Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Apr. 16, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Petrolia Energy Corp | ||
Entity Central Index Key | 1,368,637 | ||
Document Type | 10-K/A | ||
Trading Symbol | BBLS | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | true | ||
Amendment Description | EXPLANATORY NOTE: RELATED PARTY DISCLOSURES This Amendment No. 1 on Form 10-K/A (“Amendment”) to the Annual Report on Form 10-K of Petrolia Energy Corporation (the “Company”) for the fiscal year ended December 31, 2017 (the “Form 10-K”), originally filed with the Securities and Exchange Commission (the “SEC”) on April 17, 2018, is being filed for the sole purpose of amending Item 1. Business; Item 8. Financial Statements and Supplementary Data; Item 9A. Controls and Procedures; Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters; Item 13. Certain Relationships and Related Transactions, and Director Independence; and the footnotes to the financial statements included herein, to clarify that (a) the Bow Acquisition is a related party transaction, because of the related party relationship we failed to disclose as described in (c) below, (b) the President, Chief Executive Officer and 100% owner of Blue Sky International Holdings Inc. (“Blue Sky”) is Ilyas Chaudhary, the father of Zel C. Khan, the Company’s Chief Executive Officer; that Mr. Chaudhary owns and controls BSIH Ltd. (“BSIH”), which was the largest shareholder of the Company prior to the cancellation of the shares held by BSIH in September 2018, pursuant to the terms of a Share Exchange Agreement between the Company and Blue Sky Resources Ltd. dated August 31, 2018 of which entity Mr. Chaudhary also owns and controls; (c) prior to the acquisition of Bow Energy Ltd (“Bow”) as described in (b) above, BSIH, and as a result of his ownership and control of BSIH, Mr. Chaudhary controlled Bow; (d) on April 12, 2018 a $500,000 convertible promissory note was issued to Blue Sky and such note was subsequently canceled by the Company; (e) BSIH and Blue Sky Resources Ltd. are both entirely owned by Mr. Chaudhary; (f) Quinten Beasley, the Company’s Director, and not Mr. Khan, beneficially owns the shares of the Company’s common stock held by Jovian Petroleum Corporation; and (g) the Company’s disclosure controls and procedures, and internal control over financial reporting were ineffective as of December 31, 2017; specifically, we have material weakness in internal controls over monitoring and disclosing related party transactions as indicated in the amendment of the related party disclosures above. Except as described above and set forth below, no changes have been made to the Form 10-K. The Form 10-K continues to speak as of the date of the Form 10-K, except as set forth below, and the Company has not updated the disclosures contained herein to reflect any events that have occurred as of a date subsequent to the date of the Form 10-K, except as set forth below. Accordingly, this Amendment should be read in conjunction with the Form 10-K and the Company's filings made with the SEC subsequent to the filing of the Form 10-K. The filing of this Amendment is not an admission that the Form 10-K, when filed, included any untrue statement of a material fact necessary to make a statement not misleading. | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 8,175,105 | ||
Entity Common Stock, Shares Outstanding | 222,437,810 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | $ 82,593 | $ 68,648 |
Accounts receivable | 51,026 | 199,003 |
Other current assets | 8,993 | 31,192 |
Total current assets | 142,612 | 298,843 |
Property & equipment | ||
Evaluated properties | 14,312,580 | 13,465,387 |
Furniture, equipment & software | 264,723 | 200,416 |
Less accumulated depreciation | (1,192,229) | (1,119,708) |
Net property and equipment | 13,385,074 | 12,546,095 |
Other Assets | ||
Intangible assets | 49,886 | 49,886 |
Note receivable | 316,800 | |
Total Assets | 13,577,572 | 13,211,624 |
Current liabilities | ||
Accounts payable | 413,435 | 352,241 |
Accrued liabilities | 896,897 | 494,983 |
Debt short term | 275,000 | |
Convertible debt - related party | 550,000 | |
Current maturities of installment notes payable | 32,582 | 26,186 |
Note payable - related parties | 217,100 | 1,287,980 |
Total current liabilities | 1,560,014 | 2,986,390 |
Asset retirement obligations | 473,868 | 322,710 |
Installment note payable | 24,204 | |
Note payable to related party - long term | 2,904,020 | |
Total Liabilities | 2,058,086 | 6,213,120 |
Stockholders' Equity | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; 197,100 and 0 shares issued and outstanding | 197 | |
Common stock, $.001 par value; 400,000,000 shares authorized; 111,698,222 and 79,034,505 shares issued and outstanding | 111,698 | 79,034 |
Additional paid in capital | 22,730,974 | 14,887,090 |
Accumulated deficit | (11,323,383) | (7,967,620) |
Total Stockholders' Equity | 11,519,486 | 6,998,504 |
Total Liabilities and Stockholders' Equity | $ 13,577,572 | $ 13,211,624 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 197,100 | 0 |
Preferred stock, shares outstanding | 197,100 | 0 |
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 111,698,222 | 79,034,505 |
Common stock, shares outstanding | 111,698,222 | 79,034,505 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||
Oil and gas sales | $ 148,835 | $ 123,246 |
Equipment sales to related party | 198,000 | |
Total Revenue | 148,835 | 321,246 |
Operating expenses | ||
Cost of equipment sold | 33,330 | |
Lease operating expense | 416,232 | 304,199 |
General and administrative expenses | 2,550,481 | 1,433,182 |
Depreciation, depletion and amortization | 74,469 | 74,065 |
Asset retirement obligation accretion | 49,753 | 38,998 |
Total Operating Expense | 3,090,935 | 1,883,774 |
Loss from Operations | (2,942,100) | (1,562,528) |
Interest (expense) | (265,813) | (359,239) |
Other income | 40,806 | 60,324 |
Loss on warrants issued for PORRI | (14,336) | |
Loss on conversion of debt, including related party debt | (94,177) | |
Total other income (expense) | (319,184) | (313,251) |
Net loss from continuing operations before taxes | (3,261,284) | (1,875,779) |
Income tax provision (benefit) | ||
Net Loss | (3,261,284) | (1,875,779) |
Series A Preferred Dividends | (94,479) | |
Net Loss Attributable to Common Stockholders | $ (3,355,763) | $ (1,875,779) |
Loss per share | ||
(Basic and fully diluted) (in Dollars per share) | $ (0.04) | $ (0.03) |
Weighted average number of common shares outstanding, basic and diluted (in Shares) | 93,545,807 | 54,541,922 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash Flows from Operating Activities | |||
Net Loss | $ (3,261,284) | $ (1,875,779) | |
Adjustment to reconcile net loss to net cash Used in operating activities: | |||
Depreciation and amortization | 74,469 | 74,065 | |
Accretion of debt discount | 171,573 | ||
Finance fee for extension on note payable | 60,101 | 79,223 | |
Loss on conveyance of ORRI warrants | 14,336 | ||
Interest on ORRI conversion | 128,229 | ||
Guarantor fees | 524,502 | ||
Loss on disposal of assets | 3,677 | ||
Debt Issuance costs | 47,319 | 38,622 | |
Loss on conversion of related party debt | 88,755 | ||
Loss on conversion of short term debt | 5,422 | 0 | |
Asset retirement obligation accretion | 49,753 | 38,998 | |
Stock-based compensation expense - employees | 325,747 | 150,790 | |
Stock-based compensation expense - directors | 394,154 | 209,125 | |
Stock-based compensation expense - consultants | 179,519 | ||
Changes in operating assets and liabilities | |||
Accounts receivable | (1,010) | (150,370) | |
Inventory | 33,330 | ||
Other assets | 22,199 | (143) | |
Accounts payable | 61,195 | 302,821 | |
Accrued liabilities | 164,307 | 161,586 | |
Deferred salaries | 195,789 | 200,000 | |
Net cash used in operating activities | (937,157) | (551,823) | |
Cash Flows from Investing Activities | |||
Cash acquired from investment in Askarii | 114 | ||
Proceeds from sale of property and equipment | 30,000 | ||
Purchase of fixed assets | (9,256) | (93,476) | |
Cash used in investing activities | (9,256) | (63,362) | |
Cash Flows from Financing Activities | |||
Proceeds from shareholder advances | 361,600 | 388,000 | |
Proceeds from issuance of common stock | 323,000 | ||
Proceed from issuance of common stock - Related party | 112,065 | 111,352 | |
Proceeds from issuance of preferred stock | 241,000 | ||
Payments of shareholder advances | [1] | (69,000) | (92,000) |
Payments on notes payable | (5,076) | (1,610) | |
Cash paid for PORRI conversion | (3,230) | ||
Proceeds from short term loans | 275,000 | ||
Cash provided by financing activities | 960,359 | 680,742 | |
Net change in cash and cash equivalents | 13,945 | 65,557 | |
Beginning of period | 68,648 | 3,091 | |
End of period | 82,593 | 68,648 | |
SUPPLEMENTAL DISCLOSURES | |||
Interest paid | 23,210 | 33,088 | |
Income taxes paid | |||
NON-CASH INVESTING AND FINANCIAL DISCLOSURES | |||
Sale of vehicle to related party | 8,677 | ||
Note payable for purchase of vehicle | 35,677 | ||
Initial recognition of asset retirement obligation | 101,405 | 70,384 | |
Preferred shares issued for purchase of related party's equipment | 30,000 | ||
Settlement of accounts receivable and other assets for oil and gas properties | 465,788 | ||
Settlement of debt with preferred shares | 154,000 | ||
Settlement of debt and advances with preferred shares - related parties | 925,900 | ||
Settlement of debt with common shares | 32,532 | ||
Settlement of ORRI investments with preferred shares | 231,000 | ||
Settlement of ORRI investments with preferred shares. Related party | 174,000 | ||
Settlement of related party debt with shares of common stock, preferred stock and warrants | 4,033,151 | ||
Series A Preferred Dividends | $ 94,479 | ||
Settlement of accrued accounts payable through share issuance | 120,146 | ||
Fair value of stock issued for oil properties | 4,773,186 | ||
Fair value of stock issued for extinguishment of debt | 146,875 | ||
Shares issued in payment of shareholder advance | 150,000 | ||
Note payable for oil & gas properties | $ 4,000,000 | ||
[1] | Funds that were paid in cash by the Company to various related parties to reimburse for funds that were previously loaned as a shareholder advances. |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance, beginning at Dec. 31, 2015 | $ 42,840 | $ 9,129,629 | $ (6,091,841) | $ 3,080,628 | |
Balance, beginning (in shares) at Dec. 31, 2015 | 42,839,958 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Shares issued for settlement of payables | $ 1,581 | 118,565 | 120,146 | ||
Shares issued for settlement of payables (in shares) | 1,581,098 | ||||
Stock based compensation - directors | 209,125 | 209,125 | |||
Stock-based compensation - employees | $ 800 | 149,990 | 150,790 | ||
Stock-based compensation - employees (in shares) | 800,000 | ||||
Shares issued for issuance of common stock for cash | $ 1,625 | 109,727 | 111,352 | ||
Shares issued for issuance of common stock for cash (in shares) | 1,625,000 | ||||
Shares issued related to acquisitions | $ 28,809 | 4,744,377 | 4,773,186 | ||
Shares issued related to acquisitions (in shares) | 28,808,985 | ||||
Warrants issued for note extension | 79,223 | 79,223 | |||
Warrants issued for loans | 38,622 | 38,622 | |||
Shares issued for conversion of shareholder advances | $ 1,910 | 148,090 | 150,000 | ||
Shares issued for conversion of shareholder advances (in shares) | 1,910,714 | ||||
Warrants issued for PORRI equity offering | 14,336 | 14,336 | |||
Shares issued for extinguishment of debt | $ 1,469 | 145,406 | 146,875 | ||
Shares issued for extinguishment of debt (in shares) | 1,468,750 | ||||
Net Loss | (1,875,779) | (1,875,779) | |||
Balance, ending at Dec. 31, 2016 | $ 79,034 | 14,887,090 | (7,967,620) | 6,998,504 | |
Balance, ending (in shares) at Dec. 31, 2016 | 79,034,505 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Shares issued for settlement of payables | $ 1,400 | 178,119 | |||
Shares issued for settlement of payables (in shares) | 1,400,000 | ||||
Shares issued for conversion of debt | $ 271 | 32,260 | |||
Shares issued for conversion of debt (in shares) | 271,096 | ||||
Stock based compensation - directors | $ 200 | 393,954 | |||
Stock based compensation - directors (in shares) | 200,000 | ||||
Stock-based compensation - employees | $ 1,700 | 324,047 | |||
Stock-based compensation - employees (in shares) | 1,700,000 | ||||
Shares issued for issuance of common stock for cash | $ 2,892 | 320,108 | 323,000 | ||
Shares issued for issuance of common stock for cash (in shares) | 2,891,669 | ||||
Shares issued for issuance of common stock Related Party | $ 1,452 | 110,613 | 112,065 | ||
Shares issued for issuance of common stock Related Party (in shares) | 1,451,667 | ||||
Warrants issued for loans | 385,922 | ||||
Shares and warrants issued for conversion of Notes payable to related party | $ 22,749 | 3,884,057 | |||
Shares and warrants issued for conversion of Notes payable to related party (in shares) | 22,749,285 | ||||
Shares issued to related party for guarantor fee | $ 2,000 | 244,000 | |||
Shares issued to related party for guarantor fee (in shares) | 2,000,000 | ||||
Shares issued for cash | $ 24 | 240,976 | |||
Shares issued for cash (in shares) | 24,100 | ||||
Shares issued for conversion of shareholder advances | $ 27 | 270,873 | |||
Shares issued for conversion of shareholder advances (in shares) | 27,090 | ||||
Shares issued for conversion of debt | $ 42 | 420,058 | |||
Shares issued for conversion of debt (in shares) | 42,010 | ||||
Shares issued for conversion of related party debt | $ 61 | 603,940 | |||
Shares issued for conversion of related party debt (in shares) | 60,400 | ||||
Shares issued for purchase of equipment | $ 3 | 29,997 | |||
Shares issued for purchase of equipment (in shares) | 3,000 | ||||
Shares issued for conversion of TORRI | $ 23 | 230,977 | |||
Shares issued for conversion of TORRI (in shares) | 23,100 | ||||
Shares issued for conversion of TORRI, a related party | $ 17 | 173,983 | |||
Shares issued for conversion of TORRI, a related party (in shares) | 17,400 | ||||
Series A Preferred Dividends | (94,479) | 94,479 | |||
Net Loss | (3,261,284) | (3,261,284) | |||
Balance, ending at Dec. 31, 2017 | $ 197 | $ 111,698 | $ 22,730,974 | $ (11,323,383) | $ 11,519,486 |
Balance, ending (in shares) at Dec. 31, 2017 | 197,100 | 111,698,222 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1. ORGANIZATION Petrolia Energy Corporation (“we”, “us”, and the “Company”) is in the business 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 U.S. Securities and Exchange Commission (“SEC”). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows. Management Estimates Reclassifications Cash and Cash Equivalents Oil and Gas Properties The capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves. The costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately upon determination that the well is unsuccessful. All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization. Under full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For purposes of the ceiling test calculation, current prices are defined as the un-weighted arithmetic average of the first day of the month price for each month within the 12 month period prior to the end of the reporting period. Prices are adjusted for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well. Similarly, current costs are assumed to remain constant over the entire calculation period. There was no impairment during the year ended December 31, 2017 and 2016. Given the volatility of oil and gas prices, it is reasonably possible that the estimate of discounted future net cash flows from proved oil and gas reserves could change in the near term. If oil and gas prices decline in the future, even if only for a short period of time, it is possible that impairments of oil and gas properties could occur. In addition, it is reasonably possible that impairments could occur if costs are incurred in excess of any increases in the present value of future net cash flows from proved oil and gas reserves, or if properties are sold for proceeds less than the discounted present value of the related proved oil and gas reserves. Revenue Recognition Receivables and allowance for doubtful accounts Asset Retirement Obligations Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement. Debt Issuance Costs Stock-Based Compensation Income Taxes Income Taxes Uncertain tax positions are recognized in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in the income tax provision. There are currently no unrecognized tax benefits that if recognized would affect the tax rate. There was no interest or penalties recognized for the twelve months ended December 31, 2017 and 2016. The Company is required to file federal income tax returns in the United States and in various state and local jurisdictions. The Company’s tax returns filed since the 2015 tax year are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance with the normal statutes of limitations in the applicable jurisdiction. Furniture, equipment, and software Earnings (Loss) Per Share Concentration of Credit Risk At times, the Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits. Fair Value Measurements 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. |
AMENDMENT OF PREVIOUSLY ISSUED
AMENDMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
AMENDMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | NOTE 3. AMENDMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company has determined that it should amend its previously issued financial statements in its Form 10-K for the fiscal year ended December 31, 2018 due to its failure to adequately disclose the following matters associated with related party transactions involving the Company and its officers. Thus, the Company has filed the amendment to its previously issued financial statements to adequately disclose and clarify that: (a) the Bow Acquisition is a related party transaction, because of the related party relationship we failed to disclose as described in (c) below, (b) the President, Chief Executive Officer and 100% owner of Blue Sky International Holdings Inc. (“Blue Sky”) is Ilyas Chaudhary, the father of Zel C. Khan, the Company’s Chief Executive Officer; that Mr. Chaudhary owns and controls BSIH Ltd. (“BSIH”), which was the largest shareholder of the Company prior to the cancellation of the shares held by BSIH in September 2018, pursuant to the terms of a Share Exchange Agreement between the Company and Blue Sky Resources Ltd. dated August 31, 2018 of which entity Mr. Chaudhary also owns and controls; (c) prior to the acquisition of Bow Energy Ltd (“Bow”) as described in (b), above, BSIH, and as a result of his ownership and control of BSIH, Mr. Chaudhary controlled Bow; (d) on April 12, 2018 a $500,000 convertible promissory note was issued to Blue Sky and such note was subsequently canceled by the Company; (e) BSIH and Blue Sky Resources Ltd. are both entirely owned by Mr. Chaudhary; (f) Quinten Beasley, the Company’s Director, and not Mr. Khan, beneficially owns the shares of the Company’s common stock held by Jovian Petroleum Corporation; (g) the Company’s disclosure controls and procedures, and internal control over financial reporting were ineffective as of December 31, 2017; specifically, we have material weakness in internal controls over monitoring and disclosing related party transactions as indicated in the amendment of the related party disclosures above. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 4. GOING CONCERN The Company has suffered recurring losses from operations and currently has a working capital deficit. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. We plan to generate profits by drilling productive oil or gas wells. However, we will need to raise the funds required to drill new wells through the sale of our securities, through loans from third parties or from third parties willing to pay our share of drilling and completing the wells. We do not have any commitments or arrangements from any person to provide us with any additional capital. If additional financing is not available when needed, we may need to cease operations. We may not be successful in raising the capital needed to drill oil or gas wells. Any wells that we may drill may not be productive of oil or gas. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. 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 RECEIVABLE
NOTE RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
NOTE RECEIVABLE | NOTE 5. NOTE RECEIVABLE The Company purchased a Note Receivable from Blue Sky New Mexico, Inc. (“BSNM”) on November 4, 2015 with a face value of $1,300,000. BSNM had previously purchased this note from the Bankruptcy Trustee, it was an asset of the Orbit Petroleum bankruptcy liquidation. The Company issued six million (6,000,000) shares of common stock as consideration for the note. The dollar value of the shares on this date was $316,800, specifically 6,000,000 shares at a market price of $0.528 per share. The note bears an annual simple interest rate that accrues at the rate of 10%. The note is secured by mortgages on the Twin Lakes oil and gas leases. On November 4, 2015, the note was past due and is considered to be in default. In February 2017, the Company included the note as consideration for the purchase of a 60% working interest in TLSAU, so it is no longer outstanding. See Note 12 for further explanation. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6. RELATED PARTY TRANSACTIONS Beginning February 1, 2016, the Company sponsored the SUDS 1% Term Overriding Royalty Interest offering (“ORRI”) 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 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. At its completion, the ORRI raised a total of $300,000. Effective April 18, 2017, all owners of SUDS ORRI interests were authorized to convert their interests, at their sole discretion, to Preferred Stock in the Company in conjunction with the Company’s current Series A Preferred Stock Offering. Included in this conversion offering each investor converted ORRI interests equal to the cumulative revenue amount of $30,000, less their revenue received since inception. During the second quarter of 2017, 14% of the 15% outstanding SUDS ORRI interests were converted to Preferred Stock of the Company. This conversion resulted in 40,500 shares of Preferred Stock being issued to those holders who chose to convert, with a value of $405,000. The transaction resulted in an increase to Oil and Gas Property assets by $280,000 and an increase to interest expense of $128,229 and a cash true-up payment of $3,230. Related parties (James Burns, Joel Oppenheim, Paul Deputy, Lee Lytton, Leo Womack and Jovian) converted 6% in ORRI interests and received a total of 17,400 shares of Preferred Stock (2,900 shares of Preferred Stock each), with the total valued at $174,000. The Company through its wholly-owned subsidiary Askarii sold pump jacks to the other owners of the SUDS properties (before the Company’s September 2016 acquisition of the 90% working interest), totaling $198,000 for the year ended December 31, 2016. Askarii booked a profit of $164,670 on the sale of pump jacks to the other owners of the SUDs properties. On February 10, 2016, a shareholder provided an advance of $20,000 in order to temporarily fund the Company’s working capital needs. On April 1, 2016, in order to compensate the shareholder, the Company issued 285,714 shares in consideration for forgiveness of the debt in full. The valuation of the issuance was $20,000, based on 285,714 shares valued at $0.07 per share on April 1, 2016. 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 million shares of the Company’s common stock at an exercise price of $0.06 per share, which vested on January 1, 2017, 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 Company’s common stock at an exercise price of $0.06 per share, which vests on January 1, 2017, and is excisable for 36 months thereafter. The fair value of the options granted on March 11, 2016 is $115,045. Effective April 18, 2016, Quinten Beasley was compensated for his Board service during 2016 through a grant of 500,000 warrants to purchase 500,000 shares of the Company’s common stock at an exercise price of $0.07 per share, which vested immediately, and is exercisable for 36 months thereafter. The fair value of the warrants is $41,891 based on a $0.08 valuation, volatility of 235%, a discount rate of 1.09% and a 3 year term. The total amount of the warrants was expensed in 2016. These warrants are subject to a claw-back provision which would be ratably invoked if a director did not complete his 2016 service term. 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 in November of 2015. The payoff was made by issuing 1,468,750 shares of the Company’s restricted common 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, in exchange for a cash payment of $48,000, the Company issued 8 units or 800,000 shares to the then CFO as part of, and under the terms 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 $0.10 cents per share at any time prior to August 5, 2018. This represented the final sale under this offering. On June 24, 2016, the Company purchased a 2007 Toyota Tundra vehicle for $10,625 from Jovian. It is being used for field operations. During July 2016, payments of $7,000 were made against the outstanding balance. There was no promissory note created for the remaining outstanding balance of $3,264, and both parties agreed for the balance to be paid when funds become available. The truck’s estimated useful life is 5 years. On July 13, 2016, the Company issued warrants to purchase 60,000 shares of common stock. The warrants were related loans provided by investors to the purchase a pulling rig. The fair value of all of the warrants was $3,744 at an exercise price of $0.06 per share, expiring on July 13, 2019. The following affiliated investors each received 10,000 warrants related to their loans: Joel Oppenheim – Director, Lee Lytton – then Director, Paul Deputy – then CFO, Leo Womack – Board Chairman and Quinten Beasley – Director. On August 18, 2016, Paul M. Deputy was appointed Chief Financial Officer (“CFO”) of the Company and entered into an employment agreement with the Company effective July 1, 2016 to serve as Chief Financial Officer for an initial term of twelve (12) months (automatically renewable thereafter for additional one year terms). The agreement provides that the Company will pay Mr. Deputy $140,000 per year. After 90 days the Board has chosen to issue Mr. Deputy’s one warrant for each dollar of gross salary that is deferred. The exercise price of the warrants is the market price of the Company’s shares at each quarter end. The Company granted Mr. Deputy options to purchase 550,000 shares of the Company’s restricted common stock at a value of $26,096 with an exercise price of $0.077 per share with a term of three (3) years beginning July 1, 2016, as a signing bonus. These warrants were recognized as stock compensation expense. In association with the employment agreement of Paul Deputy, our Chief Financial Officer, dated July 1, 2016, the Company issued one warrant to purchase one share of the Company’s restricted stock at the exercise price at quarter end for each dollar of Mr. Deputy’s deferred gross salary for the quarter ended December 31, 2017. Mr. Deputy’s total accrued salary from September 1, 2016 to December 31, 2017 was $186,687. The Company granted warrants to purchase 29,167 shares of common stock for the quarter ended December 31 2017 valued at $4,890 (the Company also granted 35,000 shares of common stock for the quarter ended September 30, 2017 valued at $4,146 the Company also granted warrants to purchase 35,000 shares of common stock for the quarter ended June 30, 2017 valued at $3,106 and for the quarter ended March 31, 2017 valued at $4,851). The aggregate fair value of the warrants for the twelve months ended December 31, 2017 was $16,993. The warrants were valued using the Black Sholes valuation model. The warrants were recognized as stock compensation expense. On August 17, 2016, the Company issued warrants to purchase 10,000 shares of common stock. The warrants were related to Bridge loans – working capital notes that were not paid timely. The agreement stated that lenders would be paid a 10% warrant coverage. At August 17, 2016, Director Joel Oppenheim was due $100,000 and was issued 10,000 warrants. The fair value of these warrants was $1,588 at an exercise price of $0.09 per share, expiring on August 17, 2019. On August 18, 2016, the Board of Directors issued the then CFO 500,000 shares of the Company’s restricted common stock for a signing bonus. The shares were issued at current market price of $0.077 per share on August 17, 2016 at a value of $38,500 and recorded as stock based compensation. On August 18, 2016, the Board of Directors granted Joel Oppenheim options to purchase 300,000 shares of the Company’s restricted common stock at an exercise price of $0.077 per share and have a term of three (3) years beginning August 17, 2016 at a value of $23,028 as compensation for arranging and guaranteeing certain bank relationships for the Company. On August 25, 2016, in consideration for the cancellation of $12,000 of accounts payable, the Company issued 150,000 shares at a valuation of $12,000 priced at $0.08 per share, to Director Quinten Beasley. On August 25, 2016, in consideration for the cancellation of debts incurred, the Company issued 250,000 shares to Director Joel Oppenheim. These shares had a valuation of $20,000 and were priced at $0.08 per share. On August 25, 2016, in consideration for the cancellation of $56,107 of