Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2015 | |
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 | 18,953,152 | |
Amendment Flag | false | |
Entity Central Index Key | 1,368,637 | |
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 | Mar. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q1 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | $ 2,024 | $ 24,688 |
Accounts receivable | 20,313 | 26,176 |
Other current assets | 36,977 | 40,801 |
Total current assets | 59,314 | 91,665 |
Oil and gas, on the basis of full cost accounting | ||
Evaluated properties | 3,715,779 | 3,715,779 |
Furniture, equipment & software | 94,283 | 94,283 |
Less accumulated depreciation | (316,178) | (283,984) |
Net property and equipment | 3,493,884 | 3,526,078 |
Total Assets | 3,553,198 | 3,617,743 |
Current liabilities | ||
Accounts payable | 118,468 | 99,425 |
Accrued liabilities | 21,125 | 8,875 |
Current maturities of installment notes payable | 18,877 | 18,877 |
Advances from Affiliates | 60,000 | 0 |
Deferred rent | 2,816 | 2,816 |
Total current liabilities | 221,286 | 129,993 |
Asset retirement obligations | 100,175 | 100,175 |
Convertible debt - related party, net of discount of $296,188 and $324,553 | 253,812 | 225,447 |
Installment note payable | 21,660 | 26,362 |
Total Liabilities | 596,933 | 481,977 |
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; 18,953,152 and 19,353,152 shares issued and outstanding | 18,953 | 19,353 |
Additional paid in capital | 7,385,819 | 7,351,640 |
Accumulated deficit | (4,448,507) | (4,235,227) |
Total Stockholders' Equity | 2,956,265 | 3,135,766 |
Total Liabilities and Stockholders' Equity | $ 3,553,198 | $ 3,617,743 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 |
Convertible debt, discount (in Dollars) | $ 296,188 | $ 324,553 |
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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,953,152 | 19,353,152 |
Common stock, shares outstanding | 18,953,152 | 19,353,152 |
STATEMENT OF OPERATIONS (Unaudi
STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Oil and gas sales | $ 60,526 | $ 124,870 |
Operating expenses | ||
Lease operating expense | 56,871 | 98,182 |
Production tax | 2,796 | 5,207 |
General and administrative expenses | 140,156 | 544,621 |
Depreciation, depletion and amortization | 32,194 | 34,270 |
Asset retirement obligation accretion | 0 | 150 |
Total operating expenses | 232,017 | 682,430 |
Loss from operations | (171,491) | (557,560) |
Interest (expense) | (45,273) | (33,096) |
Other income (expense) | 3,484 | 0 |
Net loss from continuing operations before taxes | (213,280) | (590,656) |
Net loss | $ (213,280) | $ (590,656) |
Loss per share (Basic and fully diluted) (in Dollars per share) | $ (0.01) | $ (0.04) |
Weighted average number of common shares outstanding, basic and diluted (in Shares) | 18,070,038 | 15,437,313 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net loss | $ (213,280) | $ (590,656) |
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 32,194 | 34,270 |
Accretion of debt discount | 28,365 | 23,462 |
ARO accretion | 0 | 150 |
Stock-based compensation expense - employees | 33,778 | 19,973 |
Stock-based compensation expense – consultants | 0 | 380,000 |
Changes in operating assets and liabilities | ||
Accounts receivable | 5,863 | 13,869 |
Other assets | 3,824 | 9,126 |
Accounts payable | 19,044 | 21,115 |
Accrued liabilities | 12,250 | 97,480 |
Deferred rent | 0 | (821) |
Net cash flows from operating activities | (77,962) | 7,968 |
Cash Flows from Investing Activities | ||
Capital expenditures on oil and gas properties | 0 | (289,686) |
Cash flows from investing activities | 0 | (289,686) |
Cash Flows from Financing Activities | ||
Proceeds from issuance of common stock | 0 | 455,004 |
Advances from Affiliates | 60,000 | 0 |
Payments on notes payable | (4,702) | (3,825) |
Cash flows from financing activities | 55,298 | 451,179 |
Net change in cash and cash equivalents | (22,664) | 169,461 |
Cash and cash equivalents | ||
Beginning of period | 24,688 | 122,162 |
End of period | 2,024 | 291,623 |
SUPPLEMENTAL DISCLOSURES | ||
Interest Paid | 16,455 | 9,634 |
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | ||
Change in accounts payable for expenditures on oil and gas properties | 0 | 38,958 |
Initial recognition of asset retirement obligations | $ 0 | $ 1,936 |
NOTE 1. ORGANIZATION AND BASIS
NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014, 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, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows. Management 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, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [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 reworking its existing oil or gas wells and drilling additional wells, as needed. The Company will need to raise funds through either the sale of its securities, issuance of corporate bonds, joint venture agreements and/or bank financing to accomplish its goals. 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 and/or rework existing oil wells. Any additional wells that the Company may drill may be non-productive. Management believes that actions presently being taken to secure additional funding for the reworking of its existing infrastructure will provide the opportunity for the Company to continue as a going concern. Since the Company has an oil producing asset, its goal is to increase the production rate by optimizing its current infrastructure. 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, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 4. EQUITY Stock based compensation of $33,778 was recorded related to shares issued to David N. Baker, former CEO and Director of the Company, during the three months ended March 31, 2015. The Company received 400,000 shares from David N. Baker upon his resignation and cancelled the certificates with its transfer agent. Preferred Stock – 1,000,000 Common Stock - Summary information regarding common stock warrants issued and outstanding as of March 31, 2015, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year ended December 31, 2014 4,170,111 $ 0.77 $ - 6.1 Granted - - - - Exercised - - - Expired - - - Outstanding at quarter ended March 31, 2015 4,170,111 $ 0.77 $ - 6.1 |
