Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Jul. 28, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Rockdale Resources Corp | |
Entity Central Index Key | 1,368,637 | |
Document Type | 10-Q | |
Trading Symbol | BBLS | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 47,094,422 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 66,852 | $ 3,091 |
Accounts receivable | 67,682 | 48,633 |
Inventory | 116,561 | |
Other current assets | 28,780 | 31,049 |
Total current assets | 279,875 | 82,773 |
Oil and gas, on the basis of full cost accounting | ||
Evaluated properties | 4,564,286 | 4,733,853 |
Furniture, equipment & software | 109,791 | 108,234 |
Less accumulated DD&A | (1,063,176) | (1,045,644) |
Net property and equipment | 3,610,901 | 3,796,443 |
Other Assets | ||
Intangible assets | 49,886 | |
Note receivable | 316,800 | 316,800 |
Total Assets | 4,257,462 | 4,196,016 |
Current liabilities | ||
Accounts payable | 244,987 | 169,564 |
Accrued liabilities | 117,166 | 130,582 |
Convertible debt - related party, net of discount of 112,396 and 171,573 | 437,604 | 378,427 |
Current maturities of installment notes payable | 18,877 | 21,144 |
Deferred rent | 197,875 | 192,875 |
Note Payable affiliates | 2,816 | 2,816 |
Total current liabilities | 1,019,325 | 895,408 |
Asset retirement obligations | 219,756 | 213,328 |
Installment note payable | 7,309 | 6,652 |
Total Liabilities | 1,246,390 | 1,115,388 |
Stockholders' Equity | ||
Preferred stock, $.10 par value; 1,000,000 shares authorized; No shares issued & outstanding | ||
Common stock, $.001 par value; 150,000,000 shares authorized; 44,539,958 and 42,839,958 shares issued and outstanding | 44,540 | 42,840 |
Additional paid in capital | 9,360,315 | 9,129,629 |
Accumulated deficit | (6,393,783) | (6,091,841) |
Total Stockholders' Equity | 3,011,072 | 3,080,628 |
Total Liabilities and Stockholders' Equity | $ 4,257,462 | $ 4,196,016 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Discount of Convertible debt - related party | $ 112,396 | $ 171,573 |
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 150,000,000 | 150,000,000 |
Common stock, issued | 44,539,958 | 42,839,958 |
Common stock, outstanding | 44,539,958 | 42,839,958 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | ||
Oil and gas sales | $ 22,999 | $ 60,526 |
Equipment sales - related party | 180,000 | |
Total Revenue | 202,999 | 60,526 |
Operating expenses | ||
Lease operating expense | 44,901 | 56,871 |
Cost of equipment sold | 30,300 | |
Production tax | 1,093 | 2,796 |
General and administrative expenses | 338,482 | 140,156 |
Depreciation, depletion and amortization | 17,532 | 32,194 |
Asset retirement obligation accretion | 6,428 | |
Total Operating Expense | 438,736 | 232,017 |
Loss from Operations | (235,737) | (171,491) |
Other income (expense) | ||
Interest (expense) | (73,076) | (45,273) |
Consulting Income | 19,502 | 3,484 |
Loss on conveyance of PORRI warrants | (12,631) | |
Net loss | $ (301,942) | $ (213,280) |
Loss per share (Basic and fully diluted) (in dollars per share) | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding, basic and diluted (in shares) | 43,521,276 | 18,070,038 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (301,942) | $ (213,280) |
Adjustment to reconcile net loss to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 17,532 | 32,194 |
Accretion of debt discount | 59,177 | 28,365 |
ARO accretion | 6,428 | |
Loss on conveyance of PORRI warrants | 12,631 | |
Stock-based compensation expense-employees | 127,755 | 33,778 |
Changes in operating assets and liabilities | ||
Accounts receivable | (19,049) | 5,863 |
Inventory | 30,300 | |
Other assets | 2,268 | 3,824 |
Accounts payable | 117,423 | 19,044 |
Accrued liabilities | (13,416) | 12,250 |
Net cash flows used in operating activities | 39,107 | (77,962) |
Cash Flows from Investing Activities | ||
Capital expenditures on oil and gas properties | 114 | |
Capital expenditures on oil and gas properties | (2,850) | |
Conveyance of oil and gas properties | 24,000 | |
Cash flows used in investing activities | 21,264 | |
Cash Flows from Financing Activities | ||
Proceeds from affiliate advances | 65,000 | 60,000 |
Payments of affiliate advances | (60,000) | |
Payments on notes payable | (1,610) | (4,702) |