accounts payable and $110,000 of debts incurred, the Company issued 2,076,000 shares at a valuation of $166,107 priced at $0.08 per share, to the then CFO. During the 2nd and 3rd quarter of 2016, warrants to purchase 230,000 shares of common stock were issued for pre-bridge loans. The loans were provided as follows: $110,000 by Director Joel Oppenheim, $100,000 by the CFO and $20,000 by Chairman Leo Womack. These warrants had a valuation of $15,792 with an exercise price of $0.09 per share and expire in the 2nd and 3rd quarter of 2019. On September 28, 2016, the Company issued 24,308,985 shares of its restricted common stock to SUDS Properties LLC., a related party, to acquire an additional 40% working interest ownership As a result of the exchange, SUDS became a wholly-owned subsidiary of the Company. The purchase price of the shares equates to a $4,373,186 value, based on the $0.1799 per share market price of the Company’s shares on September 28, 2016 (the effective date of the transaction). On September 28, 2016, the Company acquired an additional 50% working interest ownership from Jovian Resources LLC for $4,000,000 in debt. Specifically, a Promissory Note payable for $1,000,000 as outlined above in Note 4. In addition, a Production Payment Note for $3,000,000 will be paid out net revenues received by the purchaser. See Note 6 for additional details of this transaction. The final purchase price allocation of the combined transactions is as follows: oil and gas properties acquired $8,401,318, asset retirement obligation assumed of $28,132. During the nine months ended September 30, 2016, two directors were granted warrants to purchase 31,250 shares of common stock in exchange for providing collateral to a bank to collateralize the Company’s letters of credit. The value of the warrants was $2,629 with an exercise price of each warrant is $0.06 per share and they expire three (3) years from their grant date. The value of these warrants was recorded as debt issuance costs on the date of the grant. The Board authorized the Company to allow all outstanding warrant-holders to exercise their outstanding warrants at a 20% discount. In October 2016, four (4) warrant holders exercised a total of 825,000 warrants by remitting payments of $63,352 at an average share price of $0.095 per share. Director Lee Lytton exercised 10,000 warrants (included in the total above) by remitting a payment of $472 at a share price of $0.059 per share. Director Joel Oppenheim exercised 300,000 warrants by remitting payment of $18,480 at a share price of $0.06 per share. On December 31, 2016, the Company issued warrants to purchase 500,000 shares of Company common stock to extend the due date on Rick Wilber’s Notes, based on the Amendment to the Agreement. These warrants were valued at $79,223 and have an exercise price of $0.15 and expire on December 31, 2021. On April 18, 2017, James E. Burns was appointed President of the Company and entered into an employment agreement with the Company to serve as President. The agreement provides that the Company will pay Mr. Burns $300,000 per year in base salary. For the first year of employment, $100,000 of the salary will be paid in cash, the remaining amount will be paid by the issuance of 1,400,000 shares of common stock. On June 30, 2017, 350,000 shares, valued at $35,000, were issued in accordance with Mr. Burns common stock related salary compensation. On September 30, 2017, 350,000 shares, valued at $42,000, were issued in accordance with Mr. Burns common stock related salary compensation. The $100,000 cash salary will commence after $1,000,000 is raised from the Series A Preferred Offering or a material event that brings cash into the Company. A one-time signing bonus of 1,000,000 shares of common stock, valued at $120,000, was granted to Mr. Burns upon execution of the agreement. Mr. Burns will also receive an annual bonus based on the percentage increase in stock price during the year. For every percentage point increase in stock price, Mr. Burns will be paid that percentage times his base salary. For example, if the stock price increased by 20%, then a $60,000 bonus ($300,000 * 20% = $60,000) would be paid. On an annual basis, Mr. Burns will also receive service related warrants to purchase 1,000,000 shares of common stock with an exercise price of $0.14 per share. At September 30, 2017, warrants to purchase 250,000 shares of common stock were granted, valued at $29,580, related to his 3rd quarter service bonus. These warrants are based on a $0.12 price per share valuation, volatility of 286%, a discount rate of 1.09% and a 3 year term. In addition, warrants to purchase 166,667 shares of common stock were granted, valued at $14,758, related to his 2nd quarter service bonus. These warrants are based on a $0.09 price per share valuation, volatility of 286%, a discount rate of 1.09% and a 3 year term. On December 31, 2017, warrants to purchase 250,000 shares of common stock were granted, at $0.17 price per share valuation, related to his 4 th On June 8, 2017, the Company sold a 2007 Toyota Tundra truck to Jovian for $5,000. The payment was made through a $5,000 reduction of Jovian’s shareholder advance balance. The transaction resulted in a loss of $3,677 based on an original cost of $10,625 and accumulated depreciation of $1,948. During the year ended December 31, 2017, shareholders advanced an additional $361,600 to the Company, the Company made payments back to shareholders of $74,000 ($5,000 out of the $74,000 related to the truck purchase disclosed above) and $262,500 of outstanding debt was converted to Series A Preferred Stock. This resulted in an increase to the shareholder advance liability from $192,000 at December 31, 2016 to $217,100 at December 31, 2017. The following related parties (Leo Womack – $55,000, Lee Lytton – $25,000, Joel Oppenheim – $167,500 and Paul Deputy - $15,000) converted their shareholder advances into Preferred Stock. For their service as Directors on the Company’s Board of Directors, on May 23, 2017, the Board granted Leo B. Womack, the Chairman of the Board of Directors of the Company an option to purchase 1,000,000 shares of the Company’s common stock at an exercise price of $0.12 per share, which vested immediately, and is exercisable for 36 months thereafter. The Board also granted Lee Lytton, Joel Oppenheim, Quinten Beasley and Saleem Nizami, members of the Board of Directors each an option to purchase 500,000 shares of the Company’s common stock at an exercise price of $0.12 per share, which vested immediately, and is exercisable for 36 months thereafter. The fair value of the options granted on May 23, 2017 is $356,027, based on a $0.12 valuation, volatility of 235%, a discount rate of 1.09% and a 3 year term. The total amount of the options was expensed during the year ended December 31, 2017. These warrants are subject to a clawback provision which would be ratably invoked if a director did not complete his 2017 service term. On April 18, 2017, Mr. James Burns and Mr. Saleem Nizami were elected Directors of the Company. In exchange for accepting their appointments, each individual was granted 100,000 shares of common stock valued at $0.13 per share. Each Directors shares were valued at $13,000. On May 23, 2017, related party debt holders were offered the option to convert their outstanding loan balances of $362,500 and accrued interest of $13,400 (totaling $375,900) into Preferred Stock. As a result, the following Preferred Stock shares were issued: Leo Womack 5,500 shares, Joel Oppenheim 17,590 shares, Lee Lytton 2,500 shares, James Burns 10,500 shares and Paul Deputy (former CFO) 1,500 shares. In addition, any holder of any non-interest bearing loan converted also received warrants to purchase four shares of common stock for each dollar converted. Consequently, a total of warrants to purchase 400,000 shares of common stock were granted (Leo Womack 70,000 shares, Joel Oppenheim 270,000 shares, Lee Lytton 30,000 shares and Paul Deputy (former CFO) 30,000 shares) as part of the conversion, which each had an exercise price of $0.20 per share and a term of 3 years. The warrants were valued at $47,319. Any loan that had received warrants when initially issued did not receive additional warrants in this conversion offering. Jovian converted its outstanding $4,000,000 of debt in two tranches, a $2,000,000 first tranche on May 30, 2017 and a $2,000,000 second tranche on July 19, 2017. Although the two transactions occurred in different reporting periods, the two transactions were contemplated together, and they were accounted for as one extinguishment that was accomplished in two tranches, the first in May 2017 and the second in July 2017 (See Note 6. Notes Payable for the details of these transactions). The combination of the two transactions resulted in an $88,755 loss which was recognized in the second quarter of 2017. The extinguishment of tranche 2 was recognized in the third quarter, with no impact on the consolidated statement of operations. On May 23, 2017, James E. Burns, the President of the Company, sold a Caterpillar D6 Dozer to the Company in exchange for 3,000 shares of Preferred Stock. The equipment was valued at $30,000. On August 1, 2017 Mr. Joel Oppenheim provided a Letter of Credit (LOC), which was posted as collateral, in order for the Company to issue operating bonds with the State of New Mexico for the operation of 25 Twin Lakes San Andres Unit wells. In exchange for the LOC, the Company issued Mr. Oppenheim 2,000,000 shares of common stock valued at $246,000 and warrants to purchase 2,000,000 shares of common stock valued at $236,586 with an exercise price of $0.14 per share. The warrants are based on a $0.12 price per share valuation, volatility of 286%, a discount rate of 1.09% and a 3 year term. For each quarter following the initial advance until the LOC is revoked an additional two hundred fifty thousand (250,000) warrants will be granted. The exercise price of those warrants will be the average common stock market price over the previous 90 days. In addition, Petrolia will provide security interest in the form of 100% undivided working interest in the Noack field. On December 31, 2017, warrants to purchase 250,000 shares of common stock were granted, at $0.17 price per share valuation, related to the Letter of Credit (LOC) provided for the 4 th On September 26, 2017, Mr. Oppenheim was issued 1,035,000 shares of common stock. These shares were the result of exercising warrants to purchase 1,035,000 shares of common stock, at an exercise price of $0.06 per share, which included the remittance of $62,065 as the aggregate exercise price. On October 1, 2017, the Company commenced a private offering of its securities under Regulation D to accredited investors. Each unit is comprised of 416,667 shares of common stock at a price of $0.12 per share and one warrant to purchase an additional 416,670 shares of common stock at a price of $0.20 per share at any time prior to October 1, 2020. As of December 31, 2017 six and a half (6.5) units had been subscribed for and 2,708,336 shares of common stock had been purchased by various accredited investors. See Note 6 for financial related details on all purchases. Out of the six and a half (6.5) units subscribed for, 4/5 (0.80) of one unit was subscribed by and 333,333 shares of common stock had been purchased by our Director Leo Womack, and 1/5 (0.20) of one unit was subscriber for and 83,334 shares of common stock had been purchased by our Director Joel Oppenheim. On January 16, 2018, Paul Deputy tendered his resignation as the Chief Financial Officer of the Company. Also effective on January 16, 2018, the Company appointed Tariq Chaudhary as the Company’s new Chief Financial Officer (CFO), in anticipation of the completion of the Company’s acquisition of Bow Energy Ltd. Mr. Chaudhary’s biographical information is presented in PART III. ITEM 10. On January 24, 2018, 350,000 shares, valued at $44,800, were issued in accordance with Mr. James Burns’ common stock related salary compensation. On February 1, 2018, a law firm was granted 100,000 shares of common stock as a bonus for the Bow Energy acquisition. On February 1, 2018, in consideration for the cancellation of $25,000 in debt, the Company issued 125,000 shares of common stock to a Director, a related party transaction. On February 1, 2018, a Director exercised 1,110,000 warrants of common stock by settling $102,590 of Accounts Payable to a company controlled by the director at an average share price of $0.092 per share, a related party transaction. On February 23, 2018, a Director was issued 100,000 shares of common stock for reissuance of lost certificate, related party transaction. On February 27, 2018, the Company closed the Acquisition and Petrolia acquired all of the issued and outstanding shares of capital stock of Bow Energy Ltd., (“BOW”), a Canadian company with corporate offices in Alberta, Calgary. Bow’s common shares were listed for trading on the TSX Venture Exchange. The Bow shares were delisted from the facilities of the TSX Venture Exchange on March 5, 2018. Under the terms of the Arrangement, Bow shareholders are deemed to have received 1.15 Petrolia common stock shares for each Bow share. A total of 106,156,712 shares of the Company’s common stock were issued to the Bow shareholders as a result of the Arrangement, plus additional shares in connection with rounding. Bow is an Oil & Gas Exploration and Development company operating in the prolific Indonesian Sumatra basin. BOW’s key assets include South Block A PSC – 44.48% working interest, Bohorok PSC – 50% working interest, Bohorok Deep JSA – 20.25% working interest, Palmerah Baru – 54% working interest, MNK Palmerah – 69.36% working interest, Mahato PSC – 20% working interest. BOW will continue as a wholly owned subsidiary of Petrolia and continue to operate all properties under BOW. Ilyas Chaudhary, is the father of Zel C. Khan, the Company's Chief Executive Officer. Mr. Chaudhary owned and controlled BSIH Ltd. (“BSIH”) prior to the acquisition of Bow and through the ownership and control of BSIH, Mr. Chaudhary controlled Bow. Therefore, the BOW acquisition is considered to be a related party transaction. Additionally, BSIH was the largest shareholder of the Company prior to the cancellation of the shares pursuant to the terms of a Share Exchange Agreement between the Company and Blue Sky Resources Ltd dated August 31, 2018. The acquired assets of Bow consist of over 948,000 net acres onshore North Sumatra, Indonesia which consists of interests in five production-sharing contracts (PSCs) and one Joint Study Agreement (JSA) with the Indonesian government. On February 28, 2018, Director Joel Oppenheim exercised 630,000 warrants by remitting payment of $61,800 at an average share price of $0.098 per share. Effective April 12, 2018, the Board of Directors (a) appointed Zel C. Khan as Secretary of the Company; (b) appointed Ivar Siem as a member of the Board of Directors of the Company; and (c) approved the issuance of 616,210 shares of restricted common stock to Mr. James E. Burns, a member of the Board of Directors, in consideration for 2017 deferred salary of $61,621. Also, on April 12, 2018, the Board of Directors approved (a) the entry by the Company into a $500,000 Convertible Promissory Note with Blue Sky International Holdings Inc., a related party. The note, effective April 1, 2018, is due on April 1, 2019, accrues interest at the rate of 11% per annum until paid in full, and is convertible into shares of common stock of the Company at the rate of $0.12 per share. This note was never utilized and subsequently cancelled; and (b) the entry into an Amended Revolving Line of Credit Agreement with Jovian Petroleum Corporation, a related party, which establishes a revolving line of credit in the amount of $500,000 for a period of six months (through August 9, 2018) with amounts borrowed thereunder due at the expiration of the line of credit and accruing interest at the rate of 3.5% per annum unless there is a default thereunder at which time amounts outstanding accrue interest at the rate of 7.5% per annum until paid in full, with such interest payable every 90 days. Both the Blue Sky International Holdings Inc. Promissory Note and the Jovian Line of Credit are related party transactions. Blue Sky International Holdings Inc. is owned by Mr. Ilyas Chaudhary, father of Zel C. Khan, former Director and Officer of Jovian and current CEO and President of the Company. Effective on June 29, 2018, the Company acquired a 25% working interest in approximately 41,526 acres located in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada (collectively, the “Canadian Properties” and the “Working Interest”). The Canadian Properties currently encompass 64 sections, with 240 oil and 12 natural gas wells currently producing on the properties. Additionally, there are several idle wells with potential for reactivation and 34 sections of undeveloped land (approximately 21,760 acres). The Canadian Properties and the Working Interest were acquired from Blue Sky Resources Ltd. (“Blue Sky”), whose President is Ilyas Chaudhary, the father of Zel C. Khan, the Company’s Chief Executive Officer. Mr. Chaudhary owns and controls BSIH Ltd. (“BSIH”). BSIH was the largest shareholder of the Company prior to the cancellation of the shares pursuant to the terms of a Share Exchange Agreement between the Company and Blue Sky Resources Ltd dated August 31, 2018. Blue Sky had previously acquired an 80% working interest in the Canadian Properties from Georox Resources Inc., who had acquired the Canadian Properties from Cona Resources Ltd. and Cona Resources Partnership prior to the acquisition by the Company. The effective date of the acquisition was June 1, 2018. The acquisition of the Canadian Properties was evidenced and documented by a Memorandum of Understanding between the Company and Blue Sky dated June 29, 2018 and a General Conveyance between the parties dated as of the same date, pursuant to which the Company agreed to acquire the Working Interest in consideration for $1,428,581 in Canadian dollars (“CAD”) (approximately $1,089,150 in U.S. dollars) of which CAD $1,022,400 (approximately $779,478 in U.S. dollars) was paid in cash (the “Cash Payment”) and CAD $406,181 (approximately $314,912 in U.S. dollars) was evidenced by a promissory note (the “Acquisition Note”). The Cash Payment was made with funds borrowed by the Company pursuant to the terms of that certain $1,530,000 May 9, 2018, Amended and Restated Loan Agreement entered into with Bow and a third party (the “Loan Agreement” and the “Lender”). The amount owed under the Loan Agreement accrues interest at the rate of 12% per annum (19% upon the occurrence of an event of default) and is due and payable on May 11, 2021. The Working Interest will be held in the name of the Company’s newly formed wholly-owned Alberta, Canada, subsidiary, Petrolia Canada Corporation. The Acquisition Note, which was dated June 8, 2018, bears interest at the rate of 9% per annum, beginning on August 1, 2018 and is due and payable on November 30, 2018, provided that we have the right to extend the maturity date for a period six months with 10 days’ notice to Blue Sky, in the event we pay 25% of the principal amount of the Acquisition Note at the time of extension. The acquisition has not formally closed as the assets can only be transferred after the payment/settlement of the Acquisition Note. On August 17, 2018, the Company sold an aggregate of $90,000 in Convertible Promissory Notes (the “Director Convertible Notes”), to the Company’s directors, Ivar Siem ($20,000) through an entity that he is affiliated with; Leo Womack ($60,000); and Joel Oppenheim ($10,000). The Director Convertible Notes accrue interest at the rate of 12% per annum until paid in full and are due and payable on October 17, 2018. The amount owed may be prepaid at any time without penalty. The outstanding principal and interest owed under the Director Convertible Notes are convertible into common stock of the Company, from time to time, at the option of the holders of the notes, at a conversion price of $0.10 per share. As additional consideration for entering into the notes, the Company agreed to grant one-year warrants to purchase one share of the Company’s common stock at an exercise price of $0.10 per share for each dollar loaned pursuant to the Director Convertible Notes (the “Bridge Note Warrants”). As such, the Company granted (a) 20,000 Bridge Note Warrants to an entity affiliated with Ivar Siem; (b) 60,000 Bridge Note Warrants to Leo Womack; and (c) 10,000 Bridge Note Warrants to Joel Oppenheim. The Director Convertible Notes contain standard and customary events of default. It is contemplated that up to an additional $160,000 in Director Convertible Notes will be sold to affiliates of the Company in the next several months. Effective on August 31, 2018, the Company entered into and closed the transactions contemplated by a Share Exchange Agreement with Blue Sky Resources Ltd. (“Blue Sky” and the “Exchange Agreement”). The President, Chief Executive Officer and 100% owner of Blue Sky is Ilyas Chaudhary, the father of Zel C. Khan, the Company’s Chief Executive Officer. Chaudhary indirectly owns and controls BSIH Ltd. (“BSIH”), which is a significant shareholder of the Company. Additionally, prior to the acquisition of Bow Energy Ltd. (“Bow”) (which we acquired pursuant to an Arrangement Agreement dated November 30, 2017, which acquisition closed on February 27, 2018), BSIH, and as a result of his ownership and control of BSIH, Mr. Chaudhary, controlled Bow. Pursuant to the Exchange Agreement, we exchanged 100% of the ownership of Bow, in consideration for: (a) 70,807,417 shares of the Company’s common stock owned and controlled by Mr. Chaudhary and BSIH (the “Blue Sky Shares”); (b) $100,000 in cash (less certain advances paid by Blue Sky or Bow to the Company since April 1, 2018); (c) the assumption of certain payables owed by Bow totaling $1,696,332 (which includes $730,000 owed under the terms of a Loan Agreement, as amended, originally entered into by Bow, but not the subsequent $800,000 borrowed by Bow pursuant to the amendment to the Loan Agreement dated May 9, 2018 (which obligation is documented by a Debt Repayment Agreement)); (d) 20% of Bow Energy International Holdings, Inc, which is wholly-owned by Bow (“Bow EIH”)(which entity’s subsidiaries own certain Production Sharing Contracts (the “PSC”) and certain other participating assets), pursuant to an Assignment Agreement; (e) certain carry rights described in greater detail in the Exchange Agreement, providing for Blue Sky to carry the Company for up to the next $10 million of aggregate costs in BOW EIH and the PSC assets, with any profits from BOW EIH being distributed 80% to Bow and 20% to the Company, pursuant to a Petrolia Carry Agreement (the “Carry Agreement”); and (f) a 3% royalty, after recovery of (i) the funds expended by Bukit Energy Bohorok Pte Ltd, which is wholly-owned by BOW EIH in the Bohorok, Indonesia PSC (the “Bohorok PSC”) since July 1, 2018, plus (ii) $3,546,450 (i.e., ½ of Bow’s share of the prior sunk cost of the Bohorok PSC), which royalty is evidenced by an Assignment of Petrolia Royalty (the “Royalty Assignment”). The |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 7. NOTES PAYABLE Convertible Debt – Related Party On June 17, 2013, the Company entered into a Convertible Secured Note and Warrant Purchase Agreement (the “Purchase Agreement”) with Rick Wilber. Pursuant to the Purchase Agreement, the Company agreed to sell, and Mr. Wilber agreed to buy, for aggregate consideration of $350,000, a convertible secured promissory note in the principal amount of $350,000 (the “Note”) convertible at $0.30 per share, and a warrant to purchase 1,000,000 shares of the Company’s common stock (the “Warrant”) at an exercise price of $0.80 per share. The Warrant vests immediately and has a term of 10 years. The relative fair value of the Warrant was determined to be $148,925, which was recorded as a debt discount. The intrinsic value of the beneficial conversion feature of the note was determined to be $102,259 and was recorded as a debt discount. The debt discounts were amortized over the life of the Note using the effective interest method. The effective interest rate was 53.7%. The $350,000 balance is due June 17, 2016. The Note’s due date was extended until June 30, 2017. On September 30, 2013, the Company entered into a Convertible Secured Note and Warrant Purchase Agreement (the “September Purchase Agreement”) with Rick Wilber. Pursuant to the September Purchase Agreement, the Company agreed to sell, and Mr. Wilber agreed to buy, for aggregate consideration of $100,000, a convertible secured promissory note in the principal amount of $100,000 (the “September Note”) convertible at $0.30 per share, and a warrant to purchase 285,000 shares of the Company’s common stock (the “September Warrant”) at an exercise price of $0.80 per share. The September Warrant vests immediately and has a term of 10 years. The relative fair value of the September Warrant was determined to be $46,022 which was recorded as a debt discount. The intrinsic value of the beneficial conversion feature of the September Note was determined to be $46,022 and was recorded as a debt discount. The debt discounts were amortized over the life of the September Note using the effective interest method. The effective interest rate was 119.7%. The $100,000 balance is due September 30, 2016. The September Note’s due date was extended to June 30, 2017. In order to extend the September Note’s due date and based on the Amendment to the Agreement, warrants to purchase 500,000 shares of Company common stock were issued by the Company. These warrants were valued at $79,223 and have an exercise price of $0.15 and expire on December 31, 2021. On December 31, 2013, the Company entered into a Convertible Secured Note and Warrant Purchase Agreement (the “December Purchase Agreement”) with Rick Wilber. The September Note was consolidated into the December Purchase Agreement. Pursuant to the December Purchase Agreement, in addition to the proceeds of the September Note, the Company agreed to sell, and Mr. Wilber agreed to buy, for aggregate consideration of $100,000, a convertible secured promissory note in the principal amount of $100,000 (the “December Note”) convertible at $0.30 per share, and a warrant to purchase 285,000 shares of the Company’s common stock (the “December Warrant”) at an exercise price of $0.80 per share. The December Warrant vests immediately and has a term of 10 years. The relative fair value of the December Warrant was determined to be $49,873 which was recorded as a debt discount. The intrinsic value of the beneficial conversion feature of the December Note was determined to be $50,127 and was recorded as a debt discount. The debt discounts were amortized over the life of the December Note using the effective interest method. The effective interest rate was 132.2%. The $100,000 balance is due September 30, 2016. The December Note’s due date was extended to June 30, 2017. During the years ended December 31, 2016 and 2015, the Company amortized $171,573 and 152,980 of the total discounts on the three transactions above to interest expense. At December 31, 2016 the discount was fully amortized, and the ending note payable-related party balance was $550,000; resulting in net convertible debt-related party of $550,000. During January to June 2017, the Company issued 80,000 warrants, at the exercise price of $0.15 per share for a 36 month term, for each month to keep the December Purchase Agreement compliant while negotiating conversion terms, totaling 480,000 warrants of common shares. On July 6, 2017, Mr. Rick Wilber agreed to convert his cumulative outstanding debt of $550,000 into 55,000 shares of Preferred Stock. Convertible Debt – (non-related parties) Convertible Bridge Notes On July 25, 2016, the Company entered into Promissory Notes for $75,000 with accredited investors. The notes bear interest at 10% per annum and mature on July 31, 2017. If the Company completes a qualified offering prior to July 31, 2017, the notes and accrued interest will automatically convert into the common shares at an 80% conversion rate. If not converted earlier, the principal and interest on the Note will convert into shares at the rate of $0.10 per share at maturity. Promissory Notes – non convertible (related parties) On May 1, 2015, twenty two (22) units were subscribed for by accredited investors in a private offering of securities under Regulation D, which resulted in 2,200,000 shares being purchased. Eight (8) units of the twenty two (22) units or 800,000 shares were issued for conversion of debt. These eight units were issued as follows. Mr. Leo Womack, Chairman of the Company, purchased 300,000 shares (including 300,000 warrants) through the Leo B. Womack Family Trust. Mr. Lee Lytton, a Director of the Company, purchased 300,000 shares (including 300,000 warrants). Mr. Joel Oppenheim, a Director of the Company, purchased 200,000 shares (including 200,000 warrants). These 800,000 shares (and 800,000 warrants) offset a total of $80,000 in advances from affiliates that was disclosed as a liability in the consolidated financial statements as of March 31, 2015 and were converted to equity in this offering. The conversion resulted in a $90,800 loss on the conversion (including the value of the warrants). In addition, Jovian purchased 100,000 of the shares and Joel Oppenheim purchased an additional 100,000 shares, exclusive of his shares related to his conversion of debt. 