Petrolia Energy (BBLSQ) 8-K Entry into a Material Definitive Agreement

Exhibit 10.2

PETROLIA ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	Pro-forma March 31, 2017			Actual March 31, 2017
ASSETS
Current assets
Cash	$	4,387		$	4,387
Accounts receivable		48,201			48,201
Other current assets		5,506			5,506
Total current assets		58,094			58,094
Property & equipment
Oil and gas, on the basis of full cost accounting
Evaluated properties		14,032,580			14,032,580
Furniture, equipment & software		236,092			236,092
Less accumulated depreciation		(1,137,981	)		(1,137,981	)
Net property and equipment		13,130,691			13,130,691
Other Assets
Intangible assets		49,886			49,886
Note receivable		---			---
Total Assets	$	13,238,671		$	13,238,671
LIABILITIES & STOCKHOLDERS EQUITY
Current liabilities
Accounts payable	$	402,343		$	402,343
Accrued liabilities		584,211			584,211
Debt short term		275,000			275,000
Convertible debt – related party, unamortized discount of 0 and 0		550,000			550,000
Current maturities of installment notes payable		32,582			32,582
Note payable – related parties		414,480			1,414,480
Total current liabilities		2,258,616			3,258,616
Asset retirement obligations		436,045			436,045
Installment note payable – long term		28,316			28,316
Note payable to related party – long term		1,904,020			2,904,020
Total Liabilities		4,626,997			6,626,997
Stockholders’ Equity
Preferred stock, $0.01 par value, 1,000,000 shares authorized;   No shares issued & outstanding		-			-
Common stock, $.001 par value; 150,000,000 shares authorized;     89,034,505 shares issued and outstanding		79,034			79,034
Additional paid in capital		16,963,530			14,963,530
Accumulated deficit		(8,430,890	)		(8,430,890	)
Total Stockholders’ Equity		8,611,674			6,611,674
Total Liabilities and Stockholders’ Equity	$	13,238,671		$	13,238,671