NOTE 5. COMMITMENTS AND CONTING
NOTE 5. COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
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, 2015, 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 expense on this lease for the 3 months ended March 31, 2015 totaled $16,543, but was completely offset by payments from the Company’s sublease. Deferred rent at March 31, 2015 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, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 6. SUBSEQUENT EVENTS On May 12, 2015 Mr. Leo Womack the Chairman of the Board filed a Form 4 disclosing that an affiliated Family Trust had purchased 1,630,000 shares of common stock from Mr. David Baker in a private transaction at a cash price of $0.08 cents per share. Combined with prior ownership Mr. Womack now controls approximately 10% of the total outstanding common stock of the Company. On May 1, 2015, the Company commenced a private offering of its securities under Regulation D to accredited investors. Each unit is comprised of 100,000 shares of common stock at a price of $0.10 cents per share and one warrant to purchase an additional 100,000 shares of common stock at a price of $0.12 cents per share at any time prior to August 5, 2018. As of June 29, 2015 fourteen (14) units had been subscribed for and 1,400,000 shares of common stock had been purchased. Mr. Leo Womack, Chairman of Rockdale Resources, purchased 300,000 shares through the Leo B. Womack Family Trust. Mr. Lee Lytton, a Director of the Company, purchased 300,000 shares, Mr. Joel Oppenheim, a Director, purchased 300,000 shares and Jovian Petroleum Corporation, a contract operator for the Company, purchased 100,000 shares. A total of $60,000 in advances from affiliates that was disclosed as a liability in the financial statements as of March 31, 2015 were converted to equity in this offering. On June 11, 2015, our board of directors increased the size of our board of directors from two to three members and appointed Joel Oppenheim to our board of directors to fill the newly created vacancy. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Management 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, 2015 | |
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, 2015, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year ended December 31, 2014 4,170,111 $ 0.77 $ - 6.1 Granted - - - - Exercised - - - Expired - - - Outstanding at quarter ended March 31, 2015 4,170,111 $ 0.77 $ - 6.1 |
NOTE 4. EQUITY (Details)
NOTE 4. EQUITY (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
NOTE 4. EQUITY (Details) [Line Items] | |||
Share-based Compensation (in Dollars) | $ 33,778 | $ 19,973 | |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | |
Stock Issued During Period, Shares, New Issues | 0 | ||
Former CEO [Member] | |||
NOTE 4. EQUITY (Details) [Line Items] | |||
Stock Repurchased and Retired During Period, Shares | 400,000 |
NOTE 4. EQUITY (Details) - Sche
NOTE 4. EQUITY (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Abstract] | ||
Warrants Outstanding | 4,170,111 | 4,170,111 |
Warrants Outstanding, Weighted Average Exercise Price | $ 0.77 | $ 0.77 |
Warrants Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 |
WarrantsWeightedAverageRemainingContractualTerm | 6 years 36 days | 6 years 36 days |
Granted | 0 | |
Granted | $ 0 | |
Exercised | 0 | |
Exercised | $ 0 | |
Expired | 0 | |
Expired | $ 0 |
NOTE 5. COMMITMENTS AND CONTI16
NOTE 5. COMMITMENTS AND CONTINGENCIES (Details) - Mar. 31, 2015 - USD ($) | Total |
Commitments and Contingencies Disclosure [Abstract] | |
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 3 months |
Operating Leases, Rent Expense | $ 16,543 |
Deferred Rent Credit | $ 6,165 |
NOTE 6. SUBSEQUENT EVENTS (Deta
NOTE 6. SUBSEQUENT EVENTS (Details) | Jun. 11, 2015 | May. 12, 2015$ / sharesshares | Jun. 29, 2015USD ($)shares | Mar. 31, 2015shares |
Board of Directors Chairman [Member] | Subsequent Event [Member] | ||||
NOTE 6. SUBSEQUENT EVENTS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, Other | 1,630,000 | 300,000 | ||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.08 | |||
Equity Method Investment, Ownership Percentage | 10.00% | |||
Director #1 [Member] | Subsequent Event [Member] | Private Placement [Member] | ||||
NOTE 6. SUBSEQUENT EVENTS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 300,000 | |||
Director #2 [Member] | Subsequent Event [Member] | Private Placement [Member] | ||||
NOTE 6. SUBSEQUENT EVENTS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 300,000 | |||
Contract Operator [Member] | Subsequent Event [Member] | Private Placement [Member] | ||||
NOTE 6. SUBSEQUENT EVENTS (Details) [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 100,000 | |||
Subsequent Event [Member] | Private Placement [Member] | ||||
NOTE 6. SUBSEQUENT EVENTS (Details) [Line Items] | ||||
Unit Description | Each unit is comprised of 100,000 shares of common stock at a price of $0.10 cents per share and one warrant to purchase an additional 100,000 shares of common stock at a price of $0.12 cents per share at any time prior to August 5, 2018 | |||
Number of Units Sold | 14 | |||
Stock Issued During Period, Shares, New Issues | 1,400,000 | |||
Proceeds from Issuance of Private Placement (in Dollars) | $ | $ 60,000 | |||
Subsequent Event [Member] | ||||
NOTE 6. SUBSEQUENT EVENTS (Details) [Line Items] | ||||
Subsequent Event, Description | directors increased the size of our board of directors from two to three members and appointed Joel Oppenheim to our board of directors to fill the newly created vacancy | |||
Stock Issued During Period, Shares, New Issues | 0 |