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. The 500,000 shares were issued at a price of $0.75 per share at a value of $37,500. On May 2, 2016, the Company paid off its outstanding Promissory Note to BSNM for $146,875. The payoff was made through the issuance of 1,468,750 shares of Company common 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. A Promissory Note to Jovian for $1,000,000 was executed bearing interest at 5% and due on December 31, 2016 related to the acquisition of a 50% working interest in the SUDS field. Full payment was due on December 31, 2016, provided the buyer extended the Note to June 30, 2017 by making a $10,000 payment in cash. The Promissory Note is secured by a 12.5% undivided working interest in the SUDS field. In the event the Company closes any financing related to the SUDS field, 50% of the net proceeds received from the financing will be applied to pay the Note. Production Payment Note In addition to the Promissory Note described above, a Production Payment Note was executed for the same 50% working interest in the SUDS field. This note was for $3,000,000, paid out of twenty percent (20%) of the 50% undivided interest of net revenues received by the Purchaser that is attributable to the SUDS field assets. The Purchaser shall make the production payments to seller no later than the end of each calendar month. The Production Payment Note is secured by a 12.5% undivided working interest in the SUDS field. Based on forecasts of future SUDS related revenues, $2,904,020 of the note balance is classified as long term and $95,980 is classified as current as of December 31, 2016. Conversion of $1,000,000 Promissory Note and $3,000,000 Production Payment Note to common stock and preferred stock. Jovian Petroleum Corporation converted its outstanding $4,000,000 of debt in two tranches, a $2,000,000 first tranche on May 30, 2017 and a $2,000,000 second tranche on July 19, 2017. Although the two transactions occurred in different reporting periods, the two transactions were contemplated together, and they were accounted for as one extinguishment that was accomplished in two tranches, the first in May 2017 and the second in July 2017. Tranche 1 Tranche 2 The consideration for the debt extinguished consisted of the following: ● 10 million shares of common stock which were valued using the market price on the date of issuance of $0.14 per share ($1,400,000) ● Warrants to purchase 6 million shares of common stock with an exercise price of $0.20 per share based on a $0.12 valuation, volatility of 293%, a discount rate of 1.09% and warrants to purchase 4 million shares of common stock with an exercise price of $0.35 per share based on a $0.12 valuation, volatility of 293%, and a discount rate of 1.09%. All warrants expire in 3 years. The 6 million warrants were valued at $709,776 while the 4 million warrants were valued at $471,104, totaling $1,180,880. ● 12,749,285 shares of common stock which were valued using the market price on the date of issuance of $0.104 per share ($1,325,926). ● The Preferred Stock was valued at $10.00 per share, the cash price paid by third party investors for the same stock with an aggregate value of $215,100. The combination of the two transactions resulted in an $88,755 loss which was recognized in the second quarter of 2017. The extinguishment of tranche 2 was recognized in the third quarter, with no impact on the consolidated statement of operations. Bridge Loan – Working Capital On June 17, 2016, the Company entered into Temporary Unsecured Loans (Bridge Loan – Working Capital) for $230,000. The notes bear interest at 10% per annum payable and mature in sixty (60) days. The lenders receive 100% warrant coverage at an exercise price of $0.09 per share. If the loans are not paid in 60 days, a 10% warrant coverage default penalty is paid. Initially, Director Leo Womack loaned $20,000, Director Joel Oppenheim loaned $110,000 and the CFO loaned $100,000. At December 31, 2016, the outstanding balance of Bridge Loan – Working Capital was $120,000. The decrease during 2016 was due to Mr. Oppenheim converting $20,000 and the CFO converting $110,000 of their respective debt into shares. Rig Loan On July 13, 2016, the Company entered into Temporary Unsecured Loans (Rig Loan) for $60,000. The notes bear interest at 10% per annum payable and mature on September 13, 2016. Should the Company default in timely repayment, the Company shall pay a penalty to each of the named parties by issuing warrants at a 100% coverage ratio. Each warrant has an exercise price of $0.059 per share and will expire September 13, 2019. The following related parties loaned funds to the Company as follows: $10,000 from Mr. Leo Womack – Chairman, $10,000 from the CFO, $10,000 from Mr. Lee Lytton – Director, $10,000 from Mr. Joel Oppenheim – Director, $10,000 from Mr. Quinten Beasley – Director. At December 31, 2016 the outstanding balance of Rig Loan was $60,000. Cancelation of Bridge Loan-Working Capital and Rig Loan As of May 23, 2017, the following related parties had the following outstanding balances corresponding to the Bridge Loan-Working Capital, Rig Loan and Shareholder Advance: Leo Womack $55,000, Lee Lytton $$25,000, Joel Oppenheim $167,500, Paul Deputy (former CFO) $15,000 and James Burns $100,000. On May 23, 2017, related party debt holders were offered the option to convert their outstanding loan balances of $362,500 and accrued interest of $13,400 (totaling $375,900) into Preferred Stock. As a result, the following Preferred Stock shares were issued: Leo Womack 5,500 shares, Joel Oppenheim 17,590 shares, Lee Lytton 2,500 shares, James Burns 10,500 shares and Paul Deputy (former CFO) 1,500 shares. In addition, any holder of any non-interest bearing loan converted also received warrants to purchase for shares of common stock for each dollar converted. Consequently, a total of warrants to purchase 400,000 shares of common stock were granted (Leo Womack 70,000 shares, Joel Oppenheim 270,000 shares, Lee Lytton 30,000 shares and Paul Deputy (former CFO) 30,000 shares) as part of the conversion, which each had an exercise price of $0.20 per share and a term of 3 years. The warrants were valued at $47,319. Any loan that had received warrants when initially issued did not receive additional warrants in this conversion offering. Promissory Notes – (non-related parties) Short Term Debt On November 15, 2016 the Company entered into Promissory Notes for $200,000 with two accredited investors. The notes bear interest at 12% per annum payable monthly at the rate of 1% and will mature on May 31, 2017. The Company will have the option of extending the notes for up to an additional six (6) months at an annual rate of 18% by paying interest monthly at a rate of 1.5%. Investors received warrants to purchase 100,000 shares of common stock (a 50% coverage ratio) at an exercise price of $0.12 per share. The warrants expire on December 31, 2019. On May 11, 2017, one accredited investor converted his outstanding balance of the loan of $100,000 into 10,000 Series A preferred shares. On May 26, 2017 one accredited investor converted his outstanding balance of the loan of $100,000 plus interest accrued of $5,000 into 10,500 Series A preferred shares. Installment Notes On January 6, 2017, the Company purchased a 2014 Toyota Tundra for a total price of $35,677 and entered into an installment note with JPMorgan Chase Bank in the amount of $35,677 for a term of 5 years at 5.49% APR. Principal payments of $5,076 were made during 2017, leaving a remaining balance of $30,600 at year end. Shareholder Advances (Related Party Only) Shareholder Advances (Related Party Only) Amount Balance at December 31, 2016 $ 192,000 Additions Advance (1) 361,600 Total Additions 361,600 Payments Debt Conversion to Shares (2) 262,500 Reduction of shareholder balance through the sale of truck (3) 5,000 Cash (4) 69,000 Total Payments 336,500 Balance at December 31, 2017 $ 217,100 (1) Funds that were provided by related parties as shareholder advances. (2) Shares were issued to extinguish outstanding liabilities of the Company. These liabilities could be outstanding shareholder advances, pre-bridge working capital loans or service related accounts payable. (3) Reduction of Jovian Petroleum balance through the sale of 2007 pickup truck Toyota. (4) Funds that were paid in cash by the Company to various related parties to reimburse for funds that were previously loaned as a shareholder advances. Five Year Maturity As of December 31, 2017, future maturities on our notes payable, which include the $217,100 related party notes, and the $32,582 current maturities and $24,204 long term installment note payable, were as follows: Fiscal year ending: 2018 $ 249,682 2019 7,102 2020 7,502 2021 7,925 2022 1,675 Total $ 273,886 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | NOTE 8. EQUITY Preferred Stock Effective April 11, 2017, the Company initiated a $2,000,000 Series A Convertible Preferred Stock (“Preferred Stock”) offering at a price of $10.00 per share. The holders of Series A Preferred Stock are entitled to receive cumulative dividends at a rate of 9%. The Preferred Stock will automatically convert into common stock when the Company’s common stock market price equals or exceeds $0.28 per share for 30 consecutive days. At conversion, the value of each dollar of preferred share will convert to 7.1429 common shares (which results in a $0.14 per common share conversion rate). During the second quarter of 2017, 120,590 shares or $1,205,900 of the offering had been issued. The 120,590 shares were issued as follows: conversion of TORRI (40,500 shares) – See Note 7 for additional details, conversion of debt (28,900 shares - 25,900 related to short term notes [as described in Note 6] and 3,000 related to equipment purchase), conversion of shareholder advances (27,090 shares of which 840 was for accrued interest, see Note 7 for further explanation) and cash (24,100 shares). Of the 120,590 shares, 57,990 of the shares were issued to related parties while 62,600 of the shares were issued to third parties. On July 6, 2017, Mr. Rick Wilber agreed to convert his cumulative outstanding debt of $550,000 into 55,000 shares of Preferred Stock. The outstanding debt included the following: a $350,000 Convertible Secured Note dated June 17, 2013, a $100,000 Convertible Secured Note dated September 30, 2013 and a $100,000 Convertible Secured Note dated December 31, 2013. Subsequent to this conversion, all of the Company’s debt with Mr. Wilber is deemed cancelled and it is no longer due and payable. Mr. Wilber retains both the warrants and shares that were previously issued by the Company related to the original sale of these notes (and their respective amendments). On July 19, 2017, Jovian Petroleum Corporation (“Jovian”) converted $2 million of its remaining debt into 12,749,285 shares of the Company’s common stock and 21,510 shares of the Company’s Preferred Stock. The Preferred Stock was priced at $10.00 per share with a value of $215,100. Refer to Note 6 for further explanation. The CEO of Jovian is Quinten Beasley, our director, and the largest shareholder of Jovian is Zel C. Khan, our CEO and director. On the 1 st Common Stock On May 1, 2015, the Company commenced a private offering of its securities under Regulation D to accredited investors. Each unit with a price of $10,000 per unit, is comprised of 100,000 shares of common stock and one warrant to purchase an additional 100,000 shares of common stock at a price of $0.12 per share at any time prior to August 5, 2018. As of December 31, 2015, fourteen (14) units had been subscribed for and 1,400,000 shares of common stock had been purchased by various accredited investors. See Note 6 for financial related details on all purchases. On September 1, 2015, the Company commenced a private offering of its securities under Regulation D to accredited investors. Each unit which has a price of $6,000, is comprised of 100,000 shares of common stock and one warrant to purchase an additional 100,000 shares of common stock at a price of $0.10 per share at any time prior to August 31, 2018. As of December 31, 2015 twenty seven (27) units had been subscribed for and 2,700,000 shares of common stock had been purchased. Seven (7) of those units were purchased by accredited investors. This offering was closed on May 31, 2016. On September 23, 2015, the Company acquired a 10% working interest from Jovian in the SUDS field, in exchange for 10,586,805 shares of restricted common stock. For further details see Note 9. On September 24, 2015, the Board of Directors of the Company approved the adoption of the 2015 Stock Incentive Plan (the “Plan”). The Plan provides an opportunity, subject to approval of our Board of Directors of individual grants and awards, for any employee, officer, director or consultant of the Company. The maximum aggregate number of shares of common stock which may be issued pursuant to awards under the Plan was 4,000,000 shares (which has since been increased to 40,000,000 as discussed below). The plan was ratified by the stockholders at the Company’s annual meeting which was held on April 14, 2016. At the 2015 Annual Meeting of our Stockholders, held on April 14, 2016, the shareholders voted to increase the total number of authorized shares of common stock to 150,000,000. On November 4, 2015, the Company acquired a 15% net working interest in the TLSAU field and all operating equipment on the field, pursuant to the terms of a Memorandum of Agreement between the Company and BSNM, which was dated November 4, 2015 (the “Purchase Agreement”). On February 1, 2016, the Company acquired 100% of the issued and outstanding shares in Askarii Resources, LLC, a private Texas based oil & gas service company for 1,000,000 shares of Company common stock. See Note 9 for further details on this transaction. On March 11, 2016, the Board of Directors granted three (3) contract employees 700,000 shares of the Company’s restricted common stock for settlement of outstanding payables. The shares were issued at the current market price of $0.06 per share on March 11, 2016, at an aggregate value of $42,000. On August 17, 2016 the Board of Directors issued two employees 200,000 shares of the Company’s restricted common stock. The shares were issued at current market price of $0.077 per share on August 17, 2016 at a value of $15,400 and recorded as stock based compensation. On September 1, 2016, the Company acquired an additional 25% working interest ownership of TLSAU field through the issuance of 3,500,000 shares of its restricted common stock with an unrelated party. See Note 9 for additional details on this transaction. On September 28, 2016, the Company issued 24,308,985 shares of its restricted common stock to Jovian to acquire an additional 40% working interest ownership of SUDS. See Note 9 for further details of this transaction. On September 30, 2016, per a consulting agreement, a contractor was issued 11,607 shares of common stock in exchange for services. These shares were valued at $1,625 at a market price of $0.14 per share. Effective September 30, 2016, the seven (7) Advisory Board members were compensated for their service from April 1, 2016 through September 30, 2016 (for two quarters) though the granting of 12,500 warrants each (87,500 total warrants per quarter), per quarter per Board member, to purchase 12,500 shares of the Company’s common stock at an average exercise price of $0.095 per share, which vested immediately, and are exercisable for 36 months thereafter. In 2016, a total of 262,000 warrants were issued with a fair value of $29,161 based on an average $0.095 valuation, volatility of 235%, a discount rate of 1.09% and a 3 year term. The total amount of the warrants was expensed in 2016. These warrants are subject to a clawback provision which would be ratably invoked if an advisory board member did not complete his 2016 service term. On December 7, 2016, the Board of Directors issued an employee 100,000 shares of the Company’s restricted common stock. The shares were issued at current market price of $0.12 per share on the effective date of November 17, 2016 at a value of $12,000 and recorded as stock based compensation. During December 2016, warrants to purchase 100,000 shares of common stock were issued for short term debt. The loans were provided by accredited investors. These warrants had a valuation of $14,870 with an exercise price of $0.12 per share and expire in December 2019. On December 31, 2016, a contractor was granted warrants to purchase 40,000 shares of common stock with an exercise price of $0.14 per share. These warrants were valued at $5,545 at a market price of $0.16 per share. On December 31, 2016, per the consulting agreement, a contractor was issued 18,157 shares of common stock in exchange for services. These shares were valued at $2,869 at a market price of $0.16 per share. Effective March 31, 2017, the seven (7) Advisory Board members were compensated for their service from January 1, 2017 through March 31, 2017 by the granting of warrants to purchase 12,500 shares of common stock each per quarter per Board member (in aggregate 87,500 total warrants per quarter), at an average exercise price of $0.14 per share, which vested immediately, and are exercisable for 36 months thereafter. The warrants were issued with a fair value of $12,127 based on an average $0.14 valuation, volatility of 296%, a discount rate of 1.09% and a 3 year term. The warrants were valued using the Black Sholes valuation model. These warrants are subject to a clawback provision which would be ratably invoked if an advisory board member did not complete his 2017 service term. Effective March 31, 2017, the Advisory Board was dissolved and no other warrants were issued subsequent to the first quarter of 2017. Effective February 1, 2017, the Company entered into a consulting agreement in exchange for geology related services. Specifically these services include providing reports detailing analysis of present and potential oil and gas assets. The term of the agreement is one (1) year, subject to a one (1) year extension. The consultant is to be granted warrants to purchase 25,000 shares of common stock for services provided each quarter. The exercise price of the warrants will be the market price of the Company’s stock at quarter end, the warrant term expires 3 years from the date of grant. During the first quarter of 2017, 25,000 warrants were issued with a fair value of $3,465, based on an average $0.14 valuation, volatility of 296%, a discount rate of 1.09% and a 3 year term. During the second quarter of 2017, 25,000 warrants were issued with a fair value of $2,217 based on an average $0.09 valuation, volatility of 296%, a discount rate of 1.09% and a 3 year term. The warrants vested immediately. As of December 31, 2017, the consultant has been granted warrants to purchase 50,000 shares of common stock, with a fair value of $5,682. From January to March 2017, James Burns received 120,000 warrants of common shares, at the exercise price of $0.14 for a 3 year term, valued at $15,800, for his consulting services. On May 12, 2017, one (1) warrant holder exercised a total of 600,000 warrants by remitting payment of $48,000 at a share price of $0.08 per shares. On July 6, 2017, the Company contracted with an attorney to facilitate the conversion of the Rick Wilber debt (described above). To compensate the attorney for his service, he was granted 150,000 shares of common stock valued at $15,000. On July 31, 2017, based on the terms of the agreement, the Company’s final outstanding $25,000 Convertible Bridge Note was mandatorily converted to 271,096 shares of common stock. Based on the agreement, the debt was converted at $0.10 per share. This included the principal balance of $25,000 and accrued interest of $2,110. However, the market price of the shares on the conversion date was $0.12 per share resulting in a loss on conversion of $5,422. On August 15, 2017, in exchange for services related to negotiations concerning our New Mexico operating bond requirements, the Company paid a law firm 500,000 shares of common stock was valued at $65,000. Such shares were provided as a bonus for the successful closing of the Twin Lakes San Andres Unit, New Mexico acquisition. From October to December 2017, the Company issued a total of 750,000 shares of common stock for consulting services valued at $78,000. Out of the 750,000 shares: 294,000 shares were issued to Sandstone Group Corp; 243,000 shares were issued to Newbridge Securities Corp; 63,000 shares were issued to Robert Santos Nesperiera; and 150,000 shares were issued to Interlink Group Inc. On October 1, 2017, the Company commenced a private offering of its securities under Regulation D to accredited investors. Each unit which has a price of $50,000, is comprised of 416,667 shares of common stock and one warrant to purchase an additional 416,667 shares of common stock at a price of $0.20 per share at any time prior to October 1, 2020. As of December 31, 2017 six and a half (6.5) units had been subscribed for and 2,708,336 shares of common stock had been purchased by various accredited investors for $325,000. The proceeds from this private offering include units sold to related parties, as described in Note 5. On November 07, 2017, the majority stockholders of the Company, via written consent to action without meeting, approved (1) the adoption of an amendment to the Petrolia Energy Corporation 2015 Stock Incentive Plan to increase by 36,000,000 (to 40,000,000) the number of shares of common stock reserved for issuance under the plan; (2) the filing of a Certificate of Amendment to the Company’s Certificate of Formation with the Secretary of State of Texas to (a) increase the number of authorized shares of common stock, par value $0.001 per share of the Company, to 400,000,000 shares of common stock; and (b) amend the par value of the Company’s preferred stock, from $0.10 per share to $0.001 per share. Summary information regarding common stock warrants issued and outstanding as of December 31, 2017, 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 $ — 3.5 Granted 5,740,416 0.09 — 2.6 Exercised (825,000 ) — — Expired — — — Outstanding at year ended December 31, 2016 16,825,527 0.26 — 3.20 Granted 19,896,670 0.19 — 3.01 Exercised (1,635,000 ) 0.07 — — Expired — — — — Outstanding at quarter ended December 31, 2017 35,087,197 $ 0.24 $ 1,106,583 2.15 The table below summarizes warrant issuances during the years ended December 31, 2017 and 2016: Year Ended December 31, 2017 2016 Warrants Granted Board of Director Service 3,120,000 2,500,000 PORRI — 150,000 Deferred Salary – CEO, CFO 134,167 206,666 Performance bonus – President 666,667 — Providing Bond Related Collateral 2,250,000 31,250 Conversion of Debt 10,400,000 Pre-bridge Loans — 290,000 Short-term Debt — 100,000 Advisory Board 87,500 262,500 Deferred loan penalty — 10,000 Consulting Agreements 50,000 340,000 Rick Wilber Loan 480,000 500,000 Signing Bonus – CEO, CFO — 550,000 Private Placement Memo (Sept 2015) — 800,000 Private Placement Memo (Oct 2017) 2,708,336 — Total 19,896,670 7,740,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9. COMMITMENTS AND CONTINGENCIES Environmental Matters – Office Lease During 2017, one Director provided personal guarantees to the bank. The bank, relying on those guarantees, issued letters of credit to bonding authorities to meet regulatory bonding requirements. |
OIL AND GAS ACQUISITIONS
OIL AND GAS ACQUISITIONS | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
OIL AND GAS ACQUISITIONS | NOTE 10. OIL AND GAS ACQUISITIONS As of December 31, 2015, the Company had completed the drilling of sixteen wells on the leased properties. Four of these wells have been pledged as collateral for the convertible notes payable. On September 23, 2015, the Company entered into a Purchase and Sale Agreement with SUDS Properties, LLC (“SUDS” and the “Purchase Agreement”). SUDS is 100% owned by Jovian Resources LLC (“Jovian”). Mr. Zel C. Khan, our present CEO, is the former manager of Jovian. Pursuant to the Purchase Agreement, the Company acquired a 10% working interest (carrying a 7.8% NRI) in the SUDS field located in Creek County Oklahoma, in exchange for 10,586,805 shares of restricted common stock. Based on that current market value of Company common stock at $0.068 per share, the price paid was $719,903. Concurrently with the purchase, Jovian agreed to assign us all rights to be the operator of the SUDS unit under a standard operating agreement. The Company did not prepare an unaudited pro-forma income statement table for 2015, related to this SUDS purchase, because the net income effect of those transactions was consider to be immaterial. On November 4, 2015, the Company acquired a 15% net working interest in the TLSAU field located in Chavez County, New Mexico (the “Net Working Interest”) and all operating equipment on the field, pursuant to the terms of a Memorandum of Agreement between the Company and BSNM, which was dated November 4, 2015 (the “Purchase Agreement”). 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 then current market value of the Company’s stock of $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 September 1, 2016, the Company acquired an additional 25% working interest ownership of the TLSAU field located 45 miles from Roswell, Chavez County, New Mexico, through the issuance of 3,500,000 shares of its restricted common stock with an unrelated party. The purchase price of the shares equates to a $350,000 value, based on the $0.10/share market price of Petrolia’s shares on September 1, 2016. After the purchase, the Company holds a total working interest ownership of 40%. The final purchase price allocation of the transaction is as follows: oil and gas properties acquired $392,252, asset retirement obligation assumed of $42,252. On September 28, 2016 the Company issued 24,308,985 shares of its restricted common stock to Jovian, a related party, to acquire 100% (an additional 40% working interest ownership) As a result of the exchange, SUDS became a wholly-owned subsidiary of the Company. The purchase price of the shares equates to a $4,373,186 value, based on the $0.1799 per share market price of Petrolia’s shares on September 28, 2016 (the effective date of the transaction). On September 28, 2016, the Company acquired a 100% working interest ownership of SUDs (an additional 50% working interest ownership) through the issuance of a note payable for $4,000,000 as outlined above in Note 4 and the issuance of 24,308,985 shares of its restricted common stock, from a related party. The purchase price of the shares equates to a $4,373,186 value, based on the $0.1799/share market price of the Company’s common stock on September 28, 2016. After the acquisition, the Company holds a total working interest ownership of 100%. The final purchase price allocation of the combined transactions is as follows: oil and gas properties acquired $8,401,318, asset retirement obligation assumed of $28,132. Effective February 12, 2017, the Company acquired an additional 60% working interest ownership in the TLSAU field (the “Net Working Interest”) resulting from the execution of a Settlement Agreement on February 12, 2017. The agreement assigned Dead Aim Investments’ (“Dead Aim”) 60% ownership interests to the Company. As a result of this transaction, the Company now owns 100% working interest in TLSAU. Consideration of $465,788 was given in exchange for Dead Aim’s working interest. The consideration includes the forgiveness of the Orbit Petroleum Inc Bankruptcy Estate (“OPBE”) note of $316,800 (with a $1.3 million face value) which the Company acquired in November 2015 and the write-off of $148,988 of Dead Aim’s outstanding accounts receivable to the Company. Dead Aim assumed liability (prior to the acquisition) for the OPBE note that the Company purchased. The table below represents the unaudited pro-forma financial statement to show the effects of the combined entity for the periods presented above: December 31, 2017 Petrolia Combined December 31, 2016 Petrolia Combined Oil and Gas Sales 150,970 333,741 Net Loss (3,274,539 ) (1,957,181 ) Loss per share (0.04 ) (0.04 ) |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | NOTE 11. ASSET RETIREMENT OBLIGATIONS During the calendar years presented, the Company brought a number of oil and gas wells into productive status and will have asset retirement obligations once the wells are permanently removed from service. The primary obligations involve the removal and disposal of surface equipment, plugging and abandoning the wells, and site restoration. For the purpose of determining the fair value of ARO incurred during the calendar years presented, the Company used the following assumptions: December 31, 2017 Inflation rate (avg.) 2.1 % Estimated asset life 21 years The following table shows the change in the Company’s ARO for 2017 and 2016: Asset retirement obligations at December 31, 2015 $ 213,328 Obligations assumed in acquisitions 70,384 Additional retirement obligations incurred — Change in estimate — Accretion expense 38,998 Settlements — Asset retirement obligations at December 31, 2016 $ 322,710 Obligations assumed in acquisition 101,405 Additional retirement obligations incurred — Change in estimate — Accretion expense 49,753 Settlements — Asset retirement obligations at December 31, 2017 $ 473,868 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 12. INCOME TAXES There was no provision for income taxes for 2017 and 2016 due to a net operating losses and doubt as to the entity’s ability to continue as a going concern resulting in a 100% valuation allowance. Years from 2015 forward are open to IRS examination. The provision for income taxes differs from the amount computed by applying the federal statutory income tax rate (35%) on operations due primarily to permanent differences attributable to organizational expenses. Fiscal Year Ended December 31, 2017 Fiscal Year Ended December 31, 2016 Income tax expense computed at statutory rates $ (1,141,449 ) $ (656,523 ) Non-deductible items 536,470 219,438 Change in valuation allowance 604,979 437,085 Total $ — $ — The components of the net deferred tax asset were as follows: December 31, 2016 Gross Values Tax Effect Deferred tax assets $ Book Impairment $ 668,073 $ 233,825 Net operating loss carryforwards 7,120,879 2,492,308 Asset retirement obligation — — Other — — Total deferred tax assets 7,788,952 2,726,133 Deferred tax liabilities O&G Properties (6,496,717 ) (2,273,851 ) Other — — Total deferred tax liabilities (6,496,717 ) (2,273,851 ) Less: Valuation allowance (1,292,235 ) (452,282 ) Net deferred tax assets (liabilities) $ — $ — December 31, 2017 Gross Values Tax Effect Deferred tax assets $ Book Impairment $ 668,073 $ 140,295 Net operating loss carryforwards 8,924,934 1,874,236 Asset retirement obligation — — Other — — Total deferred tax assets 9,593,007 2,014,531 Deferred tax liabilities O&G Properties (1,556,593 ) (326,884 ) Other — — Total deferred tax liabilities (1,556,593 ) (326,884 ) Less: Valuation allowance (8,036,415 ) (1,687,647 ) Net deferred tax assets (liabilities) $ — $ — A valuation allowance has been established to offset deferred tax assets. The Company’s accumulated net operating losses were approximately $9.6 million at December 31, 2017 and begin to expire if not utilized beginning in the year 2033. The Tax Cuts and Jobs Act was signed into law on December 22, 2017, and reduced the corporate income tax rate from 34% to 21%. The Company’s deferred tax assets, liabilities, and valuation allowance have been adjusted to reflect the impact of the new tax law. |