Cash flows provided by financing activities | 3,390 | 55,298 |
Net change in cash and cash equivalents | 63,761 | (22,664) |
Cash and cash equivalents | ||
Beginning of period | 3,091 | 24,688 |
End of period | 66,852 | 2,024 |
SUPPLEMENTAL DISCLOSURES | ||
Interest paid | 8,825 | $ 16,455 |
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | ||
Transfer to Askarii inventory | 146,861 | |
Purchase of Askarii | $ 50,000 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION: Rockdale Resources Corporation (we, us, Rockdale and the Company) an oil and gas exploration, development, and production company. 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 Companys 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, 2015, as reported in Form 10-K, have been omitted. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Askarii Resources. Our subsidiary operates in the oil field services industry, providing equipment and services to various oil field related Companies. All significant intercompany transactions are eliminated in the consolidation process. Since the single subsidiary is wholly-owned, all non intercompany balances are included in the consolidated financial statement balances. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying unaudited consolidated financial statements follows. Management Estimates Inventories - Intangible Assets Equipment sales 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. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN The Company has suffered recurring losses from operations. These conditions raise substantial doubt about the Companys 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. |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | NOTE 4. EQUITY Preferred Stock 1,000,000 Common Stock On February 1, 2016, the Company acquired 100% of the issued and outstanding shares in Askarii Resources, a private Texas based oil & gas service company. The Company acquired Askarii by issuing one million restricted common shares. Based on the current market value of the Rockdale stock at $0.05 per share, the aggregate value of the transaction is $50,000. There were minimal tangible assets purchased from Askarii. The final purchase price allocation is as follows: trademarks $10,000, internet/website $5,000, customer lists $10,000 and customer relationships $25,000. On March 11, 2016, the Board of Directors granted (3) contract employees 700,000 shares of the Companys restricted common stock for settlement of outstanding payables. The shares were issued at current market price of $0.06 per share on March 11, 2016, at a value of $42,000. Summary information regarding common stock warrants issued and outstanding as of March 31, 2016, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year ended December 31, 2015 11,910,111 $ 0.33 $ 3.52 Granted 2,160,000 0.06 2.19 Exercised Expired Outstanding at quarter ended March 31, 2016 14,070,111 $ 0.29 $ 3.32 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 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, 2016, 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 Companys properties. Office Lease |
RELATED PARTY
RELATED PARTY | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY | NOTE 6. RELATED PARTY Transactions with related parties and affiliates Beginning February 1, 2016, the Company sponsored the SUDS 1% Term Overriding Royalty Interest (ORRI) offering on behalf of the SUDS field to raise $300,000 to purchase and install pump jacks for twenty two (22) previously drilled wells at the field. Under the terms of the Rockdale offering, investors received 1% of the gross revenue from the field monthly, based on their investment of $20,000 until such time they receive a cumulative revenue amount of $30,000. With each unit purchased, a warrant to purchase 10,000 common unregistered shares of Company stock was granted with an exercise price of $0.10 on or before February 28, 2019. During the first quarter, $240,000 of the $300,000 offering had been received which resulted in the granting of warrants to purchase 120,000 shares of common stock. The following affiliated investors each purchased one (1) unit during the first quarter: Joel Oppenheim, Zel C Khan, Lee Lytton and Leo Womack. Included