Petrolia Energy (BBLSQ) 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 14, 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		20,953,152
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	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash	$ 28,368	$ 24,688
Accounts receivable	28,511	26,176
Other current assets	33,154	40,801
Total current assets	90,033	91,665
Oil and gas, on the basis of full cost accounting
Evaluated properties	3,715,779	3,715,779
Furniture, equipment & software	88,380	94,283
Less accumulated depreciation & impairment	(1,009,890)	(283,984)
Net property and equipment	2,794,269	3,526,078
Total Assets	2,884,302	3,617,743
Current liabilities
Accounts payable	138,645	99,425
Accrued liabilities	10,022	8,875
Current maturities of installment notes payable	18,877	18,877
Deferred rent	2,816	2,816
Total current liabilities	170,360	129,993
Asset retirement obligations	100,175	100,175
Convertible debt - related party, net of discount of $262,148 and $324,553	287,852	225,447
Installment note payable	18,495	26,362
Total Liabilities	576,882	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; 20,953,152 and 19,353,152 shares issued and outstanding	20,953	19,353
Additional paid in capital	7,652,924	7,351,640
Accumulated deficit	(5,366,457)	(4,235,227)
Total Stockholders' Equity	2,307,420	3,135,766
Total Liabilities and Stockholders' Equity	$ 2,884,302	$ 3,617,743

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Convertible debt, discount (in Dollars)	$ 262,148	$ 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	20,953,152	19,353,152
Common stock, shares outstanding	20,953,152	19,353,152

STATEMENT OF OPERATIONS (Unaudi

STATEMENT OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Oil and gas sales	$ 67,633	$ 235,775	$ 128,159	$ 360,644
Operating expenses
Lease operating expense	77,183	64,954	134,054	163,136
Production tax	3,121	10,865	5,917	16,072
General and administrative expenses	103,326	752,007	243,482	1,296,628
Depreciation, depletion and amortization	27,016	54,222	59,210	88,492
Impairment of Oil & Gas Properties	668,073	0	668,073	0
Asset retirement obligation accretion	0	398	0	547
Total operating expenses	878,719	882,446	1,110,736	1,564,875
Loss from operations	(811,086)	(646,671)	(982,577)	(1,204,231)
Interest (expense)	(42,757)	(26,167)	(88,030)	(59,263)
Loss on conversion of debt	(69,107)	0	(69,107)	0
Other Income (expense)	5,000	0	8,484	0
Net loss from continuing operations before taxes	(917,950)	(672,838)	(1,131,230)	(1,263,494)
Net loss	$ (917,950)	$ (672,838)	$ (1,131,230)	$ (1,263,494)
Loss per share (Basic and fully diluted) (in Dollars per share)	$ (0.05)	$ (0.04)	$ (0.06)	$ (0.08)
Weighted average number of common shares outstanding (in Shares)	19,723,482	17,648,316	19,470,832	16,548,923

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Net loss	$ (1,131,230)	$ (1,263,494)
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities:
Depreciation and amortization	59,210	88,492
Accretion of debt discount	62,405	40,934
Impairment of Oil & Gas Properties	668,073	0
Loss on Conversion of Debt	69,107	0
ARO accretion	0	547
Stock-based compensation expense - employees	33,778	589,130
Stock-based compensation expense – consultants	0	399,000
Changes in operating assets and liabilities
Accounts receivable	(2,335)	(17,910)
Other assets	7,647	15,731
Accounts payable	39,220	(26,185)
Accrued liabilities	1,147	1,081
Deferred rent	0	(1,867)
Net cash flows from operating activities	(192,978)	(174,541)
Cash Flows from Investing Activities
Purchase of property and equipment	0	(18,876)
Proceeds from sale of property and equipment	4,525	0
Capital expenditures on oil and gas properties	0	(587,582)
Cash flows from investing activities	4,525	(606,458)
Cash Flows from Financing Activities
Proceeds from issuance of common stock	140,000	690,004
Proceeds from shareholder advances	60,000	0
Payments on notes payable	(7,867)	(6,356)
Cash flows from financing activities	192,133	683,648
Net change in cash and cash equivalents	3,680	(97,351)
Cash and cash equivalents
Beginning of period	24,688	122,162
End of period	28,368	24,811
SUPPLEMENTAL DISCLOSURES
Interest Paid	8,716	18,329
NON-CASH INVESTING AND FINANCIAL DISCLOSURES
Change in accounts payable for expenditures on oil and gas properties	0	7,103
Conversion of debt	60,000	0
Initial recognition of asset retirement obligations	0	9,437
Note Payable for Equipment	$ 0	$ 54,541