SUPPLEMENTAL INFORMATION RELATI
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) | NOTE 13. SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development. In 2016, the Company purchased 90% working interest in the SUDS field in the amount of $8,373,186 and also purchased the 25% working interest in the TLSAU field in the amount of $350,000. In 2017, the Company purchased a 60% working interest in the TLSAU field in the amount of $745,788. With these purchases the Company obtained 100% working interest in the TLSAU field. Fiscal Year Ended December 31, 2017 Fiscal Year Ended December 31, 2016 Property acquisitions $ 745,788 $ 8,723,186 Unevaluated — — Evaluated — — Exploration — — Development — — Total Costs Incurred $ 745,788 $ 8,723,186 Capitalized costs. December 31, 2017 December 31, 2016 Capitalized costs Unevaluated properties $ — $ — Evaluated properties 13,837,800 13,092,012 13,837,800 13,092,012 Less: Accumulated DD&A (1,068,795 ) (1,042,545 ) Net capitalized costs $ 12,769,005 $ 12,049,467 Oil and Gas Reserve Information. MKM Engineering, an independent engineering firm, prepared the estimates of the proved reserves, future production, and income attributable to the leasehold interests as of December 31, 2017 and 2016. The estimated proved net recoverable reserves presented below include only those quantities that were expected to be commercially recoverable at prices and costs in effect at the balance sheet dates under the then existing regulatory practices and with conventional equipment and operating methods. Proved Developed Reserves represent only those reserves estimated to be recovered through existing wells. Proved Undeveloped Reserves include those reserves that may be recovered from new wells on undrilled acreage or from existing wells on which a relatively major expenditure for recompletion or secondary recovery operations is required. All of the Company’s Proved Reserves are located onshore in the continental United States of America. Discounted future cash flow estimates like those shown below are not intended to represent estimates of the fair value of oil and gas properties. Estimates of fair value should also consider unproved reserves, anticipated future oil and gas prices, interest rates, changes in development and production costs and risks associated with future production. Because of these and other considerations, any estimate of fair value is subjective and imprecise. The following table sets forth estimates of the proved oil and gas reserves (net of royalty interests) for the Company and changes therein, for the periods indicated. Oil (Bbls) December 31, 2015 734,520 Revisions of prior estimates (58,297 ) Purchases of reserves in place 1,557,660 Production (6,643 ) December 31, 2016 2,227,240 Revisions of prior estimates (2,186,554 ) Purchases of reserves in place 1,600,935 Production (3,421 ) December 31, 2017 1,638,200 December 31, 2017 December 31, 2016 Estimated Quantities of Proved Developed Reserves – Oil (Bbls) 1,598,010 1,206,010 Estimated Quantities of Proved Undeveloped Reserves – Oil (Bbls) 40,190 1,021,230 Proved undeveloped reserves decreased from December 31, 2016 to December 31, 2017, primarily due to a specific “5-year rule”, a new disclosure requirement in SEC Regulations S-X 210.4-10, which states that undeveloped projects should be developed within 5 years of the initial proved reserves booking. The Noack field has been under one ownership for 5 plus years. The Company believes that once the drilling plan commences this will no longer be an issue. As per this regulation, once the Company provides evidence that it adopted a development plan for a PUD location and that this development plan contains a “final investment decision” showing that it would be developed within the next 5 years, then the PUDS removed from the 2017 report should be re-qualified at that point. The following table sets forth estimates of the proved developed and proved undeveloped oil and gas reserves (net of royalty interests) for the Company and changes therein, for the period indicates. Proved developed producing and non-producing reserve Oil (bbls) December 31, 2016 1,206,010 Acquired Reserves 377,670 Revision of prior estimates 17,751 Production (3,421 ) December 31, 2017 1,598,010 Proved undeveloped reserves Oil (bbls) December 31, 2016 1,021,230 Acquired Reserves 1,223,265 Revisions to prior estimates (2,204,305 ) December 31, 2017 40,190 The increases in Proved developed reserves and the increase in Proved Undeveloped (PUD) reserves were all due to the acquisition of the 60% working interest in TLSAU. Standardized Measure of Discounted Future Net Cash Flows. Standardized Measure of Oil and Gas The following table sets forth the changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves for the periods indicated. December 31, 2017 December 31, 2016 Future cash inflows $ 62,964,150 $ 90,265,000 Future production costs (27,336,630 ) (47,050,770 ) Future development costs (1,491,500 ) (10,396,000 ) Future income taxes — — Future net cash flows 34,136,020 32,818,230 Discount of future net cash flows at 10% per annum (17,530,040 ) (19,253,750 ) Standardized measure of discounted future net cash flows $ 16,605,980 $ 13,564,480 Changes in standardized measure of discounted future cash flows December 31, 2017 December 31, 2016 Beginning of year $ 13,564,480 $ 6,220,500 Sales and transfers of oil & gas produced, net of production costs 267,997 175,048 Net changes in prices and production costs 1,967,068 (1,917,506 ) Changes in estimated future development costs 1,806,404 (673,960 ) Acquisitions of minerals in place, net of production costs 7,645,722 9,941,241 Revision of previous estimates (19,654,723 ) (544,877 ) Change in discount 732,656 817,235 Change in production rate or other (10,276,980 ) (453,201 ) End of year $ 16,605,980 $ 13,564,480 |
BUSINESS SEGMENTS
BUSINESS SEGMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENTS | NOTE 14. BUSINESS SEGMENTS We are a diversified oil and gas company with operations in two segments: Oil and Gas Exploration and Production Oil field services December 31, 2017 December 31, 2016 Revenues Oil & Gas $ 148,835 $ 123,246 Oil field services — 198,000 Total Revenues 148,835 321,246 Net Income Oil & Gas (3,245,008 ) (2,052,004 ) Oil field services (16,276 ) 176,225 Total Net Income (3,261,284 ) (1,875,779 ) Assets Oil & Gas 13,408,306 13,026,082 Oil field services 169,266 185,542 Total Assets 13,577,572 13,211,624 Accounts Receivable Oil & Gas 51,026 199,003 Oil field services — — Total Accounts Receivable $ 51,026 $ 199,003 During 2017, all segment expenses incurred by the oil and gas segment. During the year ended December 31, 2016, all segment expenses incurred by the oil and gas segment except the cost of equipment sold of $33,330, which was incurred by the oil field services segment. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 15. SUBSEQUENT EVENTS On January 16, 2018, Paul Deputy tendered his resignation as the Chief Financial Officer of the Company. Also effective on January 16, 2018, the Company appointed Tariq Chaudhary as the Company’s new Chief Financial Officer (CFO), in anticipation of the completion of the Company’s acquisition of Bow Energy Ltd. Mr. Chaudhary’s biographical information is presented on PART III. ITEM 10. On January 24, 2018, 350,000 shares, valued at $44,800, were issued in accordance with Mr. James Burns’ common stock related salary compensation. On February 1, 2018, a law firm was granted 100,000 shares of common stock as a bonus for the Bow Energy acquisition. On February 1, 2018, a geologist consultant in Oklahoma, was issued 150,000 shares of common stock in exchange for his professional consulting services. On February 1, 2018, in consideration for the cancellation of $25,000 in debt, the Company issued 125,000 shares of common stock to a Director. On February 1, 2018, a Director exercised 1,110,000 warrants of common stock by settling $102,590 of Accounts Payable to a company controlled by the director at an average share price of $0.092 per share. On February 5, 2018, one accredited investors subscribed and purchased 2,000 Series A preferred shares by remitting payment of $20,000. On February 23, 2018, a Director was issued 100,000 shares of common stock for reissuance of lost certificate. On February 27, 2018, the Company closed the Acquisition and Petrolia acquired all of the issued and outstanding shares of capital stock of Bow Energy Ltd (“BOW”), a Canadian company with corporate offices in Alberta, Calgary. Bow’s common shares are currently listed and posted for trading on the TSX Venture Exchange. Bow Shares delisted from the facilities of the TSX Venture Exchange on March 5, 2018. The current capital structure of Bow is as follows: 92,310,184 common shares issued and outstanding, 9,046,478 vested stock options, no warrants, no convertible preferred shares, with a fully diluted total of 101,356,662 shares. Under the terms of the Arrangement, Bow shareholders are deemed to have received 1.15 Petrolia common stock shares for each Bow Share. A total of 106,156,712 shares of the Company’s common stock will be issued to the Bow shareholders as a result of the Arrangement, plus additional shares in connection with the rounding described below. Bow is an Oil & Gas Exploration and Development company operating in the prolific Indonesian Sumatra basin. BOW’s key assets include South Block A PSC – 44.48% working interest, Bohorok PSC – 50% working interest, Bohorok Deep JSA – 20.25% working interest, Palmerah Baru – 54% working interest, MNK Palmerah – 69.36% working interest, Mahato PSC – 20% working interest. BOW will continue as a wholly owned subsidiary of Petrolia and continue to operate all properties under BOW. Ilyas Chaudhary, is the father of Zel C. Khan, the Company's Chief Executive Officer. Mr. Chaudhary owned and controlled BSIH Ltd. (“BSIH”) prior to the acquisition of Bow and through the the ownership and control of BSIH, Mr. Chaudhary controlled Bow. Therefore, the BOW acquisition is considered to be a related party transaction. Additionally, BSIH was the largest shareholder of the Company prior to the cancellation of the shares pursuant to the terms of a Share Exchange Agreement between the Company and Blue Sky Resources Ltd dated August 31, 2018. The acquired assets of Bow consist of over 948,000 net acres onshore North Sumatra, Indonesia which consists of interests in five production-sharing contracts (PSCs) and one Joint Study Agreement (JSA) with the Indonesian government. On February 27, 2018, three (3) accredited investors subscribed and purchased two and a half (2.5) units of shares of common stock in our private offering of securities. Each unit which has a price of $50,000, is comprised of 416,667 shares of common stock and one warrant to purchase an additional 416,667 shares of common stock at a price of $0.20 per share at any time prior to October 1, 2020. In consideration of the two and a half (2.5) units subscribed, the Company issued 1,041,667 common shares for a total price of $125,000 and 1,041,667 warrants of common stock at a price of $0.20 per share expiring on October 1, 2020. On February 28, 2018, one (1) warrant holder exercised a total of 360,000 warrants by remitting payment of $36,875 at an average share price of $0.102 per share. On February 28, 2018, Director Joel Oppenheim exercised 630,000 warrants by remitting payment of $61,800 at an average share price of $0.098 per share. Effective April 12, 2018, the Board of Directors (a) appointed Zel C. Khan as Secretary of the Company; (b) appointed Ivar Siem as a member of the Board of Directors of the Company; and (c) approved the issuance of 616,210 shares of restricted common stock to Mr. James E. Burns, a member of the Board of Directors, in consideration for 2017 deferred salary of $61,621. Also, on April 12, 2018, the Board of Directors approved (a) the entry by the Company into a $500,000 Convertible Promissory Note with Blue Sky International Holdings Inc., a related party. The note, effective April 1, 2018, is due on April 1, 2019, accrues interest at the rate of 11% per annum until paid in full, and is convertible into shares of common stock of the Company at the rate of $0.12 per share. This note was never utilized and subsequently cancelled; and (b) the entry into an Amended Revolving Line of Credit Agreement with Jovian Petroleum Corporation, a related party, which establishes a revolving line of credit in the amount of $500,000 for a period of six months (through August 9, 2018) with amounts borrowed thereunder due at the expiration of the line of credit and accruing interest at the rate of 3.5% per annum unless there is a default thereunder at which time amounts outstanding accrue interest at the rate of 7.5% per annum until paid in full, with such interest payable every 90 days. Both the Blue Sky International Holdings Inc. Promissory Note and the Jovian Line of Credit are related party transactions. Blue Sky International Holdings Inc. is owned by Mr. Ilyas Chaudhary, father of Zel C. Khan, former Director and Officer of Jovian and current CEO and President of the Company. Effective on June 29, 2018, the Company acquired a 25% working interest in approximately 41,526 acres located in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada (collectively, the “Canadian Properties” and the “Working Interest”). The Canadian Properties currently encompass 64 sections, with 240 oil and 12 natural gas wells currently producing on the properties. Additionally, there are several idle wells with potential for reactivation and 34 sections of undeveloped land (approximately 21,760 acres). The Canadian Properties and the Working Interest were acquired from Blue Sky Resources Ltd. (“Blue Sky”), whose President is Ilyas Chaudhary, the father of Zel C. Khan, the Company’s Chief Executive Officer. Mr. Chaudhary owns and controls BSIH Ltd. (“BSIH”). BSIH was the largest shareholder of the Company prior to the cancellation of the shares pursuant to the terms of a Share Exchange Agreement between the Company and Blue Sky Resources Ltd dated August 31, 2018. Blue Sky had previously acquired an 80% working interest in the Canadian Properties from Georox Resources Inc., who had acquired the Canadian Properties from Cona Resources Ltd. and Cona Resources Partnership prior to the acquisition by the Company. The effective date of the acquisition was June 1, 2018. The acquisition of the Canadian Properties was evidenced and documented by a Memorandum of Understanding between the Company and Blue Sky dated June 29, 2018 and a General Conveyance between the parties dated as of the same date, pursuant to which the Company agreed to acquire the Working Interest in consideration for $1,428,581 in Canadian dollars (“CAD”) (approximately $1,089,150 in U.S. dollars) of which CAD $1,022,400 (approximately $779,478 in U.S. dollars) was paid in cash (the “Cash Payment”) and CAD $406,181 (approximately $309,672 in U.S. dollars) was evidenced by a promissory note (the “Acquisition Note”). The Cash Payment was made with funds borrowed by the Company pursuant to the terms of that certain $1,530,000 May 9, 2018, Amended and Restated Loan Agreement entered into with Bow and a third party (the “Loan Agreement” and the “Lender”). The amount owed under the Loan Agreement accrues interest at the rate of 12% per annum (19% upon the occurrence of an event of default) and is due and payable on May 11, 2021. The Working Interest will be held in the name of the Company’s newly formed wholly-owned Alberta, Canada, subsidiary, Petrolia Canada Corporation. The Acquisition Note, which was dated June 8, 2018, bears interest at the rate of 9% per annum, beginning on August 1, 2018 and is due and payable on November 30, 2018, provided that we have the right to extend the maturity date for a period six months with 10 days’ notice to Blue Sky, in the event we pay 25% of the principal amount of the Acquisition Note at the time of extension. The acquisition has not formally closed as the assets can only be transferred after the payment/settlement of the Acquisition Note. On August 17, 2018, the Company sold an aggregate of $90,000 in Convertible Promissory Notes (the “Director Convertible Notes”), to the Company’s directors, Ivar Siem ($20,000) through an entity that he is affiliated with; Leo Womack ($60,000); and Joel Oppenheim ($10,000). The Director Convertible Notes accrue interest at the rate of 12% per annum until paid in full and are due and payable on October 17, 2018. The amount owed may be prepaid at any time without penalty. The outstanding principal and interest owed under the Director Convertible Notes are convertible into common stock of the Company, from time to time, at the option of the holders of the notes, at a conversion price of $0.10 per share. As additional consideration for entering into the notes, the Company agreed to grant one-year warrants to purchase one share of the Company’s common stock at an exercise price of $0.10 per share for each dollar loaned pursuant to the Director Convertible Notes (the “Bridge Note Warrants”). As such, the Company granted (a) 20,000 Bridge Note Warrants to an entity affiliated with Ivar Siem; (b) 60,000 Bridge Note Warrants to Leo Womack; and (c) 10,000 Bridge Note Warrants to Joel Oppenheim. The Director Convertible Notes contain standard and customary events of default. It is contemplated that up to an additional $160,000 in Director Convertible Notes will be sold to affiliates of the Company in the next several months. Effective on August 31, 2018, the Company entered into and closed the transactions contemplated by a Share Exchange Agreement with Blue Sky Resources Ltd. (“Blue Sky” and the “Exchange Agreement”). The President, Chief Executive Officer and 100% owner of Blue Sky is Ilyas Chaudhary, the father of Zel C. Khan, the Company’s Chief Executive Officer. Chaudhary indirectly owns and controls BSIH Ltd. (“BSIH”), which is a significant shareholder of the Company. Additionally, prior to the acquisition of Bow Energy Ltd. (“Bow”) (which we acquired pursuant to an Arrangement Agreement dated November 30, 2017, which acquisition closed on February 27, 2018), BSIH, and as a result of his ownership and control of BSIH, Mr. Chaudhary, controlled Bow. Pursuant to the Exchange Agreement, we exchanged 100% of the ownership of Bow, in consideration for: (a) 70,807,417 shares of the Company’s common stock owned and controlled by Mr. Chaudhary and BSIH (the “Blue Sky Shares”); (b) $100,000 in cash (less certain advances paid by Blue Sky or Bow to the Company since April 1, 2018); (c) the assumption of certain payables owed by Bow totaling $1,696,332 (which includes $730,000 owed under the terms of a Loan Agreement, as amended, originally entered into by Bow, but not the subsequent $800,000 borrowed by Bow pursuant to the amendment to the Loan Agreement dated May 9, 2018 (which obligation is documented by a Debt Repayment Agreement)); (d) 20% of Bow Energy International Holdings, Inc, which is wholly-owned by Bow (“Bow EIH”)(which entity’s subsidiaries own certain Production Sharing Contracts (the “PSC”) and certain other participating assets), pursuant to an Assignment Agreement; (e) certain carry rights described in greater detail in the Exchange Agreement, providing for Blue Sky to carry the Company for up to the next $10 million of aggregate costs in BOW EIH and the PSC assets, with any profits from BOW EIH being distributed 80% to Bow and 20% to the Company, pursuant to a Petrolia Carry Agreement (the “Carry Agreement”); and (f) a 3% royalty, after recovery of (i) the funds expended by Bukit Energy Bohorok Pte Ltd, which is wholly-owned by BOW EIH in the Bohorok, Indonesia PSC (the “Bohorok PSC”) since July 1, 2018, plus (ii) $3,546,450 (i.e., ½ of Bow’s share of the prior sunk cost of the Bohorok PSC), which royalty is evidenced by an Assignment of Petrolia Royalty (the “Royalty Assignment”). The Exchange Agreement closed on August 31, 2018 and has an effective date of July 1, 2018. The Exchange Agreement contains customary and standard representations and warranties of the parties, indemnification obligations (which survive for six months following the closing) and closing conditions. The Company is in the process of cancelling the Blue Sky Shares and returning such shares to the status of authorized but unissued shares of common stock. |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the accounting and disclosure rules and regulations of the SEC. A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows. |
Management Estimates | Management Estimates |
Reclassification | Reclassifications |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Oil and Gas Properties | Oil and Gas Properties The capitalized costs of oil and gas properties, excluding unevaluated and unproved properties, are amortized as depreciation, depletion and amortization expense using the units-of-production method based on estimated proved recoverable oil and gas reserves. The costs associated with unevaluated and unproved properties, initially excluded from the amortization base, relate to unproved leasehold acreage, wells and production facilities in progress and wells pending determination of the existence of proved reserves, together with capitalized interest costs for these projects. Unproved leasehold costs are transferred to the amortization base with the costs of drilling the related well once a determination of the existence of proved reserves has been made or upon impairment of a lease. Costs associated with wells in progress and completed wells that have yet to be evaluated are transferred to the amortization base once a determination is made whether or not proved reserves can be assigned to the property. Costs of dry wells are transferred to the amortization base immediately upon determination that the well is unsuccessful. All items classified as unproved property are assessed on a quarterly basis for possible impairment or reduction in value. Properties are assessed on an individual basis or as a group if properties are individually insignificant. The assessment includes consideration of various factors, including, but not limited to, the following: intent to drill; remaining lease term; geological and geophysical evaluations; drilling results and activity; assignment of proved reserves; and economic viability of development if proved reserves are assigned. During any period in which these factors indicate an impairment, the cumulative drilling costs incurred to date for such property and all or a portion of the associated leasehold costs are transferred to the full cost pool and become subject to amortization. Under full cost accounting rules for each cost center, capitalized costs of evaluated oil and gas properties, including asset retirement costs, less accumulated amortization and related deferred income taxes, may not exceed an amount (the “cost ceiling”) equal to the sum of (a) the present value of future net cash flows from estimated production of proved oil and gas reserves, based on current prices and operating conditions, discounted at ten percent (10%), plus (b) the cost of properties not being amortized, plus (c) the lower of cost or estimated fair value of any unproved properties included in the costs being amortized, less (d) any income tax effects related to differences between the book and tax basis of the properties involved. If capitalized costs exceed this limit, the excess is charged to operations. For purposes of the ceiling test calculation, current prices are defined as the un-weighted arithmetic average of the first day of the month price for each month within the 12 month period prior to the end of the reporting period. Prices are adjusted for basis or location differentials. Unless sales contracts specify otherwise, prices are held constant for the productive life of each well. Similarly, current costs are assumed to remain constant over the entire calculation period. There was no impairment during the year ended December 31, 2017 and 2016. Given the volatility of oil and gas prices, it is reasonably possible that the estimate of discounted future net cash flows from proved oil and gas reserves could change in the near term. If oil and gas prices decline in the future, even if only for a short period of time, it is possible that impairments of oil and gas properties could occur. In addition, it is reasonably possible that impairments could occur if costs are incurred in excess of any increases in the present value of future net cash flows from proved oil and gas reserves, or if properties are sold for proceeds less than the discounted present value of the related proved oil and gas reserves. |
Revenue Recognition | Revenue Recognition |
Receivables and allowance for doubtful accounts | Receivables and allowance for doubtful accounts |
Asset Retirement Obligations | Asset Retirement Obligations Inherent in the fair value calculation of an ARO are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement, and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the fair value of the existing ARO liability, a corresponding adjustment is made to the oil and gas property balance. Settlements greater than or less than amounts accrued as ARO are recorded as a gain or loss upon settlement. |
Debt Issuance Costs | Debt Issuance Costs |
Stock-Based Compensation | Stock-Based Compensation |
Income Taxes | Income Taxes Income Taxes Uncertain tax positions are recognized in the financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in the income tax provision. There are currently no unrecognized tax benefits that if recognized would affect the tax rate. There was no interest or penalties recognized for the twelve months ended December 31, 2017 and 2016. The Company is required to file federal income tax returns in the United States and in various state and local jurisdictions. The Company’s tax returns filed since the 2015 tax year are subject to examination by taxing authorities in the jurisdictions in which it operates in accordance with the normal statutes of limitations in the applicable jurisdiction. |
Furniture, equipment, and software | Furniture, equipment, and software |
Earnings (Loss) Per Share | Earnings (Loss) Per Share |
Concentration of Credit Risk | Concentration of Credit Risk At times, the Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management monitors the credit ratings and concentration of risk with these financial institutions on a continuing basis to safeguard cash deposits. |
Fair Value Measurements | Fair Value Measurements |
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. |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Shareholder Advances (Related Party Only) | Shareholder Advances (Related Party Only) Amount Balance at December 31, 2016 $ 192,000 Additions Advance (1) 361,600 Total Additions 361,600 Payments Debt Conversion to Shares (2) 262,500 Reduction of shareholder balance through the sale of truck (3) 5,000 Cash (4) 69,000 Total Payments 336,500 Balance at December 31, 2017 $ 217,100 (1) Funds that were provided by related parties as shareholder advances. (2) Shares were issued to extinguish outstanding liabilities of the Company. These liabilities could be outstanding shareholder advances, pre-bridge working capital loans or service related accounts payable. (3) Reduction of Jovian Petroleum balance through the sale of 2007 pickup truck Toyota. (4) Funds that were paid in cash by the Company to various related parties to reimburse for funds that were previously loaned as a shareholder advances. |