in that purchase each accredited investor received 10,000 warrants to purchase an additional 10,000 shares from the Company. The fair value of all these SUDS related warrants (affiliated and non affiliated) was $12,631 and was based on a $0.06 per share valuation, volatility of 235%, a discount rate of 1.09%, over a 3 year term. In addition, to properly account for Rockdales 10% working interest owner in the SUDS field, $24,000 of the $240,000 raise was offset against the full cost pool of Property & Equipment. The pump jacks related to the ORRI offering were to be purchased from Askarii Resources at a market price of $10,000 per unit for a total of $220,000. Rockdale had previously purchased the surplus units as part of the Twin Lakes San Andres Unit (TLSAU) acquisition before transferring them to Askarii at cost. In the first quarter, Askarii booked a profit of $149,700 on the sale of twenty (20) pump jacks to the other owners of the SUDs properties who are related parties. On March 11, 2016, the Board of Directors granted Leo B. Womack, the Chairman of the Board of Directors of the Company an option to purchase 1,000,000 shares of the Companys common stock at an exercise price of $0.06 per share, which vests immediately, and is exercisable for 36 months thereafter. The Board also granted Lee Lytton and Joel Oppenheim, members of the Board of Directors each an option to purchase 500,000 shares of the Companys common stock at an exercise price of $0.06 per share, which vests immediately, and are exercisable for 36 months thereafter. The fair value of the options granted on March 11, 2016 is $115,045 and was based on a $0.06 valuation, volatility of 235%, a discount rate of 1.09% and a 3 year term. The total amount of the options was expensed in 2016. These warrants are subject to a clawback provision which would be ratably invoked if a director did not complete his 2016 service term. During the quarter ended March 31, 2016, shareholders advanced an additional $65,000 while also being paid back $60,000 during the quarter. This resulted in an increase of $5,000 in borrowings through shareholders. This increased the shareholder advance liability from $46,000 at year end 2015 to $51,000 at March 31, 2016 which is included under Note payable to affiliates. On November 4, 2015 the Company executed a Promissory Note for $146,875 related to the TLSAU acquisition. The note was due on December 31, 2015 and accrues at a rate of 10% per annum and the repayment of the note is secured by 1,000,000 shares of restricted stock of the Company. The Company exercised its one time right for a 6 month extension of the maturity date of the note by issuing BSNM 500,000 additional shares of restricted Company stock. As of March 31, 2016 the balance was included under Note payable to affiliates. On May 2, 2016, this note was converted to Rockdale shares. The 500,000 shares were issued at a price of $0.75 cents per share at a value of $37,500. In association with Mr. Zel C. Khans employment agreement dated September 23, 2015, the Company issued one warrant to purchase one share of the Companys restricted stock at an exercise price of $0.20 per share for each dollar of Mr. Khans deferred gross salary for the first quarter of 2016. The Company granted 40,000 warrants for the first quarter of 2016. The warrants have a term of 36 months from the date of grant, which will be at quarter end. . The fair value of these warrants was $4,210 and was based on a $0.07 price per share valuation, volatility of 235%, a discount rate of 1.09% and a 3 year term. At June 30, 2016, an additional 40,000 warrants to purchase shares of common stock, with substantially similar terms, were granted related to the gross salary deferral for the second quarter of 2016. |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | NOTE 7. BUSINESS SEGMENTS We are a diversified oil and gas company with operations in two segments: Oil and Gas Exploration and Production exploration, development, and production Oil field services Three months ended Three months ended Revenues Oil & Gas $ 22,999 $ 60,526 Oil field services 180,000 Net Income (Loss) Oil & Gas (451,642 ) (213,280 ) Oil field services 149,700 Assets Oil & Gas 4,140,901 4,196,016 Oil field services 116,561 Accounts Receivable Oil & Gas 67,682 48,633 Oil field services $ $ All segment expenses were incurred by the Oil & Gas segment except the cost of equipment sold of $30,300 which was incurred in the three months ended Mar 31, 2016 period. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS As a result of the 2015 Annual Meeting of our Stockholders, held on April14, 2016, Quinten Beasley was elected as a new director on the Board of Directors. At the same meeting, the shareholders approved moving the Companys domicile from Colorado to Texas and changing the Companys name to Petrolia Energy Corporation. Additionally the shareholders voted to increase the total number of authorized shares of common stock to 150,000,000 shares and they ratified the 2015 Stock Incentive Plan. On May 2, 2016, the Company paid off its outstanding Promissory Note to Blue Sky NM (BSNM) for $146,875. This Note was created when the 15% working interest in the Twin Lakes field was purchased earlier in the year. The payoff was made by issuing 1,468,750 shares of Company stock. Based on the market value of the stock on May 2, 2016 of $0.10, the value of the transaction was $146,875 and resulted in no gain or loss. In addition, a cash payment of $4,869 was made to pay off the remaining outstanding interest. On May 31, 2016, the Company issued 8 units or 800,000 shares to a private investor as part of the September 1, 2015 private offering. The shares were issued at a price of $0.06 per share and included warrants to purchase an additional 800,000 shares of common stock at a price of $0.12 cents per share at any time prior to August 5, 2018. This represented the final sale under this offering.Holder) was extended to December 31, 2016. If at any time prior to December 31, 2016, the Company pays the Holder the principal amount of $500,000 on the Notes (together with all accrued interest), the Company will receive a $50,000 discount on the total principal amount of $550,000. If the Notes are fully paid by the Company, the Company will issue new warrants for the purchase of 500,000 shares of stock at an exercise price of $0.15 cents per share and will expire five (5) years from the grant date (and the old warrants will be extinguished). If payment is not made before December 31, 2016, no discount is allowed. During July 2016, certain shareholders provided advances of $100,000 in order to temporarily fund the Companys working capital needs. To compensate the shareholders, the Company granted one (1) warrant for each dollar advanced, as well as paying interest of 10% on all balances outstanding. The exercise price of each warrant is $0.09 per share and they expire three (3) years from their grant date. A total of 100,000 warrants were granted. Under the 2015 employment agreement with Zel C Khan serving as CEO, Mr. Khan agrees to defer receiving his salary until such time as the Company is cash flow positive. Mr. Khans total accrued salary at March 31, 2016 was $80,000. The Company agreed to issue one warrant to purchase one share of the Companys restricted common stock at an exercise price of $0.20 cents per share for each dollar of Mr. Khans deferred gross salary. On June 30, 2016, 40,000 additional warrants were issued related to the gross salary deferral for the second quarter. As a result of the 2015 Annual Meeting of our Stockholders held on April 14, 2016, the shareholders approved, among other things, a Plan of Conversion, pursuant to which our corporate jurisdiction was to be changed from the State of Colorado to the State of Texas by means of a process called a Conversion and our name was to be changed to Petrolia Energy Corporation. In connection therewith, on June 15, 2016 the Company filed a Certificate of Conversion with the Texas Secretary of State, affecting the Conversion and the name change, and including a Certificate of Formation as a converted Texas Corporation. Notwithstanding Texass filing of the Conversion and Certificate of Formation, a Statement of Conversion has not yet been filed with the State of Colorado, and as such, and because FINRA and Depository Trust Company (DTC) have advised us that they will not recognize the Conversion or name change, or update such related information in the marketplace, until we become