - | $ | - | |||||
The valuation allowance increased by $883,052 and $1,523,908 for the years ended December 31, 2013 and 2012, respectively. | |||||||||
The following is a reconciliation of the income tax benefit computed at the statutory federal rate of 34% to income tax expense included in the accompanying financial statements for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory rate | $ | -1,061,568 | $ | -4,506,732 | |||||
Share-based compensation | 6,848 | 50,499 | |||||||
Interest expense – Ironridge Global IV, Ltd. | - | 202,278 | |||||||
Amortization of discount on convertible debt and other notes | 499,295 | 1,243,834 | |||||||
Change in fair value of derivative liabilities | -330,465 | 1,477,133 | |||||||
Other non-deductible expenses and adjustments | 2,808 | 9,080 | |||||||
Change in valuation allowance | 883,082 | 1,523,908 | |||||||
Income Tax Expense | $ | - | $ | - | |||||
The Company adopted accounting rules which address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under these rules, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. These accounting rules also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2013 and 2012, no liability for unrecognized tax benefits was required to be recorded. | |||||||||
As of December 31, 2013, the Company has operating loss carryforwards of approximately $10.5 million. The operating losses expire, if not used, from 2025 through 2033. The utilization of the net operating losses is dependent upon the tax laws in effect at the time such losses can be utilized. A significant change of ownership control of the Company could cause the utilization of net operating losses to be limited. | |||||||||
The Company files tax returns in the U.S. Federal jurisdiction and in the states of Texas and California. The Company is no longer subject to U.S. federal tax examinations for tax years before and including December 31, 2009. During the years ended December 31, 2013 and 2012, the Company did not recognize interest and penalties. | |||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Subsequent Events [Abstract] | ' | ||||||||||
Subsequent Events [Text Block] | ' | ||||||||||
Note 13 - Subsequent Events | |||||||||||
Subsequent to December 31, 2013 the Company issued four convertible debentures to investors totaling $99,000. The convertible promissory notes bear interest at 8% per annum. The principal and unpaid accrued interest are generally due approximately nine months after the issuance date. In general, the notes are convertible until maturity at a variable conversion price equal to 50% of the average of the lowest three closing bid prices from the ten trading days prior to the date of the conversion notice. | |||||||||||
Subsequent to December 31, 2013 the Company issued 40,097,839 shares of common stock as a result of the conversion of $28,900 of principal and $1,300 of accrued interest. | |||||||||||
On March 17, 2014, the Company purchased oil and gas leases located in Montgomery, Labette and Wilson counties, Kansas. The purchase price for these oil and gas leases was $50,000 plus 35,000,000 shares of the Company’s common stock valued at $87,500. | |||||||||||
On May 6, 2011, the Company acquired certain assets from Montecito (see Notes 2, 6, and 7). The assets consist of certain oil and gas leases located in the Vermillion 179 tract, which is in the shallow waters of the Gulf of Mexico offshore from Louisiana. Pursuant to the terms of the Montecito Agreement, as amended, Montecito agreed to sell the Company a 70% leasehold working interest, with a net revenue interest of 51.975%, of certain oil and gas leases owned by Montecito, for $1,500,000 in cash, a subordinated promissory note in the amount of $500,000, and 30,000 shares of common stock. The leasehold interest has been capitalized in the amount of $5,698,563, representing $2,000,000 in cash and promissory note, $3,675,000 for the common stock based on a closing price of $2.45 per share on the closing date, and $23,563 in acquisition costs. No drilling or production has commenced as of December 31, 2013. Consequently, the oil and gas properties have not been subjected to amortization of the full cost pool. In December 2011, Montecito filed a lawsuit in the Civil District Court for the Parish of Orleans of the State of Louisiana against the Company by filing a Petition to Rescind Sale. In this action, Montecito is seeking to rescind the asset sale transaction, as described above. Pursuant to a Release and Settlement Agreement dated February 12, 2014 that has been signed and notarized by all parties involved, the matter has been settled and the operative terms of the settlement were recited into the record in open court on the day of trial. The result is that a judicially recognized compromise has been perfected under Louisiana law, which has the effect of extinguishing the underlying obligations the compromise is premised on. The Company’s obligations extinguished include a secured notes payable in the amount of $500,000 (see Note 6) and convertible debentures of approximately $2,450,000 (see Note7). However, recording the conveyance of the lease interest and cancelling mortgages and UCC-1’s by the debt holders has not occurred as of April __, 2014. The debt holders have delayed in performing these obligations because they want to first undertake a degree of internal restructuring before accepting the royalty interest they negotiated to receive as a part of the settlement. The debt holders have indicated that, after they have formed an entity to receive the royalty interest, they will cancel the outstanding mortgages and UCC-1’s along with recording the documents conveying the various interests into the public records. The Company believes the conveyances will occur and that the matter has been settled. Below is an unaudited pro forma balance sheet that shows the impact of this settlement on the Company’s December 31, 2013 balance sheet as if the settlement had occurred on December 31, 2013: | |||||||||||
As filed | Adjustments | Proforma | |||||||||
ASSETS | (Unaudited) | ||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 166 | $ | $ | 166 | ||||||
Total Current Assets | 166 | 166 | |||||||||
Property and Equipment, net of accumulated depreciation | 10,123 | 10,123 | |||||||||
Oil and gas properties | 5,698,563 | -5,698,563 | - | ||||||||
Other assets | 14,610 | 14,610 | |||||||||
Total Assets | $ | 5,723,462 | $ | -5,698,563 | $ | 24,899 | |||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 863,702 | $ | $ | 863,702 | ||||||
Accrued liabilities | 1,782,985 | -1,242,699 | 540,286 | ||||||||
Payable to Ironridge Global IV, Ltd. | 241,046 | 241,046 | |||||||||
Payable to former officer | 115,000 | 115,000 | |||||||||
Unsecured convertible promissory notes payable, net of discount, in default | 929,964 | 929,964 | |||||||||
Secured notes payable, net of discount, in default | 620,512 | -500,000 | 120,512 | ||||||||
Convertible debentures in default | 2,453,032 | -2,453,032 | - | ||||||||
Derivative liabilities | 7,908,415 | -5,466,805 | 2,441,610 | ||||||||
Total Current Liabilities | 14,914,656 | -9,662,536 | 5,252,120 | ||||||||
Long-Term Liabilities | |||||||||||
Long-term asset retirement obligation | 37,288 | -37,288 | - | ||||||||
Total Liabilities | 14,951,944 | -9,699,824 | 5,252,120 | ||||||||
Stockholders' Deficiency: | |||||||||||
Series A convertible preferred stock | 1,000 | 1,000 | |||||||||
Common stock | 47,476 | 47,476 | |||||||||
Additional paid-in capital | 26,235,670 | 26,235,670 | |||||||||
Deficit accumulated during the exploration stage | -35,512,628 | 4,001,261 | -31,511,367 | ||||||||
Total Stockholders' Deficiency | -9,228,482 | 4,001,261 | -5,264,509 | ||||||||
Total Liabilities and Stockholders' Deficiency | $ | 5,723,462 | $ | -5,698,563 | $ | 24,899 | |||||
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Organization Disclosure, Policy [Policy Text Block] | ' | |||||||||||||
Organization – Paxton Energy, Inc. was organized under the laws of the State of Nevada on June 30, 2004. On January 27, 2012, Paxton Energy, Inc. changed its name to Worthington Energy, Inc. (the “Company”). On October 12, 2012, the Company’s stockholders approved a 1-for-10 reverse common stock split. In addition, on October 2, 2013 the Company affected a 1-for-50 reverse common stock split. All references in these consolidated financial statements and related notes to numbers of shares of common stock, prices per share of common stock, and weighted average number of shares of common stock outstanding prior to the reverse stock splits have been adjusted to reflect the reverse stock splits on a retroactive basis for all periods presented, unless otherwise noted. | ||||||||||||||
Business Combinations Policy [Policy Text Block] | ' | |||||||||||||
Nature of Operations – As further described in Note 2 to these consolidated financial statements, the Company commenced acquiring working interests in oil and gas properties in June 2005. We are in the business of acquiring, exploring and developing oil and gas-related assets The Company is considered to be in the exploration stage due to the lack of significant revenues. | ||||||||||||||
Liquidity Disclosure [Policy Text Block] | ' | |||||||||||||
Going Concern – The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has not had significant revenue and is still considered to be in the exploration stage. The Company incurred losses of $3,122,257 for year ended December 31, 2013 and $13,255,095 for the year ended December 31, 2012. The Company also used cash of $228,024 and $1,348,778 in its operating activities during the year ended December 31, 2013 and 2012, respectively, and a significant portion of the Company’s debt is in default. At December 31, 2013, the Company has a working capital deficit of $14,914,490 and a stockholders’ deficiency of $9,228,482. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. As a result, the Company’s independent registered public accounting firm, in its report on the Company’s December 31, 2013 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. | ||||||||||||||