Schedule of maturities of notes payable | As of December 31, 2017, future maturities on our notes payable, which include the $217,100 related party notes, and the $32,582 current maturities and $24,204 long term installment note payable, were as follows: Fiscal year ending: 2018 $ 249,682 2019 7,102 2020 7,502 2021 7,925 2022 1,675 Total $ 273,886 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Summary information regarding common stock warrants issued and outstanding as of December 31, 2017, is as follows: Warrants Weighted Average Exercise Price Aggregate intrinsic value Weighted average remaining contractual life (years) Outstanding at year ended December 31, 2016 16,825,527 $ 0.26 $ — 3.20 Granted 19,896,670 0.19 — 3.01 Exercised (1,635,000 ) 0.07 — — Expired — — — — Outstanding at quarter ended December 31, 2017 35,087,197 $ 0.24 $ — 2.15 |
Schedule of Warrants Granted | Summary information regarding common stock warrants issued and outstanding as of December 31, 2017, 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 $ — 3.5 Granted 5,740,416 0.09 — 2.6 Exercised (825,000 ) — — Expired — — — Outstanding at year ended December 31, 2016 16,825,527 0.26 — 3.20 Granted 19,896,670 0.19 — 3.01 Exercised (1,635,000 ) 0.07 — — Expired — — — — Outstanding at quarter ended December 31, 2017 35,087,197 $ 0.24 $ 1,106,583 2.15 |
OIL AND GAS ACQUISITIONS (Table
OIL AND GAS ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Pro Forma Information | The table below represents the unaudited pro-forma financial statement to show the effects of the combined entity for the periods presented above: December 31, 2017 Petrolia Combined December 31, 2016 Petrolia Combined Oil and Gas Sales 150,970 333,741 Net Loss (3,274,539 ) (1,957,181 ) Loss per share (0.04 ) (0.04 ) |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Technique | For the purpose of determining the fair value of ARO incurred during the calendar years presented, the Company used the following assumptions: December 31, 2017 Inflation rate (avg.) 2.1 % Estimated asset life 21 years |
Schedule of Asset Retirement Obligations | The following table shows the change in the Company’s ARO for 2017 and 2016: Asset retirement obligations at December 31, 2015 $ 213,328 Obligations assumed in acquisitions 70,384 Additional retirement obligations incurred — Change in estimate — Accretion expense 38,998 Settlements — Asset retirement obligations at December 31, 2016 $ 322,710 Obligations assumed in acquisition 101,405 Additional retirement obligations incurred — Change in estimate — Accretion expense 49,753 Settlements — Asset retirement obligations at December 31, 2017 $ 473,868 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amount computed by applying the federal statutory income tax rate (35%) on operations due primarily to permanent differences attributable to organizational expenses. Fiscal Year Fiscal Year Income tax expense computed at statutory rates $ (1,141,449 ) $ (656,523 ) Non-deductible items 536,470 219,438 Change in valuation allowance 604,979 437,085 Total $ — $ — |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax asset were as follows: December 31, 2016 Gross Values Tax Effect Deferred tax assets $ Book Impairment $ 668,073 $ 233,825 Net operating loss carryforwards 7,120,879 2,492,308 Asset retirement obligation — — Other — — Total deferred tax assets 7,788,952 2,726,133 Deferred tax liabilities O&G Properties (6,496,717 ) (2,273,851 ) Other — — Total deferred tax liabilities (6,496,717 ) (2,273,851 ) Less: Valuation allowance (1,292,235 ) (452,282 ) Net deferred tax assets (liabilities) $ — $ — December 31, 2017 Gross Values Tax Effect Deferred tax assets $ Book Impairment $ 668,073 $ 140,295 Net operating loss carryforwards 8,924,934 1,874,236 Asset retirement obligation — — Other — — Total deferred tax assets 9,593,007 2,014,531 Deferred tax liabilities O&G Properties (1,556,593 ) (326,884 ) Other — — Total deferred tax liabilities (1,556,593 ) (326,884 ) Less: Valuation allowance (8,036,415 ) (1,687,647 ) Net deferred tax assets (liabilities) $ — $ — |
SUPPLEMENTAL INFORMATION RELA28
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure | In 2016, the Company purchased 90% working interest in the SUDS field in the amount of $8,373,186 and also purchased the 25% working interest in the TLSAU field in the amount of $350,000. In 2017, the Company purchased a 60% working interest in the TLSAU field in the amount of $745,788. With these purchases the Company obtained 100% working interest in the TLSAU field. Fiscal Fiscal Property acquisitions $ 745,788 $ 8,723,186 Unevaluated — — Evaluated — — Exploration — — Development — — Total Costs Incurred $ 745,788 $ 8,723,186 |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure | Capitalized costs for unproved properties include costs for acquiring oil and gas leaseholds and geological and geophysical expenses where no proved reserves have been identified. December 31, 2017 December 31, 2016 Capitalized costs Unevaluated properties $ — $ — Evaluated properties 13,837,800 13,092,012 13,837,800 13,092,012 Less: Accumulated DD&A (1,068,795 ) (1,042,545 ) Net capitalized costs $ 12,769,005 $ 12,049,467 |
Schedule of Proved Oil and Gas Reserve Quantities | The following table sets forth estimates of the proved oil and gas reserves (net of royalty interests) for the Company and changes therein, for the periods indicated. Oil (Bbls) December 31, 2015 734,520 Revisions of prior estimates (58,297 ) Purchases of reserves in place 1,557,660 Production (6,643 ) December 31, 2016 2,227,240 Revisions of prior estimates (2,186,554 ) Purchases of reserves in place 1,600,935 Production (3,421 ) December 31, 2017 1,638,200 |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities | December 31, 2017 December 31, 2016 Estimated Quantities of Proved Developed Reserves – Oil (Bbls) 1,598,010 1,206,010 Estimated Quantities of Proved Undeveloped Reserves – Oil (Bbls) 40,190 1,021,230 The following table sets forth estimates of the proved developed and proved undeveloped oil and gas reserves (net of royalty interests) for the Company and changes therein, for the period indicates. Proved developed producing and non-producing reserve Oil (bbls) December 31, 2016 1,206,010 Acquired Reserves 377,670 Revision of prior estimates 17,751 Production (3,421 ) December 31, 2017 1,598,010 Proved undeveloped reserves Oil (bbls) December 31, 2016 1,021,230 Acquired Reserves 1,223,265 Revisions to prior estimates (2,204,305 ) December 31, 2017 40,190 |
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure | The following table sets forth the changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves for the periods indicated. December 31, 2017 December 31, 2016 Future cash inflows $ 62,964,150 $ 90,265,000 Future production costs (27,336,630 ) (47,050,770 ) Future development costs (1,491,500 ) (10,396,000 ) Future income taxes — — Future net cash flows 34,136,020 32,818,230 Discount of future net cash flows at 10% per annum (17,530,040 ) (19,253,750 ) Standardized measure of discounted future net cash flows $ 16,605,980 $ 13,564,480 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows | Changes in standardized measure of discounted future cash flows December 31, 2017 December 31, 2016 Beginning of year $ 13,564,480 $ 6,220,500 Sales and transfers of oil & gas produced, net of production costs 267,997 175,048 Net changes in prices and production costs 1,967,068 (1,917,506 ) Changes in estimated future development costs 1,806,404 (673,960 ) Acquisitions of minerals in place, net of production costs 7,645,722 9,941,241 Revision of previous estimates (19,654,723 ) (544,877 ) Change in discount 732,656 817,235 Change in production rate or other (10,276,980 ) (453,201 ) End of year $ 16,605,980 $ 13,564,480 |
BUSINESS SEGMENTS (Tables)
BUSINESS SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Oil field services December 31, 2017 December 31, 2016 Revenues Oil & Gas $ 148,835 $ 123,246 Oil field services — 198,000 Total Revenues 148,835 321,246 Net Income Oil & Gas (3,245,008 ) (2,052,004 ) Oil field services (16,276 ) 176,225 Total Net Income (3,261,284 ) (1,875,779 ) Assets Oil & Gas 13,408,306 13,026,082 Oil field services 169,266 185,542 Total Assets 13,577,572 13,211,624 Accounts Receivable Oil & Gas 51,026 199,003 Oil field services — — Total Accounts Receivable $ 51,026 $ 199,003 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Impairment of Oil and Gas Properties | $ 0 | $ 0 |
Asset Impairment Charges | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic and Diluted (in Shares) | 93,545,807 | 54,541,922 |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years |
NOTE RECEIVABLE (Details Narrat
NOTE RECEIVABLE (Details Narrative) - USD ($) | Nov. 04, 2015 | Dec. 31, 2017 | Apr. 18, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Value of shares issued for note receivable | $ 112,065 | ||
Market price (in dollar per share) | $ 0.08 | ||
Twin Lakes San Andres Unit [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable face amount | $ 146,875 | ||
10% Note Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable face amount | $ 1,300,000 | ||
Market price (in dollar per share) | $ 0.528 | ||
10% Note Receivable [Member] | Blue Sky New Mexico, Inc [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivable face amount | $ 1,300,000 | ||
Number of shares issued for note receivable (in shares) | 6,000,000 | ||
Value of shares issued for note receivable | $ 316,800 | ||
Market price (in dollar per share) | $ 0.528 | ||
Loan and Leases Receivable, Stated Interest Percentage | 10.00% | ||
Description of notes receivable collateral | Note is secured by mortgages on the Twin Lakes oil and gas leases. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Sep. 26, 2017USD ($)$ / sharesshares | Aug. 01, 2017USD ($)$ / sharesshares | Jul. 31, 2017USD ($)shares | May 23, 2017USD ($)$ / sharesshares | May 12, 2017USD ($)$ / sharesshares | Dec. 01, 2016USD ($)shares | Sep. 28, 2016USD ($)$ / sharesshares | Sep. 01, 2016USD ($)$ / sharesshares | Sep. 01, 2016USD ($)$ / sharesshares | Aug. 28, 2016USD ($)$ / sharesshares | Aug. 25, 2016USD ($)$ / sharesshares | Aug. 18, 2016USD ($)$ / sharesshares | Aug. 17, 2016USD ($)$ / sharesshares | Jul. 01, 2016 | Jun. 24, 2016USD ($) | May 31, 2016USD ($)$ / sharesshares | May 02, 2016USD ($)$ / sharesshares | May 01, 2016USD ($)shares | Apr. 18, 2016USD ($)$ / sharesshares | Apr. 01, 2016USD ($)$ / sharesshares | Mar. 11, 2016USD ($)$ / sharesshares | Feb. 10, 2016USD ($) | Feb. 01, 2016USD ($)$ / sharesshares | Nov. 04, 2015USD ($)shares | Sep. 23, 2015USD ($)$ / shares$ / Itemshares | Sep. 01, 2015USD ($)$ / sharesshares | Jun. 11, 2015$ / sharesshares | May 02, 2015USD ($)shares | May 01, 2015$ / sharesshares | Feb. 28, 2015shares | Dec. 31, 2016USD ($)$ / sharesshares | Oct. 31, 2016USD ($)$ / sharesshares | Jul. 31, 2016USD ($) | Jul. 19, 2017USD ($) | Jul. 19, 2017USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)shares | Sep. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)Number$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014shares | Dec. 07, 2017$ / shares | Dec. 07, 2016$ / shares | ||
Related Party Transaction, Amounts of Transaction | $ 184,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from shareholder advances | $ 20,000 | $ 361,600 | $ 388,000 | 134,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-Cash Shareholder Advances | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Related Party Debt | 69,000 | [1] | 92,000 | [1] | 8,000 | |||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | $ 166,107 | 262,500 | [2] | 150,000 | [2] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 271,096 | 2,076,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.08 | $ 77 | $ 0.06 | $ 0.14 | $ 0.14 | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||||||
Due to Related Parties | $ 375,900 | $ 217,100 | 217,100 | 550,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | shares | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | 394,154 | 209,125 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 323,000 | $ 111,352 | 302,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 400,000 | 500,000 | 500,000 | 262,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 47,319 | $ 41,891 | $ 79,223 | $ 29,161 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 15,400 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.20 | $ 0.08 | $ 0.07 | $ 0.15 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.15 | |||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 36 months | 36 months | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 4,773,186 | 719,903 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (5,422) | (5,422) | 0 | $ (109,879) | ||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Oil and Gas Property | $ 9,256 | $ 93,476 | ||||||||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.08 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 235.00% | 235.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 1.09% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 356,027 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Exercised (in Shares) | shares | 600,000 | 825,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 48,000 | $ 63,352 | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 800,000 | 800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of Units Issued (in Shares) | shares | 27 | 22 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 2,200,000 | 2,700,000 | 2,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 800,000 | 800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (90,800) | $ (90,800) | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 80,000 | $ 80,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement Dated September 1_ 2015 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 100,000 | 2,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Private Placement Dated May 1_ 2015 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 2,700,000 | 1,400,000 | 1,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Director [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | shares | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Options granted (in Shares) | shares | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of option (in Dollars per share) | $ / shares | $ 0.077 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 23,028 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.077 | $ 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | shares | 500,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of Units Issued (in Shares) | shares | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 30,000 | 10,000 | 800,000 | 35,000 | 35,000 | 35,000 | 29,167 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 1,588 | $ 4,146 | $ 3,106 | $ 4,851 | $ 16,993 | |||||||||||||||||||||||||||||||||||||||||||||
Options granted (in Shares) | shares | 550,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of option (in Dollars per share) | $ / shares | $ 0.077 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 38,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.09 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 36 months | |||||||||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 286.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 1.09% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 48,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Officers' Compensation | $ 140,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 26,096 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Salaries | $ 186,687 | $ 186,687 | ||||||||||||||||||||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 70,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Options granted (in Shares) | shares | 1,000,000 | 1,000,000 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of option (in Dollars per share) | $ / shares | $ 0.15 | $ 0.06 | $ 0.06 | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise term of options | 36 months | 36 months | 36 months | |||||||||||||||||||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Director 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Options granted (in Shares) | shares | 500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of option (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise term of options | 36 months | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Exercised (in Shares) | shares | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 18,480 | |||||||||||||||||||||||||||||||||||||||||||||||||
Director 2 [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 100,000 | 200,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 4,000,000 | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (88,755) | $ (88,755) | ||||||||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Director 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 246,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 2,000,000 | 270,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 236,586 | |||||||||||||||||||||||||||||||||||||||||||||||||
Options granted (in Shares) | shares | 500,000 | 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise price of option (in Dollars per share) | $ / shares | $ 0.06 | $ 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise term of options | 36 months | 36 months | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.06 | $ 0.059 | ||||||||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 286.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Working Interest Ownership | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Exercised (in Shares) | shares | 1,035,000 | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 62,065 | $ 472 | ||||||||||||||||||||||||||||||||||||||||||||||||
Director 1 [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Chairman Of The Board Of Directors And Two Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 129,216 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 115,045 | |||||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 8,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | shares | 1,000,000 | 488,895 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited (in Shares) | shares | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 8,500 | $ 33,778 | $ 25,500 | $ 34,000 | $ 8,500 | |||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 0 | 160,000 | 40,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 0 | $ 17,704 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 68,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 25,500 | 25,500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 36 months | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Outstanding | $ 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 48,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 21,107 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Conversion of Warrants | $ 19,079 | |||||||||||||||||||||||||||||||||||||||||||||||||
Advisory Board [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.06 | $ 0.06 | $ 0.06 | |||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 31,250 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 2,629 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Directors | Number | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.12 | $ 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||
Two Key Employees [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issued For Each Dollar Of Deferred Salary [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 60,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sale Of Pump Jacks To Related Parties [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 198,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Related Parties | 164,670 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vehicles [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 10,625 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Other Debt | $ 7,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable | $ 3,264 | |||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued As Settlement Of Accounts Payable 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 56,107 | |||||||||||||||||||||||||||||||||||||||||||||||||
Extinguishment Of Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 20,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 250,000 | 1,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.08 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 1,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 146,875 | $ 130,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | (109,879) | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued For Conversion Of Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Related Party Debt | $ 4,869 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 110,000 | 146,875 | 316,800 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1,468,750 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Working interest | 15.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 146,875 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 146,875 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued As Settlement Of Accounts Payable [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 12,000 | 120,146 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.08 | |||||||||||||||||||||||||||||||||||||||||||||||||
Conversion Of Shareholder Advances [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 20,000 | $ 50,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 285,714 | 800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.07 | $ 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 150,000 | $ 239,878 | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued As Payment Of Shareholder Advances [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 150,000 | $ 130,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Settlement Of Payables [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 120,146 | |||||||||||||||||||||||||||||||||||||||||||||||||
SUDs [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.1799 | $ 0.1799 | $ 0.068 | |||||||||||||||||||||||||||||||||||||||||||||||
Working interest | 40.00% | 40.00% | 15.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 24,308,985 | 24,308,985 | 1,000,000 | 10,586,805 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 4,373,186 | $ 4,373,186 | $ 719,903 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Per Barrel (in Dollars per Item) | $ / Item | 4.77 | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Oil and Gas Property | $ 8,401,318 | $ 196,875 | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable Face Amount | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued, Value, Acquisition of Note Receivable | $ 316,800 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued, Shares, Acquisition of Note Receivable (in Shares) | shares | 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.1799 | |||||||||||||||||||||||||||||||||||||||||||||||||
Working Interest Ownership | 50.00% | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.75 | $ 0.75 | ||||||||||||||||||||||||||||||||||||||||||||||||
Working interest | 25.00% | 50.00% | 15.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 3,500,000 | 3,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Oil and Gas Property | $ 8,401,318 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.10 | $ 0.10 | ||||||||||||||||||||||||||||||||||||||||||||||||
Working Interest Ownership | 25.00% | 25.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 146,875 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 4,000,000 | $ 392,252 | $ 392,252 | $ 745,788 | 350,000 | |||||||||||||||||||||||||||||||||||||||||||||
Asset Retiirement Obligation Assumed in Acquisition | $ 28,132 | |||||||||||||||||||||||||||||||||||||||||||||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | Production Payment Note [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | Loans Payable [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | Principal [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1,468,750 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | 146,875 | |||||||||||||||||||||||||||||||||||||||||||||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Other Debt | $ 4,869 | |||||||||||||||||||||||||||||||||||||||||||||||||
SUDS Properties LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.068 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 10,586,805 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 719,903 | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 8,373,186 | |||||||||||||||||||||||||||||||||||||||||||||||||
Askarii Resources [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||
STUD S1 Term Overriding Royalty Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Offering Amount | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Monthly Gross Revenues Paid to Investors (in Dollars per share) | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investor, Investment Amount | $ 20,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investor, Maximum Cumlative Renvue | $ 30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Securities Called by Each Warrant (in Shares) | shares | 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant Expiration Date | Feb. 28, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Overriding Royalty Interest Offering | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Securities Called by Warrants (in Shares) | shares | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.06 | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 235.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 1.09% | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Working Interest Ownership | 10.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost Method Investments, Original Cost | $ 30,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accredited investors [Member] | STUD S1 Term Overriding Royalty Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 14,336 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issued To Contractor [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 40,000 | 40,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 5,545 | $ 5,545 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.14 | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.16 | 0.16 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | Private Placement Dated September 1_ 2015 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant Expiration Date | Aug. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | Private Placement Dated May 1_ 2015 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrant Expiration Date | Aug. 5, 2018 | Aug. 5, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of Securities Called by Warrants (in Shares) | shares | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Issued For Short Term Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 14,870 | $ 14,870 | ||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.12 | $ 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted For Pre Bridge Loans [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 230,000 | 290,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 15,792 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.09 | $ 0.09 | $ 0.09 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted For Pre Bridge Loans [Member] | Director [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 110,000 | $ 110,000 | $ 110,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted For Pre Bridge Loans [Member] | Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | 100,000 | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted For Pre Bridge Loans [Member] | Chairman Of The Board Of Directors And Two Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 20,000 | $ 20,000 | $ 20,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Monthly Warrants To Each Advisory Board Member [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 12,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Monthly Advisory Board Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 87,500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted For Short Term Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Advisory Board [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 87,500 | 262,500 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted For Deferred Loan Penalty [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted For Consulting Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 50,000 | 340,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted On Rick Wilber Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 480,000 | 500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted For Officer Signing Bonus [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 550,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted In September 2015 Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 3,500,000 | 800,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted In May 2015 Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 0 | 2,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted Providing Bond Related Collateral [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 2,250,000 | 31,250 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To CEO And CFO [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 134,167 | 206,666 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Board Of Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 3,120,000 | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To PORRI [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 150,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Funds that were paid in cash by the Company to various related parties to reimburse for funds that were previously loaned as a shareholder advances. | |||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Shares were issued to extinguish outstanding liabilities of the Company. These liabilities could be outstanding shareholder advances, pre-bridge working capital loans or service related accounts payable. |