current in our periodic filings with the Securities and Exchange Commission and they have a chance to review and approve such transactions, we are taking the position that the Conversion and name change are not legally effective. We plan to file the Statement of Conversion with the State of Colorado shortly after this filing and work to have FINRA and DTC reflect such transactions with the OTC Markets shortly thereafter. On February 10, 2016, a shareholder provided an advance of $20,000 in order to temporarily fund the Companys working capital needs. On April 1, 2016, in order to compensate the shareholder, the Company granted 285,714 shares in order to pay off the debt in full. The valuation of the grant was $20,000, based on 285,714 shares valued at $0.07 per share on April 1, 2016. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Management Estimates | Management Estimates |
Inventories | Inventories - |
Intangible Assets | Intangible Assets |
Equipment sales | Equipment sales |
Recent Accounting Pronouncements | 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. |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of information about common stock warrants issued and outstanding | Summary information regarding common stock warrants issued and outstanding as of March 31, 2016, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year ended December 31, 2015 11,910,111 $ 0.33 $ 3.52 Granted 2,160,000 0.06 2.19 Exercised Expired Outstanding at quarter ended March 31, 2016 14,070,111 $ 0.29 $ 3.32 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | We are a diversified oil and gas company with operations in two segments: Oil and Gas Exploration and Production exploration, development, and production Oil field services Three months ended Three months ended Revenues Oil & Gas $ 22,999 $ 60,526 Oil field services 180,000 Net Income (Loss) Oil & Gas (451,642 ) (213,280 ) Oil field services 149,700 Assets Oil & Gas 4,140,901 4,196,016 Oil field services 116,561 Accounts Receivable Oil & Gas 67,682 48,633 Oil field services $ $ |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | Mar. 11, 2016 | Feb. 01, 2016 |
Class of Stock [Line Items] | ||
Stock issued for outstanding payables (shares) | 700,000 | |
Stock issued for outstanding payables | $ 42,000 | |
Stock price | $ 0.06 | |
Askarii Resources [Member] | ||
Class of Stock [Line Items] | ||
Percentage of issued and outstanding shares acquired | 100.00% | |
Number of shares issued for business acquired | 1,000,000 | |
Askarii Resources [Member] | Customer Lists [Member] | ||
Class of Stock [Line Items] | ||
Intangibles acquired | $ 10,000 | |
Askarii Resources [Member] | Customer Relationships [Member] | ||
Class of Stock [Line Items] | ||
Intangibles acquired | 25,000 | |
Askarii Resources [Member] | Trademarks [Member] | ||
Class of Stock [Line Items] | ||
Intangibles acquired | 10,000 | |
Askarii Resources [Member] | Internet/Website [Member] | ||
Class of Stock [Line Items] | ||
Intangibles acquired | 5,000 | |
Askarii Resources [Member] | Restricted Stock [Member] | ||
Class of Stock [Line Items] | ||
Value of shares issued in acquisition | $ 50,000 | |
Business acquisition per share | $ 0.05 |
EQUITY (Details)
EQUITY (Details) - Warrant [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Nonvested, Number of Shares [Roll Forward] | ||
Outstanding at beginning | 11,910,111 | |
Granted | 2,160,000 | |
Outstanding at ending | 14,070,111 | |
Weighted-Average Exercise Price | ||
Outstanding at beginning | $ 0.33 | |
Granted | 0.06 | |
Outstanding at ending | $ .29 | |
Weighted Average Contractual Life | ||
Outstanding | 3 years 3 months 26 days | 3 years 6 months 7 days |
Granted | 2 years 2 months 8 days |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2016USD ($)Number | Mar. 31, 2016USD ($)Number | Mar. 31, 2015USD ($) | |
Gain Contingencies [Line Items] | |||
Lease operating expenses per month | $ 44,901 | $ 56,871 | |
Number of operating lease | Number | 1 | 1 | |
Operating Lease [Member] | |||
Gain Contingencies [Line Items] | |||
Lease operating expenses per month | $ 1,650 |
RELATED PARTY (Details Narrativ
