Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 13-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Rockdale Resources Corp | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 16,986,413 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001368637 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
BALANCE_SHEETS_Unaudited
BALANCE SHEETS (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets | ' | ' |
Cash | $291,623 | $122,162 |
Accounts receivable | 44,603 | 58,472 |
Other current assets | 44,554 | 53,680 |
Total current assets | 380,780 | 234,314 |
Oil and gas, on the basis of full cost accounting | ' | ' |
Evaluated properties | 3,279,531 | 2,954,854 |
Furniture, equipment & software | 87,955 | 82,051 |
Less accumulated depreciation | -160,912 | -126,642 |
Net property and equipment | 3,206,574 | 2,910,263 |
Total Assets | 3,587,354 | 3,144,577 |
Current liabilities | ' | ' |
Accounts payable | 111,013 | 50,939 |
Accrued liabilities | 107,396 | 9,916 |
Current maturities of installment notes payable | 7,745 | 7,625 |
Deferred rent | 4,375 | 4,061 |
Total current liabilities | 230,529 | 72,541 |
Deferred rent | 1,790 | 2,926 |
Asset retirement obligations | 14,890 | 12,804 |
Convertible debt - related party, net of discount of $387,215 and $410,677 | 162,785 | 139,323 |
Installment note payable | 30,067 | 34,011 |
Total Liabilities | 440,061 | 261,605 |
Stockholders' Equity | ' | ' |
Preferred stock, $.10 par value; 1,000,000 shares authorized; No shares issued & outstanding | 0 | 0 |
Common stock, $.001 par value; 50,000,000 shares authorized; 16,569,738 and 14,178,041 shares issued and outstanding | 16,570 | 14,179 |
Additional paid in capital | 6,282,073 | 5,429,487 |
Accumulated deficit | -3,151,350 | -2,560,694 |
Total Stockholders' Equity | 3,147,293 | 2,882,972 |
Total Liabilities and Stockholders' Equity | $3,587,354 | $3,144,577 |
BALANCE_SHEETS_Unaudited_Paren
BALANCE SHEETS (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Convertible debt, discount (in Dollars) | $387,215 | $410,677 |
Preferred stock, par value (in Dollars per share) | $0.10 | $0.10 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 16,569,738 | 14,178,041 |
Common stock, shares outstanding | 16,569,738 | 14,178,041 |
STATEMENT_OF_OPERATIONS_Unaudi
STATEMENT OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Oil and gas sales | $124,870 | $55,877 |
Operating expenses | ' | ' |
Lease operating expense | 98,182 | 36,281 |
Production tax | 5,207 | 2,575 |
General and administrative expenses | 544,621 | 367,124 |
Depreciation, depletion and amortization | 34,270 | 20,235 |
Asset retirement obligation accretion | 150 | 1,595 |
Total operating expenses | 682,430 | 427,810 |
Loss from operations | -557,560 | -371,933 |
Interest (expense) | -33,096 | 0 |
Net loss from continuing operations before taxes | -590,656 | -371,933 |
Net loss | ($590,656) | ($371,933) |
Loss per share (Basic and fully diluted) (in Dollars per share) | ($0.04) | ($0.02) |
Weighted average number of common shares outstanding, basic and diluted (in Shares) | 15,437,313 | 16,900,079 |
STATEMENTS_OF_CASH_FLOWS_Unaud
STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash Flows from Operating Activities | ' | ' |
Net loss | ($590,656) | ($371,933) |
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities: | ' | ' |
Depreciation and amortization | 34,270 | 20,235 |
Accretion expense | 23,462 | 0 |
ARO accretion | 150 | 1,595 |
Stock-based compensation expense - employees | 19,973 | 0 |
Stock-based compensation expense – consultants | 380,000 | 0 |
Changes in operating assets and liabilities | ' | ' |
Accounts receivable - related party | 0 | 4,805 |
Accounts receivable | 13,869 | 0 |
Other assets | 9,126 | -8,744 |
Accounts payable | 21,115 | -13,906 |
Accounts payable - related party | 0 | 3,561 |
Accrued liabilities | 97,480 | 42,571 |
Deferred rent | -821 | -498 |
Net cash flows from operating activities | 7,968 | -322,314 |
Cash Flows from Investing Activities | ' | ' |
Capital expenditures on oil and gas properties | -289,686 | -3,318 |
Cash flows from investing activities | -289,686 | -3,318 |
Cash Flows from Financing Activities | ' | ' |
Proceeds from issuance of common stock | 455,004 | 0 |