RELATED PARTY TRANSACTIONS (D33
RELATED PARTY TRANSACTIONS (Details Narrative 1) | Jan. 24, 2018USD ($)shares | Oct. 03, 2017USD ($)shares | Sep. 26, 2017USD ($)$ / sharesshares | Aug. 01, 2017USD ($)$ / sharesshares | Jul. 31, 2017USD ($)$ / sharesshares | Jul. 19, 2017USD ($)$ / sharesshares | Jul. 06, 2017USD ($)shares | Jun. 08, 2017USD ($) | May 30, 2017USD ($)$ / sharesshares | May 23, 2017USD ($)$ / sharesshares | May 12, 2017USD ($)$ / sharesshares | Apr. 18, 2017USD ($)$ / sharesshares | Aug. 25, 2016USD ($)$ / sharesshares | Aug. 18, 2016USD ($)$ / sharesshares | Aug. 17, 2016USD ($)$ / sharesshares | May 31, 2016$ / sharesshares | Apr. 18, 2016USD ($)$ / sharesshares | Mar. 11, 2016USD ($)$ / sharesshares | Feb. 10, 2016USD ($) | Feb. 01, 2016USD ($)Number | Sep. 23, 2015USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares | Oct. 31, 2016USD ($)$ / sharesshares | Jul. 19, 2017USD ($)$ / shares | Jul. 19, 2017USD ($)$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2016$ / sharesshares | Mar. 31, 2015USD ($) | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)Number$ / sharesshares | Dec. 31, 2014shares | Apr. 11, 2017USD ($) | ||
Class of Warrant or Rights, Granted (in Shares) | shares | 400,000 | 500,000 | 500,000 | 262,000 | |||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 47,319 | $ 41,891 | $ 79,223 | $ 29,161 | |||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.08 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 235.00% | 235.00% | |||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | 3 years | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | shares | 200,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 15,400 | ||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 184,000 | ||||||||||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 394,154 | $ 209,125 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares) | shares | 700,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 42,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 323,000 | 111,352 | 302,000 | ||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Exercise Price (in Dollars per share) | $ / shares | $ 0.095 | $ 0.095 | $ 0.095 | ||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | (3,677) | ||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Gross | $ 200,416 | $ 264,723 | 264,723 | 200,416 | |||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 20,000 | 361,600 | 388,000 | 134,000 | |||||||||||||||||||||||||||||||||||||
Repayments of Related Party Debt | 69,000 | [1] | 92,000 | [1] | 8,000 | ||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | $ 166,107 | 262,500 | [2] | $ 150,000 | [2] | |||||||||||||||||||||||||||||||||||
Due to Related Parties | $ 375,900 | $ 217,100 | 217,100 | $ 550,000 | |||||||||||||||||||||||||||||||||||||
Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 356,027 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Exercise Price (in Dollars per share) | $ / shares | $ 0.15 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 235.00% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||||||||||||||||||||
Number of Drilled Wells | Number | 16 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 271,096 | 2,076,000 | |||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.08 | $ 77 | $ 0.06 | 0.14 | 0.14 | 0.14 | |||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.20 | $ 0.08 | $ 0.07 | $ 0.15 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.095 | $ 0.15 | ||||||||||||||||||||||||||||||||
Conversion price, per share | $ / shares | $ 0.10 | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (5,422) | (5,422) | $ 0 | $ (109,879) | |||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 4,773,186 | $ 719,903 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Exercised (in Shares) | shares | 600,000 | 825,000 | 0 | ||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 48,000 | $ 63,352 | |||||||||||||||||||||||||||||||||||||||
SUD S1 Term Overriding Royalty Interest [Member] | |||||||||||||||||||||||||||||||||||||||||
Offering Amount | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||
Number of Drilled Wells | Number | 22 | ||||||||||||||||||||||||||||||||||||||||
Investor, Investment Amount | $ 20,000 | ||||||||||||||||||||||||||||||||||||||||
Investor, Maximum Cumlative Revenue | 30,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Overriding Royalty Interest | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Gross, Period Increase (Decrease) | 280,000 | ||||||||||||||||||||||||||||||||||||||||
Interest Expense | 128,229 | ||||||||||||||||||||||||||||||||||||||||
Cash True Up Payment | 3,230 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 120,590 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,205,900 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 550,000 | ||||||||||||||||||||||||||||||||||||||||
Offering Amount | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 55,000 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Related Party Debt Converted To Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 262,500 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | SUD S1 Term Overriding Royalty Interest [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 405,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 40,500 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | SUD S1 Term Overriding Royalty Interest [Member] | Shares Received By Each Related Party [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 2,900 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | SUD S1 Term Overriding Royalty Interest [Member] | Portion Held By Related Parties [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 174,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 17,400 | ||||||||||||||||||||||||||||||||||||||||
Investors Cumlative Interest in Wells | 6.00% | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Preferred Shares Issued For Purchase Of Equipment [Member] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 3,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 30,000 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Settlement Of Accounts Payable Through Share Issuance [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 840 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Shares Issued In Payment Of Shareholder Advance [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 27,090 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Settlement Of Debt With Preferred Shares [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 28,900 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Settlement Of Investment With Preferred Shares [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 40,500 | ||||||||||||||||||||||||||||||||||||||||
Interest [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 2,110 | ||||||||||||||||||||||||||||||||||||||||
Due to Related Parties | 13,400 | ||||||||||||||||||||||||||||||||||||||||
Principal [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||
Due to Related Parties | $ 362,500 | ||||||||||||||||||||||||||||||||||||||||
Convertible Secured Note Dated July 17_ 2013 [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 350,000 | ||||||||||||||||||||||||||||||||||||||||
Convertible Secured Note Dated September 30_ 2013 [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Convertible Secured Note Dated December 31_ 2103 [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||
Equipment Purchase [Member] | Series A Preferred Stock [Member] | Settlement Of Debt With Preferred Shares [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 3,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Each Advisory Baord Member [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 12,500 | ||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Advisory Board Members [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 87,500 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 12,127 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 296.00% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||
Monthly Warrants Granted To Consultant 1 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 40,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Consultant 1 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 120,000 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 15,836 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 296.00% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||
Shares Issued For Cash [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 24,100 | ||||||||||||||||||||||||||||||||||||||||
Portion Of Shares Issued To Related Parties [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 57,990 | ||||||||||||||||||||||||||||||||||||||||
Portion Of Shares Issued To Third Parties [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 62,600 | ||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Consultant 2 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 25,000 | 25,000 | 50,000 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 2,217 | $ 3,465 | $ 5,682 | ||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.12 | $ 0.09 | |||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 296.00% | 296.00% | |||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | 3 years | |||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | 0.14% | |||||||||||||||||||||||||||||||||||||||
Quarterly Warrants Granted To Consultant 2 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 25,000 | ||||||||||||||||||||||||||||||||||||||||
President [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 250,000 | 166,667 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 29,580 | $ 14,758 | |||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 286.00% | 286.00% | |||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | 3 years | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares) | shares | 350,000 | 350,000 | 350,000 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 44,000 | $ 42,000 | $ 35,000 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 120,000 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Exercise Price (in Dollars per share) | $ / shares | $ 0.09 | $ 0.12 | $ 0.12 | ||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | 1.09% | |||||||||||||||||||||||||||||||||||||||
President [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 10,500 | ||||||||||||||||||||||||||||||||||||||||
President [Member] | Employment Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||
Officers' Compensation | $ 300,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 100,000 | 350,000 | 350,000 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,400,000 | $ 42,000 | $ 35,000 | ||||||||||||||||||||||||||||||||||||||
Two New Directors [Member] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 13,000 | ||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.13 | ||||||||||||||||||||||||||||||||||||||||
Director 1 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 2,000,000 | 270,000 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 236,586 | ||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.12 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 286.00% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 246,000 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Exercise Price (in Dollars per share) | $ / shares | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Gross (in Shares) | shares | 500,000 | 500,000 | |||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 0.06 | $ 0.06 | |||||||||||||||||||||||||||||||||||||||
Exercisable, Weighted Average Remaining Contractual Term | 36 months | 36 months | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.06 | $ 0.059 | |||||||||||||||||||||||||||||||||||||||
Additional working interest acquired | 100.00% | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Other (in Shares) | shares | 1,035,000 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Exercised (in Shares) | shares | 1,035,000 | 10,000 | |||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 62,065 | $ 472 | |||||||||||||||||||||||||||||||||||||||
Director 1 [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | $ 25,000 | |||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 17,590 | ||||||||||||||||||||||||||||||||||||||||
Director 1 [Member] | Quaterly Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 250 | ||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 4,000,000 | $ 4,000,000 | |||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (88,755) | $ (88,755) | |||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Tranche 2 [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 12,749,285 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,325,926 | ||||||||||||||||||||||||||||||||||||||||
Conversion price, per share | $ / shares | $ 10 | $ 10 | $ 10 | ||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Tranche 2 [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 21,510 | ||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 10 | $ 10 | $ 10 | ||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 215,100 | ||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Tranche 1 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 1,180,880 | ||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,400,000 | ||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Interest [Member] | Tranche 1 [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 33,151 | ||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Million 4 Warrants Issued [Member] | Tranche 1 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 471,104 | ||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.12 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 293.00% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.35 | ||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Million 6 Warrants Issued [Member] | Tranche 1 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 6,000,000 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 709,776 | ||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.12 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 293.00% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.20 | ||||||||||||||||||||||||||||||||||||||||
Shareholder [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | 12,103 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | 301,600 | ||||||||||||||||||||||||||||||||||||||||
Repayments of Related Party Debt | 19,000 | ||||||||||||||||||||||||||||||||||||||||
Shareholder [Member] | Sale Of Vehicle To Related Party [Member] | |||||||||||||||||||||||||||||||||||||||||
Vehicle Sold by Shareholder Advance Balance | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Due from Related Parties | $ (5,000) | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | $ (3,677) | ||||||||||||||||||||||||||||||||||||||||
Shareholder [Member] | Sale Of Vehicle To Related Party [Member] | Vehicles [Member] | |||||||||||||||||||||||||||||||||||||||||
Vehicle Sold by Shareholder Advance Balance | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | $ 3,677 | ||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Gross | 10,625 | ||||||||||||||||||||||||||||||||||||||||
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 1,948 | ||||||||||||||||||||||||||||||||||||||||
Director 2 [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 30,000 | ||||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Gross (in Shares) | shares | 500,000 | ||||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 0.06 | ||||||||||||||||||||||||||||||||||||||||
Exercisable, Weighted Average Remaining Contractual Term | 36 months | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.06 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Exercised (in Shares) | shares | 300,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 18,480 | ||||||||||||||||||||||||||||||||||||||||
Director 2 [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 167,500 | 167,500 | |||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 2,500 | ||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | |||||||||||||||||||||||||||||||||||||||||
Accrued Salaries | $ 186,687 | $ 186,687 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 30,000 | 10,000 | 800,000 | 35,000 | 35,000 | 35,000 | 29,167 | ||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 1,588 | $ 4,146 | $ 3,106 | $ 4,851 | $ 16,993 | ||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.14 | |||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 286.00% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Discount Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | shares | 500,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 38,500 | ||||||||||||||||||||||||||||||||||||||||
Officers' Compensation | $ 140,000 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 800,000 | ||||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Gross (in Shares) | shares | 550,000 | ||||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 0.077 | ||||||||||||||||||||||||||||||||||||||||
Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 26,096 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.077 | $ 0.06 | |||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.09 | ||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 15,000 | $ 15,000 | |||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 1,500 | ||||||||||||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 70,000 | ||||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Gross (in Shares) | shares | 1,000,000 | 1,000,000 | 1 | ||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 0.15 | $ 0.06 | $ 0.06 | ||||||||||||||||||||||||||||||||||||||
Exercisable, Weighted Average Remaining Contractual Term | 36 months | 36 months | 36 months | ||||||||||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 55,000 | 55,000 | |||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | shares | 5,500 | ||||||||||||||||||||||||||||||||||||||||
Each Director On The Board [Member] | |||||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Gross (in Shares) | shares | 500,000 | ||||||||||||||||||||||||||||||||||||||||
Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $ / shares | $ 0.15 | ||||||||||||||||||||||||||||||||||||||||
Exercisable, Weighted Average Remaining Contractual Term | 36 months | ||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | shares | 0 | 160,000 | 40,000 | ||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 0 | $ 17,704 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares) | shares | 1,000,000 | 488,895 | |||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 68,000 | ||||||||||||||||||||||||||||||||||||||||
Share-based Payment Award, Award Vesting Period | 24 months | ||||||||||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 8,500 | ||||||||||||||||||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 8,500 | $ 33,778 | $ 25,500 | $ 34,000 | $ 8,500 | ||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ / shares | $ 0.20 | ||||||||||||||||||||||||||||||||||||||||
Accredited investors [Member] | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | shares | 2,708,336 | ||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 325,000 | ||||||||||||||||||||||||||||||||||||||||
[1] | Funds that were paid in cash by the Company to various related parties to reimburse for funds that were previously loaned as a shareholder advances. | ||||||||||||||||||||||||||||||||||||||||
[2] | Shares were issued to extinguish outstanding liabilities of the Company. These liabilities could be outstanding shareholder advances, pre-bridge working capital loans or service related accounts payable. |
RELATED PARTY TRANSACTIONS (D34
RELATED PARTY TRANSACTIONS (Details Narrative 2) | Aug. 31, 2018USD ($)shares | Aug. 17, 2018USD ($)$ / sharesshares | Jun. 29, 2018aBoe / DayBarrel / DayNumber | May 22, 2018USD ($) | May 14, 2018USD ($)$ / sharesshares | Apr. 18, 2018USD ($)$ / sharesshares | Aug. 17, 2016USD ($)shares | Dec. 31, 2016USD ($)$ / shares | Jul. 31, 2017$ / shares | May 23, 2017$ / shares | May 12, 2017$ / shares | Oct. 31, 2016$ / shares | Sep. 30, 2016$ / shares | Apr. 18, 2016$ / shares |
Restricted stock award granted (shares) | shares | 200,000 | |||||||||||||
Restricted stock award granted | $ 15,400 | |||||||||||||
Exercise price of warrants (per share) | $ / shares | $ 0.15 | $ 0.20 | $ 0.08 | $ 0.095 | $ 0.095 | $ 0.07 | ||||||||
Cash received in acquisition | $ 114 | |||||||||||||
Conversion price, per share | $ / shares | $ 0.10 | |||||||||||||
Subsequent Event [Member] | Director Convertible Notes [Member] | ||||||||||||||
Exercise price of warrants (per share) | $ / shares | $ 0.10 | |||||||||||||
Proceeds from sale of convertible promissory notes | $ 90,000 | |||||||||||||
Conversion price, per share | $ / shares | $ 0.10 | |||||||||||||
Contemplated additional notes to be issued in the future | $ 160,000 | |||||||||||||
Subsequent Event [Member] | Fields [Member] | ||||||||||||||
Working Interest Ownership | 25.00% | |||||||||||||
Number of sections | Number | 64 | |||||||||||||
Number of acres | a | 41,526 | |||||||||||||
Number of producing oil wells | Number | 240 | |||||||||||||
Number of producing natural gas wells | Number | 12 | |||||||||||||
Number of sections undeveloped land | Number | 34 | |||||||||||||
Number of acres undeveloped land | a | 21,760 | |||||||||||||
Production of oil (boepd) | Boe / Day | 1,290 | |||||||||||||
Production of oil barrels (bopd) | Barrel / Day | 1,222 | |||||||||||||
Production of natural gas (boepd) | Boe / Day | 68 | |||||||||||||
Net production interest (boepd) | Boe / Day | 322 | |||||||||||||
Subsequent Event [Member] | Blue Sky Resources Ltd [Member] | Exchange Agreement [Member] | ||||||||||||||
Percentage of ownership exchanged | 100.00% | |||||||||||||
Number of common shares received | shares | 70,807,417 | |||||||||||||
Cash received in acquisition | $ 100,000 | |||||||||||||
Assumption of payables | 1,696,332 | |||||||||||||
Assumption of loan | 730,000 | |||||||||||||
Amount of aggregate costs to carry | $ 10,000,000 | |||||||||||||
Profit sharing to Company | 20.00% | |||||||||||||
Profit sharing to Counterparty | 80.00% | |||||||||||||
Royalty (percent) | 3.00% | |||||||||||||
Royalty recovery amount under agreement | $ 3,546,450 | |||||||||||||
Subsequent Event [Member] | Blue Sky Resources Ltd [Member] | Exchange Agreement [Member] | Bow Energy Ltd [Member] | ||||||||||||||
Percentage of ownership acquired | 20.00% | |||||||||||||
Subsequent Event [Member] | President [Member] | ||||||||||||||
Warrants Granted (shares) | shares | 2,000,000 | |||||||||||||
Restricted stock award granted (shares) | shares | 500,000 | |||||||||||||
Restricted stock award granted | $ 45,000 | |||||||||||||
Fair value of warrants issued | 177,982 | |||||||||||||
Officers' Compensation | 65,000 | |||||||||||||
Health benefits to officers | $ 25,000 | |||||||||||||
Additional shares to be issued upon completion of terms in employment agreement | shares | 500,000 | |||||||||||||
Exercise price of warrants (per share) | $ / shares | $ 0.10 | |||||||||||||
Subsequent Event [Member] | Former President [Member] | ||||||||||||||
Severance pay | $ 33,000 | |||||||||||||
Warrants Granted (shares) | shares | 3,000,000 | |||||||||||||
Restricted stock award granted (shares) | shares | 2,000,000 | |||||||||||||
Restricted stock award granted | $ 180,000 | |||||||||||||
Fair value of warrants issued | $ 266,971 | |||||||||||||
Exercise price of warrants (per share) | $ / shares | $ 0.10 | |||||||||||||
Subsequent Event [Member] | Officer [Member] | ||||||||||||||
Stock issued for compensation (shares) | $ 500,000 | |||||||||||||
Subsequent Event [Member] | Director - Ivar Siem [Member] | ||||||||||||||
Warrants Granted (shares) | shares | 20,000 | |||||||||||||
Proceeds from sale of convertible promissory notes | $ 20,000 | |||||||||||||
Subsequent Event [Member] | Director - Leo Womack [Member] | ||||||||||||||
Warrants Granted (shares) | shares | 60,000 | |||||||||||||
Proceeds from sale of convertible promissory notes | $ 60,000 | |||||||||||||
Subsequent Event [Member] | Director - Joel Oppenheim [Member] | ||||||||||||||
Warrants Granted (shares) | shares | 10,000 | |||||||||||||
Proceeds from sale of convertible promissory notes | $ 10,000 |
RELATED PARTY TRANSACTIONS (D35
RELATED PARTY TRANSACTIONS (Details Narrative 3) | Jun. 29, 2018USD ($) | Jun. 29, 2018CAD ($) | May 09, 2018USD ($) | Apr. 12, 2018USD ($)$ / shares | Aug. 17, 2018$ / shares | Jun. 08, 2018 | Jul. 31, 2017$ / shares |
Conversion price, per share | $ / shares | $ 0.10 | ||||||
Subsequent Event [Member] | Bow Energy Ltd [Member] | Amended and Restated Loan Agreement [Member] | |||||||
Interest rate | 12.00% | ||||||
Default interest rate | 19.00% | ||||||
Debt amount | $ 1,530,000 | ||||||
Maturity date | May 11, 2021 | ||||||
Principal payment extension requirement (percent) | 25.00% | ||||||
Subsequent Event [Member] | Convertible Promissory Note due on April 1, 2018 [Member] | |||||||
Conversion price, per share | $ / shares | $ 0.10 | ||||||
Subsequent Event [Member] | Jovian Petroleum Corporation [Member] | Amended Revolving Line of Credit Agreement [Member] | |||||||
Interest rate | 3.50% | ||||||
Default interest rate | 7.50% | ||||||
Revolving line of credit | $ 500,000 | ||||||
Maturity date | Aug. 9, 2018 | ||||||
Conversion price, per share | $ / shares | $ 0.12 | ||||||
Subsequent Event [Member] | Blue Sky International Holdings, Inc. [Member] | Convertible Promissory Note due on April 1, 2018 [Member] | |||||||
Interest rate | 11.00% | ||||||
Debt amount | $ 500,000 | ||||||
Maturity date | Apr. 1, 2019 | ||||||
Conversion price, per share | $ / shares | $ 0.12 | ||||||
Cancellation date | Apr. 12, 2018 | ||||||
Subsequent Event [Member] | Blue Sky Resources Ltd [Member] | |||||||
Interest rate | 9.00% | ||||||
Subsequent Event [Member] | Blue Sky Resources Ltd [Member] | Fields [Member] | |||||||
Acquisition of working interest | $ 1,089,150 | ||||||
Cash payment for working interest acquired | 779,478 | ||||||
Issuance of promissory note for working interest acquired | $ 314,912 | ||||||
Subsequent Event [Member] | Blue Sky Resources Ltd [Member] | Fields [Member] | Canada, Dollars | |||||||
Acquisition of working interest | $ 1,428,581 | ||||||
Cash payment for working interest acquired | 1,022,400 | ||||||
Issuance of promissory note for working interest acquired | $ 406,181 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | Jul. 31, 2017 | Aug. 25, 2016 | Feb. 10, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Related Party Transaction [Line Items] | |||||||||
Balance | $ 192,000 | ||||||||
Additions | $ 20,000 | 361,600 | $ 388,000 | $ 134,000 | |||||
Debt Conversion to Shares | $ 25,000 | $ 166,107 | 262,500 | [1] | 150,000 | [1] | |||
Reduction of shareholder balance through the sale of truck | [2] | 5,000 | |||||||
Cash | 69,000 | [3] | 92,000 | [3] | $ 8,000 | ||||
Total Payments | 336,500 | ||||||||
Balance | 217,100 | $ 192,000 | |||||||
Advances [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Additions | [4] | $ 361,600 | |||||||
[1] | Shares were issued to extinguish outstanding liabilities of the Company. These liabilities could be outstanding shareholder advances, pre-bridge working capital loans or service related accounts payable. | ||||||||
[2] | Reduction of Jovian Petroleum balance through the sale of 2007 pickup truck Toyota. | ||||||||
[3] | Funds that were paid in cash by the Company to various related parties to reimburse for funds that were previously loaned as a shareholder advances. | ||||||||
[4] | Funds that were provided by related parties as shareholder advances. |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 249,682 |
2,019 | 7,102 |
2,020 | 7,502 |
2,021 | 7,925 |
2,022 | 1,675 |
Total | $ 273,886 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Aug. 01, 2017 | Jul. 31, 2017 | Jul. 19, 2017 | Jul. 06, 2017 | May 30, 2017 | May 23, 2017 | Nov. 15, 2016 | Sep. 28, 2016 | Aug. 25, 2016 | Aug. 17, 2016 | Jul. 25, 2016 | Jul. 13, 2016 | Jul. 01, 2016 | Jun. 17, 2016 | May 31, 2016 | May 02, 2016 | May 01, 2016 | Apr. 18, 2016 | Feb. 10, 2016 | Nov. 04, 2015 | Sep. 01, 2015 | May 02, 2015 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 17, 2013 | Dec. 31, 2016 | Jul. 19, 2017 | Jul. 19, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 26, 2017 | May 12, 2017 | Oct. 31, 2016 | Sep. 01, 2016 | Aug. 18, 2016 | Mar. 11, 2016 | Sep. 23, 2015 | ||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.20 | $ 0.07 | $ 0.15 | $ 0.095 | $ 0.15 | $ 0.08 | $ 0.095 | |||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 36 months | 36 months | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 400,000 | 500,000 | 500,000 | 262,000 | ||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 47,319 | $ 41,891 | $ 79,223 | $ 29,161 | ||||||||||||||||||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $ 171,573 | $ 152,980 | ||||||||||||||||||||||||||||||||||||||||||
Due to Related Parties | $ 375,900 | $ 217,100 | $ 217,100 | 550,000 | ||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 0.08 | $ 77 | $ 0.14 | $ 0.06 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 271,096 | 2,076,000 | ||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (5,422) | (5,422) | 0 | (109,879) | ||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Excluding Current Maturities | 24,204 | 24,204 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Current Maturities | 26,186 | $ 32,582 | 32,582 | 26,186 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 20,000 | 361,600 | 388,000 | 134,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 25,000 | $ 166,107 | 262,500 | [1] | 150,000 | [1] | ||||||||||||||||||||||||||||||||||||||
