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 |