The Company is currently seeking debt and equity financing to fund potential acquisitions and other expenditures, although it does not have any contracts or commitments for either at this time. The Company will have to raise additional funds to continue operations and, while it has been successful in doing so in the past, there can be no assurance that it will be able to do so in the future. The Company’s continuation as a going concern is dependent upon its ability to obtain necessary additional funds to continue operations and the attainment of profitable operations. The Company hopes that working capital will become available via financing activities currently contemplated with regards to its intended operating activities. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty. | ||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||
Principles of Consolidation – The accompanying consolidated financial statements present the financial position, results of operations, and cash flows of Worthington Energy, Inc. and of PaxAcq Inc., a wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||
Use of Estimates – In preparing these consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates and assumptions included in the Company’s consolidated financial statements relate to the valuation of long-lived assets, accrued other liabilities, and valuation assumptions related to share-based payments and derivative liability. | ||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||||||||
Property and Equipment – Property and equipment are recorded at cost, and consist of office equipment and leasehold improvements. Depreciation of property and equipment is charged to operations on a straight-line basis over useful lives range from 3 to 5 years. Property and equipment consisted of the following at December 31, 2013 and 2012: | ||||||||||||||
2012 | 2012 | |||||||||||||
Office equipment | $ | 8,113 | $ | 7,247 | ||||||||||
Leasehold improvements | 13,507 | 13,507 | ||||||||||||
Less accumulated depreciation | -11,497 | -6,184 | ||||||||||||
Property and equipment, net | $ | 10,123 | $ | 14,570 | ||||||||||
Depreciation expense was $5,313 and $4,531 for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||
Oil and Gas Properties Policy [Policy Text Block] | ' | |||||||||||||
Oil and Gas Properties – The Company follows the full cost method of accounting for oil and gas properties. Under this method, all costs associated with acquisition, exploration, and development of oil and gas reserves, including directly related overhead costs and related asset retirement costs, are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties, and costs of drilling and equipping productive and nonproductive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization. | ||||||||||||||
All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, will be amortized, on the unit-of-production method using estimates of proved reserves. At December 31, 2013 and 2012, there were no capitalized costs subject to amortization. Investments in unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is charged to operations. The Company has not yet obtained a reserve report on its producing properties in Texas because the properties are considered to be in the exploration stage, management has not completed an evaluation of the properties, and the properties have had limited oil and gas exploration and production. | ||||||||||||||
In addition, properties subject to amortization will be subject to a “ceiling test,” which basically limits such costs to the aggregate of the “estimated present value,” based on the projected future net revenues from proved reserves, discounted at 10% per annum to present value of future net revenues from proved reserves, based on current economic and operating conditions, plus the lower of cost or fair market value of unproved properties. | ||||||||||||||
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 results of operations. Abandonments of properties are accounted for as adjustments of capitalized costs with no loss recognized. | ||||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | ' | |||||||||||||
Asset Retirement Obligation - The Company accounts for its future asset retirement obligations (“ARO”) by recording the fair value of the liability during the period in which it was incurred. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The increase in carrying value of a property associated with the capitalization of an ARO is included in proven oil and gas properties in the balance sheets. The ARO consists of costs related to the plugging of wells, removal of facilities and equipment, and site restoration on its oil and gas properties. The asset retirement liability is accreted to operating expense over the useful life of the related asset. As of December 31, 2013 and 2012, the Company had an ARO of $37,288. | ||||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||||||||
Impairment of Long-Lived Assets – Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset or asset group to estimated future undiscounted net cash flows of the related asset or group of assets over their remaining lives. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment charge is recognized for the amount by which the carrying amount exceeds the estimated fair value of the asset. Impairment of long-lived assets is assessed at the lowest levels for which there are identifiable cash flows that are independent of other groups of assets. The impairment of long-lived assets requires judgments and estimates. If circumstances change, such estimates could also change. During the years ended December 31, 2013 and 2012, the Company recorded impairment charges of $111,623 and $1,237,866, respectively, related to its oil and gas properties that were not subject to the “ceiling test”. | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | |||||||||||||
Revenue Recognition – All revenues are derived from the sale of produced crude oil and natural gas. Revenue and related production taxes and lease operating expenses are recorded in the month the product is delivered to the purchaser. Normally, payment for the revenue, net of related taxes and lease operating expenses, is received from the operator of the well approximately 45 days after the month of delivery. However, during the years ended December 31, 2013 and 2012, our operator has retained any such payments to offset the amounts owed by it from the Company. Accounts receivable, if any, are stated at the amount management expects to collect. Management provides for probable uncollectible amounts through a charge to earnings and a credit to an allowance based on its assessment of the collectability of the receivable. At December 31, 2013 and 2012, there are no accounts receivable, and accordingly, no allowance for doubtful accounts was necessary. | ||||||||||||||
Compensation Related Costs, Policy [Policy Text Block] | ' | |||||||||||||
Stock-Based Compensation - The Company recognizes compensation expense for stock-based awards to employees expected to vest on a straight-line basis over the requisite service period of the award based on their grant date fair value. The Company estimates the fair value of stock options using a Black-Scholes option pricing model which requires management to make estimates for certain assumptions regarding risk-free interest rate, expected life of options, expected volatility of stock and expected dividend yield of stock. | ||||||||||||||
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees and non-employee directors in accordance with ASC 505-50, Equity-Based Payments to Non-Employees. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration for other than employee services is determined on the earlier of a performance commitment or completion of performance by the provider of goods or services. The fair value of the equity instrument is charged directly to share-based compensation expense and credited to paid-in capital. | ||||||||||||||
Regulatory Income Taxes, Policy [Policy Text Block] | ' | |||||||||||||
Income Taxes – Provisions for income taxes are based on taxes payable or refundable and deferred taxes. Deferred taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements and tax operating loss carryforwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the “more-likely-than-not” threshold based on the technical merits of the positions. Estimated interest and penalties related to uncertain tax positions are included as a component of general and administrative expense. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||
Basic and Diluted Loss per Common Share – Basic loss per common share amounts are computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted loss per share amounts are computed assuming the issuance of common stock for potentially dilutive common stock equivalents. All outstanding stock options, warrants, stock awards, convertible promissory notes, and other obligations to be satisfied with the issuance of common stock are currently antidilutive due to our net loss and have been excluded from the diluted loss per share calculations. As such, options, warrants, and stock awards to acquire 2,521,670 and 141,594 shares of common stock outstanding as of December 31, 2013 and 2012, respectively, and promissory notes and debentures convertible into an aggregate of 1,452,804,120 and 9,140,456 shares of common stock at December 31, 2013 and 2012, respectively were excluded in the computation of diluted loss per share at December 31, 2013 and 2012 as their effect would have been anti-dilutive. | ||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||||||||