Repayments of Related Party Debt | $ 69,000 | [2] | 92,000 | [2] | 8,000 | |||||||||||||||||||||||||||||||||||||||
Share Price (in dollars per share) | $ 0.08 | |||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 235.00% | 235.00% | ||||||||||||||||||||||||||||||||||||||||||
Expected term | 3 years | 3 years | ||||||||||||||||||||||||||||||||||||||||||
Description of debt conversion | In addition, any holder of any non-interest bearing loan converted also received warrants to purchase four shares of common stock for each dollar converted. | |||||||||||||||||||||||||||||||||||||||||||
Expected term | 3 years | |||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 120,590 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 55,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 550,000 | |||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 2,200,000 | 2,700,000 | 2,200,000 | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 800,000 | 800,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 800,000 | 800,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 80,000 | $ 80,000 | ||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (90,800) | $ (90,800) | ||||||||||||||||||||||||||||||||||||||||||
Number of Units Purchased by Accredited Investors (in Shares) | 22 | |||||||||||||||||||||||||||||||||||||||||||
Units Issued for Conversin of Debt (in Shares) | 8 | |||||||||||||||||||||||||||||||||||||||||||
Shares Issued For Conversion Of Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 146,875 | |||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 1,468,750 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 146,875 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 110,000 | 146,875 | $ 316,800 | |||||||||||||||||||||||||||||||||||||||||
Repayments of Related Party Debt | $ 4,869 | |||||||||||||||||||||||||||||||||||||||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 146,875 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Collateral | Secured by 1,000,000 shares of restricted stock of the Company | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 6 months | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued with Debt Extension, Shares (in Shares) | 500,000 | |||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 0.75 | $ 0.75 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued with Debt Extension, Value | $ 37,500 | |||||||||||||||||||||||||||||||||||||||||||
Working Interest Ownership | 25.00% | |||||||||||||||||||||||||||||||||||||||||||
Share Price (in dollars per share) | $ 0.10 | |||||||||||||||||||||||||||||||||||||||||||
SUDS Properties LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 0.068 | |||||||||||||||||||||||||||||||||||||||||||
Shareholder [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | 12,103 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | 301,600 | |||||||||||||||||||||||||||||||||||||||||||
Repayments of Related Party Debt | 19,000 | |||||||||||||||||||||||||||||||||||||||||||
Director 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.06 | 0.059 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 2,000,000 | 270,000 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 236,586 | |||||||||||||||||||||||||||||||||||||||||||
Working Interest Ownership | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Share Price (in dollars per share) | $ 0.12 | |||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 286.00% | |||||||||||||||||||||||||||||||||||||||||||
Expected term | 3 years | |||||||||||||||||||||||||||||||||||||||||||
Risk free interest rate | 1.09% | |||||||||||||||||||||||||||||||||||||||||||
Director 1 [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 17,590 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | 25,000 | ||||||||||||||||||||||||||||||||||||||||||
Director 1 [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||
Director 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.06 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 30,000 | |||||||||||||||||||||||||||||||||||||||||||
Director 2 [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 2,500 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 167,500 | 167,500 | ||||||||||||||||||||||||||||||||||||||||||
Director 2 [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 100,000 | 200,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 200,000 | 200,000 | ||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt | $ (88,755) | $ (88,755) | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 4,000,000 | $ 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Tranche 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 1,180,880 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 10,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,400,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt conversion, original debt, type of debt | The $2 million debt included a $1 million Promissory Note and $1 million of the $3 million Production Payment Note as well as interest payable of $33,151. | |||||||||||||||||||||||||||||||||||||||||||
Share Price (in dollars per share) | $ 0.14 | |||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Tranche 1 [Member] | Million 6 Warrants Issued [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.20 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 6,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 709,776 | |||||||||||||||||||||||||||||||||||||||||||
Share Price (in dollars per share) | $ 0.12 | |||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 293.00% | |||||||||||||||||||||||||||||||||||||||||||
Risk free interest rate | 1.09% | |||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Tranche 1 [Member] | Million 4 Warrants Issued [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.35 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 4,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 471,104 | |||||||||||||||||||||||||||||||||||||||||||
Share Price (in dollars per share) | $ 0.12 | |||||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 293.00% | |||||||||||||||||||||||||||||||||||||||||||
Expected term | 3 years | |||||||||||||||||||||||||||||||||||||||||||
Risk free interest rate | 1.09% | |||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Tranche 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ 10 | $ 10 | $ 10 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 12,749,285 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,325,926 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | Tranche 2 [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 10 | $ 10 | $ 10 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 21,510 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 215,100 | |||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | SUDS Properties LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Excluding Current Maturities | 2,904,020 | 2,904,020 | ||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Current Maturities | $ 95,980 | $ 95,980 | ||||||||||||||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 70,000 | |||||||||||||||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 5,500 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 55,000 | $ 55,000 | ||||||||||||||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 800,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.09 | |||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 36 months | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 30,000 | 10,000 | 800,000 | 35,000 | 35,000 | 35,000 | 29,167 | |||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 1,588 | $ 4,146 | $ 3,106 | $ 4,851 | $ 16,993 | |||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ 0.06 | $ 0.077 | ||||||||||||||||||||||||||||||||||||||||||
Share Price (in dollars per share) | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||
Expected volatility rate | 286.00% | |||||||||||||||||||||||||||||||||||||||||||
Expected term | 3 years | |||||||||||||||||||||||||||||||||||||||||||
Expected term | 3 years | |||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 1,500 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 15,000 | $ 15,000 | ||||||||||||||||||||||||||||||||||||||||||
Director 3 [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 10,500 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Member] | Shareholder [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 550,000 | $ 550,000 | ||||||||||||||||||||||||||||||||||||||||||
Convertible Secured Note 1 [Member] | Convertible Debt [Member] | Shareholder [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 350,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 350,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ 0.30 | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.80 | |||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 10 years | |||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 148,925 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 102,259 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 53.70% | |||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Gross | $ 350,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jun. 17, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Convertible Secured Note 2 [Member] | Convertible Debt [Member] | Shareholder [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ 0.30 | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 285,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.80 | $ 0.15 | $ 0.15 | |||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 10 years | |||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 46,022 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 46,022 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Sep. 30, 2016 | Jun. 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 119.70% | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 500,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Granted, Fair Value | $ 79,223 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Expiration Date | Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Convertible Secured Note 3 [Member] | Convertible Debt [Member] | Shareholder [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Convertible Debt | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ 0.30 | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 285,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.80 | |||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 10 years | |||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 49,873 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 50,127 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 132.20% | |||||||||||||||||||||||||||||||||||||||||||
Convertible Bridge Notes [Member] | Convertible Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 75,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Jul. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | If the Company completes a qualified offering prior to July 31, 2017, the notes and accrued interest will automatically convert into the common shares at an 80% conversion rate. If not converted earlier, the principal and interest on the Note will convert into shares at the rate of $0.10 per share at maturity. | |||||||||||||||||||||||||||||||||||||||||||
Promissory Note [Member] | Affiliated Entity [Member] | SUDS Properties LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Collateral | The Promissory Note is secured by a 12.5% undivided working interest in the SUDS field. | |||||||||||||||||||||||||||||||||||||||||||
Working Interest Ownership | 50.00% | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Payment Terms | In the event the Company closes any financing related to the SUDS field, 50% of the net proceeds received from the financing will be applied to pay the Note. | |||||||||||||||||||||||||||||||||||||||||||
Production Payment Note [Member] | Affiliated Entity [Member] | SUDS Properties LLC [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Collateral | The Production Payment Note is secured by a 12.5% undivided working interest in the SUDS field. | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Payment Terms | paid out of twenty percent (20%) of the 50% undivided interest of net revenues received by the Purchaser that is attributable to the SUDS field assets | |||||||||||||||||||||||||||||||||||||||||||
Bridge Loan Working Capital [Member] | Director 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 110,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 20,000 | |||||||||||||||||||||||||||||||||||||||||||
Bridge Loan Working Capital [Member] | Chaiman Of Board Director And CFO [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 230,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.09 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||||||||||
Due to Related Parties | $ 120,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Term | 60 days | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Payment Terms | If the loans are not paid in 60 days, a 10% warrant coverage default penalty is paid | |||||||||||||||||||||||||||||||||||||||||||
Warrant Coverage Ratio | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Bridge Loan Working Capital [Member] | Board of Directors Chairman [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 20,000 | |||||||||||||||||||||||||||||||||||||||||||
Bridge Loan Working Capital [Member] | Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 110,000 | |||||||||||||||||||||||||||||||||||||||||||
Rig Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 60,000 | |||||||||||||||||||||||||||||||||||||||||||
Rig Loan [Member] | Director 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||
Rig Loan [Member] | Director 2 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | 10,000 | |||||||||||||||||||||||||||||||||||||||||||
Rig Loan [Member] | Chaiman Of Board Director And CFO [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 60,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.059 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||||||||||||||||||||||||||||||||||||
Warrant Coverage Ratio | 100.00% | |||||||||||||||||||||||||||||||||||||||||||
Rig Loan [Member] | Board of Directors Chairman [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||
Rig Loan [Member] | Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | 10,000 | |||||||||||||||||||||||||||||||||||||||||||
Rig Loan [Member] | Director 3 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Related Party Debt | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||
Prommissory Notes With Two Accredited Investors [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 200,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $ 0.12 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | May 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted (in Shares) | 100,000 | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Expiration Date | Dec. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Maturity Date, Description | The Company will have the option of extending the notes for up to an additional six (6) months at an annual rate of 18% by paying interest monthly at a rate of 1.5%. | |||||||||||||||||||||||||||||||||||||||||||
Warrant Coverage Ratio | 50.00% | |||||||||||||||||||||||||||||||||||||||||||
Prommissory Notes With Two Accredited Investors [Member] | Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Payment Terms | Monthly at the rate of 1% | |||||||||||||||||||||||||||||||||||||||||||
Interest [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Due to Related Parties | 13,400 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | 2,110 | |||||||||||||||||||||||||||||||||||||||||||
Interest [Member] | Affiliated Entity [Member] | Tranche 1 [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 33,151 | |||||||||||||||||||||||||||||||||||||||||||
Principal [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Due to Related Parties | $ 362,500 | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 25,000 | |||||||||||||||||||||||||||||||||||||||||||
[1] | Shares were issued to extinguish outstanding liabilities of the Company. These liabilities could be outstanding shareholder advances, pre-bridge working capital loans or service related accounts payable. | |||||||||||||||||||||||||||||||||||||||||||
[2] | Funds that were paid in cash by the Company to various related parties to reimburse for funds that were previously loaned as a shareholder advances. |
EQUITY (Details)
EQUITY (Details) - USD ($) | May 23, 2017 | May 12, 2017 | Apr. 18, 2016 | Dec. 31, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Warrants Granted | 400,000 | 500,000 | 500,000 | 262,000 | |||||
Warrants Exercised | (600,000) | (825,000) | 0 | ||||||
Warrant [Member] | |||||||||
Warrants Outstanding, beginning | 16,825,527 | 11,910,111 | |||||||
Warrants Granted | 19,896,670 | 5,740,416 | |||||||
Warrants Exercised | (1,635,000) | (825,000) | |||||||
Warrants Outstanding, ending | 16,825,527 | 35,087,197 | 16,825,527 | 11,910,111 | |||||
Weighted Average Exercise Price, beginning | $ 0.26 | $ .33 | |||||||
Warrants Granted, Weighted Average Exercise Price | 0.19 | .09 | |||||||
Warrants Exercised, Weighted Average Exercise Price | 0.07 | ||||||||
Weighted Average Exercise Price, ending | $ 0.26 | $ 0.24 | $ 0.26 | $ .33 | |||||
Warrants Outstanding, Aggregate Intrinsic Value | $ 1,106,583 | ||||||||
Granted, Weighted Average Remaining Contractual Term | 3 years 4 days | 2 years 7 months 6 days | |||||||
Warrants Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 24 days | 3 years 2 months 12 days | 3 years 6 months |
EQUITY (Details 1)
EQUITY (Details 1) - shares | May 23, 2017 | Sep. 01, 2016 | Apr. 18, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Warrants Granted | 400,000 | 500,000 | 500,000 | 262,000 | |||
Warrants Granted To Board Of Directors [Member] | |||||||
Warrants Granted | 3,120,000 | 2,500,000 | |||||
Warrants Granted To PORRI [Member] | |||||||
Warrants Granted | 150,000 | ||||||
Warrants Granted To CEO And CFO [Member] | |||||||
Warrants Granted | 134,167 | 206,666 | |||||
Warrants Granted To President [Member] | |||||||
Warrants Granted | 666,667 | ||||||
Warrants Granted Providing Bond Related Collateral [Member] | |||||||
Warrants Granted | 2,250,000 | 31,250 | |||||
Warrants Granted Providing Conversion of Debt [Member] | |||||||
Warrants Granted | 10,400,000 | ||||||
Warrants Granted For Pre Bridge Loans [Member] | |||||||
Warrants Granted | 230,000 | 290,000 | |||||
Warrants Granted For Short Term Debt [Member] | |||||||
Warrants Granted | 100,000 | ||||||
Warrants Granted To Advisory Board [Member] | |||||||
Warrants Granted | 87,500 | 262,500 | |||||
Warrants Granted For Deferred Loan Penalty [Member] | |||||||
Warrants Granted | 10,000 | ||||||
Warrants Granted For Consulting Agreements [Member] | |||||||
Warrants Granted | 50,000 | 340,000 | |||||
Warrants Granted On Rick Wilber Loan [Member] | |||||||
Warrants Granted | 480,000 | 500,000 | |||||
Warrants Granted For Officer Signing Bonus [Member] | |||||||
Warrants Granted | 550,000 | ||||||
Warrants Granted In September 2015 Private Placement [Member] | |||||||
Warrants Granted | 3,500,000 | 800,000 | |||||
Warrants Granted In Oct 2017 Private Placement [Member] | |||||||
Warrants Granted | 2,708,336 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) | Dec. 07, 2017USD ($)$ / sharesshares | Aug. 15, 2017USD ($)shares | Jul. 31, 2017USD ($)$ / sharesshares | Jul. 19, 2017USD ($)$ / sharesshares | Jul. 06, 2017USD ($)shares | May 23, 2017USD ($)$ / sharesshares | May 12, 2017USD ($)$ / sharesshares | Apr. 11, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 01, 2016USD ($)shares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 28, 2016$ / sharesshares | Sep. 01, 2016shares | Aug. 28, 2016$ / sharesshares | Aug. 25, 2016USD ($)$ / sharesshares | Aug. 18, 2016USD ($)$ / sharesshares | Aug. 17, 2016USD ($)Number$ / sharesshares | Jul. 01, 2016 | May 31, 2016$ / sharesshares | Apr. 18, 2016USD ($)$ / sharesshares | Mar. 11, 2016USD ($)Number$ / sharesshares | Feb. 01, 2016shares | Nov. 04, 2015 | Sep. 23, 2015$ / sharesshares | Sep. 01, 2015$ / sharesshares | May 01, 2015$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Oct. 31, 2016USD ($)$ / sharesshares | Jul. 19, 2017USD ($)$ / shares | Jul. 19, 2017USD ($)$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)Number$ / sharesshares | Sep. 30, 2016USD ($)Number$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Nov. 07, 2017shares | Sep. 30, 2017$ / shares | Dec. 07, 2016$ / shares | ||
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 197,100 | 197,100 | 197,100 | 0 | |||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ | $ 323,000 | $ 111,352 | $ 302,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 271,096 | 2,076,000 | |||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 25,000 | $ 166,107 | 262,500 | [1] | $ 150,000 | [1] | |||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.14 | $ 0.08 | $ 77 | $ 0.06 | $ 0.14 | ||||||||||||||||||||||||||||||||||||||
Number of Advisory Board Members | Number | 7 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 400,000 | 500,000 | 500,000 | 262,000 | |||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.20 | $ 0.08 | $ 0.15 | $ 0.095 | $ 0.07 | $ 0.15 | $ 0.095 | $ 0.095 | $ 0.15 | ||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 36 months | 36 months | |||||||||||||||||||||||||||||||||||||||||
Warrant, Granted, Fair Value (in Dollars) | $ | $ 47,319 | $ 41,891 | $ 79,223 | $ 29,161 | |||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 235.00% | 235.00% | |||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | 3 years | |||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.08 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Exercised | 600,000 | 825,000 | 0 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises (in Dollars) | $ | $ 48,000 | $ 63,352 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 500,000 | 150,000 | 18,157 | 11,607 | 750,000 | ||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ | $ 65,000 | $ 15,000 | $ 2,869 | $ 1,625 | $ 78,000 | ||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ / shares | $ 0.10 | ||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt (in Dollars) | $ | $ (5,422) | $ (5,422) | $ 0 | $ (109,879) | |||||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||||||||||||||||||||||||
Number of employee | Number | 2 | 3 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 700,000 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross (in Dollars) | $ | $ 42,000 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 200,000 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross (in Dollars) | $ | $ 15,400 | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Exercise Price (in Dollars per share) | $ / shares | $ 0.095 | $ 0.095 | |||||||||||||||||||||||||||||||||||||||||
2015 Stock Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | 400,000,000 | ||||||||||||||||||||||||||||||||||||||||||
SUDS Properties LLC [Member] | |||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.068 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 10,586,805 | ||||||||||||||||||||||||||||||||||||||||||
SUDs [Member] | |||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.1799 | $ 0.1799 | $ 0.068 | ||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.1799 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 24,308,985 | 24,308,985 | 1,000,000 | 10,586,805 | |||||||||||||||||||||||||||||||||||||||
Working interest | 40.00% | 40.00% | 15.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||
Private Placement Dated May 1_ 2015 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,700,000 | 1,400,000 | 1,400,000 | ||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.10 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Units Subscribed | 27 | 14 | |||||||||||||||||||||||||||||||||||||||||
Number of Units Purchased by Accredited Investors | 7 | ||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Advisory Board Members [Member] | |||||||||||||||||||||||||||||||||||||||||||
Number of Advisory Board Members | Number | 7 | ||||||||||||||||||||||||||||||||||||||||||
Option, Vesting Date | Mar. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 87,500 | ||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 36 months | ||||||||||||||||||||||||||||||||||||||||||
Warrant, Granted, Fair Value (in Dollars) | $ | $ 12,127 | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 296.00% | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Each Advisory Baord Member [Member] | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 12,500 | ||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Consultant 1 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 120,000 | ||||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 3 years | ||||||||||||||||||||||||||||||||||||||||||
Warrant, Granted, Fair Value (in Dollars) | $ | $ 15,836 | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 296.00% | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | ||||||||||||||||||||||||||||||||||||||||||
Warrants Granted To Consultant 2 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 25,000 | 25,000 | 50,000 | ||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 3 years | ||||||||||||||||||||||||||||||||||||||||||
Warrant, Granted, Fair Value (in Dollars) | $ | $ 2,217 | $ 3,465 | $ 5,682 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 296.00% | 296.00% | |||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Risk Free Interest Rate | 1.09% | 0.14% | |||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | 3 years | |||||||||||||||||||||||||||||||||||||||||
Consulting Agreement, Term | The term of the agreement is one (1) year, subject to a one (1) year extension. | ||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.12 | $ 0.09 | |||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | Private Placement Dated May 1_ 2015 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.10 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.12 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Right, Expiration Date | Aug. 5, 2018 | Aug. 5, 2018 | |||||||||||||||||||||||||||||||||||||||||
Warrants Granted In September 2015 Private Placement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 3,500,000 | 800,000 | |||||||||||||||||||||||||||||||||||||||||
Monthly Warrants To Each Advisory Board Member [Member] | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 12,500 | ||||||||||||||||||||||||||||||||||||||||||
Monthly Advisory Board Warrants [Member] | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 87,500 | ||||||||||||||||||||||||||||||||||||||||||
Warrants Issued For Short Term Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.12 | $ 0.12 | $ 0.12 | ||||||||||||||||||||||||||||||||||||||||
Warrant, Granted, Fair Value (in Dollars) | $ | $ 14,870 | $ 14,870 | |||||||||||||||||||||||||||||||||||||||||
Warrant Expiration Date Description | December 2,019 | ||||||||||||||||||||||||||||||||||||||||||
Warrants Issued To Contractor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 40,000 | 40,000 | |||||||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | 0.14 | $ 0.14 | $ 0.14 | ||||||||||||||||||||||||||||||||||||||||
Warrant, Granted, Fair Value (in Dollars) | $ | $ 5,545 | $ 5,545 | |||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | 0.16 | 0.16 | $ 0.16 | ||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Offering Amount (in Dollars) | $ | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $ / shares | $ 10 | ||||||||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 9.00% | ||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Terms of Conversion | The Preferred Stock will automatically convert into common stock when the Company’s common stock market price equals or exceeds $0.28 per share for 30 consecutive days. At conversion, the value of each dollar of preferred share will convert to 7.1429 common shares (which results in a $0.14 per common share conversion rate). | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 120,590 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues (in Dollars) | $ | $ 1,205,900 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 55,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 550,000 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Settlement Of Debt With Preferred Shares [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 28,900 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Settlement Of Debt With Preferred Shares [Member] | Notes Payable, Other Payables [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 25,900 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Settlement Of Investment With Preferred Shares [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 40,500 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Settlement Of Accounts Payable Through Share Issuance [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 840 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Shares Issued In Payment Of Shareholder Advance [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 27,090 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Portion Of Shares Issued To Third Parties [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 62,600 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Portion Of Shares Issued To Related Parties [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 57,990 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Shares Issued For Cash [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 24,100 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Convertible Secured Note Dated December 31_ 2103 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Convertible Secured Note Dated July 17_ 2013 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | 350,000 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Convertible Secured Note Dated September 30_ 2013 [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | Equipment Purchase [Member] | Settlement Of Debt With Preferred Shares [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 3,000 | ||||||||||||||||||||||||||||||||||||||||||