Payments on notes payable | -3,825 | 0 |
Cash flows from financing activities | 451,179 | 0 |
Net change in cash and cash equivalents | 169,461 | -325,632 |
Cash and cash equivalents | ' | ' |
Beginning of period | 122,162 | 731,043 |
End of period | 291,623 | 405,411 |
SUPPLEMENTAL DISCLOSURES | ' | ' |
Interest Paid | 9,634 | 0 |
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | ' | ' |
Accrual for purchase of treasury shares | 0 | 900 |
Change in accounts payable for expenditures on oil and gas properties | 38,958 | 0 |
Cancellation of treasury shares | 0 | 5,000 |
Initial recognition of asset retirement obligations | $1,936 | $0 |
NOTE_1_ORGANIZATION_AND_BASIS_
NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION: | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION: | |
Rockdale Resources Corporation (“we”, “us”, the “Company”) was formed for the purpose of oil and gas exploration, development, and production. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”). | |
Basis of Presentation | |
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2013, as reported in Form 10-K, have been omitted. | |
NOTE_2_SUMMARY_OF_SIGNIFICANT_
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Management Estimates—The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | |
The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company. | |
NOTE_3_GOING_CONCERN
NOTE 3. GOING CONCERN | 3 Months Ended |
Mar. 31, 2014 | |
Going Concern Disclosure [Abstract] | ' |
Going Concern Disclosure [Text Block] | ' |
NOTE 3. GOING CONCERN | |
The Company has suffered recurring losses from operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company plans to generate profits by drilling productive oil or gas wells. However, the Company will need to raise the funds required to drill new wells through the sale of its securities, through loans from third parties or from third parties willing to pay the Company’s share of drilling and completing the wells. The Company does not have any commitments or arrangements from any person to provide the Company with any additional capital. If additional financing is not available when needed, the Company may need to cease operations. The Company may not be successful in raising the capital needed to drill oil or gas wells. Any wells which the Company may drill may not be productive of oil or gas. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. We have plans to finance our activities through private offerings of our securities, issuance of corporate bonds and/or joint venture agreements. The accompanying financial statements have been prepared assuming the Company will continue as a going concern; no adjustments to the financial statements have been made to account for this uncertainty. | |
NOTE_4_EQUITY
NOTE 4. EQUITY | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||
NOTE 4. EQUITY | ||||||||||||||||
Preferred Stock – 1,000,000 shares authorized, none issued or outstanding. | ||||||||||||||||
In the first quarter of 2014, the Company sold 1,516,697 shares to private investors as part of the private placement detailed in the 8-K filed on February 14, 2014. The shares were all purchased at a price of $0.30 per share and include warrants to purchase additional shares (one-for-one) at $0.75 per share any time before August 5, 2019. The purchasers included David Baker, who joined our Board of Directors after the end of the reporting period on May 8, 2014. The Company evaluated the warrants for derivative accounting consideration under ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s own stock. We concluded that the warrants meet the criteria for classification in stockholders' equity. Therefore, derivative accounting is not applicable for the warrants. | ||||||||||||||||
75,000 shares related to stock compensation for employees and directors vested during the first quarter of 2014. Stock based compensation expense relating to these shares was $19,973 and $0 for the quarters ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
As of March 31, 2014, we had $192,107 of total unrecognized compensation expense associated with restricted shares granted to employees. Of that amount, $30,107 (150,000 unvested shares) will be recognized over a five month period. | ||||||||||||||||