Fair Values of Financial Instruments – The carrying amounts reported in the consolidated balance sheets for accounts payable, payable to Ironridge Global IV, Ltd., and payable to former officer approximate fair value because of the immediate or short-term maturity of these financial instruments. The carrying amounts reported for unsecured convertible promissory notes payable, secured notes payable, and convertible debentures approximate fair value because the underlying instruments are at interest rates which approximate current market rates. The fair value of derivative liabilities are estimated based on a probability weighted average Black Scholes-Merton pricing model. | ||||||||||||||
For assets and liabilities measured at fair value, the Company uses the following hierarchy of inputs: | ||||||||||||||
· | Level one — Quoted market prices in active markets for identical assets or liabilities; | |||||||||||||
· | Level two — Inputs other than level one inputs that are either directly or indirectly observable; and | |||||||||||||
· | Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. | |||||||||||||
Liabilities measured at fair value on a recurring basis at December 31, 2013 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,467,223 | $ | - | $ | 5,467,223 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,441,192 | $ | - | $ | 2,441,192 | ||||||
Liabilities measured at fair value on a recurring basis at December 31, 2012 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,460,914 | $ | - | $ | 5,460,914 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,334,421 | $ | - | $ | 2,334,421 | ||||||
Derivatives, Policy [Policy Text Block] | ' | |||||||||||||
Derivative Financial Instruments – The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company uses a probability weighted average Black-Scholes-Merton pricing model to value the derivative instruments... The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. | ||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
Recently Issued Accounting Statements – The FASB has issued ASU No. 2013-04, Liabilities (Topic 405), “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date.” ASU 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. | ||||||||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists (A Consensus the FASB Emerging Issues Task Force). ASU 2013-11 provides guidance on financial statement presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforward in the same tax jurisdiction as of the reporting date. This amendment is effective for public entities for fiscal years beginning after December 15, 2013 and interim periods within those years. The company does not expect the adoption of this standard to have a material impact on the Company’s financial position and results of operations. | ||||||||||||||
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the Securities Exchange Commission (the “SEC”) did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements. | ||||||||||||||
Organization_and_Significant_A2
Organization and Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
Property and equipment consisted of the following at December 31, 2013 and 2012: | ||||||||||||||
2012 | 2012 | |||||||||||||
Office equipment | $ | 8,113 | $ | 7,247 | ||||||||||
Leasehold improvements | 13,507 | 13,507 | ||||||||||||
Less accumulated depreciation | -11,497 | -6,184 | ||||||||||||
Property and equipment, net | $ | 10,123 | $ | 14,570 | ||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | ' | |||||||||||||
Liabilities measured at fair value on a recurring basis at December 31, 2013 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,467,223 | $ | - | $ | 5,467,223 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,441,192 | $ | - | $ | 2,441,192 | ||||||
Liabilities measured at fair value on a recurring basis at December 31, 2012 are summarized as follows: | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||
Derivative liability - conversion feature of debentures and related warrants | $ | - | $ | 5,460,914 | $ | - | $ | 5,460,914 | ||||||
Derivative liability - embedded conversion feature and reset provisions of notes | $ | - | $ | 2,334,421 | $ | - | $ | 2,334,421 | ||||||
Oil_and_Gas_Properties_Tables
Oil and Gas Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Oil and Gas Property [Abstract] | ' | |||||||
Unproved Properties Disclosure [Table Text Block] | ' | |||||||
At December 31, 2013 and 2012, oil and gas properties, net of impairment losses recognized, consist of the following: | ||||||||
2013 | 2012 | |||||||
Leasehold interest costs - Vermillion 179 | $ | 5,698,563 | $ | 5,698,563 | ||||
Leasehold interest costs - Mustang Island | - | 1,055,987 | ||||||
Leasehold interest costs - Texas | - | 100,000 | ||||||
$ | 5,698,563 | $ | 6,854,550 | |||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Accrued liabilities consisted of the following at December 31, 2013 and 2012: | ||||||||
2013 | 2012 | |||||||
Accrued salaries | $ | 255,867 | $ | 352,038 | ||||
Accrued payroll taxes | 104,899 | 85,323 | ||||||
Accrued directors fees | 64,969 | 69,033 | ||||||
Accrued interest | 1,340,122 | 909,606 | ||||||
Accrued registration rights penalties and interest | 14,628 | 14,350 | ||||||
Other accrued expenses | 2,500 | 2,500 | ||||||
Total accrued liabilities | $ | 1,782,985 | $ | 1,432,850 | ||||
Unsecured_Convertible_Promisso1
Unsecured Convertible Promissory Notes Payable (In default) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Convertible Notes Payable [Abstract] | ' | |||||||||||||||||||
Convertible Debt [Table Text Block] | ' | |||||||||||||||||||
A summary of unsecured convertible promissory notes at December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Unpaid | Unamortized | Carrying | Unpaid | Unamortized | Carrying | |||||||||||||||
Principal | Discount | Value | Principal | Discount | Value | |||||||||||||||
Asher Enterprises, Inc. | $ | 111,900 | $ | 7,473 | $ | 104,427 | $ | 133,000 | $ | 69,821 | $ | 63,179 | ||||||||
GEL Properties, LLC | 149,000 | 13,486 | 135,514 | 167,762 | 84,690 | 83,072 | ||||||||||||||
Prolific Group, LLC | 79,900 | 11,849 | 68,051 | 64,150 | 38,123 | 26,027 | ||||||||||||||
Haverstock Master Fund, LTD and Common Stock, LLC | 289,906 | - | 289,906 | 344,102 | 107,591 | 236,511 | ||||||||||||||
Five Individuals | 206,250 | - | 206,250 | 206,250 | 960 | 205,290 | ||||||||||||||
Charles Volk (related party) | 125,000 | 53,596 | 71,404 | - | - | - | ||||||||||||||
Various Other Individuals and Entities | 78,750 | 24,338 | 54,412 | 110,500 | 61,525 | 48,975 | ||||||||||||||
$ | 1,040,706 | $ | 110,742 | $ | 929,964 | $ | 1,025,764 | $ | 362,710 | $ | 663,054 | |||||||||
Secured_Notes_Payable_In_defau1
Secured Notes Payable (In default) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | |||||||||||||||||||
A summary of secured notes payable at December 31, 2013 and 2012: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
Unpaid | Unamortized | Carrying | Unpaid | Unamortized | Carrying | |||||||||||||||
Principal | Discount | Value | Principal | Discount | Value | |||||||||||||||
Black Cat Exploration & Production LLC | $ | - | $ | - | $ | - | $ | 850,000 | $ | - | $ | 850,000 | ||||||||
Montecito Offshore, LLC | 500,000 | - | 500,000 | 500,000 | - | 500,000 | ||||||||||||||
Bride Loan Settlement Note | 40,000 | - | 40,000 | 40,000 | - | 40,000 | ||||||||||||||
What Happened LLC | 21,575 | - | 21,575 | 125,000 | - | 125,000 | ||||||||||||||
La Jolla Cove Investors, Inc. | 83,940 | 25,003 | 58,937 | 92,500 | 105,227 | -12,727 | ||||||||||||||
$ | 645,515 | $ | 25,003 | $ | 620,512 | $ | 1,607,500 | $ | 105,227 | $ | 1,502,273 | |||||||||
Derivative_Liabilities_Tables
Derivative Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | ' | ||||||||
As of December 31, 2013 and 2012, the derivative liabilities were valued using a probability weighted average Black Scholes-Merton pricing model with the following assumptions: | |||||||||
2013 | 2012 | ||||||||
Conversion feature: | |||||||||
Risk-free interest rate | 0.13 | % | 0.24 | % | |||||
Expected Volatility | 425 | % | 249 | % | |||||
Expected life (in years) | .04 to .62 | 1 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Warrants: | |||||||||
Risk-free interest rate | 0.13 | % | 0.8 | % | |||||
Expected Volatility | 425 | % | 233 | % | |||||
Expected life (in years) | 1.6 to 3.6 | 3.1 | |||||||
Expected dividend yield | 0 | % | 0 | % | |||||
Fair Value | |||||||||
Conversion feature | $ | 7,896,892 | $ | 7,768,138 | |||||
Warrants | 11,523 | 27,197 | |||||||
$ | 7,908,415 | $ | 7,795,335 | ||||||
Stock_Options_and_Warrants_Tab
Stock Options and Warrants (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||
A summary of stock option and compensation-based warrant activity for the years ended December 31, 2013 and 2012 is presented below: | ||||||||||||||
Weighted | ||||||||||||||
Shares | Weighted | Average | ||||||||||||
Under | Average | Remaining | Aggregate | |||||||||||
Option or | Exercise | Contractual | Intrinsic | |||||||||||
Warrant | Price | Life (in years) | Value | |||||||||||
Outstanding at December 31, 2011 | 36,100 | $ | 106.5 | 6.1 | $ | - | ||||||||
Granted or issued | 40,900 | 15 | ||||||||||||
Expired or forfeited | -2,700 | 75 | ||||||||||||
Outstanding at December 31, 2012 | 74,300 | 40.5 | 2.9 | $ | 7,910 | |||||||||
Granted or issued | 38,000 | 3.5 | ||||||||||||
Expired or forfeited | -20,000 | 5 | ||||||||||||
Outstanding at December 31, 2013 | 92,300 | $ | 33.52 | 2.9 | $ | - | ||||||||
Exercisable at December 31, 2013 | 92,300 | $ | 33.52 | 2.9 | $ | - | ||||||||
Schedule of Other Share-based Compensation, Activity [Table Text Block] | ' | |||||||||||||
A summary of other stock warrant activity for the years ended December 31, 2013 and 2012 is presented below: | ||||||||||||||
Weighted | Average | |||||||||||||
Shares | Average | Remaining | Aggregate | |||||||||||
Under | Exercise | Contractual | Intrinsic | |||||||||||
Warrant | Price | Life (in years) | Value | |||||||||||
Outstanding at December 31, 2011 | 46,194 | $ | 162 | 3.9 | $ | - | ||||||||
Granted or issued | 21,100 | 30 | ||||||||||||