RELATED PARTY (Details Narrative) | May 31, 2016$ / sharesshares | May 02, 2016USD ($)shares | Apr. 02, 2016USD ($)$ / sharesshares | Mar. 11, 2016$ / sharesshares | Feb. 01, 2016USD ($)Wells$ / sharesshares | Feb. 01, 2016USD ($)Wells$ / shares$ / PumpJackshares | Nov. 04, 2015USD ($)shares | Jul. 31, 2016$ / sharesshares | Jun. 30, 2016$ / sharesshares | Jun. 30, 2016$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) |
Related Party Transaction [Line Items] | ||||||||||||
Share price | $ / shares | $ 0.06 | |||||||||||
Increase in borrowings through shareholders | $ | $ 5,000 | |||||||||||
Shareholder advance liability | $ | 51,000 | $ 46,000 | ||||||||||
Subsequent Event [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise price of warrants | $ / shares | $ .09 | $ 0.15 | $ 0.15 | |||||||||
Warrant granted (shares) | shares | 100,000 | 500,000 | ||||||||||
Share price | $ / shares | $ .07 | |||||||||||
Interest rate | 10.00% | |||||||||||
Debt instrument due date | Dec. 31, 2016 | |||||||||||
Stock issued for extinguishment of debt | $ | $ 20,000 | |||||||||||
Stock issued for extinguishment of debt (shares) | shares | 285,714 | |||||||||||
Exercisable term of warrants | 3 years | 5 years | ||||||||||
Common Stock [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Volatility | 235.00% | |||||||||||
Discount rate | 1.09% | |||||||||||
Term | 3 years | |||||||||||
Fair value of options granted | $ / shares | $ 115,045 | |||||||||||
Askarii Resources [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Purchase price of pump jacks (per unit) | $ / PumpJack | 10,000 | |||||||||||
Purchase price of pump jacks | $ | $ 220,000 | |||||||||||
Gross profit on sale of pump jacks | $ | $ 149,700 | |||||||||||
Twin Lakes San Andres Unit [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Note payable for acquisition | $ | $ 146,875 | |||||||||||
Interest rate | 10.00% | |||||||||||
Debt instrument due date | Dec. 31, 2015 | |||||||||||
Term of extension of debt | 6 months | |||||||||||
Stock issued for debt extension (shares) | shares | 50,000 | |||||||||||
Twin Lakes San Andres Unit [Member] | Subsequent Event [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Stock issued for extinguishment of debt | $ | $ 37,500 | |||||||||||
Stock issued for extinguishment of debt (shares) | shares | 500,000 | |||||||||||
Accredited Investor [Member] | Subsequent Event [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrant granted (shares) | shares | 800,000 | |||||||||||
Share price | $ / shares | $ .06 | |||||||||||
Chief Executive Officer [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Fair value of warrants | $ | $ 4,210 | |||||||||||
Volatility | 235.00% | |||||||||||
Discount rate | 1.09% | |||||||||||
Term | 3 years | |||||||||||
Grant of option | shares | 1,000,000 | |||||||||||
Exercise price of option | $ / shares | $ .06 | |||||||||||
Exercisable term of options | 36 months | |||||||||||
Share price | $ / shares | $ .07 | |||||||||||
Warrants granted | shares | 40,000 | |||||||||||
Exercisable term of warrants | 36 months | |||||||||||
Chief Executive Officer [Member] | Subsequent Event [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exercise price of warrants | $ / shares | $ .20 | $ .20 | ||||||||||
Warrant granted (shares) | shares | 40,000 | |||||||||||
Warrants granted | shares | 40,000 | |||||||||||
Director [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Grant of option | shares | 50,000 | |||||||||||
Exercise price of option | $ / shares | $ 0.06 | |||||||||||
Exercisable term of options | 36 months | |||||||||||
SUDS Term Royalty Interest [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Royalty interest | 1.00% | 1.00% | ||||||||||
Offering amount | $ | $ 300,000 | $ 300,000 | ||||||||||
Drilled wells | Wells | 22 | 22 | ||||||||||
Gross revenue received monthly (percent) | 1.00% | |||||||||||
Investment amount | $ | $ 20,000 | $ 20,000 | ||||||||||
Cumulative revenue amount | $ | $ 30,000 | |||||||||||
Exercise price of warrants | $ / shares | $ .10 | $ .10 | ||||||||||
Expiration date of warrants | Feb. 28, 2019 | |||||||||||
Warrant (shares) | shares | 10,000 | 10,000 | ||||||||||
Proceeds from offering | $ | $ 240,000 | |||||||||||
Warrant granted (shares) | shares | 120,000 | |||||||||||
Fair value of warrants | $ | $ 12,631 | $ 12,631 | ||||||||||
Volatility | 235.00% | |||||||||||