The remainder is subject to performance conditions and is not currently being amortized. As of March 31, 2014, there were 600,000 unvested shares subject to performance conditions. All of the aforementioned shares had a grant-date fair value, as determined by closing stock prices on August 5, 2013, of $0.27 per share. | ||||||||||||||||
As reported on Form 8-K filed January 31, 2014, on January 27, 2014, 800,000 shares were granted to David Baker in the first quarter of 2014 as consideration for his services as a consultant. The consulting agreement can be found in the 8-K filed on January 27, 2014. The shares granted to David Baker resulted in $380,000 of general and administrative expense in the first quarter of 2014. | ||||||||||||||||
Summary information regarding common stock warrants issued and outstanding as of March 31, 2014, is as follows: | ||||||||||||||||
Warrants | Weighted Average Exercise Price | Aggregate intrinsic value | Weighted average remaining contractual life (years) | |||||||||||||
Outstanding at year ended December 31, 2013 | 1,570,000 | $ | 0.8 | $ | - | 9.6 | ||||||||||
Granted | 1,516,697 | 0.75 | - | 5.4 | ||||||||||||
Exercised | - | - | - | |||||||||||||
Expired | - | - | - | |||||||||||||
Outstanding at quarter ended March 31, 2014 | 3,086,697 | $ | 0.78 | $ | - | 7.4 | ||||||||||
NOTE_5_COMMITMENTS_AND_CONTING
NOTE 5. COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
NOTE 5. COMMITMENTS AND CONTINGENCIES | |
The Company, as a lessee of oil and gas properties, is subject to various federal, state and local laws and regulations relating to discharge of materials into, and protection of, the environment. These laws and regulations may, among other things, impose liability on the Company for the cost of pollution clean-up resulting from operations and subject the Company to liability for pollution damages. In some instances, the Company may be directed to suspend or cease operations in the affected area. The Company is not aware of any environmental claims existing as of March 31, 2014, which have not been provided for, or covered by insurance or which may have a material impact on its financial position or results of operations. There can be no assurance, however, that current regulatory requirements will not change, or past noncompliance with environmental laws will not be discovered on the Company’s properties. | |
Office Lease – The Company has a non-cancelable lease for its office in Austin, Texas. Rent expense on this lease for the 3 months ended March 31, 2014 totaled $16,543, but was completely offset by payments from the Company’s sublease. Deferred rent at March 31, 2014 was $6,165. Future minimum payments on the office lease will be nearly completely offset by payments due from the sublessee. The Company’s lease ends in June of 2015. | |
NOTE_6_SUBSEQUENT_EVENTS
NOTE 6. SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 6. SUBSEQUENT EVENTS | |
Between April 1, 2014 and May 13, 2014 the Company sold 416,675 shares to private investors as part of the private placement detailed in the 8-K filed on February 14, 2014. The shares were all purchased at a price of $0.30 per share and include warrants to purchase additional shares (one-for-one) at $0.75 any time before August 5, 2019. | |
In April 2014 the Company completed three wells that were drilled as of March 31, 2014. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates, Policy [Policy Text Block] | ' |
Management Estimates—The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
The Company has evaluated all the recent accounting pronouncements through the filing date and believes that none of them will have a material effect on the Company. |
NOTE_4_EQUITY_Tables
NOTE 4. EQUITY (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | 'Summary information regarding common stock warrants issued and outstanding as of March 31, 2014, is as follows: | |||||||||||||||
Warrants | Weighted Average Exercise Price | Aggregate intrinsic value | Weighted average remaining contractual life (years) | |||||||||||||
Outstanding at year ended December 31, 2013 | 1,570,000 | $ | 0.8 | $ | - | 9.6 | ||||||||||