Expired or forfeited | - | - | ||||||||||||
Outstanding at December 31, 2012 | 67,294 | 37 | 3.3 | $ | 21,261 | |||||||||
Granted or issued | 2,350,000 | 0.1 | ||||||||||||
Expired or forfeited | -7,924 | 225 | ||||||||||||
Outstanding at December 31, 2013 | 2,409,370 | $ | 0.38 | 2.4 | $ | - | ||||||||
Exercisable at December 31, 2013 | 2,409,370 | $ | 0.38 | 2.4 | $ | - | ||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
The significant components of net deferred tax assets and liabilities were as follows at December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Operating loss carry forwards | $ | 4,849,254 | $ | 3,950,488 | |||||
Oil and gas properties | 1,000,179 | 962,227 | |||||||
Accrued compensation | 197,069 | 272,415 | |||||||
Stock-based compensation | 261,572 | 239,807 | |||||||
Property and equipment | 152 | 237 | |||||||
Valuation allowance | -6,308,226 | -5,425,174 | |||||||
Net Deferred Tax Asset | $ | - | $ | - | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
The following is a reconciliation of the income tax benefit computed at the statutory federal rate of 34% to income tax expense included in the accompanying financial statements for the years ended December 31, 2013 and 2012: | |||||||||
2013 | 2012 | ||||||||
Income tax benefit at statutory rate | $ | -1,061,568 | $ | -4,506,732 | |||||
Share-based compensation | 6,848 | 50,499 | |||||||
Interest expense – Ironridge Global IV, Ltd. | - | 202,278 | |||||||
Amortization of discount on convertible debt and other notes | 499,295 | 1,243,834 | |||||||
Change in fair value of derivative liabilities | -330,465 | 1,477,133 | |||||||
Other non-deductible expenses and adjustments | 2,808 | 9,080 | |||||||
Change in valuation allowance | 883,082 | 1,523,908 | |||||||
Income Tax Expense | $ | - | $ | - | |||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Subsequent Events [Abstract] | ' | ||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||||
Below is an unaudited pro forma balance sheet that shows the impact of this settlement on the Company’s December 31, 2013 balance sheet as if the settlement had occurred on December 31, 2013: | |||||||||||
As filed | Adjustments | Proforma | |||||||||
ASSETS | (Unaudited) | ||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 166 | $ | $ | 166 | ||||||
Total Current Assets | 166 | 166 | |||||||||
Property and Equipment, net of accumulated depreciation | 10,123 | 10,123 | |||||||||
Oil and gas properties | 5,698,563 | -5,698,563 | - | ||||||||
Other assets | 14,610 | 14,610 | |||||||||
Total Assets | $ | 5,723,462 | $ | -5,698,563 | $ | 24,899 | |||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 863,702 | $ | $ | 863,702 | ||||||
Accrued liabilities | 1,782,985 | -1,242,699 | 540,286 | ||||||||
Payable to Ironridge Global IV, Ltd. | 241,046 | 241,046 | |||||||||
Payable to former officer | 115,000 | 115,000 | |||||||||
Unsecured convertible promissory notes payable, net of discount, in default | 929,964 | 929,964 | |||||||||
Secured notes payable, net of discount, in default | 620,512 | -500,000 | 120,512 | ||||||||
Convertible debentures in default | 2,453,032 | -2,453,032 | - | ||||||||
Derivative liabilities | 7,908,415 | -5,466,805 | 2,441,610 | ||||||||
Total Current Liabilities | 14,914,656 | -9,662,536 | 5,252,120 | ||||||||
Long-Term Liabilities | |||||||||||
Long-term asset retirement obligation | 37,288 | -37,288 | - | ||||||||
Total Liabilities | 14,951,944 | -9,699,824 | 5,252,120 | ||||||||
Stockholders' Deficiency: | |||||||||||
Series A convertible preferred stock | 1,000 | 1,000 | |||||||||
Common stock | 47,476 | 47,476 | |||||||||
Additional paid-in capital | 26,235,670 | 26,235,670 | |||||||||
Deficit accumulated during the exploration stage | -35,512,628 | 4,001,261 | -31,511,367 | ||||||||
Total Stockholders' Deficiency | -9,228,482 | 4,001,261 | -5,264,509 | ||||||||
Total Liabilities and Stockholders' Deficiency | $ | 5,723,462 | $ | -5,698,563 | $ | 24,899 | |||||
Organization_and_Significant_A3
Organization and Significant Accounting Policies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Organization And Significant Accounting Policies Disclosure [Line Items] | ' | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | ($11,497) | ($6,184) |
Property and Equipment, net of accumulated depreciation | 10,123 | 14,570 |
Office Equipment [Member] | ' | ' |
Organization And Significant Accounting Policies Disclosure [Line Items] | ' | ' |
Property, Plant and Equipment, Gross, Total | 8,113 | 7,247 |
Leasehold Improvements [Member] | ' | ' |
Organization And Significant Accounting Policies Disclosure [Line Items] | ' | ' |
Property, Plant and Equipment, Gross, Total | $13,507 | $13,507 |
Organization_and_Significant_A4
Organization and Significant Accounting Policies (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Conversion Feature Of Debentures And Related Warrants [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative liability | $5,467,223 | $5,460,914 |
Conversion Feature Of Debentures And Related Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative liability | 0 | 0 |
Conversion Feature Of Debentures And Related Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative liability | 5,467,223 | 5,460,914 |
Conversion Feature Of Debentures And Related Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative liability | 0 | 0 |
Embedded Conversion Feature And Reset Provisions Of Notes [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative liability | 2,441,192 | 2,334,421 |
Embedded Conversion Feature And Reset Provisions Of Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative liability | 0 | 0 |
Embedded Conversion Feature And Reset Provisions Of Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative liability | 2,441,192 | 2,334,421 |
Embedded Conversion Feature And Reset Provisions Of Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Derivative liability | $0 | $0 |
Organization_and_Significant_A5
Organization and Significant Accounting Policies (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 78 Months Ended | 114 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Oct. 02, 2013 | Oct. 12, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Common Stock [Member] | Common Stock [Member] | Mustang Island [Member] | Mustang Island [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Organization And Significant Accounting Policies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity, Reverse Stock Split | '1-for-50 | '1-for-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent, Total | ' | ' | $3,122,257 | $13,255,095 | $6,897,552 | $11,170,921 | $35,512,628 | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities, Total | ' | ' | 228,024 | 1,348,778 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working Capital Deficit | ' | ' | 14,914,490 | ' | ' | ' | 14,914,490 | ' | ' | ' | ' | ' | ' |
Working Capital Deficit Including Current Liabilities | ' | ' | 9,228,482 | ' | ' | ' | 9,228,482 | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | 2,521,670 | 141,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | ' | ' | ' | 1,452,804,120 | 9,140,456 | ' | ' | ' | ' |
Depreciation, Total | ' | ' | 5,313 | 4,531 | ' | ' | 16,659 | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years |
Impairment of Oil and Gas Properties | ' | ' | 111,623 | 1,237,886 | ' | ' | 5,196,701 | ' | ' | 11,623 | 750,000 | ' | ' |
Asset Retirement Obligations, Noncurrent | ' | ' | $37,288 | $37,288 | ' | ' | $37,288 | ' | ' | ' | ' | ' | ' |
Oil_and_Gas_Properties_Details
Oil and Gas Properties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | $5,698,563 | $6,854,550 |
Vermillion [Member] | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | 5,698,563 | 5,698,563 |
Mustang Island [Member] | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | 0 | 1,055,987 |
Texas [Member] | ' | ' |
Oil and Gas Properties [Line Items] | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | $0 | $100,000 |
Oil_and_Gas_Properties_Details1
Oil and Gas Properties (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 114 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 13 Months Ended | |||||||||||||||||||||
6-May-11 | Aug. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 13, 2006 | Mar. 31, 2012 | 6-May-11 | 6-May-11 | Mar. 31, 2012 | Aug. 30, 2012 | 6-May-11 | 6-May-11 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Mar. 09, 2012 | Aug. 30, 2012 | Dec. 31, 2013 | Nov. 01, 2012 | Dec. 31, 2008 | Dec. 31, 2006 | Jun. 13, 2006 | Dec. 31, 2005 | Dec. 31, 2013 | Jun. 13, 2006 | Dec. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2014 | Mar. 09, 2012 | Jan. 25, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 01, 2012 | |
acre | Promissory Note [Member] | Promissory Note [Member] | Issuance One [Member] | Issuance One [Member] | Issuance Two [Member] | Montecito Asset Sale Agreement [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Texas Oil and Gas Operations [Member] | Texas Oil and Gas Operations [Member] | Texas Oil and Gas Operations [Member] | Black Cat [Member] | Black Cat [Member] | Black Cat [Member] | Black Cat [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Bayshore Exploration L.L.C [Member] | Montecito Offshore LLC [Member] | Montecito Offshore LLC [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | Mustang Island [Member] | ||||||
acre | acre | acre | acre | Maximum [Member] | Maximum [Member] | Minimum [Member] | Subsequent Event [Member] | Convertible Debenture [Member] | acre | ||||||||||||||||||||||||||||
Secured Promissory Note [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||
Oil and Gas Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Override Interest On Property Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' |
Area of Land | ' | ' | ' | ' | ' | 2,268 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220 | 3,200 | 8,883 | 8,883 | ' | ' | ' | ' | ' | 1,400 | ' | ' | ' | ' | ' | ' |