Affiliated Entity [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 4,000,000 | $ 4,000,000 | |||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Extinguishment of Debt (in Dollars) | $ | $ (88,755) | $ (88,755) | |||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 800,000 | ||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.077 | $ 0.06 | |||||||||||||||||||||||||||||||||||||||||
Class of Warrant or Rights, Granted | 30,000 | 10,000 | 800,000 | 35,000 | 35,000 | 35,000 | 29,167 | ||||||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ / shares | $ 0.09 | ||||||||||||||||||||||||||||||||||||||||||
Warrants, Term of Warrants | 36 months | ||||||||||||||||||||||||||||||||||||||||||
Warrant, Granted, Fair Value (in Dollars) | $ | $ 1,588 | $ 4,146 | $ 3,106 | $ 4,851 | $ 16,993 | ||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Volatility Rate | 286.00% | ||||||||||||||||||||||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||||||||||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.14 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.12 | $ 0.14 | |||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 500,000 | 100,000 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross (in Dollars) | $ | $ 38,500 | ||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 1,500 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 15,000 | $ 15,000 | |||||||||||||||||||||||||||||||||||||||||
Employee [Member] | |||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.12 | $ 0.12 | |||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 100,000 | ||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross (in Dollars) | $ | $ 12,000 | ||||||||||||||||||||||||||||||||||||||||||
Tranche 2 [Member] | Affiliated Entity [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 12,749,285 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount (in Dollars) | $ | $ 1,325,926 | ||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $ / shares | $ 10 | $ 10 | $ 10 | ||||||||||||||||||||||||||||||||||||||||
Tranche 2 [Member] | Affiliated Entity [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 21,510 | ||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 10 | $ 10 | $ 10 | ||||||||||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount (in Dollars) | $ | $ 215,100 | ||||||||||||||||||||||||||||||||||||||||||
[1] | Shares were issued to extinguish outstanding liabilities of the Company. These liabilities could be outstanding shareholder advances, pre-bridge working capital loans or service related accounts payable. |
EQUITY (Details Narrative 1)
EQUITY (Details Narrative 1) - USD ($) | Oct. 03, 2017 | Aug. 15, 2017 | Jul. 31, 2017 | Jul. 31, 2017 | Jul. 06, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Apr. 18, 2016 | Sep. 24, 2015 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 07, 2017 | Nov. 06, 2017 | May 23, 2017 | May 12, 2017 | Oct. 31, 2016 | Sep. 01, 2015 | May 01, 2015 |
Number of shares issued for services (in shares) | 500,000 | 150,000 | 18,157 | 11,607 | 750,000 | ||||||||||||||||||
Value of shares issued for services | $ 65,000 | $ 15,000 | $ 2,869 | $ 1,625 | $ 78,000 | ||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ 0.15 | $ 0.095 | $ 0.07 | $ 0.095 | $ 0.15 | $ 0.20 | $ 0.08 | $ 0.095 | |||||||||||||||
Value of warrants issued for services | $ 325,747 | $ 150,790 | |||||||||||||||||||||
Warrants volatility rate | 235.00% | 235.00% | |||||||||||||||||||||
Valuation price | $ 0.095 | $ 0.095 | |||||||||||||||||||||
Warrants discount rate | 1.09% | ||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | 3 years | |||||||||||||||||||||
Conversion of stock, price per share | $ 0.10 | $ 0.10 | |||||||||||||||||||||
Loss on conversion of debt | $ (5,422) | (5,422) | 0 | $ (109,879) | |||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 323,000 | $ 111,352 | $ 302,000 | ||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||
Common stock, authorized | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||
Rick Wilber Debt [Member] | |||||||||||||||||||||||
Number of shares issued for services (in shares) | 150,000 | ||||||||||||||||||||||
Convertible Bridge Note [Member] | |||||||||||||||||||||||
Convertible debt | $ 25,000 | $ 25,000 | |||||||||||||||||||||
Conversion of stock | 271,096 | ||||||||||||||||||||||
Conversion of stock, price per share | $ 0.10 | $ 0.10 | |||||||||||||||||||||
Principal amount | $ 25,000 | $ 25,000 | |||||||||||||||||||||
Accrued interest | $ 2,110 | ||||||||||||||||||||||
Market price per share | $ 0.12 | ||||||||||||||||||||||
Loss on conversion of debt | $ 5,422 | ||||||||||||||||||||||
ConverNew Mexico Operating Bond [Member]tible Bridge Note [Member] | |||||||||||||||||||||||
Number of shares issued for services (in shares) | 500,000 | ||||||||||||||||||||||
James Burn [Member] | |||||||||||||||||||||||
Warrants issued per quarter | 120,000 | ||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ .14 | ||||||||||||||||||||||
Term of warrants | 3 years | ||||||||||||||||||||||
Value of warrants issued for services | $ 15,800 | ||||||||||||||||||||||
Accredited investors [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 2,708,336 | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 325,000 | ||||||||||||||||||||||
Sandstone Group Corp [Member] | |||||||||||||||||||||||
Number of shares issued for services (in shares) | 294,000 | ||||||||||||||||||||||
Newbridge Securities Corp [Member] | |||||||||||||||||||||||
Number of shares issued for services (in shares) | 243,000 | ||||||||||||||||||||||
Robert Santos Nesperiera [Member] | |||||||||||||||||||||||
Number of shares issued for services (in shares) | 63,000 | ||||||||||||||||||||||
Interlink Group Inc [Member] | |||||||||||||||||||||||
Number of shares issued for services (in shares) | 150,000 | ||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||
Number of shares issued for services (in shares) | 12,500 | ||||||||||||||||||||||
Warrants issued per quarter | 87,500 | ||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ 0.14 | ||||||||||||||||||||||
Term of warrants | 36 months | ||||||||||||||||||||||
Fair value of warrants | $ 12,127 | ||||||||||||||||||||||
Warrants volatility rate | 296.00% | ||||||||||||||||||||||
Valuation price | $ 0.14 | ||||||||||||||||||||||
Warrants discount rate | 1.09% | ||||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||||||||||||||||||
Warrant [Member] | Consulting Agreement [Member] | Consultant [Member] | |||||||||||||||||||||||
Number of shares issued for services (in shares) | 25,000 | 25,000 | 50,000 | ||||||||||||||||||||
Term of warrants | 3 years | ||||||||||||||||||||||
Fair value of warrants | $ 2,217 | $ 3,465 | $ 5,682 | ||||||||||||||||||||
Warrants volatility rate | 296.00% | 296.00% | |||||||||||||||||||||
Valuation price | $ 0.09 | $ 0.14 | |||||||||||||||||||||
Warrants discount rate | 1.09% | 1.09% | |||||||||||||||||||||
Fair Value Assumptions, Expected Term | 3 years | 3 years | |||||||||||||||||||||
2015 Stock Incentive Plan [Member] | |||||||||||||||||||||||
Number of additional shares authorized under plan | 40,000,000 | ||||||||||||||||||||||
Shares reserved for future issuance | 40,000,000 | 36,000,000 | |||||||||||||||||||||
Common stock, par value | $ 0.001 | ||||||||||||||||||||||
Common stock, authorized | 400,000,000 | ||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.10 | |||||||||||||||||||||
Private Placement Dated May 1, 2015 [Member] | |||||||||||||||||||||||
Price per unit of common stock | $ 10,000 | ||||||||||||||||||||||
Private Placement Dated September 1, 2015 [Member] | |||||||||||||||||||||||
Price per unit of common stock | $ 6,000 | ||||||||||||||||||||||
Private Placement Dated October 1, 2017 [Member] | |||||||||||||||||||||||
Price per unit of common stock | $ 50,000 | ||||||||||||||||||||||
Number of shares issued for services (in shares) | 416,667 | ||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ 0.2 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases, Rent Expense, Minimum Rentals | $ 2,012 |
OIL AND GAS ACQUISITIONS (Detai
OIL AND GAS ACQUISITIONS (Details) - Parent Company [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Oil and Gas Sales | $ 150,970 | $ 333,741 |
Net Loss | $ (3,274,539) | $ (1,957,181) |
Loss per share (in Dollars per share) | $ (0.04) | $ (0.04) |
OIL AND GAS ACQUISITIONS (Det45
OIL AND GAS ACQUISITIONS (Details Narrative) | Feb. 12, 2017USD ($) | Sep. 28, 2016USD ($)$ / sharesshares | Sep. 01, 2016USD ($)$ / sharesshares | Sep. 01, 2016USD ($)$ / sharesshares | Aug. 28, 2016USD ($)$ / sharesshares | Feb. 01, 2016USD ($)$ / sharesshares | Nov. 04, 2015USD ($) | Sep. 23, 2015USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Number | Sep. 30, 2016$ / shares | Aug. 25, 2016$ / shares | Aug. 17, 2016$ / shares | Apr. 18, 2016$ / shares | Mar. 11, 2016$ / shares |
Number of Drilled Wells | Number | 16 | |||||||||||||||
Number of Wells used as Collateral | Number | 4 | |||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.14 | $ 0.08 | $ 77 | $ 0.06 | ||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 4,773,186 | $ 719,903 | ||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.08 | |||||||||||||||
Asset Retirement Obligation, Liabilities Incurred | $ 101,405 | 70,384 | ||||||||||||||
Payments to Acquire Oil and Gas Property | $ 9,256 | $ 93,476 | ||||||||||||||
SUDs [Member] | ||||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 24,308,985 | 24,308,985 | 1,000,000 | 10,586,805 | ||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.1799 | $ 0.1799 | $ 0.068 | |||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 4,373,186 | $ 4,373,186 | $ 719,903 | |||||||||||||
Percentage of Ownership | 100.00% | |||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.1799 | |||||||||||||||
Working Interest Ownership | 50.00% | 100.00% | 100.00% | |||||||||||||
Asset Retirement Obligation, Liabilities Incurred | $ 28,132 | |||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 4,000,000 | |||||||||||||||
Payments to Acquire Oil and Gas Property | $ 8,401,318 | $ 196,875 | ||||||||||||||
Percentage of ownership interest | 100.00% | |||||||||||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | ||||||||||||||||
Percentage of working interest acquired | 15.00% | 60.00% | 25.00% | |||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 3,500,000 | 3,500,000 | ||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.75 | |||||||||||||||
Percentage of Ownership | 40.00% | 40.00% | 100.00% | |||||||||||||
Number of shares issued to acquire business (in Shares) | shares | 3,500,000 | |||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.10 | $ 0.10 | ||||||||||||||
Value of shares issued in acquisition | $ 350,000 | |||||||||||||||
Working Interest Ownership | 25.00% | 25.00% | ||||||||||||||
Business Combination, Consideration Transferred | $ 4,000,000 | $ 392,252 | $ 392,252 | $ 745,788 | $ 350,000 | |||||||||||
Asset Retirement Obligation, Liabilities Incurred | $ 42,252 | |||||||||||||||
Payments to Acquire Oil and Gas Property | $ 8,401,318 | |||||||||||||||
Percentage of ownership interest | 40.00% | 40.00% | 100.00% | |||||||||||||
Consideration amount | $ 4,000,000 | $ 392,252 | $ 392,252 | $ 745,788 | $ 350,000 | |||||||||||
Face amount | $ 146,875 | |||||||||||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | Settlement Agreement [Member] | ||||||||||||||||
Percentage of working interest acquired | 60.00% | |||||||||||||||
Askarii Resources [Member] | ||||||||||||||||
Percentage of Ownership | 100.00% | |||||||||||||||
Number of shares issued to acquire business (in Shares) | shares | 1,000,000 | |||||||||||||||
Share Price (in Dollars per share) | $ / shares | $ 0.05 | |||||||||||||||
Value of shares issued in acquisition | $ 50,000 | |||||||||||||||
Percentage of ownership interest | 100.00% | |||||||||||||||
Askarii Resources [Member] | Trademarks [Member] | ||||||||||||||||
Intangibles acquired | $ 10,000 | |||||||||||||||
Askarii Resources [Member] | Customer Lists [Member] | ||||||||||||||||
Intangibles acquired | 10,000 | |||||||||||||||
Askarii Resources [Member] | Customer Relationships [Member] | ||||||||||||||||
Intangibles acquired | 25,000 | |||||||||||||||
Askarii Resources [Member] | Internet Domain Names [Member] | ||||||||||||||||
Intangibles acquired | $ 5,000 | |||||||||||||||
SUDS Properties LLC [Member] | ||||||||||||||||
Percentage of working interest acquired | 10.00% | 90.00% | ||||||||||||||
Percentage of working interest carrying NRI | 7.80% | |||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | shares | 10,586,805 | |||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.068 | |||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 719,903 | |||||||||||||||
Business Combination, Consideration Transferred | $ 8,373,186 | |||||||||||||||
Consideration amount | $ 8,373,186 | |||||||||||||||
Dead Aim Investments [Member] | Orbit Petroleum Inc Bankruptcy Estate [Member] | ||||||||||||||||
Face amount | $ 1,300,000 | |||||||||||||||
Forgiveness amount | 316,800 | |||||||||||||||
Write off of accounts receivable | $ 148,988 | |||||||||||||||
Dead Aim Investments [Member] | Settlement Agreement [Member] | ||||||||||||||||
Percentage of working interest acquired | 60.00% | |||||||||||||||
Percentage of Ownership | 100.00% | |||||||||||||||
Business Combination, Consideration Transferred | $ 465,788 | |||||||||||||||
Percentage of ownership interest | 100.00% | |||||||||||||||
Consideration amount | $ 465,788 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details) | Apr. 18, 2016 | Sep. 30, 2016 | Dec. 31, 2017 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Estimated asset life | 3 years | 3 years | |
Asset Retirement Obligation Costs [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Inflation rate (avg.) | 2.10% | ||
Estimated asset life | 21 years |
ASSET RETIREMENT OBLIGATIONS 47
ASSET RETIREMENT OBLIGATIONS (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Additional retirement obligations incurred | $ 101,405 | $ 70,384 |
Accretion expense | 49,753 | 38,998 |
Asset Retirement Obligation Costs [Member] | ||
Asset retirement obligations | 322,710 | 213,328 |
Obligations assumed in acquisitions | 101,405 | 70,384 |
Accretion expense | 49,753 | 38,998 |
Asset retirement obligations | $ 473,868 | $ 322,710 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense computed at statutory rates | $ (1,141,449) | $ (656,523) |
Non-deductible items | 536,470 | 219,438 |
Change in valuation allowance | 604,979 | 437,085 |
Total |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Gross Values [Member] | ||
Book impairment | $ 668,073 | $ 668,073 |
Net operating loss carryforwards | 8,924,934 | 7,120,879 |
Total deferred tax assets | 9,593,007 | 7,788,952 |
Deferred tax liabilities | ||
O&G Properties | (1,556,593) | (6,496,717) |
Total deferred tax liabilities | (1,556,593) | (6,496,717) |
Less: Valuation allowance | (8,036,415) | (1,292,235) |
Net deferred tax assets (liabilities) | 0 | |
Tax Effect [Member] | ||
Book impairment | 140,295 | 233,825 |
Net operating loss carryforwards | 1,874,236 | 2,492,308 |
Total deferred tax assets | 2,014,531 | 2,726,133 |
Deferred tax liabilities | ||
O&G Properties | (326,884) | (2,273,851) |
Total deferred tax liabilities | (326,884) | (2,273,851) |
Less: Valuation allowance | $ (1,687,647) | (452,282) |
Net deferred tax assets (liabilities) | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal Statutory Income Tax Rate, Percent | 35.00% | |
Operating Loss Carryforwards | $ 9,600,000 | |
Operating Loss Carryforwards, Expiration Date 1 | 2,033 | |
Corporate income tax rate | 34.00% | |
Subsequent Event [Member] | ||
Corporate income tax rate | 21.00% |
SUPPLEMENTAL INFORMATION RELA51
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ||
Property acquisitions | $ 745,788 | $ 8,723,186 |
Total Costs Incurred | $ 745,788 | $ 8,723,186 |
SUPPLEMENTAL INFORMATION RELA52
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Details 1) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ||
Evaluated properties | $ 13,837,800 | $ 13,092,012 |
Gross capitalized costs | 13,837,800 | 13,092,012 |
Less: Accumulated DD&A | (1,068,795) | (1,042,545) |
Net capitalized costs | $ 12,769,005 | $ 12,049,467 |
SUPPLEMENTAL INFORMATION RELA53
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Details 2) - bbl | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ||
Proved oil and gas reserves, beginning | 2,227,240 | 734,520 |
Proved oil and gas reserves - Revisions of prior estimates | (2,186,554) | (58,297) |
Proved oil and gas reserves - Purchases of reserves in place | 1,600,935 | 1,557,660 |
Proved oil and gas reserves - Production | (3,421) | (6,643) |
Proved oil and gas reserves, ending | 1,638,200 | 2,227,240 |
SUPPLEMENTAL INFORMATION RELA54
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Details 3) | 12 Months Ended |
Dec. 31, 2017Boebbl | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |
Proved developed producing and non-producing reserve, beginning | 1,206,010 |
Acquired Reserves | 377,670 |
Revision of prior estimates | 17,751 |
Production | (3,421) |
Proved developed producing and non-producing reserve, ending | 1,598,010 |
Proved undeveloped reserves, beginning | bbl | 1,021,230 |
Acquired Reserves | bbl | 1,223,265 |
Revision of prior estimates | bbl | (2,204,305) |
Proved undeveloped reserves, ending | bbl | 40,190 |
SUPPLEMENTAL INFORMATION RELA55
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Details 4) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | |||
Future cash inflows | $ 62,964,150 | $ 90,265,000 | |
Future production costs | (27,336,630) | (47,050,770) | |
Future development costs | (1,491,500) | (10,396,000) | |
Future net cash flows | 34,136,020 | 32,818,230 | |
Discount of future net cash flows at 10% per annum | (17,530,040) | (19,253,750) | |
Standardized measure of discounted future net cash flows | $ 16,605,980 | $ 13,564,480 | $ 6,220,500 |
SUPPLEMENTAL INFORMATION RELA56
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Details 5) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ||
Beginning of year | $ 13,564,480 | $ 6,220,500 |
Sales and transfers of oil & gas produced, net of production costs | 267,997 | 175,048 |
Net changes in prices and production costs | 1,967,068 | 1,917,506 |
Changes in estimated future development costs | 1,806,404 | 673,960 |
Acquisitions of minerals in place, net of production costs | 7,645,722 | 9,941,241 |
Revision of previous estimates | (19,654,723) | (544,877) |
Change in discount | 732,656 | 817,235 |
Change in production rate or other | (10,276,980) | (453,201) |
End of year | $ 16,605,980 | $ 13,564,480 |
SUPPLEMENTAL INFORMATION RELA57
SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Details Narrative) | Sep. 28, 2016USD ($) | Sep. 01, 2016USD ($) | Sep. 01, 2016USD ($) | Dec. 31, 2017USD ($)bbl | Dec. 31, 2016USD ($)bbl | Nov. 04, 2015 | Sep. 23, 2015 |
Proved Developed Reserves Production | 3,421 | ||||||
Total Proved Reserves | 1,664,931 | ||||||
Proved Developed and Undeveloped Reserves, Revisions of Previous Estimates | (2,186,554) | (58,297) | |||||
SUDS Properties LLC [Member] | |||||||
Percentage of working interest acquired | 90.00% | 10.00% | |||||
Consideration amount | $ | $ 8,373,186 | ||||||
Twin Lakes San Andres Unit Interest Acquisition [Member] | |||||||
Percentage of working interest acquired | 60.00% | 25.00% | 15.00% | ||||
Consideration amount | $ | $ 4,000,000 | $ 392,252 | $ 392,252 | $ 745,788 | $ 350,000 | ||
Percentage of ownership interest | 40.00% | 40.00% | 100.00% |
BUSINESS SEGMENTS (Details)
BUSINESS SEGMENTS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | ||
Revenues | $ 148,835 | $ 321,246 |
Net Income (Loss) | ||
Net Income (Loss) | (3,261,284) | (1,875,779) |
Assets | ||
Assets | 13,577,572 | 13,211,624 |
Accounts Receivable | ||
Accounts Receivable | 51,026 | 199,003 |
Oil And Gas Exploration [Member] | ||
Revenues | ||
Revenues | 148,835 | 123,246 |
Net Income (Loss) | ||
Net Income (Loss) | (3,245,008) | (2,052,004) |
Assets | ||
Assets | 13,408,306 | 13,026,082 |
Accounts Receivable | ||
Accounts Receivable | 51,026 | 199,003 |
Oil Field Services [Member] | ||
Revenues | ||
Revenues | 198,000 | |
Net Income (Loss) | ||
Net Income (Loss) | (16,276) | 176,225 |
Assets | ||
Assets | $ 169,266 | $ 185,542 |
BUSINESS SEGMENTS (Details Narr
BUSINESS SEGMENTS (Details Narrative) | 12 Months Ended | |
Dec. 31, 2017USD ($)Number | Dec. 31, 2016USD ($) | |
Segment Reporting [Abstract] | ||
Number of Operating Segments | Number | 2 | |
Cost of Goods Sold | $ | $ 33,330 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Apr. 12, 2018 | Feb. 28, 2018 | Feb. 27, 2018 | Feb. 23, 2018 | Feb. 05, 2018 | Feb. 01, 2018 | Jan. 24, 2018 | Oct. 03, 2017 | Aug. 15, 2017 | Jul. 31, 2017 | Jul. 06, 2017 | May 23, 2017 | May 12, 2017 | Apr. 18, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Aug. 25, 2016 | Mar. 11, 2016 | Oct. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 17, 2018 | May 14, 2018 | Aug. 17, 2016 | Apr. 18, 2016 | Jun. 11, 2015 | ||
Common stock, issued | 79,034,505 | 111,698,222 | 111,698,222 | 111,698,222 | 79,034,505 | |||||||||||||||||||||||||||
Common stock, outstanding | 79,034,505 | 111,698,222 | 111,698,222 | 111,698,222 | 79,034,505 | |||||||||||||||||||||||||||
Conversion price, per share | $ 0.10 | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 271,096 | 2,076,000 | ||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ 25,000 | $ 166,107 | $ 262,500 | [1] | $ 150,000 | [1] | ||||||||||||||||||||||||||
Stock Issued for Services (shares) | 500,000 | 150,000 | 18,157 | 11,607 | 750,000 | |||||||||||||||||||||||||||
Stock Issued for Services (in Dollars) | $ 65,000 | $ 15,000 | $ 2,869 | $ 1,625 | $ 78,000 | |||||||||||||||||||||||||||
Stock Issued Share-based Compensation (shares) | 700,000 | |||||||||||||||||||||||||||||||
Stock Issued Share-based Compensation | $ 42,000 | |||||||||||||||||||||||||||||||
Warrants Exercised | 600,000 | 825,000 | 0 | |||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ 0.20 | $ 0.08 | $ 0.15 | $ 0.095 | $ 0.095 | $ 0.15 | $ 0.07 | |||||||||||||||||||||||||
Shares issued price (per share) | $ 0.14 | $ 0.08 | $ 0.06 | $ 77 | ||||||||||||||||||||||||||||
Proceeds from warrant exercises | $ 48,000 | $ 63,352 | ||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 120,590 | |||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 55,000 | |||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ 550,000 | |||||||||||||||||||||||||||||||
Director [Member] | ||||||||||||||||||||||||||||||||
Shares issued price (per share) | $ 0.11 | |||||||||||||||||||||||||||||||
Accredited investors [Member] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 2,708,336 | |||||||||||||||||||||||||||||||
President [Member] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 1,000,000 | |||||||||||||||||||||||||||||||
Stock Issued Share-based Compensation (shares) | 350,000 | 350,000 | 350,000 | |||||||||||||||||||||||||||||
Stock Issued Share-based Compensation | $ 44,000 | $ 42,000 | $ 35,000 | |||||||||||||||||||||||||||||
President [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 10,500 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Convertible Promissory Note due on April 1, 2018 [Member] | ||||||||||||||||||||||||||||||||
Conversion price, per share | $ 0.10 | |||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ 0.10 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||
Deferred salary | $ 61,621 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | Zel C. Khan [Member] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 100,000 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | President [Member] | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 616,210 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Bow Energy Ltd [Member] | ||||||||||||||||||||||||||||||||
Common stock, issued | 92,310,184 | |||||||||||||||||||||||||||||||
Common stock, outstanding | 92,310,184 | |||||||||||||||||||||||||||||||
Number of stock options vested | 9,046,478 | |||||||||||||||||||||||||||||||
Number of diluted shares | 101,356,662 | |||||||||||||||||||||||||||||||
Number of shares to be issued | 106,156,712 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Bow Energy Ltd [Member] | South Block A PSC [Member] | ||||||||||||||||||||||||||||||||
Percentage of working capital | 44.48% | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Bow Energy Ltd [Member] | Bohorok PSC [Member] | ||||||||||||||||||||||||||||||||
Percentage of working capital | 0.50% | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Bow Energy Ltd [Member] | Bohorok Deep JSA [Member] | ||||||||||||||||||||||||||||||||
Percentage of working capital | 20.25% | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Bow Energy Ltd [Member] | Palmerah Baru [Member] | ||||||||||||||||||||||||||||||||
Percentage of working capital | 54.00% | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Bow Energy Ltd [Member] | MNK Palmerah [Member] | ||||||||||||||||||||||||||||||||
Percentage of working capital | 69.36% | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Bow Energy Ltd [Member] | Mahato PSC [Member] | ||||||||||||||||||||||||||||||||
Percentage of working capital | 20.00% | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||
Warrants Exercised | 360,000 | |||||||||||||||||||||||||||||||
Warrants Exercised, Weighted Average Exercise Price | $ .102 | |||||||||||||||||||||||||||||||
Proceeds from warrant exercises | $ 36,875 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Director [Member] | ||||||||||||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | 125,000 | |||||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount (in Dollars) | $ 25,000 | |||||||||||||||||||||||||||||||
Stock Issued for Services (shares) | 100,000 | |||||||||||||||||||||||||||||||
Warrants Exercised | 630,000 | 1,110,000 | ||||||||||||||||||||||||||||||
Amount settled for warrant exercise | $ 102,590 | |||||||||||||||||||||||||||||||
Average share price | $ .092 | |||||||||||||||||||||||||||||||
Warrants Exercised, Weighted Average Exercise Price | $ .098 | |||||||||||||||||||||||||||||||
Proceeds from warrant exercises | $ 61,800 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Accredited investors [Member] | ||||||||||||||||||||||||||||||||
Number of Units Purchased by Accredited Investors | 2.5 | |||||||||||||||||||||||||||||||
Sale Price of unit (per unit) | $ 50,000 | |||||||||||||||||||||||||||||||
Common stock of unit (per unit) | 416,667 | |||||||||||||||||||||||||||||||
Warrants of unit (per unit) | 1 | |||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ 0.20 | |||||||||||||||||||||||||||||||
Number of Securities Called by Each Warrant (in Shares) | 416,667 | |||||||||||||||||||||||||||||||
Stock issued for unit sale | $ 125,000 | |||||||||||||||||||||||||||||||
Stock issued for unit sale (shares) | 1,041,667 | |||||||||||||||||||||||||||||||
Shares issued price (per share) | $ .20 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Accredited investors [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||||||
Shares issued for cash | $ 20,000 | |||||||||||||||||||||||||||||||
Shares issued for cash (in shares) | 2,000 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Accredited investors [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||||
Stock issued for unit sale (shares) | 1,041,667 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Consultant [Member] | Bow Energy Ltd [Member] | ||||||||||||||||||||||||||||||||
Stock Issued for Services (shares) | 150,000 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Law Firm [Member] | Bow Energy Ltd [Member] | ||||||||||||||||||||||||||||||||
Stock Issued for Services (shares) | 100,000 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | President [Member] | ||||||||||||||||||||||||||||||||
Exercise Price of Warrants (in Dollars per share) | $ 0.10 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Blue Sky International Holdings, Inc. [Member] | Convertible Promissory Note due on April 1, 2018 [Member] | ||||||||||||||||||||||||||||||||
Face amount | $ 500,000 | |||||||||||||||||||||||||||||||
Interest rate on note | 11.00% | |||||||||||||||||||||||||||||||
Conversion price, per share | $ 0.12 | |||||||||||||||||||||||||||||||
Maturity date | Apr. 1, 2019 | |||||||||||||||||||||||||||||||
Subsequent Event [Member] | Jovian Petroleum Corporation [Member] | Amended Revolving Line of Credit Agreement [Member] | ||||||||||||||||||||||||||||||||
Interest rate on note | 3.50% | |||||||||||||||||||||||||||||||
Conversion price, per share | $ 0.12 | |||||||||||||||||||||||||||||||
Default interest rate | 7.50% | |||||||||||||||||||||||||||||||
Revolving line of credit | $ 500,000 | |||||||||||||||||||||||||||||||
Maturity date | Aug. 9, 2018 | |||||||||||||||||||||||||||||||
[1] | Shares were issued to extinguish outstanding liabilities of the Company. These liabilities could be outstanding shareholder advances, pre-bridge working capital loans or service related accounts payable. |