Granted | 1,516,697 | 0.75 | - | 5.4 | ||||||||||||
Exercised | - | - | - | |||||||||||||
Expired | - | - | - | |||||||||||||
Outstanding at quarter ended March 31, 2014 | 3,086,697 | $ | 0.78 | $ | - | 7.4 |
NOTE_4_EQUITY_Details
NOTE 4. EQUITY (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
NOTE 4. EQUITY (Details) [Line Items] | ' | ' | ' |
Preferred Stock, Shares Authorized | 1,000,000 | ' | 1,000,000 |
Allocated Share-based Compensation Expense (in Dollars) | $19,973 | $0 | ' |
Share-based Compensation (in Dollars) | 380,000 | 0 | ' |
Restricted Stock [Member] | Amount to be Recognized Over 5 Month Period [Member] | ' | ' | ' |
NOTE 4. EQUITY (Details) [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 30,107 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 150,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '5 months | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
NOTE 4. EQUITY (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 75,000 | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | 19,973 | 0 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 192,107 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 600,000 | ' | ' |
Share Price (in Dollars per share) | $0.27 | ' | ' |
Private Placement [Member] | ' | ' | ' |
NOTE 4. EQUITY (Details) [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 1,516,697 | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | $0.30 | ' | ' |
Unit Description | 'include warrants to purchase additional shares (one-for-one) | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 0.75 | ' | ' |
Director [Member] | ' | ' | ' |
NOTE 4. EQUITY (Details) [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, Issued for Services | 800,000 | ' | ' |
Share-based Compensation (in Dollars) | $380,000 | ' | ' |
NOTE_4_EQUITY_Details_Schedule
NOTE 4. EQUITY (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights (USD $) | 3 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Warrant [Member] | Weighted Average Exercise Price [Member] | Aggregate Intrinsic Value [Member] | Aggregate Intrinsic Value [Member] | Weighted Average Remaining Contractual Life [Member] | |
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' |
Outstanding at year ended December 31, 2013 | 1,570,000 | ' | ' | ' | ' |
Outstanding at year ended December 31, 2013 | ' | $0.80 | ' | ' | ' |
Outstanding at year ended December 31, 2013 | ' | ' | $0 | $0 | ' |
Outstanding at year ended December 31, 2013 | ' | ' | ' | ' | '9 years 219 days |
Granted | 1,516,697 | ' | ' | ' | ' |
Granted | ' | $0.75 | ' | ' | ' |
Granted | ' | ' | ' | ' | '5 years 146 days |
Exercised | 0 | ' | ' | ' | ' |
Exercised | ' | $0 | ' | ' | ' |
Expired | 0 | ' | ' | ' | ' |
Expired | ' | $0 | ' | ' | ' |
Outstanding at quarter ended March 31, 2014 | 3,086,697 | ' | ' | ' | ' |
Outstanding at quarter ended March 31, 2014 | ' | $0.78 | ' | ' | ' |
Outstanding at quarter ended March 31, 2014 | ' | ' | $0 | $0 | ' |
Outstanding at quarter ended March 31, 2014 | ' | ' | ' | ' | '7 years 146 days |
NOTE_5_COMMITMENTS_AND_CONTING1
NOTE 5. COMMITMENTS AND CONTINGENCIES (Details) (Office Lease [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Office Lease [Member] | ' |
NOTE 5. COMMITMENTS AND CONTINGENCIES (Details) [Line Items] | ' |
Description of Lessee Leasing Arrangements, Operating Leases | 'non-cancelable lease for its office in Austin, Texas |
Operating Leases, Rent Expense | $16,543 |
Deferred Rent Credit | $6,165 |
NOTE_6_SUBSEQUENT_EVENTS_Detai
NOTE 6. SUBSEQUENT EVENTS (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
13-May-14 | Apr. 30, 2014 | Mar. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Private Placement [Member] | |
Private Placement [Member] | |||
NOTE 6. SUBSEQUENT EVENTS (Details) [Line Items] | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 416,675 | ' | 1,516,697 |
Sale of Stock, Price Per Share | $0.30 | ' | $0.30 |
Unit Description | 'include warrants to purchase additional shares (one-for-one) | ' | 'include warrants to purchase additional shares (one-for-one) |
Class of Warrant or Right, Exercise Price of Warrants or Rights | 0.75 | ' | 0.75 |
Number of Wells Drilled | ' | 3 | ' |