Carried Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.35% | ' | ' | ' | ' | ' | ' |
Development Wells Drilled, Net Productive | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | 47,476,265 | 1,142,244 | 47,476,265 | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,698,563 | 2,305,987 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | 1,250,000 | 2,000,000 | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' | $2.45 | $19 | $3.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Costs, Period Cost | 23,563 | 43,487 | ' | ' | ' | ' | ' | ' | 23,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Note To Acquire Business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,075,000 | ' | ' | ' | ' | ' | ' |
Percentage Sale Of Royalty Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Sale Value Of Royalty Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Reduction In Carrying Cost Value Of Lease Property | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,055,987 | ' | ' | 1,805,987 |
Reduction Of Secured Promissory Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Sale Utilized For Working Capital From Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Amount Payable Towards Settlement Agreement And Claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' |
Payment Towards Settlement Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' |
Unpaid Amount Towards Settlement Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000 | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' |
Impairment of Oil and Gas Properties | ' | ' | 111,623 | 1,237,886 | 5,196,701 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 487,886 | 3,847,192 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,623 | 750,000 | ' | ' | ' |
Settlement Of Promissory Note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 850,000 | ' | ' | ' | ' |
Settlement Of Current Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 265,364 | ' | ' | ' | ' |
Cancellation Of Fair Value Of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000 | ' | ' | ' | ' |
Due to Related Parties, Current | ' | ' | 113,300 | ' | 113,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' |
Percentage Sale Of Leasehold Working Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.75% | 75.00% | 75.00% | 31.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Sale Of Net Revenue Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.25% | 23.81% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Working Interest Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 50.00% | ' | ' | 31.75% | 75.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | 25,000 | ' | ' | ' | ' | ' | 3,675,000 | 855,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 3,675,000 | ' | 157,500 | ' | ' | ' | ' | ' | ' | 45,000 | 45,000 | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil and Gas Property, Full Cost Method, Net, Total | ' | ' | 5,698,563 | 6,854,550 | 5,698,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,055,987 | ' | 0 | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $2,453,032 | ' | ' | ' | ' | ' | ' | ' |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Payables And Accruals [Line Items] | ' | ' |
Accrued salaries | $255,867 | $352,038 |
Accrued payroll taxes | 104,899 | 85,323 |
Accrued directors fees | 64,969 | 69,033 |
Accrued interest | 1,340,122 | 909,606 |
Accrued registration rights penalties and interest | 14,628 | 14,350 |
Other accrued expenses | 2,500 | 2,500 |
Total accrued liabilities | $1,782,985 | $1,432,850 |
Payable_to_Ironridge_Global_IV1
Payable to Ironridge Global IV, Ltd (Details Textual) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value | $1,388,407 | ' | ' | ' |
Litigation Settlement Common Stock Shares Issued | 20,300 | ' | ' | ' |
Litigation Settlement Minimum Trade Volume Of Common Stock To Be Exceeded | 4,200,000 | ' | ' | ' |
Litigation Settlement Common Stock Shares Can Be Retained | 200 | ' | ' | ' |
Litigation Settlement Common Stock Shares Value Can Be Retained | 1,358,135 | ' | ' | ' |
Litigation Final Settlement Common Stock Shares To Be Issued | ' | ' | ' | 856,291 |
Litigation Settlement Liability Fair Value | ' | 1,981,312 | ' | 1,981,312 |
Litigation Final Settlement Percentage | ' | ' | ' | 70.00% |
Litigation Discounted Final Settlement Value | ' | ' | ' | 1,358,135 |
Litigation Settlement Additional Common Stock Shares Issued | ' | 194,200 | ' | ' |
Other Liabilities, Current | ' | 1,489,623 | 241,046 | 1,489,623 |
Stock Issued During Period In Settlement Of Liabilities Value | ' | ' | 1,421,595 | ' |
Loss Contingency, Accrual, Current | ' | ' | 68,028 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Stock Issued During Period In Settlement Of Liabilities Value | ' | ' | 6,550 | ' |
Stock Issued During Period In Settlement Of Liabilities Shares | ' | ' | 6,550,000 | ' |
Loss Contingency, Damages Paid, Value | ' | ' | $531,689 | ' |
Litigation Settlement Agreement Shares To Be Reserved | ' | ' | 1,095,950,732 | ' |
Unsecured_Convertible_Promisso2
Unsecured Convertible Promissory Notes Payable (In default) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | $1,040,706 | $1,025,764 |
Unamortized Discount | 110,742 | 362,710 |
Carrying Value | 929,964 | 663,054 |
Asher Enterprises, Inc [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 111,900 | 133,000 |
Unamortized Discount | 7,473 | 69,821 |
Carrying Value | 104,427 | 63,179 |
GEL Properties, LLC [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 149,000 | 167,762 |
Unamortized Discount | 13,486 | 84,690 |
Carrying Value | 135,514 | 83,072 |
Prolific Group, LLC [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 79,900 | 64,150 |
Unamortized Discount | 11,849 | 38,123 |
Carrying Value | 68,051 | 26,027 |
Various Other Individuals and Entities [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 78,750 | 110,500 |
Unamortized Discount | 24,338 | 61,525 |
Carrying Value | 54,412 | 48,975 |
Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 289,906 | 344,102 |
Unamortized Discount | 0 | 107,591 |
Carrying Value | 289,906 | 236,511 |
Five Individuals [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 206,250 | 206,250 |
Unamortized Discount | 0 | 960 |
Carrying Value | 206,250 | 205,290 |
Charles Volk [Member] | Convertible Promissory Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unpaid Principal | 125,000 | 0 |
Unamortized Discount | 53,596 | 0 |
Carrying Value | $71,404 | $0 |
Unsecured_Convertible_Promisso3
Unsecured Convertible Promissory Notes Payable (In default) (Details Textual) (USD $) | 12 Months Ended | 114 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Asher Enterprises, Inc [Member] | Asher Enterprises, Inc [Member] | GEL Properties, LLC [Member] | GEL Properties, LLC [Member] | GEL Properties, LLC [Member] | GEL Properties, LLC [Member] | Prolific Group, LLC [Member] | Prolific Group, LLC [Member] | Prolific Group, LLC [Member] | Prolific Group, LLC [Member] | Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Haverstock Master Fund, LTD And Common Stock, LLC [Member] | Five Individuals [Member] | Five Individuals [Member] | Charles Volk [Member] | Charles Volk [Member] | Various Other Individuals and Entities [Member] | Various Other Individuals and Entities [Member] | ||||
Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | Convertible Promissory Notes Payable [Member] | ||||||||
Unsecured Convertible Promissory Notes Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Rate | ' | ' | ' | 50.00% | ' | ' | ' | 70.00% | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | $120,350 | ' | ' | ' | $181,262 | ' | ' | ' | $59,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | 5,500 | ' | ' | ' | 7,451 | ' | ' | ' | 1,272 | ' | ' | ' | ' | ' | ' | ' | 3,124 | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | 4,997,164 | ' | ' | ' | 12,624,392 | ' | ' | ' | 3,207,002 | ' | ' | ' | ' | ' | ' | ' | 8,730,588 | ' |
Debt Instrument, Convertible, Conversion Price | $5 | ' | $5 | $0.03 | ' | ' | ' | $0.02 | ' | ' | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' |
Amortization of Debt Discount (Premium) | 1,468,516 | 3,671,035 | 7,658,435 | 273,655 | 400,938 | ' | ' | 376,264 | 292,278 | ' | ' | 187,608 | 328,272 | ' | ' | 960 | 33,450 | ' | ' | 191,216 | 490,964 |
Long-term Debt, Gross | 929,964 | 663,054 | 929,964 | 104,427 | 63,179 | ' | ' | 135,514 | 83,072 | ' | ' | 68,051 | 26,027 | 289,906 | 236,511 | 206,250 | 205,290 | 71,404 | 0 | 54,412 | 48,975 |
Debt Instrument, Unamortized Discount | 110,742 | 362,710 | 110,742 | 7,473 | 69,821 | ' | ' | 13,486 | 84,690 | ' | ' | 11,849 | 38,123 | 0 | 107,591 | 0 | 960 | 53,596 | 0 | 24,338 | 61,525 |
Bridge Loan | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquire secured notes, Principal Amount | ' | ' | ' | ' | ' | 37,500 | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | 0 | 0 | 2,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' |
Debt Instrument, Face Amount | 1,040,706 | 1,025,764 | 1,040,706 | 111,900 | 133,000 | ' | ' | 149,000 | 167,762 | ' | ' | 79,900 | 64,150 | 289,906 | 344,102 | 206,250 | 206,250 | 125,000 | 0 | 78,750 | 110,500 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 8.00% | ' | ' | ' | 6.00% | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,500 | ' |
Convertible Notes Payable, Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $78,750 | ' |
Secured_Notes_Payable_In_defau2
Secured Notes Payable (In default) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Secured Notes Payable [Line Items] | ' | ' |
Unpaid Principal | $645,515 | $1,607,500 |
Unamortized Discount | 25,003 | 105,227 |
Carrying Value | 620,512 | 1,502,273 |
Black Cat Exploration And Production LLC [Member] | ' | ' |
Secured Notes Payable [Line Items] | ' | ' |
Unpaid Principal | 0 | 850,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | 0 | 850,000 |
Montecito Offshore, LLC [Member] | ' | ' |
Secured Notes Payable [Line Items] | ' | ' |