NOTE 1. ORGANIZATION AND BASIS

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 — Property and Equipment Full Cost Ceiling Test 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE 4. EQUITY Preferred Stock – 1,000,000 Common Stock – The shares were sold at a price of $0.10 cents per share and one warrant was also granted 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. Stock based compensation of $33,778 shares 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. 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 30, 2015 fourteen (14) units had been subscribed for and 1,400,000 shares of common stock had been purchased and six (6) units were subscribed for and 600,000 shares were issued for conversion of debt. 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. The conversion resulted in a $69,107 loss on the conversion. Summary information regarding common stock warrants issued and outstanding as of June 30, 2015, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year end December 31, 2014 4,170,111 $ 0.77 $ - 6.10 Granted 2,000,000 0.12 - 3.20 Exercised - - - Expired - - - Outstanding at June 30, 2015 6,170,111 $ 0.56 $ - 5.16

NOTE 5. COMMITMENTS AND CONTING

NOTE 5. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 June 30, 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.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Management Estimates —
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Full Cost Ceiling Test
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)	6 Months Ended
	Jun. 30, 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 June 30, 2015, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year end December 31, 2014 4,170,111 $ 0.77 $ - 6.10 Granted 2,000,000 0.12 - 3.20 Exercised - - - Expired - - - Outstanding at June 30, 2015 6,170,111 $ 0.56 $ - 5.16

NOTE 2. SUMMARY OF SIGNIFICAN13

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Impairment of Oil and Gas Properties	$ 668,073	$ 0	$ 668,073	$ 0

NOTE 4. EQUITY (Details)

NOTE 4. EQUITY (Details) - USD ($)	May. 12, 2015	May. 01, 2015	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
NOTE 4. EQUITY (Details) [Line Items]
Preferred Stock, Shares Authorized			1,000,000			1,000,000		1,000,000
Class of Warrant or Right, Granted						2,000,000
Share-based Compensation (in Dollars)						$ 33,778	$ 589,130
Gains (Losses) on Restructuring of Debt (in Dollars)			$ (69,107)		$ 0	$ (69,107)	$ 0
Private Placement [Member]
NOTE 4. EQUITY (Details) [Line Items]
Stock Issued During Period, Shares, New Issues		1,400,000				1,400,000
Sale of Stock, Price Per Share (in Dollars per share)			$ 0.10			$ 0.10
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)			$ 0.12			$ 0.12
Class of Warrant or Right, Granted						1
Warrant, Number of Shares Granted Upon Exercise of Warrant						100,000
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.
Units Subscribed						14
Proceeds from Issuance or Sale of Equity (in Dollars)		$ 60,000
Gains (Losses) on Restructuring of Debt (in Dollars)		$ (69,107)
Conversion of Debt [Member]
NOTE 4. EQUITY (Details) [Line Items]
Units Subscribed		6
Stock Issued During Period, Shares, Conversion of Convertible Securities						600,000
Former CEO [Member]
NOTE 4. EQUITY (Details) [Line Items]
Share-based Compensation (in Dollars)				$ 33,778
Stock Repurchased and Retired During Period, Shares				400,000
Board of Directors Chairman [Member]
NOTE 4. EQUITY (Details) [Line Items]
Stock Issued During Period, Shares, New Issues	1,630,000
Sale of Stock, Price Per Share (in Dollars per share)	$ 0.08
Equity Method Investment, Ownership Percentage	10.00%
Immediate Family Member of Management or Principal Owner [Member] | Private Placement [Member]
NOTE 4. EQUITY (Details) [Line Items]
Stock Issued During Period, Shares, New Issues		300,000
Director [Member] | Private Placement [Member]
NOTE 4. EQUITY (Details) [Line Items]
Stock Issued During Period, Shares, New Issues		300,000
Director #2 [Member] | Private Placement [Member]
NOTE 4. EQUITY (Details) [Line Items]
Stock Issued During Period, Shares, New Issues		300,000
Contract Operator [Member] | Private Placement [Member]
NOTE 4. EQUITY (Details) [Line Items]
Stock Issued During Period, Shares, New Issues		100,000

NOTE 4. EQUITY (Details) - Sche

NOTE 4. EQUITY (Details) - Schedule of Stockholders' Equity Note, Warrants or Rights - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Stockholders' Equity Note, Warrants or Rights [Abstract]
Warrants Outstanding	6,170,111	4,170,111
Warrants Outstanding, Weighted Average Exercise Price	$ 0.56	$ 0.77
Warrants Outstanding, Aggregate Intrinsic Value	$ 0	$ 0
WarrantsWeightedAverageRemainingContractualTerm	5 years 58 days	6 years 36 days
Granted	2,000,000
Granted	$ 0.12
WarrantsGrantsInPeriodWeightedAverageRemainingContractualTerm	3 years 73 days
Exercised	0
Exercised	$ 0
Expired	0
Expired	$ 0

Uncategorized Items - bbls-2015

Label	Element	Value
Net loss	us-gaap_NetIncomeLoss	$ (672,838)
Net loss	us-gaap_NetIncomeLoss	(917,950)
ARO accretion	us-gaap_AssetRetirementObligationAccretionExpense	0
ARO accretion	us-gaap_AssetRetirementObligationAccretionExpense	398
Depreciation, depletion and amortization	us-gaap_DepreciationDepletionAndAmortization	27,016
Depreciation, depletion and amortization	us-gaap_DepreciationDepletionAndAmortization	$ 54,222