Discount rate | 1.09% | |||||||||||
Term | 3 years | |||||||||||
Working interest ownership | 10.00% | 10.00% | ||||||||||
Cost of working interest | $ | $ 24,000 | $ 24,000 | ||||||||||
SUDS Term Royalty Interest [Member] | Accredited Investor [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Warrant (shares) | shares | 10,000 | 10,000 | ||||||||||
Warrant granted (shares) | shares | 10,000 |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Net Income (Loss) | $ (301,942) | $ (213,280) | |
Assets | 4,257,462 | $ 4,196,016 | |
Oil and Gas Exploration [Member] | |||
Revenues | 22,999 | 60,526 | |
Net Income (Loss) | (451,642) | (213,280) | |
Assets | 4,140,901 | 4,196,016 | |
Accounts Receivable | 67,682 | $ 48,633 | |
Oil Field Services [Member] | |||
Revenues | 180,000 | ||
Net Income (Loss) | 149,700 | ||
Assets | $ 116,561 |
BUSINESS SEGMENTS (Details Narr
BUSINESS SEGMENTS (Details Narrative) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Cost of equipment sold | $ 30,300 |
Oil and Gas Exploration [Member] | |
Cost of equipment sold | $ 30,300 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | May 31, 2016Number$ / sharesshares | Apr. 02, 2016USD ($)$ / sharesshares | Feb. 10, 2016USD ($) | Jul. 31, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | May 02, 2016USD ($)$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Apr. 15, 2016shares | Mar. 11, 2016$ / shares | Dec. 31, 2015shares |
Subsequent Event [Line Items] | ||||||||||||
Share price | $ / shares | $ 0.06 | |||||||||||
Total number of authorized shares of common stock | shares | 150,000,000 | 150,000,000 | ||||||||||
Proceeds from shareholder advances | $ 20,000 | $ 65,000 | $ 60,000 | |||||||||
Accrued salaries | $ 80,000 | |||||||||||
Warrant [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Warrant granted (shares) | shares | 2,160,000 | |||||||||||
Exercisable term of warrants | 3 years 3 months 26 days | 3 years 6 months 7 days | ||||||||||
Chief Executive Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share price | $ / shares | $ .07 | |||||||||||
Exercisable term of warrants | 36 months | |||||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share price | $ / shares | $ .07 | |||||||||||
Total number of authorized shares of common stock | shares | 150,000,000 | |||||||||||
Exercise price of warrant | $ / shares | $ .09 | $ 0.15 | $ 0.15 | |||||||||
Warrant granted (shares) | shares | 100,000 | 500,000 | ||||||||||
Stock issued for extinguishment of debt | $ 20,000 | |||||||||||
Stock issued for extinguishment of debt (shares) | shares | 285,714 | |||||||||||
Debt face amount | $ 550,000 | $ 550,000 | ||||||||||
Discount on notes payable if debt paid early | $ 50,000 | |||||||||||
Exercisable term of warrants | 3 years | 5 years | ||||||||||
Proceeds from shareholder advances | $ 100,000 | |||||||||||
Interest rate | 10.00% | |||||||||||
Debt instrument due date | Dec. 31, 2016 | |||||||||||
Subsequent Event [Member] | Convertible Debt Note #1 [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt face amount | 350,000 | $ 350,000 | ||||||||||
Subsequent Event [Member] | Convertible Debt Note #2 [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt face amount | $ 200,000 | $ 200,000 | ||||||||||
Subsequent Event [Member] | Private Investor [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share price | $ / shares | $ .06 | |||||||||||
Number of shares issued | shares | 800,000 | |||||||||||
Number of units | Number | 8 | |||||||||||
Warrant granted (shares) | shares | 800,000 | |||||||||||
Subsequent Event [Member] | Private Investor [Member] | Warrant [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share price | $ / shares | $ 0.12 | |||||||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Exercise price of warrant | $ / shares | $ .20 | $ .20 | ||||||||||
Warrant granted (shares) | shares | 40,000 | |||||||||||
Subsequent Event [Member] | Blue Sky New Mexico, Inc [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Share price | $ / shares | $ 0.10 | |||||||||||
Debt amount | $ 146,875 | |||||||||||
Stock issued for extinguishment of debt | $ 146,875 | |||||||||||
Stock issued for extinguishment of debt (shares) | shares | 1,468,750 | |||||||||||
Decrease in interest payable | $ (4,869) |