Unpaid Principal | 500,000 | 500,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | 500,000 | 500,000 |
What Happened LLC [Member] | ' | ' |
Secured Notes Payable [Line Items] | ' | ' |
Unpaid Principal | 21,575 | 125,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | 21,575 | 125,000 |
La Jolla Cove Investors, Inc. [Member] | ' | ' |
Secured Notes Payable [Line Items] | ' | ' |
Unpaid Principal | 83,940 | 92,500 |
Unamortized Discount | 25,003 | 105,227 |
Carrying Value | 58,937 | -12,727 |
Bridge Loan [Member] | ' | ' |
Secured Notes Payable [Line Items] | ' | ' |
Unpaid Principal | 40,000 | 40,000 |
Unamortized Discount | 0 | 0 |
Carrying Value | $40,000 | $40,000 |
Secured_Notes_Payable_In_defau3
Secured Notes Payable (In default) (Details Textual) (USD $) | 12 Months Ended | 114 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 09, 2012 | Nov. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 6-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 18, 2012 | Apr. 19, 2012 | Dec. 31, 2013 | Jun. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 30, 2012 | Apr. 30, 2012 | Dec. 31, 2013 | Apr. 30, 2012 | Apr. 19, 2012 | Mar. 06, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Black Cat Exploration And Production LLC [Member] | Montecito Offshore LLC [Member] | Montecito Offshore LLC [Member] | Montecito Offshore LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | What Happened LLC [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | Bridge Loan [Member] | ||||
Junior Secured Promissory Note [Member] | Junior Secured Promissory Note [Member] | Junior Secured Promissory Note [Member] | Junior Secured Promissory Note [Member] | Subordinated Promissory Note [Member] | Secured Promissory Note [Member] | Secured Promissory Note [Member] | Secured Promissory Note [Member] | Secured Promissory Note [Member] | GEL Properties, LLC [Member] | Convertible Debenture [Member] | Convertible Debenture [Member] | Promissory Note [Member] | Equity Investment Agreement [Member] | Equity Investment Agreement [Member] | Equity Investment Agreement [Member] | Settlement Agreement [Member] | Settlement Agreement [Member] | Prolific Group, LLC [Member] | Magna Group, LLC [Member] | GEL Properties, LLC [Member] | |||||||||||||||||
Prolific Group, LLC [Member] | |||||||||||||||||||||||||||||||||||||
Secured Notes Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | $1,075,000 | ' | ' | ' | ' | ' | $500,000 | $15,925 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Payment Terms | ' | ' | ' | ' | ' | '$100,000 of the junior secured promissory note was due on May 31, 2012 and the balance was payable at the later of (i) June 25, 2012 or (ii) 30 days after production commenced from the Mustang Island Well, which was deemed to have occurred on August 29, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment on principal on notes payable | -10,000 | -325,000 | -410,250 | ' | ' | ' | 200,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -40,000 | -90,000 | -75,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | 9.00% | ' | ' | ' | ' | 11.00% | ' | ' | ' | 4.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' |
Proceeds from Issuance of Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Payable, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 277,500 | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Sale Of Production From The Collateral Property Entitle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,639 | ' | ' | ' | ' | ' | ' |
Debt Conversion, Original Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,560 | ' | ' | ' | ' | ' | 27,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Financing Costs and Discounts, Total | 1,838,516 | 3,895,486 | 8,585,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,139 | ' | 27,500 | ' | ' | ' | ' | ' | ' |
Secured Notes Payable Unpaid Principal | 645,515 | 1,607,500 | 645,515 | 0 | 850,000 | ' | ' | ' | 850,000 | 500,000 | 500,000 | ' | 21,575 | 125,000 | 21,575 | 125,000 | ' | ' | ' | ' | 83,940 | 92,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' |
Percentage Of Working Interest In Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-May-12 | ' | ' | ' | ' | ' |
Estimated Sales Of Notes Payables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Conversion Price Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Conversion Price is defined as equal to the lesser of (i) $225.00 or (ii) 75% of the three lowest volume weighted average prices (VWAPs) during the 21 days prior to the date of the conversion notice submitted by La Jolla | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | $5 | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Debt Discount (Premium) | 1,468,516 | 3,671,035 | 7,658,435 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,224 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt, Current | 620,512 | 1,502,273 | 620,512 | 0 | 850,000 | ' | ' | ' | ' | 500,000 | 500,000 | ' | 21,575 | 125,000 | ' | ' | ' | ' | ' | ' | 58,937 | -12,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Receivable, Related Parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | 1,040,706 | 1,025,764 | 1,040,706 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | 200,000 | 100,000 | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 305,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Interest Sold to an Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Notes Payable, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,000 | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued to Acquire Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500 | ' | ' | ' | 20,000 | ' | ' | ' | ' |
Exercise Price of Warrant Varies to High | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Carried Working Interest in Lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Weighted Average Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Conversion Price Prepayment Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'equal to 120% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,586 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | 0 | 0 | 2,550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument Unconverted Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184,500 | 192,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | $110,742 | $362,710 | $110,742 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,003 | $105,227 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,157,575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible_Debentures_and_Rel1
Convertible Debentures and Related Warrants (In Default) (Details Textual) (USD $) | 12 Months Ended | 114 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 23, 2012 | Feb. 28, 2014 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Montecito Offshore LLC [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | |||||
Subsequent Event [Member] | Debenture Holder [Member] | Placement Agent [Member] | ||||||||
Secured Promissory Note [Member] | ||||||||||
Convertible Debt disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | $0 | $0 | $2,550,000 | ' | ' | $2,550,000 | ' | ' | ' | ' |
Debt Instrument, Face Amount of Each unit | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' |
Debt Instrument, Convertible, Number of Warrants for Each unit | ' | ' | ' | ' | ' | 400 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | $5 | ' | $5 | ' | ' | $150 | ' | ' | ' | ' |
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | 'The debentures will automatically be redeemed with a 30% premium upon a Change of Control or Listing Event (each as defined in the convertible debenture). | ' | ' | ' |
Interest Payable | ' | ' | ' | ' | ' | ' | 1,123,110 | ' | ' | ' |
Debt Instrument, Debt Default, Interest Rate | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' |
Debt Instrument, Convertible, Reset Conversion Price | ' | ' | ' | ' | ' | ' | $0.01 | $0.44 | ' | ' |
Debt Conversion, Original Debt, Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | 96,968 | ' |
Debt Conversion, Original Debt, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | 36,532 | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | 2,239,181 | ' |
Debt Conversion, Converted Instrument, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | $0.06 | ' |
Debt Instrument, Convertible, Number of Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | 34,000 | 3,400 |
Debt Instrument, Convertible, Expiration Period of Warrants Issued | ' | ' | ' | ' | ' | ' | ' | ' | 'five years | 'five-year |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.014 | 0.44 | 0.014 | 5 | ' | ' | ' | ' | 150 | 150 |
Amortization of Debt Discount (Premium) | 1,468,516 | 3,671,035 | 7,658,435 | ' | ' | ' | 2,367,194 | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 356,000 |
Legal Fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 |
Deferred Finance Costs, Gross | ' | ' | ' | ' | ' | ' | 531,688 | ' | ' | ' |
Restricted Percentage of Common Stock Issued And Outstanding for Debt conversion | ' | ' | ' | ' | ' | ' | 4.99% | ' | ' | ' |
Restricted Percentage of Common Stock Issued And Outstanding for Debt conversion, Maximum Limit | ' | ' | ' | ' | ' | ' | 9.99% | ' | ' | ' |
Convertible Debt, Current | 2,453,032 | 2,550,000 | 2,453,032 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | 1,040,706 | 1,025,764 | 1,040,706 | ' | ' | 30,000 | ' | ' | ' | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' |
Derivative_Liabilities_Details
Derivative Liabilities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative Liability, Fair Value | $7,908,415 | $7,795,335 |
Conversion Feature [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Risk-free interest rate | 0.13% | 0.24% |
Expected Volatility | 425.00% | 249.00% |
Expected life (in years) | ' | '1 year |
Expected dividend yield | 0.00% | 0.00% |
Derivative Liability, Fair Value | 7,896,892 | 7,768,138 |
Conversion Feature [Member] | Maximum [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Expected life (in years) | '7 months 13 days | ' |
Conversion Feature [Member] | Minimum [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Expected life (in years) | '14 days | ' |
Warrant [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Risk-free interest rate | 0.13% | 0.80% |
Expected Volatility | 425.00% | 233.00% |
Expected life (in years) | ' | '3 years 1 month 6 days |
Expected dividend yield | 0.00% | 0.00% |
Derivative Liability, Fair Value | $11,523 | $27,197 |
Warrant [Member] | Maximum [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Expected life (in years) | '3 years 7 months 6 days | ' |
Warrant [Member] | Minimum [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Expected life (in years) | '1 year 7 months 6 days | ' |
Derivative_Liabilities_Details1
Derivative Liabilities (Details Textual) (USD $) | 12 Months Ended | 114 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative Liability, Current | $7,908,415 | $7,795,335 | $7,908,415 |
Issuance Of Unsecured Convertible Promissory Notes And Warrants | 1,085,075 | 2,226,531 | 1,085,075 |
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $971,995 | ($4,344,508) | ($3,217,153) |
Preferred_and_Common_Stock_Det
Preferred and Common Stock (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 114 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 13 Months Ended | |||||||||||||||||||||
Oct. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2012 | Jun. 24, 2013 | 8-May-13 | Apr. 17, 2013 | Jun. 24, 2013 | 8-May-13 | Apr. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 30, 2012 | Oct. 23, 2012 | Oct. 23, 2012 | Dec. 31, 2013 | Apr. 10, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Aug. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Apr. 17, 2013 | Dec. 31, 2012 | Apr. 17, 2013 | |
La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Common Stock And Warrant Purchase Agreements [Member] | Common Stock And Warrant Purchase Agreements [Member] | Common Stock And Warrant Purchase Agreements [Member] | Equity Investment Agreement [Member] | Equity Investment Agreement [Member] | Warrant [Member] | Common Stock [Member] | Common Stock [Member] | Mr. Volk [Member] | David Pinkman [Member] | Employee [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Two Individuals [Member] | owner [Member] | consulting services [Member] | consulting services [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | |||||
Convertible Debenture [Member] | Maximum [Member] | Minimum [Member] | La Jolla Cove Investors Inc [Member] | La Jolla Cove Investors Inc [Member] | Mr. Volk [Member] | |||||||||||||||||||||||||||||
Convertible Debenture [Member] | ||||||||||||||||||||||||||||||||||
Preferred and Common Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Salaries, Current | ' | $255,867 | $352,038 | $255,867 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Voting Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'each share of Series A Preferred Stock is entitled to 750 votes for each share of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | 20,000 | 10,000 | 100,000 | 1,000 | 18,889 | ' | 1,125 | 6,000 | 10,000 | ' | ' | ' | ' |
Stock Issued During Period, Value, Issued for Services | ' | 20,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | 5,200 | 15,000 | 25,000 | 3,800 | 42,500 | ' | 5,343 | 29,400 | 47,500 | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.87 | $0.03 | ' | ' | ' | ' | ' | ' | $0.26 | $1.50 | $0.25 | $3.80 | $2.25 | ' | $4.75 | $4.90 | $4.75 | ' | ' | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 641,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 5 | 0.014 | 0.44 | 0.014 | ' | ' | ' | ' | ' | ' | ' | ' | 0.025 | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | 20,000 | 150,600 | 95,000 | 3,380,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,000 | ' | ' | ' | ' | ' | ' | ' |
Allocation To Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,206 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Expiration Period | 'warrants expire in October 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | 1,040,706 | 1,025,764 | 1,040,706 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Purchased During Period For Agreement | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
volume weighted average price Per share | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Amount Issued | ' | $679,560 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $80,830 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 206,887 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Purchase Price Per Share Percentage | ' | ' | ' | ' | 'equal to 125% of the VWAP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | 6,490,000,000 | 6,490,000,000 | 6,490,000,000 | ' | ' | 6,490,000,000 | 2,490,000,000 | 1,490,000,000 | 2,490,000,000 | 1,490,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | 1,000,000 | ' |
Preferred Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 0 | 1,000,000 |
Stock_Options_and_Warrants_Det
Stock Options and Warrants (Details) (2010 Stock Option Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
2010 Stock Option Plan [Member] | ' | ' | ' |
Stock Options and Warrant [Line Items] | ' | ' | ' |
Shares Under Option or Warrant, Outstanding at the Beginning | 74,300 | 36,100 | ' |
Shares Under Option or Warrant, Granted or issued | 38,000 | 40,900 | ' |
Shares Under Option or Warrant, Expired or forfeited | -20,000 | -2,700 | ' |
Shares Under Option or Warrant, Outstanding at the Ending | 92,300 | 74,300 | 36,100 |
Shares Under Option or Warrant, Exercisable at the Ending | 92,300 | ' | ' |
Weighted Average Exercise Price, Outstanding at the Beginning | $40.50 | $106.50 | ' |
Weighted Average Exercise Price, Granted or issued | $3.50 | $15 | ' |
Weighted Average Exercise Price, Expired or forfeited | $5 | $75 | ' |
Weighted Average Exercise Price, Outstanding at the Ending | $33.52 | $40.50 | $106.50 |
Weighted Average Exercise Price, Exercisable at the Ending | $33.52 | ' | ' |
Weighted Average Remaining Contractual Life (in years), Outstanding | '2 years 10 months 24 days | '2 years 10 months 24 days | '6 years 1 month 6 days |
Weighted Average Remaining Contractual Life (in years), Exercisable at the Ending | '2 years 10 months 24 days | ' | ' |
Aggregate Intrinsic Value, Outstanding at the Beginning | $7,910 | $0 | ' |
Aggregate Intrinsic Value, Outstanding at the Ending | 0 | 7,910 | 0 |
Aggregate Intrinsic Value, Exercisable at the Ending | $0 | ' | ' |
Stock_Options_and_Warrants_Det1
Stock Options and Warrants (Details 1) (Other Stock Warrants [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Stock Warrants [Member] | ' | ' | ' |
Stock Options and Warrant [Line Items] | ' | ' | ' |
Shares Under Option or Warrant, Outstanding at the Beginning | 67,294 | 46,194 | ' |
Shares Under Warrant, Granted or issued | 2,350,000 | 21,100 | ' |
Shares Under Option or Warrant, Expired or forfeited | -7,924 | 0 | ' |
Shares Under Option or Warrant, Outstanding at the Ending | 2,409,370 | 67,294 | 46,194 |
Shares Under Option or Warrant, Exercisable at the Ending | 2,409,370 | ' | ' |
Weighted Average Exercise Price, Outstanding at the Beginning | $37 | $162 | ' |
Weighted Average Exercise Price, Granted or issued | $0.10 | $30 | ' |
Weighted Average Exercise Price, Expired or forfeited | $225 | $0 | ' |
Weighted Average Exercise Price, Outstanding at the Ending | $0.38 | $37 | $162 |
Weighted Average Exercise Price, Exercisable at the Ending | $0.38 | ' | ' |
Weighted Average Remaining Contractual Life (in years), Outstanding | '2 years 4 months 24 days | '3 years 3 months 18 days | '3 years 10 months 24 days |
Weighted Average Remaining Contractual Life (in years), Exercisable at the Ending | '2 years 4 months 24 days | ' | ' |
Aggregate Intrinsic Value, Outstanding at the Beginning | $21,261 | $0 | ' |
Aggregate Intrinsic Value, Outstanding at the Ending | 0 | 21,261 | 0 |
Aggregate Intrinsic Value, Exercisable at the Ending | $0 | ' | ' |
Stock_Options_and_Warrants_Det2
Stock Options and Warrants (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 29, 2010 | Sep. 30, 2011 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 |
2010 Stock Option Plan [Member] | 2010 Stock Option Plan [Member] | 2010 Stock Option Plan [Member] | Other Stock Warrants [Member] | Other Stock Warrants [Member] | Other Stock Warrants [Member] | Other Stock Warrants [Member] | ||||
Stock Options and Warrant [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | 40,000 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | ' | ' | ' | $2.50 | $7.50 | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | ' | ' | ' | $5 | $12.50 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | ' | ' | ' | ' | 47,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | 38,000 | 59,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | ' | ' | ' | $1.01 | $1.41 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | 0.27% | 0.31% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | 425.00% | 219.00% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | '2 years | '2 years | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | $64,014 | $115,054 | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Reset Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.44 |
Class Of Warrant Issued For Purchase Of Common Stock | ' | ' | ' | ' | ' | ' | 14,000 | 34,630 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.014 | 0.44 | 5 | ' | ' | ' | 90 | 150 | ' | ' |
RELATEDPARTY_AND_OTHER_TRANSAC1
RELATED-PARTY AND OTHER TRANSACTIONS (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
Nov. 07, 2012 | Feb. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Investor Relation Services Agreement Description | 'On November 7, 2012, the Company entered into a new agreement with Surety to provide investor relations services for the fifteen month period commencing December 1, 2012 and continuing through February 28, 2014. | ' | ' | ' |
Monthly Payment Towards Investor Relation Services | ' | $10,000 | $6,500 | ' |
Warrants Issued During Period Shares For Purchase Of Common Stock | ' | ' | 15,000 | ' |
Investment Warrants, Exercise Price | ' | ' | $5 | ' |
Warrants Term | ' | ' | '3 years | ' |
Investor Relation Service Agreement Amendment Description | ' | 'On February 27, 2013, the Company amended the November 7, 2012 agreement. Under the amended agreement, Surety will provide investor relations services for the fifteen month period commencing March 1, 2013 and continuing through May 31, 2014 | ' | ' |
Compensation Towards Investor Relation Services | ' | ' | ' | 227,000 |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | ' | ' | 10,000 | ' |
Due to Related Parties, Current | ' | ' | ' | 113,300 |
David Pinkman [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Monthly Compensation Towards Consulting Agreement | ' | 8,330 | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | ' | 20,000 | ' | ' |
Warrant Issued To Acquire Common Stock | ' | 20,000 | ' | ' |
Warrant Issued To Acquire Common Stock Price Per Share | ' | $2.50 | ' | ' |
Compensation Earned Under Consulting Agreement | ' | ' | ' | 17,121 |
Due to Related Parties, Current | ' | ' | ' | $7,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Operating loss carry forwards | $4,849,254 | $3,950,488 |
Oil and gas properties | 1,000,179 | 962,227 |
Accrued compensation | 197,069 | 272,415 |
Stock-based compensation | 261,572 | 239,807 |
Property and equipment | 152 | 237 |
Valuation allowance | -6,308,226 | -5,425,174 |
Net Deferred Tax Asset | $0 | $0 |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Expense Benefit [Line Items] | ' | ' |
Income tax benefit at statutory rate | ($1,061,568) | ($4,506,732) |
Share-based compensation | 6,848 | 50,499 |
Interest expense - Ironridge Global IV, Ltd. | 0 | 202,278 |
Amortization of discount on convertible debt and other notes | 499,295 | 1,243,834 |
Change in fair value of derivative liabilities | -330,465 | 1,477,133 |
Other non-deductible expenses and adjustments | 2,808 | 9,080 |
Change in valuation allowance | 883,082 | 1,523,908 |
Income Tax Expense | $0 | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Line Items] | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $883,052 | $1,523,908 |
Operating Loss Carryforwards | $10,500,000 | ' |
Operating Loss Carry forward Expiration Dates | '2025 through 2033 | ' |
Operating Loss Carryforwards, Limitations on Use | 'The utilization of the net operating losses is dependent upon the tax laws in effect at the time such losses can be utilized. A significant change of ownership control of the Company could cause the utilization of net operating losses to be limited. | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 29, 2004 |
Current Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | $166 | $8,065 | $1,552 | ' | $0 |
Total Current Assets | 166 | 44,496 | ' | ' | ' |
Property and Equipment, net of accumulated depreciation | 10,123 | 14,570 | ' | ' | ' |
Oil and gas properties | 5,698,563 | 6,854,550 | ' | ' | ' |
Other assets | 14,610 | 14,610 | ' | ' | ' |
Total Assets | 5,723,462 | 7,398,226 | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 863,702 | 412,327 | ' | ' | ' |
Accrued liabilities | 1,782,985 | 1,432,850 | ' | ' | ' |
Payable to Ironridge Global IV, Ltd. | 241,046 | 1,489,623 | ' | ' | ' |
Payable to former officer | 115,000 | 0 | ' | ' | ' |
Unsecured convertible promissory notes payable, net of discount, in default | 929,964 | 663,054 | ' | ' | ' |
Secured notes payable, net of discount, in default | 620,512 | 1,502,273 | ' | ' | ' |
Convertible debentures in default | 2,453,032 | 2,550,000 | ' | ' | ' |
Derivative liabilities | 7,908,415 | 7,795,335 | ' | ' | ' |
Total Current Liabilities | 14,914,656 | 15,845,462 | ' | ' | ' |
Long-Term Liabilities | ' | ' | ' | ' | ' |
Long-term asset retirement obligation | 37,288 | 37,288 | ' | ' | ' |
Total Liabilities | 14,951,944 | 15,882,750 | ' | ' | ' |
Stockholders' Deficiency: | ' | ' | ' | ' | ' |
Common stock | 47,476 | 1,141 | ' | ' | ' |
Additional paid-in capital | 26,235,670 | 23,904,706 | ' | ' | ' |
Deficit accumulated during the exploration stage | -35,512,628 | -32,390,371 | ' | ' | ' |
Total Stockholders' Deficiency | -9,228,482 | -8,484,524 | 199,554 | -868,965 | 0 |
Total Liabilities and Stockholders' Deficiency | 5,723,462 | 7,398,226 | ' | ' | ' |
Series A Preferred Stock [Member] | ' | ' | ' | ' | ' |
Stockholders' Deficiency: | ' | ' | ' | ' | ' |
Series A convertible preferred stock | 1,000 | 0 | ' | ' | ' |
Adjustments [Member] | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Oil and gas properties | -5,698,563 | ' | ' | ' | ' |
Total Assets | -5,698,563 | ' | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Accrued liabilities | -1,242,699 | ' | ' | ' | ' |
Secured notes payable, net of discount, in default | -500,000 | ' | ' | ' | ' |
Convertible debentures in default | -2,453,032 | ' | ' | ' | ' |
Derivative liabilities | -5,466,805 | ' | ' | ' | ' |
Total Current Liabilities | -9,662,536 | ' | ' | ' | ' |
Long-Term Liabilities | ' | ' | ' | ' | ' |
Long-term asset retirement obligation | -37,288 | ' | ' | ' | ' |
Total Liabilities | -9,699,824 | ' | ' | ' | ' |
Stockholders' Deficiency: | ' | ' | ' | ' | ' |
Deficit accumulated during the exploration stage | 4,001,261 | ' | ' | ' | ' |
Total Stockholders' Deficiency | 4,001,261 | ' | ' | ' | ' |
Total Liabilities and Stockholders' Deficiency | -5,698,563 | ' | ' | ' | ' |
Pro Forma [Member] | ' | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 166 | ' | ' | ' | ' |
Total Current Assets | 166 | ' | ' | ' | ' |
Property and Equipment, net of accumulated depreciation | 10,123 | ' | ' | ' | ' |
Oil and gas properties | 0 | ' | ' | ' | ' |
Other assets | 14,610 | ' | ' | ' | ' |
Total Assets | 24,899 | ' | ' | ' | ' |
Current Liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 863,702 | ' | ' | ' | ' |
Accrued liabilities | 540,286 | ' | ' | ' | ' |
Payable to Ironridge Global IV, Ltd. | 241,046 | ' | ' | ' | ' |
Payable to former officer | 115,000 | ' | ' | ' | ' |
Unsecured convertible promissory notes payable, net of discount, in default | 929,964 | ' | ' | ' | ' |
Secured notes payable, net of discount, in default | 120,512 | ' | ' | ' | ' |
Convertible debentures in default | 0 | ' | ' | ' | ' |
Derivative liabilities | 2,441,610 | ' | ' | ' | ' |
Total Current Liabilities | 5,252,120 | ' | ' | ' | ' |
Long-Term Liabilities | ' | ' | ' | ' | ' |
Long-term asset retirement obligation | 0 | ' | ' | ' | ' |
Total Liabilities | 5,252,120 | ' | ' | ' | ' |
Stockholders' Deficiency: | ' | ' | ' | ' | ' |
Common stock | 47,476 | ' | ' | ' | ' |
Additional paid-in capital | 26,235,670 | ' | ' | ' | ' |
Deficit accumulated during the exploration stage | -31,511,367 | ' | ' | ' | ' |
Total Stockholders' Deficiency | -5,264,509 | ' | ' | ' | ' |
Total Liabilities and Stockholders' Deficiency | 24,899 | ' | ' | ' | ' |
Pro Forma [Member] | Series A Preferred Stock [Member] | ' | ' | ' | ' | ' |
Stockholders' Deficiency: | ' | ' | ' | ' | ' |
Series A convertible preferred stock | $1,000 | ' | ' | ' | ' |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 114 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
6-May-11 | Aug. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 6-May-11 | Mar. 31, 2012 | 6-May-11 | Mar. 31, 2012 | 6-May-11 | 6-May-11 | Mar. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Feb. 28, 2014 | |
Leasehold Improvements [Member] | Leasehold Improvements [Member] | Montecito Asset Sale Agreement [Member] | Promissory Note [Member] | Promissory Note [Member] | Issuance One [Member] | Issuance One [Member] | Common Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Oil And GasProperty Located In Montgomery [Member] | Issuance One [Member] | Convertible Debenture [Member] | Common Stock [Member] | Common Stock [Member] | Montecito Offshore LLC [Member] | Montecito Offshore LLC [Member] | |||||||||||||||
Oil And GasProperty Located In Montgomery [Member] | Secured Promissory Note [Member] | Convertible Debenture [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Sale Of Leasehold Working Interest | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Sale Of Net Revenue Interest | ' | ' | ' | ' | ' | ' | ' | 51.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | $1,500,000 | $1,250,000 | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Note To Acquire Business | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Capitalized | ' | ' | ' | ' | ' | 5,698,563 | 2,305,987 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,675,000 | ' | 100,000 | ' | ' | ' | ' | ' | 35,000,000 | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | ' | $0.00 | $0.00 | $0.00 | ' | ' | ' | ' | ' | $2.45 | $19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Costs, Period Cost | 23,563 | 43,487 | ' | ' | ' | ' | ' | ' | ' | ' | 23,563 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | 47,476,265 | 1,142,244 | 47,476,265 | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'four | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | 1,040,706 | 1,025,764 | 1,040,706 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,097,839 | ' | ' | ' |
Debt Conversion, Converted Instrument, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,900 | ' | ' | ' | ' | ' |
Debt Instrument, Increase, Accrued Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300 | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Oil and Gas Property | ' | ' | 0 | 218,487 | 3,658,565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | 3,675,000 | 855,000 | 100 | ' | ' | ' | ' | ' | 87,500 | ' | ' |
Litigation Settlement, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $30,000 |
Debt Instrument, Maturity Date, Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Nine Months | ' | ' | ' | ' |
Variable Conversion Price, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |