Eos Petro (EOPT) 10-Q 18 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
Document and Entity Information:	'	'
Entity Registrant Name	'Eos Petro, Inc.	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001419583	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	46,728,882
Entity Filer Category	'Accelerated Filer	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets	'	'
Cash	$359,566	$21,951
Deposits and other current assets	72,933	21,029
Total current assets	432,499	42,980
Oil and gas properties, net	1,149,948	1,187,555
Other property plant and equipment, net	16,369	21,397
Long-term deposits	102,441	102,441
Total assets	1,701,257	1,354,373
Current liabilities	'	'
Accounts payable	148,888	148,888
Accrued expenses	1,466,652	1,169,644
Amounts due shareholder	167,560	164,610
Convertible notes payable, net of discount of $1,570,458 and $887,118, respectively	3,429,542	2,862,882
Notes payable	850,000	1,108,380
Total current liabilities	6,062,642	5,454,404
Asset retirement obligation	80,280	76,457
Total liabilities	6,142,922	5,530,861
Commitments and contingencies	'	'
Stockholders' deficit	'	'
Series B Preferred stock: $0.0001 par value; 44,000,000 shares authorized, none issued and outstanding	'	'
Common stock; $0.0001 par value; 300,000,000 shares authorized 46,726,882 and 46,628,882 shares issued and outstanding	4,673	4,663
Additional paid-in capital	44,249,062	23,231,954
Shares of common stock to be issued - 1,000,000 and 400,000	10,974,000	3,370,000
Stock subscription receivable	-88,200	-88,200
Accumulated deficit	-59,581,200	-30,694,905
Total stockholders' deficit	-4,441,665	-4,176,488
Total liabilities and stockholders' deficit	$1,701,257	$1,354,373

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares Issued	46,726,882	46,628,882
Common Stock, Shares Outstanding	46,726,882	46,628,882
Convertible notes payable discount	$1,570,458	$887,118
Common stock to be issued, shares	1,000,000	400,000
Series B Preferred Stock	'	'
Preferred Stock, Par Value	$0.00	$0.00
Preferred Stock, Shares Authorized	44,000,000	44,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Oil and gas sales	$323,121	$196,776	$426,827	$220,754
Costs and expenses	'	'	'	'
Lease operating expense	120,271	148,429	185,529	206,400
General and administrative	7,017,399	876,568	18,061,358	1,513,503
Total costs and expenses	7,137,670	1,024,997	18,246,887	1,719,903
Loss from operations	-6,814,549	-828,221	-17,820,060	-1,499,149
Other income (expense)	'	'	'	'
Interest and finance costs	-5,904,405	-1,865,865	-10,456,615	-1,926,953
Loss on debt extinguishment	'	'	-609,620	'
Total other income (expense)	-5,904,405	-1,865,865	-11,066,235	-1,926,953
Net loss	($12,718,954)	($2,694,086)	($28,886,295)	($3,426,102)
Net loss per share attributed to common stockholders - basic and diluted	($0.27)	($0.06)	($0.62)	($0.08)
Weighted average common shares outstanding basic and diluted	46,723,366	45,274,211	46,700,772	44,913,662

Condensed_Consolidated_Stateme1

Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) (USD $)	Series B Preferred Stock	Common Stock	Additional Paid-in Capital	Stock to be Issued	Stock Subscription Receivable	Accumulated Deficit	Total
Stockholders' Equity, beginning of period, Value at Dec. 31, 2013	'	$4,663	$23,231,954	$3,370,000	($88,200)	($30,694,905)	($4,176,488)
Stockholders' Equity, beginning of period, Shares at Dec. 31, 2013	'	46,628,882	'	'	'	'	'
Issuance of common stock for consulting services, Value	'	3	454,097	'	'	'	454,100
Issuance of common stock for consulting services, Shares	'	32,000	'	'	'	'	'
Issuance of common stock related to debt extinguishment, Value	'	7	692,993	'	'	'	693,000
Issuance of common stock related to debt extinguishment, Shares	'	66,000	'	'	'	'	'
Fair value of share based compensation	'	'	967,954	'	'	'	967,954
Fair value of warrants issued for consulting services	'	'	15,649,564	'	'	'	15,649,564
Beneficial conversion feature related to issuance of convertible debt	'	'	3,252,500	'	'	'	3,252,500
Shares to be issued in connection with convertible note	'	'	'	7,604,000	'	'	7,604,000
Net loss	'	'	'	'	'	-28,886,295	-28,886,295
Stockholders' Equity, end of period, Value at Jun. 30, 2014	'	$4,673	$44,249,062	$10,974,000	($88,200)	($59,581,200)	($4,441,665)
Stockholders' Equity, end of period, Shares at Jun. 30, 2014	'	46,726,882	'	'	'	'	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Cash flows from operating activities	'	'	'
Net loss	($28,886,295)	($3,426,102)	'
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depletion	37,608	51,937	'
Depreciation	5,027	2,733	'
Accretion of asset retirement obligation	3,823	2,339	6,951
Amortization of debt issuance costs	816,660	1,005,072	'
Non-cash finance costs	9,356,500	739,500	'
Loss on debt extinguishment	609,620	'	'
Fair value of stock issued for services	454,100	3,910	'
Fair value of stock issued in debt transaction	'	3,000	'
Fair value of warrants issued for consulting services	15,649,564	243,329	'
Fair value of share-based compensation	967,954	28,956	'
Change in operating assets and liabilities:	'	'	'
Deposits and other current assets	-51,904	14,150	'
Accounts payable	'	-61,680	'
Accrued expenses	297,008	291,505	'
Amounts due shareholder	2,950	24,200	'
Net cash used in operating activities	-737,385	-1,077,151	'
Cash flows from investing activities:	'	'	'
Purchase of other fixed assets	'	-10,000	'
Capital expenditures on oil and gas properties	'	-632,500	'
Net cash used in investing activities	'	-642,500	'
Cash flows from financing activities:	'	'	'
Proceeds from issuance of common stock for cash	'	90,000	'
Proceeds from (repayment to) related party	'	-39,000	'
Repayment of short term notes payable	-175,000	-125,000	'
Purchase of stock pursuant to reverse stock split	'	-4,118	'
Repayment of convertible notes	-250,000	'	'
Proceeds from issuance of convertible notes	1,500,000	2,500,000	'
Net cash provided by financing activities	1,075,000	2,421,882	'
NET INCREASE IN CASH AND CASH EQUIVALENTS	337,615	702,231	'
CASH AND CASH EQUIVALENTS, beginning of period	21,951	47,511	47,511
CASH AND CASH EQUIVALENTS, end of period	359,566	749,742	21,951
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:	'	'	'
Cash paid for interest	'	'	'
Cash paid for income taxes	'	'	'
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:	'	'	'
Issued 950,000 shares of Series B Preferred stock pursuant to debt agreement	'	3,239,500	'
Issued 66,000 shares of common stock for extinguishment of debt	693,000	'	'
Fair value of 600,000 shares of common stock to be issued pursuant with convertible notes	7,604,000	'	'
Fair value of beneficial conversion feature	$3,252,500	'	'

Note_1_Organization

Note 1 - Organization	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 1 - Organization	'
	NOTE 1 - ORGANIZATION
	The unaudited condensed consolidated financial statements have been prepared by Eos Petro, Inc., (the “Company”), pursuant to the rules and regulations of the Securities and Exchange Commission.  The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the financial condition of the Company and its operating results for the respective periods. The condensed balance sheet at December 31, 2013 has been derived from the Company's audited financial statements. Certain information and footnote disclosures normally present in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission. The results for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014.
	Organization and Business
	The Company was organized under the laws of the state of Nevada in 2007. On October 12, 2012, pursuant to the Merger Agreement entered into by and between the Company, Eos Global Petro, Inc. (“Eos”), and Eos Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), dated July 16, 2012, Merger Sub merged into Eos, with Eos being the surviving entity and the Company the legal acquirer (the “Merger”). As a result of the Merger, Eos became a wholly-owned subsidiary of the Company.
	Upon completion of the Merger, the former stockholders of Eos owned approximately 93% of the then outstanding shares of Company stock and the holders of the Company’s previously outstanding debt and outstanding shares of Company common stock own the balance. As the owners and management of Eos had voting and operating control of the Company after the Reverse Merger, the transaction has been accounted for as a recapitalization of the Company with Eos deemed the acquiring company for accounting purposes, and the Company was deemed the legal acquirer. Due to the change in control, the condensed consolidated financial statements reflect the historical results of Eos prior to the Merger and that of the combined company following the Merger. Common stock and the corresponding capital amounts of the Company pre-Merger have been retroactively restated as capital stock shares reflecting the exchange ratio in the Merger.
	Effective as of May 20, 2013, the Company changed its name to Eos Petro, Inc. (it previously had been named “Cellteck, Inc.”) by filing an amendment to its articles of incorporation (the “Amendment”) with the Nevada secretary of state after the name change was approved at a special meeting of the stockholders of the Company held on May 6, 2013 (the “Special Meeting”). In anticipation of the Company’s name change, on May 17, 2013, the Company also changed the name of Eos (previously named “Eos Petro, Inc.”), to Eos Global Petro, Inc.
	The Company has two wholly-owned subsidiaries, Eos and Eos Australia Pty Ltd, an Australian company (“Eos Australia”), which was formed to explore business opportunities in Australia. The Company also owns 90% of Plethora Buy Oil and Gas Ltd., a Ghanaian corporation (“Plethora Buy”). Eos itself also has two subsidiaries: Plethora Energy, Inc. a Delaware corporation and a wholly-owned subsidiary of Eos (“Plethora Energy”), and EOS Atlantic Oil & Gas Ltd., a Ghanaian corporation (“EAOG”), which is also 10% owned by one of our Ghanaian-based third party consultants. Plethora Energy also owns 90% of Plethora Bay Oil & Gas Ltd., a Ghanaian corporation (“PBOG”), which is also 10% owned by the same Ghanaian-based consultant.  Eos, Eos Australia, Plethora Buy, PBOG, Plethora Energy and EAOG are collectively referred to as the Company’s “Subsidiaries.”
	Business
	We are in the business of acquiring, exploring and developing oil and gas-related assets. We formerly marketed the Safe Cell Tab product line, which consists of products designed to protect users against the potentially harmful and damaging effects of electromagnetic radiation emitted from electrical devices.  That segment of our business was discontinued in 2013.  We have written off all assets after settling all Safe Cell Tab related liabilities.

Note_2_Summary_of_Significant_

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 2 - Summary of Significant Accounting Policies	'
	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Principles of Consolidation
	The condensed consolidated financial statements include our accounts and those of our Subsidiaries. Intercompany transactions and balances have been eliminated. Management evaluates its investments on an individual basis for purposes of determining whether or not consolidation is appropriate.
	Basic and Diluted Earnings (Loss) Per Share
	Earnings per share is calculated in accordance with the ASC 260-10, “Earnings Per Share.” Basic earnings-per-share is based upon the weighted average number of common shares outstanding and includes the automatically converted shares of Series B preferred stock on a retroactive basis. Diluted earnings-per-share is based on the assumption that all dilutive convertible preferred shares, stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.  The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive.
		June 30,
		2014	2013
	Options	700,000	700,000
	Warrants	11,452,992	9,958,000
	Convertible notes	1,250,000	600,000
	Total	13,402,992	11,258,000
	Management Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates reflected in the condensed consolidated financial statements include, but are not limited to, amortization and depletion allowances, the recoverability of the carrying amount and estimated useful lives of long-lived assets, asset retirement obligations, the valuation of equity instruments issued in connection with financing transactions, and share-based compensation costs. Changes in facts and circumstances may result in revised estimates.  Actual results could differ from those estimates.
	Full Cost Method of Accounting for Oil and Gas Properties
	The Company has elected to utilize the full cost method of accounting for its oil and gas activities. In accordance with the full cost method of accounting, the Company capitalizes all costs associated with acquisition, exploration and development of oil and natural gas reserves, including leasehold acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling of productive and non-productive wells into the full cost pool on a country by country basis. Capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves once proved reserves are determined to exist.
	Oil and gas properties without estimated proved reserves are not amortized until proved reserves associated with the properties can be determined or until impairment occurs. At the end of each reporting period, the unamortized costs of oil and gas properties are subject to a “ceiling test” which limits capitalized costs to the sum of the estimated future net revenues from proved reserves, discounted at 10% per annum to present value, based on current economic and operating conditions, adjusted for related income tax effects.
	The Company assesses oil and gas properties at least annually to ascertain whether impairment has occurred. In assessing impairment, the Company considers factors such as historical experience and other data such as primary lease terms of the property, average holding periods of unproved property, and geographic and geologic data. Through June 30, 2014, the Company has not experienced any impairment of its capitalized oil and gas properties.
	The Company recorded depletion expense of $28,224 and $37,608 for three and six months ended June 30, 2014, respectively, and $46,945 and $51,937 for the three and six months ended June 30, 2013, respectively.
	Asset Retirement Obligation
	The Company accounts for its future asset retirement obligations (“ARO”) by recording the fair value of the liability during the period in which it was incurred. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The increase in carrying value of a property associated with the capitalization of an ARO is included in proven oil and gas properties in the balance sheets. The ARO consists of costs related to the plugging of wells, removal of facilities and equipment, and site restoration on its oil and gas properties. The asset retirement liability is accreted to operating expense over the useful life of the related asset. As of June 30, 2014 and December 31, 2013, the Company had an ARO of $80,280 and $76,457, respectively.
	Oil and Gas Revenue
	Revenues are recognized when hydrocarbons have been delivered, the customer has taken title and collection is reasonably assured.
	Share-Based Compensation
	The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic of the FASB Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's Statements of Operations. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance where the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates.
	Fair Value Measurements
	The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows:
		·	Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
		·	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
		·	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	For certain financial instruments, the carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents and current liabilities, including notes payable and convertible notes, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest.
	We did not identify any other non-recurring assets and liabilities that are required to be presented in the condensed consolidated balance sheets at fair value in accordance with ASC 815.
	Concentrations
	The future results of the Company’s oil and natural gas operations will be affected by the market prices of oil and natural gas. The availability of a ready market for oil and natural gas products in the future will depend on numerous factors beyond the control of the Company, including weather, imports, marketing of competitive fuels, proximity and capacity of oil and natural gas pipelines and other transportation facilities, any oversupply or undersupply of oil, natural gas and liquid products, the regulatory environment, the economic environment, and other regional and political events, none of which can be predicted with certainty.
	One customer accounts for 100% of oil sales for the three and six months ended June 30, 2014 and 2013.  The Company’s oil and gas properties are located in Illinois.
	Recently Issued Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)."  ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations.  Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations.  This new accounting guidance is effective for annual periods beginning after December 15, 2014.  The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.  The standard is
	effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures).  Early adoption is not permitted.  The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard beginning January 1, 2017.
	Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements.

Note_3_Going_Concern

Note 3 - Going Concern	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 3 - Going Concern	'
	NOTE 3 – GOING CONCERN
	The accompanying condensed consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. Such assumption contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of June 30, 2014, the Company had a stockholders’ deficit of $4,441,665, and for the six months ended June 30, 2014, reported a net loss of $28,886,295 and had negative cash flows from operating activities of $737,385. Management estimates the Company’s capital requirements for the next twelve months, including drilling and completing wells for the Works Property and various other projects, will total approximately $1,000,000. Errors may be made in predicting and reacting to relevant business trends and the Company will be subject to the risks, uncertainties and difficulties frequently encountered by early-stage companies. The Company may not be able to successfully address any or all of these risks and uncertainties. Failure to adequately do so could cause the Company’s business, results of operations, and financial condition to suffer. As a result, the Company's independent registered public accounting firm, in its report on the Company's December 31, 2013 consolidated financial statements, has raised substantial doubt about the Company's ability to continue as a going concern.
	The Company’s ability to continue as a going concern is an issue due to its net losses and negative cash flows from operations, and its need for additional financing to fund future operations. The Company’s ability to continue as a going concern is subject to its ability to obtain necessary funding from outside sources, including the sale of its securities or loans from financial institutions. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty.

Note_4_Notes_Payable

Note 4 - Notes Payable	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 4 - Notes Payable	'
	NOTE 4 - NOTES PAYABLE
	Notes payable at June 30, 2014 and December 31, 2013 are as follows:
		June 30,	December 31,
		2014	2013
	Note payable at 24% (1)	$-	$128,380
	Secured note payable, at 18% (2)	600,000	600,000
	Note payable, at 6% (3)	250,000	250,000
	Note payable, at 5%, (4)	-	130,000
	Total	$850,000	$1,108,380
	(1) On October 24, 2011, Eos received $200,000 from RT Holdings, LLC (“RT”) in exchange for an unsecured promissory note payable, originally due November 7, 2011, as extended till April 30, 2013, with interest due at 6% per annum, which was amended to 24%.  On the maturity date, in addition to repaying in full the principal amount owed to RT, plus interest, Eos agreed to pay RT a single additional fee of $10,000.
	As of December 31, 2013, the Company owed $128,380.  During 2014, the Company settled the loan by paying $75,000 and issuing 66,000 shares of the Company’s common stock.  The fair value of the 66,000 shares was $693,000.  The Company recorded a loss on debt extinguishment of $639,620.
	(2) On February 16, 2012, Eos entered into a Secured Promissory Note with Vatsala Sharma (“Sharma”) for a secured loan for $400,000 due in 60 days at an interest rate of 18% per annum. On May 9, 2012, the Company and Sharma increased the loan amount from $400,000 to $600,000.  In the event the loan is not paid in full by the maturity date, Sharma will receive an additional 275,000 shares of the Company’s common stock. The loan is secured by a first priority blanket security interest in all of Eos’ assets, and newly acquired assets, a mortgage on the Works property, a 50% security interest in Nikolas Konstant’s personal residence, and his personally held shares in a non-affiliated public corporation.  On June 30, 2014, the maturity date was extended to October 1, 2014.
	(3) Effective May 22, 2012, the Company entered into a Loan Agreement with Vicki P. Rollins (“Rollins”) for a secured loan in the amount of $350,000 originally due on September 22, 2012. The loan is secured by a second priority blanket security interest in all of the Company’s assets to the extent their security interests overlap with the security interest of Babcock gained from the Babcock Loan (see (4) below). Additionally, the Company is prohibited from incurring additional indebtedness during the term of the loan, with the exception of the existing Sharma loan, without the written consent of Rollins. When the Loan Agreement was initially entered into, the Company issued to Rollins 175,000 warrants to purchase common stock with an exercise price of $2.50. Such warrants expired on May 22, 2014. On July 1, 2014, as is further described in Note 11 below, Rollins agreed to extend the maturity date of the loan to December 31, 2014 and amend the terms of the loan so that no interest accrues from inception through repayment. The Company issued to Rollins an aggregate of 250,000 new warrants in exchange for such extension and amendment.
	(4) On August 2, 2012, Eos executed a series of agreements with 1975 Babcock, LLC (“Babcock”) in order to secure a $300,000 loan (the “Babcock Loan”). As of August 3, 2012, Eos also leased 7,500 square feet of office space at 1975 Babcock Road in San Antonio, Texas (the “Babcock Lease”) from Babcock. The Company agreed to pay $7,500 a month in rent under the Babcock Lease. Pursuant to the Babcock Loan and Lease documents, Eos granted Babcock a mortgage and security interest in and on the Works Property and related assets, agreements and profits. On April 30, 2013, the Babcock Loan and Babcock Lease were amended. Eos agreed to pay $5,000, due and payable on April 30, 2013, to Babcock in exchange for an extension on the maturity date of the Babcock Loan to May 31, 2013. In addition, Eos agreed to pay Babcock $15,000, due and payable on April 30, 2013, as consideration for Babcock’s agreement to defer of any enforcement of its rights under the Babcock Lease caused by Eos’ failure to pay monthly rent owed on the Babcock Lease until May 31, 2013.
	On November 7, 2013, the Company, Eos and Mr. Nikolas Konstant (the Company’s Chairman of the Board and Chief Financial Officer) entered into an agreement for the payment and satisfaction of the Babcock Loan and Babcock Lease, as amended, and all other related agreements. Under the terms and conditions of the Babcock Agreement, in order to pay off and satisfy the Babcock Loan in full and void the Babcock Lease, including any rent then owed and payable, in its entirety, Eos agreed to pay $330,000 on the loan.  In addition, the Company agreed to issue an aggregate of 70,000 restricted shares of the Company’s common stock to certain affiliates of Babcock, which were issued on January 13, 2014.   The Company made payments of $100,000 on November 13, 2013 and November 18, 2013. During 2014, the Company paid $100,000 for settlement of the debt.  Accordingly, the Company recorded a gain on extinguishment of debt of $30,000.

Note_5_Convertible_Promissory_

Note 5 - Convertible Promissory Notes	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 5 - Convertible Promissory Notes	'
	NOTE 5 – CONVERTIBLE PROMISSORY NOTES
	A summary of convertible promissory notes at June 30, 2014 and December 31, 2013 are as follows:
		June 30,	December 31,
		2014	2013
	Clouding Loan	$-	$250,000
	LowCal Loan	5,000,000	3,500,000
	Unamortized discount	-1,570,458	-887,118
	Total	$3,429,542	$2,862,882
	Clouding IP, LLC
	On December 26, 2012, Eos entered into an Oil & Gas Services Agreement with Clouding IP, LLC (“Clouding”) in order to retain the oil and gas related services of Clouding and its affiliates.
	Concurrently with the execution of the Oil & Gas Services Agreement with Clouding, on December 26, 2012, the Company executed a series of agreements with Clouding in order to secure a $250,000 loan (the “Clouding Loan”). Pursuant to the Clouding Loan documents, Eos granted Clouding a mortgage and security interest in and on the Company’s assets. The maturity date of the Clouding Loan was March 31, 2013 which was amended to August 31, 2013, pursuant to a written extension on April 19, 2013, and interest accrues on the Clouding Loan at a rate of 4% per annum commencing December 26, 2012. On the maturity date, Eos further agreed to pay to Clouding a loan fee of $25,000. At Clouding’s option, the principal amount of the loan, together with any accrued and unpaid interest or other charges, may be converted into common stock of the Company at a conversion price of $2.50 per share.
	As the Clouding Loan was not repaid in full on March 31, 2013, pursuant to the terms of the Clouding Loan, the Company issued to Clouding an additional 150,000 shares of its Series B preferred stock, which were subsequently converted into 150,000 shares of common stock.
	On various dates in May and June 2014, the Company paid the outstanding principal and accrued interest. The Company is currently negotiating a final settlement with Clouding.
	LowCal Industries
	On February 8, 2013, and subsequently amended, the Company and Eos entered into the following agreements with LowCal Industries, LLC (“LowCal”) and LowCal’s affiliates: (i) a Loan Agreement and Secured Promissory Note; (ii) a Lock-Up/Leak-Out Agreement;(iii) a Guaranty; (iv) a Series B Convertible Preferred Stock Purchase Agreement; (v) a Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing; and (vi) a Compliance/Oversight Agreement (collectively referred to as the “Loan Agreements”).
	Pursuant to the Loan Agreements, LowCal agreed to purchase from Eos, for $2,480,000, a promissory note in the principal amount of $2,500,000, with interest at 10% per annum (the “LowCal Loan”). At LowCal’s option, LowCal may elect to convert any part of the principal of the LowCal Loan into shares of the Company’s common stock at a conversion price of $5.00 per share. (Subsequently amended to $4 per share and then to $2.50 per share - see below).
	The LowCal Loan is secured by (i) a mortgage, lien on, assignment of and security interest in and to oil and gas properties; (ii) a guaranty by the Company as a primary obligor for payment of Eos’ obligations when due; and (iii) a first priority position or call right for an amount equal to the then outstanding principal balance of and accrued interest on the LowCal Loan on the first draw down by either Eos or the Company from a commitment letter entered into with a prospective investor, should the Company or Eos be in a position to draw on this facility.
	The principal and all interest on the LowCal Loans are due in one installment on or before December 31, 2014.  The Company may offer to prepay the LowCal Loan, and must offer to prepay the LowCal Loan with any funds it receives from specified sources, but LowCal may decline to accept any such prepayments towards the LowCal Loan if LowCal complies with certain conditions set forth in the LowCal Agreements. On or before January 9, 2014, the LowCal Loan was to be secured by a first priority blanket security interest in Eos’ collateral and other rights in certain of Eos and the Company’s existing agreements.
	On the date that the LowCal Loan has been repaid in full, LowCal shall be entitled to receive from Eos an exit fee, payable in cash and stock, in the following amounts: (i) 50,000 restricted shares of Company’s common stock; and (ii) cash in an amount equal to 10% of the total principal amount of the note.
	On November 6, 2013, the Company, Eos, LowCal and certain affiliates of LowCal entered into a second amendment to the Loan Agreements, originally dated as of February 8, 2013 and first amended on April 23, 2013 (as amended through November 6, 2013, collectively referred to herein as the “LowCal Agreements”). Pursuant to the LowCal Agreements, the total amount of the LowCal Loan was increased from $2,500,000 to $5,000,000 and the conversion price was changed from $5 to $4.
	When the LowCal Agreements were amended on November 6, 2013, LowCal agreed to purchase an aggregate of up to an additional 1,000,000 restricted shares of the Company’s common stock (the “LowCal Shares”) for par value on the closing date of the LowCal Agreements, which was anticipated to occur on or before January 9, 2014. LowCal executed a Lock-Up/Leak-Out Agreement, which restricts LowCal’s ability to sell these shares and any other shares of the Company it obtains. In addition, LowCal received piggy back registration rights for the shares it may receive pursuant to the note.
	As is further set forth in Note 11 below, on August 14, 2014, the LowCal Agreements were amended in a third amendment in which the Company issued to LowCal a warrant to purchase 500,000 restricted shares of common stock at $4.00 per share, expiring August 14, 2017. The conversion price on principal and interest of the LowCal Loan was also further amended from $4 to $2.50. LowCal may not exercise the warrant or elect to convert the note if such exercise or conversion would cause it to beneficially own more than 9.99% of the Company’s shares.
	During the six months ended June 30, 2014, the Company received an additional $1,500,000 under this amendment and the Company agreed to issue the remaining 600,000 of the LowCal Shares valued at $7,604,000, which has been recorded as “Shares to be issued” in the accompanying condensed consolidated balance sheets, since the shares of common stock were not physically issued during the quarter. The Company intends to physically issue all of the LowCal shares prior to the end of August 2014.
	The $4 per share conversion price for the $1,500,000 LowCal additional funding in 2014 was below the market price of the Company’s common shares at the date of issuance creating a beneficial conversion feature of $3,252,500 upon issuance.  This amount represented the amount by which the value of the shares into which the notes are convertible exceeded the aggregate conversion price on the date of issuance. In addition, we considered the $7,604,000 fair value of the 600,000 LowCal Shares to be a financing cost.  To account for these costs, the Company recorded a valuation discount of $1,500,000 upon issuance, and the incremental cost of $9,356,500 over the face amount of the note was recorded as a financing cost during the six months ended June 30, 2014. The Company will amortize the valuation discount to interest expense over the life of the notes.
	During the three and six months ended June 30, 2014, the Company recognized aggregate interest expense of $477,407 and $816,660, respectively, and during the three and six months ended June 30, 2013, the Company recognized aggregate interest expense of $1,000,586 and $1,001,628, respectively, relating to the amortization of the discounts on the LowCal notes.  The unamortized balance at June 30, 2014, is $1,570,458.

Note_6_Asset_Retirement_Obliga

Note 6 - Asset Retirement Obligation	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 6 - Asset Retirement Obligation	'
	NOTE 6 – ASSET RETIREMENT OBLIGATION
	Changes in the Company’s asset retirement obligations were as follows:
		Six Months
		Ended	Year Ended
		30-Jun-14	31-Dec-13
	Asset retirement obligation, beginning of period	$76,457	$46,791
	Additions	-	22,715
	Accretion expense	3,823	6,951
	Asset retirement obligations, end of period	$80,280	$76,457

Note_7_Related_Party_Transacti

Note 7 - Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 7 - Related Party Transactions	'
	NOTE 7 - RELATED PARTY TRANSACTIONS
	Plethora Enterprises, LLC
	The Company has a consulting agreement with Plethora Enterprises, LLC (“Plethora”), which is solely owned by Nikolas Konstant, the Company’s chairman of the board and chief financial officer.  Under the consulting agreement, for the three and six months ended June 30, 2014, the Company recorded compensation expense of $90,000 and $180,000, respectively and for the three and six months ended June 30, 2013, the Company recorded compensation expense of $90,000 and $180,000, respectively.  The amount due to Mr. Konstant under the Plethora consulting agreement is $167,560 and $164,610 at June 30, 2014 and December 31, 2013, respectively.
	Plethora Oil & Gas Limited
	On June 30, 2014, Plethora Energy acquired from Plethora Oil & Gas Limited, a de facto limited liability company, with no assets, liabilities, or operations formed under the common law of Delaware and wholly owned by Nikolas Konstant, 15,000 shares for nominal consideration which equals 90% ownership of PBOG, making PBOG a subsidiary of the Company.
	Other
	On October 3, 2011, the Company entered into an Exclusive Business Partner and Advisory Agreement with Baychester, which owns a 10% minority interest in EAOG and PBOG. The terms of such agreement were amended in June 2014. Pursuant to the amended agreement dated June 16, 2014, the Company agreed to pay to Baychester $35,000 by September 2014 in exchange for services rendered. Moreover, commencing July 1, 2014 and continuing every month thereafter, the Company agreed to pay to Baychester a monthly consulting fee of $10,000. Finally, in the event the Ghanaian Ministry of Energy formally invites the Company to a meeting to negotiate the terms of a deal to acquire a concession in Ghana, regardless of the outcome of the meeting, the Company will pay to Baychester an additional $35,000.

Note_8_Stockholders_Deficit

Note 8 - Stockholders' Deficit	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 8 - Stockholders' Deficit	'
	NOTE 8 - STOCKHOLDERS’ DEFICIT
	Stock Issuances for Services
	On June 23, 2013, the Company entered into a one year consulting agreement with Hahn Engineering, Inc. (“Hahn”). Pursuant to the agreement, Hahn will be issued 2,000 restricted shares of common stock of the Company per month. While initially such monthly issuances were capped at 24,000 shares, in June 2014 the parties agreed to continue the consulting agreement month to month and to continue to provide 2,000 restricted shares of common stock of the Company to Hahn each such month. During the six months ended June 30, 2014, Hahn had received 12,000 restricted shares of common stock of the Company valued at $168,100 which was recorded as consulting expense.

Note_9_Stock_Options_and_Warra

Note 9 - Stock Options and Warrants	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 9 - Stock Options and Warrants	'
	NOTE 9 - STOCK OPTIONS AND WARRANTS
	Option Activity
	A summary of the option activity is presented below:
				Weighted
			Weighted	Average
			Average	Remaining	Aggregate
		Number of	Exercise	Contractual	Intrinsic
		Options	Price ($)	Life (in years)	Value ($)
	Outstanding, December 31, 2013	700,000	2.5	4.15
	Granted	-
	Exercised	-
	Forfeited/Canceled	-
	Outstanding, June 30, 2014	700,000	2.5	3.66	8,050,000
	Exercisable, June 30, 2014	700,000	2.5	3.66	8,050,000
	The following table summarizes information about options outstanding and exercisable at June 30, 2014:
	Options Outstanding and Exercisable
			Weighted	Weighted
			Average	Average
	Exercise	Number of	Remaining	Exercise
	Price ($)	Shares	Life (Years)	Price ($)
	2.5	700,000	3.66	2.5
	During the three and six months ended June 30, 2014, the Company recorded $483,977 and $967,954 of share based compensation on the vesting of these options.  During the three and six months ended June 30, 2013, the Company recorded $28,956 of share based compensation.
	Warrant Activity
	A summary of warrant activity is presented below:
				Weighted
			Weighted	Average
			Average	Remaining	Aggregate
		Number of	Exercise	Contractual	Intrinsic
		Warrants	Price ($)	Life (in years)	Value ($)
	Outstanding, December 31, 2013	11,558,000	4.5	2.36
	Granted	20,000	-
	Exercised	199,992	-
	Forfeited/Canceled	-325,000	2.5
	Outstanding, June 30, 2014	11,452,992	5.16	2.04	101,043,412
	Exercisable, June 30, 2014	5,149,664	2.78	1.85	57,766,304
	The following tables summarize information about warrants outstanding at June 30, 2014:
	Warrants Outstanding
			Weighted	Weighted
			Average	Average
	Exercise	Number of	Remaining	Exercise
	Price ($)	Shares	Life (Years)	Price ($)
	2.5	2,759,992	1.64	2.5
	3	2,403,000	2.16	3
	4	100,000	4.34	4
	5.35	4,670,000	1.62	5.35
	6	20,000	2.84	6
	12.95	1,500,000	4.28	12.95
		11,452,992
	The following table summarizes information about warrants exercisable at June 30, 2014:
	Warrants Exercisable
			Weighted	Weighted
			Average	Average
	Exercise	Number of	Remaining	Exercise
	Price ($)	Shares	Life (Years)	Price ($)
	2.5	2,626,664	1.71	2.5
	3	2,403,000	1.91	3
	4	100,000	4.09	4
	6	20,000	2.84	6
		5,149,664
	During the six months ended June 30, 2014, the Company recorded $80,537 of consulting expense related to the vested warrants for SAI Consulting.
	The Company and GEM Global Yield Fund, a member of the Global Emerging Markets Group (“GEM”), entered into a financing commitment on August 31, 2011, whereby GEM would provide and fund the Company with up to $400 million, through a common stock subscription agreement (the “Commitment”), for the Company’s African acquisition activities.
	As further consideration for GEM’s execution of the Commitment Agreements, on July 11, 2013 GEM and GEM affiliates received common stock purchase warrants to purchase an additional 1,500,000 shares of common stock of the Company (“Additional Warrants”). The Additional Warrants vest on July 11, 2014, expire after five years and have an exercise price equal to the 30 day average trading price of the Company’s common stock on July 11, 2014 with a ceiling of $8.  At June 30, 2014, the 30 day average trading price was greater than $8; therefore, the Company used $8 as the exercise price. If the shares underlying the Additional Warrant are not registered within 24 months of July 11, 2013, the expiration date will be extended for each additional day the shares underlying Additional Warrant remain unregistered after 24 months.
	The fair value of the 1,500,000 Additional Warrants was determined to be $20,596,177 at June 30, 2014 using the Black-Scholes option pricing model with the following assumptions:
·      Expected life of 4.03 years
·      Volatility of 221%;
·      Dividend yield of 0%;
·      Risk free interest rate of 1.62%
The fair value will be amortized over the vesting period and will be adjusted each reporting period in accordance with accounting for non-employee stock based compensation. The Company expensed $4,902,243 and $14,305,406 during the three and six months ended June 30, 2014, respectively, and had expensed $5,670,064 during the year ended December 31, 2013 for a cumulative expense of $19,975,470.  As of June 30, 2014, $620,704 remains to be amortized through July 11, 2014.
Pursuant to the consulting agreement with DVIBRI, discussed further in Note 10, the Company issued warrants to purchase 199,992 shares of the Company’s common stock with 16,666 warrants vesting each month.  The warrants have an exercise price of $2.50 and expire on June 30, 2017.  The fair value of the 66,664 warrants that vested during the quarter was determined to be $933,121 using the Black-Scholes option pricing model with the following assumptions:
·      Expected life of 10 years
·      Volatility of 221%;
·      Dividend yield of 0%;
·      Risk free interest rate of 2.53%
On April 1, 2014, the Company entered into a consulting agreement with Mark Bitter (“Bitter”). In exchange for consulting services, the Company issued to Bitter a warrant to purchase an aggregate of 20,000 restricted shares of the Company’s common stock, which vest and become exercisable on May 1, 2014 at $6.00 per share, and expire on May 1, 2017.
The fair value of the 20,000 warrants that vested during the quarter was determined to be $330,499 using the Black-Scholes option pricing model with the following assumptions:
·      Expected life of 3 years
·      Volatility of 253%;
·      Dividend yield of 0%;
·              Risk free interest rate of 0.86%

Note_10_Commitments_and_Contin

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 10 - Commitments and Contingencies	'
	NOTE 10 - COMMITMENTS AND CONTINGENCIES
	Legal Proceedings
	On July 11, 2011, Eos entered into an employment agreement with Michael Finch to fill the position of Eos’ CEO. A dispute arose with Mr. Finch resulting in him being terminated. On August 9, 2012, Mr. Finch made a Demand for Arbitration before JAMS alleging breach of the Employment Agreement. As of March 15, 2014 the arbitration was suspended by JAMS for lack of prosecution by Mr. Finch. Eos had not yet prepared or sent a response to the demand. Eos denies any breach of the employment agreement or other wrongdoing on its part and will vigorously defend those claims if they should ever be reasserted.
	The Company has been made aware that a complaint has been filed against the Company and Nikolas Konstant by an entity alleging to be the landlord of the Babcock Lease. The complaint purportedly asks for $149,625 in unpaid rent and late fees for the Babcock Lease, although the Company has not yet been served with a copy of the complaint. The Company denies any breach or the Babcock Lease or other wrongdoing on its part and will vigorously defend against such claims if it is ever served with the complaint.
	DVIBRI Consulting Agreement
	On August 26, 2013, the Company engaged DVIBRI as a consultant to render financial advice pursuant to a Consulting Agreement. The initial term of DVIBRI's consulting services, pursuant to an amendment to the Consulting Agreement effective as of February 3, 2014, expired on February 28, 2014. The Company issued 20,000 shares valued at $286,000 to DVIBRI on February 21, 2014 as compensation for services provided under the Consulting Agreement.
	After the expiration of the initial Consulting Agreement, the Company and DVIBRI entered into a new Consulting Agreement, effective as of March 1, 2014, for the provision of additional consulting services for a one year period. As compensation for the services to be provided, the Company agreed to issue to DVIBRI the following: (i) $10,000 of monthly compensation, payable one half each month with the remainder payable in one lump sum at the end of the term; and (ii) a warrant to purchase 199,992 shares of the Company’s common stock with 16,666 warrants vesting monthly.
	Hassan Consulting Agreement
	On June 24, 2014, the Company entered into a consulting agreement with Youssry Hassan (“Hassan”). Hassan will assist and advise the Company with the Company’s general business expansion strategies on new target acquisitions of oil and gas wells and fields, particularly in Africa. For transactions located by, originated by or presented, in whole or part, by Hassan, the Company will pay Hassan a success fee ranging from 1 to 2.5% of the total size of the transaction. Moreover, should one of the Company’s concession bids in Egypt become successful, Hassan may be granted up to 1,000,000 restricted shares of the Company’s common stock. Hassan is also entitled to a monthly consulting fee of $25,000, $15,000 of which shall be paid immediately and the remaining $10,000 of which shall be deferred, but not abated, until the end of the fiscal year in which such fees were earned, as well as an annual bonus of $50,000 and $10,000 to cover personal and family medical expenses.

Note_11_Subsequent_Events

Note 11 - Subsequent Events	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 11 - Subsequent Events	'
	NOTE 11 – SUBSEQUENT EVENTS
	On July 1, 2014, Rollins agreed to extend the maturity date of the Rollins loan to December 31, 2014 and amend the terms of the loan so that no interest accrues from inception through repayment. The Company issued to Rollins an aggregate of 250,000 new warrants to Rollins in exchange for such extension and amendment. 175,000 of such warrants have an exercise price of $2.50, andthe remainder of an exercise price of $4.00. All ofsuch warrants expire on August 1, 2018.
	On July 10, 2014, the Company entered into a Joint Oil and Gas Operating Agreement with James Blumthal (“Blumthal”) giving authority to Blumthal as the Operator for oil and/or gas production (whether primary or secondary) with full control and management of all operations on the oil and gas properties located in Illinois in which the Company as an 80% revenue and 100% working interest (the “Works Property”).  The Company will will pay to Blumthal its proportionate share of all operating expenses arising out of the operation and maintenance of any wells drilled, completed and equipped.  Concurrently with the signing of the Joint Oil and Gas Operating Agreement with Blumthal, the Company terminated the previous operating agreement with TEHI Illinois, LLC.
	On August 1, 2014, the Company issued to BAS 500,000 warrants to purchase restricted shares of its common stock at $4.00 a share, vesting immediately and expiring after four years. The warrants were provided for BAS continuous support in providing consulting services to the Company.  The estimated fair value at the date of grant is $6,300,000.
	Furthermore, pursuant to an agreement effective August 1, 2014, the Company amended the terms of its August 1, 2013 consulting agreement with BAS to appoint BAS as a non-exclusive M&A advisor for the Company. In exchange for the provision of such M&A advisory services, at the close of certain potential acquisitions, BAS shall receive a cash fee equal to 1%-2% of the total size of the acquisition, plus warrant coverage equal to 3.75% of the total amount of the acquisition, divided by 2.5 and at an exercise price of $4.00 per share. Such warrants will have piggy-back registration rights, vest immediately and expire July 31, 2018.
	On August 14, 2014, the LowCal Agreements were amended in a third amendment in which the Company issued to LowCal a warrant to purchase 500,000 restricted shares of common stock at $4.00 per share, expiring August 14, 2017. The conversion price on principal and interest of the LowCal Loan was also further amended from $4 to $2.50. LowCal may not exercise the warrant or elect to convert the note if such exercise or conversion would cause it to beneficially own more than 9.99% of the Company’s shares.  The estimated fair value of the warrants at the date of grant is $7,300,000.
	On June 23, 2013, the Company entered into an employment agreement with Martin Oring, who also acts as a director of the Company, in which Mr. Oring was appointed the CEO of the Company. In exchange for Mr. Oring’s services, he received a warrant to purchase 600,000 shares of restricted common stock of the Company at an exercise price of $2.50 with a five year term. 50,000 warrant shares vested each month the employment agreement remained in effect through June 30, 2014. On August 18, 2014, the Company and Mr. Oring entered into a new employment agreement in which Mr. Oring shall continue to act as the Company’s CEO in exchange for a new warrant. Pursuant to the new agreement entered into on August 18, 2014, the Company issued to Mr. Oring an additional warrant to purchase 600,000 shares of restricted common stock of the company at an exercise price of $2.50 with a five year term. 50,000 of such warrant shares vested immediately on the date of grant for Mr. Oring’s services provided in July 2014. The remaining warrant shares shall vest in monthly installments of 50,000 commencing August 31, 2014 and continuing thereafter every month Mr. Oring’s employment agreement remains in effect.

Note_2_Summary_of_Significant_1

Note 2 - Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Policies	'
Principles of Consolidation	'
	Principles of Consolidation
	The condensed consolidated financial statements include our accounts and those of our Subsidiaries. Intercompany transactions and balances have been eliminated. Management evaluates its investments on an individual basis for purposes of determining whether or not consolidation is appropriate.
Basic and Diluted Earnings (loss) Per Share	'
	Basic and Diluted Earnings (Loss) Per Share
	Earnings per share is calculated in accordance with the ASC 260-10, “Earnings Per Share.” Basic earnings-per-share is based upon the weighted average number of common shares outstanding and includes the automatically converted shares of Series B preferred stock on a retroactive basis. Diluted earnings-per-share is based on the assumption that all dilutive convertible preferred shares, stock options and warrants were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period.  The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive.
		June 30,
		2014	2013
	Options	700,000	700,000
	Warrants	11,452,992	9,958,000
	Convertible notes	1,250,000	600,000
	Total	13,402,992	11,258,000
Management Estimates	'
	Management Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates reflected in the condensed consolidated financial statements include, but are not limited to, amortization and depletion allowances, the recoverability of the carrying amount and estimated useful lives of long-lived assets, asset retirement obligations, the valuation of equity instruments issued in connection with financing transactions, and share-based compensation costs. Changes in facts and circumstances may result in revised estimates.  Actual results could differ from those estimates.
Full Cost Method of Accounting For Oil and Gas Properties	'
	Full Cost Method of Accounting for Oil and Gas Properties
	The Company has elected to utilize the full cost method of accounting for its oil and gas activities. In accordance with the full cost method of accounting, the Company capitalizes all costs associated with acquisition, exploration and development of oil and natural gas reserves, including leasehold acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling of productive and non-productive wells into the full cost pool on a country by country basis. Capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves once proved reserves are determined to exist.
	Oil and gas properties without estimated proved reserves are not amortized until proved reserves associated with the properties can be determined or until impairment occurs. At the end of each reporting period, the unamortized costs of oil and gas properties are subject to a “ceiling test” which limits capitalized costs to the sum of the estimated future net revenues from proved reserves, discounted at 10% per annum to present value, based on current economic and operating conditions, adjusted for related income tax effects.
	The Company assesses oil and gas properties at least annually to ascertain whether impairment has occurred. In assessing impairment, the Company considers factors such as historical experience and other data such as primary lease terms of the property, average holding periods of unproved property, and geographic and geologic data. Through June 30, 2014, the Company has not experienced any impairment of its capitalized oil and gas properties.
	The Company recorded depletion expense of $28,224 and $37,608 for three and six months ended June 30, 2014, respectively, and $46,945 and $51,937 for the three and six months ended June 30, 2013, respectively.
Asset Retirement Obligation	'
	Asset Retirement Obligation
	The Company accounts for its future asset retirement obligations (“ARO”) by recording the fair value of the liability during the period in which it was incurred. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The increase in carrying value of a property associated with the capitalization of an ARO is included in proven oil and gas properties in the balance sheets. The ARO consists of costs related to the plugging of wells, removal of facilities and equipment, and site restoration on its oil and gas properties. The asset retirement liability is accreted to operating expense over the useful life of the related asset. As of June 30, 2014 and December 31, 2013, the Company had an ARO of $80,280 and $76,457, respectively.
Oil and Gas Revenue	'
	Oil and Gas Revenue
	Revenues are recognized when hydrocarbons have been delivered, the customer has taken title and collection is reasonably assured.
Share-based Compensation	'
	Share-Based Compensation
	The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic of the FASB Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's Statements of Operations. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance where the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates.
Fair Value Measurements	'
	Fair Value Measurements
	The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” ASC 820-10 defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows:
		·	Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.
		·	Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
		·	Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.
	For certain financial instruments, the carrying amounts reported in the condensed consolidated balance sheets for cash and cash equivalents and current liabilities, including notes payable and convertible notes, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest.
	We did not identify any other non-recurring assets and liabilities that are required to be presented in the condensed consolidated balance sheets at fair value in accordance with ASC 815.
Concentrations	'
	Concentrations
	The future results of the Company’s oil and natural gas operations will be affected by the market prices of oil and natural gas. The availability of a ready market for oil and natural gas products in the future will depend on numerous factors beyond the control of the Company, including weather, imports, marketing of competitive fuels, proximity and capacity of oil and natural gas pipelines and other transportation facilities, any oversupply or undersupply of oil, natural gas and liquid products, the regulatory environment, the economic environment, and other regional and political events, none of which can be predicted with certainty.
	One customer accounts for 100% of oil sales for the three and six months ended June 30, 2014 and 2013.  The Company’s oil and gas properties are located in Illinois.
Recently Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360)."  ASU 2014-08 amends the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations.  Under the new guidance, only disposals representing a strategic shift in operations or that have a major effect on the Company's operations and financial results should be presented as discontinued operations.  This new accounting guidance is effective for annual periods beginning after December 15, 2014.  The Company is currently evaluating the impact of adopting ASU 2014-08 on the Company's results of operations or financial condition.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.  The standard is
	effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures).  Early adoption is not permitted.  The Company is currently evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which it will adopt the standard beginning January 1, 2017.
	Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements.

Note_2_Summary_of_Significant_2

Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings (loss) Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	'
		June 30,
		2014	2013
	Options	700,000	700,000
	Warrants	11,452,992	9,958,000
	Convertible notes	1,250,000	600,000
	Total	13,402,992	11,258,000

Note_4_Notes_Payable_Schedule_

Note 4 - Notes Payable: Schedule of Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Schedule of Notes Payable	'
		June 30,	December 31,
		2014	2013
	Note payable at 24% (1)	$-	$128,380
	Secured note payable, at 18% (2)	600,000	600,000
	Note payable, at 6% (3)	250,000	250,000
	Note payable, at 5%, (4)	-	130,000
	Total	$850,000	$1,108,380

Note_5_Convertible_Promissory_1

Note 5 - Convertible Promissory Notes: Convertible Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Convertible Debt	'
		June 30,	December 31,
		2014	2013
	Clouding Loan	$-	$250,000
	LowCal Loan	5,000,000	3,500,000
	Unamortized discount	-1,570,458	-887,118
	Total	$3,429,542	$2,862,882

Note_6_Asset_Retirement_Obliga1

Note 6 - Asset Retirement Obligation: Schedule of Asset Retirement Obligations (Tables)	6 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Schedule of Asset Retirement Obligations	'
		Six Months
		Ended	Year Ended
		30-Jun-14	31-Dec-13
	Asset retirement obligation, beginning of period	$76,457	$46,791
	Additions	-	22,715
	Accretion expense	3,823	6,951
	Asset retirement obligations, end of period	$80,280	$76,457

Note_9_Stock_Options_and_Warra1

Note 9 - Stock Options and Warrants: Schedule of Stock Options, Activity (Tables)	6 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Schedule of Stock Options, Activity	'
				Weighted
			Weighted	Average
			Average	Remaining	Aggregate
		Number of	Exercise	Contractual	Intrinsic
		Options	Price ($)	Life (in years)	Value ($)
	Outstanding, December 31, 2013	700,000	2.5	4.15
	Granted	-
	Exercised	-
	Forfeited/Canceled	-
	Outstanding, June 30, 2014	700,000	2.5	3.66	8,050,000
	Exercisable, June 30, 2014	700,000	2.5	3.66	8,050,000

Note_9_Stock_Options_and_Warra2

Note 9 - Stock Options and Warrants: Options, Outstanding and Exercisable (Tables)	6 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Options, Outstanding and Exercisable	'
	Options Outstanding and Exercisable
			Weighted	Weighted
			Average	Average
	Exercise	Number of	Remaining	Exercise
	Price ($)	Shares	Life (Years)	Price ($)
	2.5	700,000	3.66	2.5

Note_9_Stock_Options_and_Warra3

Note 9 - Stock Options and Warrants: Schedule of Warrants, Activity (Tables)	6 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Schedule of Warrants, Activity	'
				Weighted
			Weighted	Average
			Average	Remaining	Aggregate
		Number of	Exercise	Contractual	Intrinsic
		Warrants	Price ($)	Life (in years)	Value ($)
	Outstanding, December 31, 2013	11,558,000	4.5	2.36
	Granted	20,000	-
	Exercised	199,992	-
	Forfeited/Canceled	-325,000	2.5
	Outstanding, June 30, 2014	11,452,992	5.16	2.04	101,043,412
	Exercisable, June 30, 2014	5,149,664	2.78	1.85	57,766,304

Note_9_Stock_Options_and_Warra4

Note 9 - Stock Options and Warrants: Schedule of Warrants by Exercise Price Range Table Textblock (Tables)	6 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Schedule of Warrants by Exercise Price Range Table Textblock	'
	The following tables summarize information about warrants outstanding at June 30, 2014:
	Warrants Outstanding
			Weighted	Weighted
			Average	Average
	Exercise	Number of	Remaining	Exercise
	Price ($)	Shares	Life (Years)	Price ($)
	2.5	2,759,992	1.64	2.5
	3	2,403,000	2.16	3
	4	100,000	4.34	4
	5.35	4,670,000	1.62	5.35
	6	20,000	2.84	6
	12.95	1,500,000	4.28	12.95
		11,452,992
	The following table summarizes information about warrants exercisable at June 30, 2014:
	Warrants Exercisable
			Weighted	Weighted
			Average	Average
	Exercise	Number of	Remaining	Exercise
	Price ($)	Shares	Life (Years)	Price ($)
	2.5	2,626,664	1.71	2.5
	3	2,403,000	1.91	3
	4	100,000	4.09	4
	6	20,000	2.84	6
		5,149,664

Note_1_Organization_Details

Note 1 - Organization (Details)	Jun. 30, 2014	Oct. 12, 2012	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
	EOS Atlantic Oil and Gas	EOS Global Petro, Inc. Shareholders	Plethora Buy Oil and Gas Ltd	Plethora Bay Oil & Gas Ltd	Plethora Bay Oil & Gas Ltd	Plethora Bay Oil & Gas Ltd
					EOS Atlantic Oil and Gas	Plethora Energy, Inc.
Ownership Percentage	'	93.00%	'	'	'	'
Noncontrolling Interest, Ownership Percentage by Parent	'	'	90.00%	90.00%	'	90.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%	'	'	'	10.00%	'

Note_2_Summary_of_Significant_3

Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Earnings (loss) Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	13,402,992	11,258,000
Equity Option	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	700,000	700,000
Warrant	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11,452,992	9,958,000
Convertible Debt Securities	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,250,000	600,000

Note_2_Summary_of_Significant_4

Note 2 - Summary of Significant Accounting Policies: Full Cost Method of Accounting For Oil and Gas Properties (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Depletion	$28,224	$46,945	$37,608	$51,937
Oil and Gas Properties	'	'	'	'
Percent of discount for estimating proven oil and gas reserves	'	'	10.00%	'

Note_2_Summary_of_Significant_5

Note 2 - Summary of Significant Accounting Policies: Asset Retirement Obligation (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Details	'	'
Asset Retirement Obligation, Current	$80,280	$76,457

Note_2_Summary_of_Significant_6

Note 2 - Summary of Significant Accounting Policies: Concentrations (Details) (One Customer, Sales)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
One Customer | Sales	'	'	'	'
Concentration Risk, Percentage	100.00%	100.00%	100.00%	100.00%

Note_3_Going_Concern_Details

Note 3 - Going Concern (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Details	'	'	'	'	'
Total stockholders' deficit	($4,441,665)	'	($4,441,665)	'	($4,176,488)
Net loss	-12,718,954	-2,694,086	-28,886,295	-3,426,102	'
Net cash used in operating activities	'	'	-737,385	-1,077,151	'
Future Estimated Capital Requirements	$1,000,000	'	$1,000,000	'	'

Note_4_Notes_Payable_Schedule_1

Note 4 - Notes Payable: Schedule of Notes Payable (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Notes payable	$850,000	$1,108,380
Note Payable at 24%	'	'
Notes payable	'	128,380
Note Payable at 18%	'	'
Notes payable	600,000	600,000
Note Payable at 6%	'	'
Notes payable	250,000	250,000
Note Payable at 5%	'	'
Notes payable	'	$130,000

Note_4_Notes_Payable_Details

Note 4 - Notes Payable (Details) (USD $)

6 Months Ended

8 Months Ended

6 Months Ended

6 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2011

Apr. 30, 2013

Oct. 24, 2011

Jun. 30, 2014

Jun. 30, 2014

9-May-12

Feb. 16, 2012

Jun. 30, 2014

22-May-12

Jun. 30, 2014

Jul. 01, 2014

Nov. 18, 2013

Nov. 13, 2013

Jun. 30, 2014

Nov. 07, 2013

Aug. 02, 2012

Jun. 30, 2014

Note Payable at 24%

Note Payable at 24%

Note Payable at 24%

Note Payable at 24%

Note Payable at 24%

Note Payable at 18%

Note Payable at 18%

Note Payable at 18%

Note Payable at 6%

Note Payable at 6%

Note Payable at 6%

Note Payable at 6%

Note Payable at 5%

Note Payable at 5%

Note Payable at 5%

Note Payable at 5%

Note Payable at 5%

Note Payable at 5%

Common Stock

Subsequent Event

Subsequent Event

sqft

Common Stock

Proceeds from Notes Payable

'

'

'

$200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date Range, Start

'

'

'

7-Nov-11

'

'

'

'

'

'

22-Sep-12

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date Range, End

'

'

30-Apr-13

'

'

'

'

'

'

'

31-Dec-14

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

'

6.00%

'

'

'

18.00%

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum

'

'

24.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Fee Amount

'

'

'

'

10,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of short term notes payable

175,000

125,000

75,000

'

'

'

'

'

'

'

'

'

'

'

100,000

100,000

100,000

'

'

'

Debt Conversion, Converted Instrument, Shares Issued

'

'

'

'

'

'

66,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Converted Instrument, Amount

'

'

'

'

'

'

693,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss on debt extinguishment

609,620

'

639,620

'

'

'

'

'

'

'

'

'

'

'

'

'

-30,000

'

'

'

Debt Instrument, Face Amount

'

'

'

'

'

'

'

'

600,000

400,000

'

350,000

'

'

'

'

'

330,000

300,000

'

Debt Instrument Shares Equity Incentive

'

'

'

'

'

'

'

275,000

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Collateral

'

'

'

'

'

'

'

'The loan is secured by a first priority blanket security interest in all of Eos’ assets, and newly acquired assets, a mortgage on the Works property, a 50% security interest in Nikolas Konstant’s personal residence, and his personally held shares in a non-affiliated public corporation.

'

'

'The loan is secured by a second priority blanket security interest in all of the Company’s assets to the extent their security interests overlap with the security interest of Babcock gained from the Babcock Loan (see (4) below).

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date

31-Dec-14

'

'

'

'

'

'

1-Oct-14

'

'

'

'

'

'

'

'

'

'

'

'

Class of Warrant, Outstanding

'

'

'

'

'

'

'

'

'

'

'

175,000

'

250,000

'

'

'

'

'

'

Exercise Price of Warrants

'

'

'

'

'

'

'

'

'

'

'

$2.50

'

'

'

'

'

'

'

'

Investment Warrants Expiration Date

'

'

'

'

'

'

'

'

'

'

22-May-14

'

1-Aug-18

'

'

'

'

'

'

'

Area of Real Estate Property

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,500

'

Debt Instrument, Periodic Payment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,500

'

'

'

Payment In Connection With Extension Of Maturity Date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000

'

'

'

Payment In Connection With Lease Agrement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,000

'

'

'

Issuance of stock for debt modification

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

70,000

Gain on debt extinguishment

($609,620)

'

($639,620)

'

'

'

'

'

'

'

'

'

'

'

'

'

$30,000

'

'

'

Note_5_Convertible_Promissory_2

Note 5 - Convertible Promissory Notes: Convertible Debt (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Convertible notes payable, net of discount of $1,570,458 and $887,118, respectively	$3,429,542	$2,862,882
Unamortized discount	-1,570,458	-887,118
Clouding Loan	'	'
Convertible notes payable, net of discount of $1,570,458 and $887,118, respectively	'	250,000
LowCal Loan	'	'
Convertible notes payable, net of discount of $1,570,458 and $887,118, respectively	5,000,000	3,500,000
Unamortized discount	($1,570,458)	'

Note_5_Convertible_Promissory_3

Note 5 - Convertible Promissory Notes (Details) (USD $)

6 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 26, 2012

Mar. 31, 2013

Mar. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Nov. 06, 2013

Feb. 08, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Aug. 14, 2014

Jun. 30, 2014

Nov. 06, 2013

Feb. 08, 2013

Aug. 14, 2014

Clouding Loan

Clouding Loan

Clouding Loan

Clouding Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

LowCal Loan

Series B Preferred Stock

Common Stock

Issuance of Convertible Debt

Issuance of Convertible Debt

Issuance of Convertible Debt

Issuance of Convertible Debt

Subsequent Event

Common Stock

Common Stock

Common Stock

Common Stock

Subsequent Event

Debt Instrument, Face Amount

'

'

'

'

$250,000

'

'

'

'

$5,000,000

$2,500,000

'

'

'

'

'

'

'

'

'

Debt Instrument, Maturity Date Range, Start

'

'

'

31-Mar-13

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

'

'

4.00%

'

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

Debt Instrument, Fee Amount

'

'

'

'

25,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Convertible, Conversion Price

'

'

'

'

$2.50

'

'

'

'

'

'

'

'

'

'

$2.50

'

$4

$5

$2.50

Issuance of stock for extension of notes payable, Shares

'

'

'

'

'

150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of Stock, Shares Converted

'

'

'

'

'

'

150,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of convertible notes

1,500,000

2,500,000

'

'

'

'

'

'

2,480,000

'

'

'

'

1,500,000

'

'

'

'

'

'

Debt Instrument, Maturity Date

31-Dec-14

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Exit Fee

'

'

'

'

'

'

'

'On the date that the LowCal Loan has been repaid in full, LowCal shall be entitled to receive from Eos an exit fee, payable in cash and stock, in the following amounts: (i) 50,000 restricted shares of Company’s common stock; and (ii) cash in an amount equal to 10% of the total principal amount of the note.

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of stock in connection with promissory note, Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

Class of Warrant, Outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

Exercise Price of Warrants

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$4

'

'

'

'

Debt Instrument, Convertible, Terms of Conversion Feature

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'LowCal may not exercise the warrant or elect to convert the note if such exercise or conversion would cause it to beneficially own more than 9.99% of the Company’s shares.

'

'

'

Shares to be issued pursuant to agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

600,000

'

'

'

Fair value of 600,000 shares of common stock to be issued pursuant with convertible notes

7,604,000

'

'

'

'

'

'

7,604,000

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of beneficial conversion feature

3,252,500

'

'

'

'

'

'

'

'

'

'

'

'

3,252,500

'

'

'

'

'

'

Financing costs of loan

'

'

'

'

'

'

'

7,604,000

'

'

'

'

'

'

'

'

'

'

'

'

Convertible notes payable discount

1,570,458

'

887,118

'

'

'

'

1,570,458

'

'

'

1,500,000

'

1,500,000

'

'

'

'

'

'

Non-cash finance costs

9,356,500

739,500

'

'

'

'

'

'

'

'

'

'

'

'

9,356,500

'

'

'

'

'

Amortization of debt issuance costs

$816,660

$1,005,072

'

'

'

'

'

'

'

'

'

$477,407

$1,000,586

$816,660

$1,001,628

'

'

'

'

'

Note_6_Asset_Retirement_Obliga2

Note 6 - Asset Retirement Obligation: Schedule of Asset Retirement Obligations (Details) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Details	'	'	'
Asset retirement obligation, beginning of period	$76,457	$46,791	$46,791
Additions	'	'	22,715
Accretion expense	3,823	2,339	6,951
Asset retirement obligations, end of period	$80,280	'	$76,457

Note_7_Related_Party_Transacti1

Note 7 - Related Party Transactions (Details) (USD $)

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Baychester

Plethora Bay Oil & Gas Ltd

Plethora Bay Oil & Gas Ltd

Plethora Enterprises, LLC

Plethora Enterprises, LLC

Plethora Enterprises, LLC

Plethora Enterprises, LLC

Plethora Energy, Inc.

Plethora Energy, Inc.

EOS Atlantic Oil and Gas

EOS Atlantic Oil and Gas

EOS Atlantic Oil and Gas

Baychester

Plethora Oil & Gas Limited

Plethora Bay Oil & Gas Ltd

Baychester

Plethora Bay Oil & Gas Ltd

Related Party Transaction, Expenses from Transactions with Related Party

$180,000

'

'

'

$90,000

$90,000

$180,000

'

'

'

'

'

'

Due to Related Parties, Current

'

'

'

'

167,560

'

'

164,610

'

'

'

'

'

Shares acquired in subsidiary

'

'

'

'

'

'

'

'

15,000

'

'

'

'

Noncontrolling Interest, Ownership Percentage by Parent

'

'

90.00%

'

'

'

'

'

'

90.00%

'

'

'

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

'

'

'

10.00%

'

'

'

'

'

'

10.00%

10.00%

10.00%

Fee for services to be rendered

'

35,000

'

'

'

'

'

'

'

'

'

'

'

Monthly Consulting Fee

'

10,000

'

'

'

'

'

'

'

'

'

'

'

Success fee for services to be rendered

'

$35,000

'

'

'

'

'

'

'

'

'

'

'

Note_8_Stockholders_Deficit_De

Note 8 - Stockholders' Deficit (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Issuance of common stock for consulting services, Value	$454,100
Common Stock	'
Issuance of common stock for consulting services, Shares	32,000
Issuance of common stock for consulting services, Value	3
Common Stock | Hahn Engineering Inc	'
Shares to be issued monthly for services rendered	2,000
Issuance of common stock for consulting services, Shares	12,000
Issuance of common stock for consulting services, Value	$168,100
Common Stock | Hahn Engineering Inc | Maximum	'
Shares to be issued monthly for services rendered	24,000

Note_9_Stock_Options_and_Warra5

Note 9 - Stock Options and Warrants: Schedule of Stock Options, Activity (Details) (USD $)	0 Months Ended	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2014
Details	'	'
Options, Outstanding, Beginning Balance	'	700,000
Options, Outstanding, Beginning Balance, Weighted Average Exercise Price	'	$2.50
Options, Outstanding, Weighted Average Remaining Contractual Term	'4 years 1 month 24 days	'3 years 7 months 28 days
Options, Outstanding, Ending Balance	700,000	700,000
Options, Outstanding, Ending Balance, Weighted Average Exercise Price	$2.50	$2.50
Options, Outstanding Intrinsic Value	'	$8,050,000
Options, Exercisable	'	700,000
Options, Exercisable Weighted Average Exercise Price	'	$2.50
Options, Exercisable Weighted Average Remaining Contractual Term	'	'3 years 7 months 28 days
Options, Exercisable, Intrinsic Value	'	$8,050,000

Note_9_Stock_Options_and_Warra6

Note 9 - Stock Options and Warrants: Options, Outstanding and Exercisable (Details) (USD $)	0 Months Ended	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2014
Outstanding, Number of Shares	700,000	700,000
Outstanding, Weighted Average Remaining Life (Years)	'4 years 1 month 24 days	'3 years 7 months 28 days
Outstanding, Weighted Average Exercise Price	$2.50	$2.50

Note_9_Stock_Options_and_Warra7

Note 9 - Stock Options and Warrants (Details) (USD $)

6 Months Ended

3 Months Ended

6 Months Ended

18 Months Ended

24 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2014

Jul. 11, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

SAI Consulting

Gem Global Yield Fund

Gem Global Yield Fund

Gem Global Yield Fund

Gem Global Yield Fund

Gem Global Yield Fund

Gem Global Yield Fund

DVIBRI, LLC

Mark Bitter

Employee Stock Option

Employee Stock Option

Employee Stock Option

Employee Stock Option

Additional Warrants

Additional Warrants

Additional Warrants

Additional Warrants

Additional Warrants

Allocated Share-based Compensation Expense

'

'

$4,902,243

$14,305,406

$19,975,470

$5,670,064

'

'

'

$483,977

$28,956

$967,954

$28,956

Consulting expense

80,537

'

'

'

'

'

'

'

'

'

'

'

'

Financing commitment amount

'

400,000,000

'

'

'

'

'

'

'

'

'

'

'

Class of Warrant, Outstanding

'

'

'

'

'

'

1,500,000

'

'

'

'

'

'

Class of Warrant or Right, Date from which Warrants or Rights Exercisable

'

'

'

11-Jul-14

'

'

'

'

1-May-14

'

'

'

'

Exercise Price of Warrants

'

'

$8

$8

$8

'

'

$2.50

$6

'

'

'

'

Fair Value of Warrants

'

'

'

20,596,177

'

'

'

933,121

330,499

'

'

'

'

Fair Value Assumptions, Method Used

'

'

'

'Black-Scholes option pricing model

'

'

'

'Black-Scholes option pricing model

'Black-Scholes option pricing model

'

'

'

'

Expected life

'

'

'

'4 years 11 days

'

'

'

'10 years

'3 years

'

'

'

'

Volatility

'

'

'

221.00%

'

'

'

221.00%

253.00%

'

'

'

'

Dividend yield

'

'

'

0.00%

'

'

'

0.00%

0.00%

'

'

'

'

Risk free interest rate

'

'

'

1.62%

'

'

'

2.53%

0.86%

'

'

'

'

Remaining compensation expense to be amortized

'

'

620,704

620,704

620,704

'

'

'

'

'

'

'

'

Warrants and Rights Outstanding

'

'

'

'

'

'

'

$199,992

$20,000

'

'

'

'

Warrant Vesting Terms

'

'

'

'

'

'

'

'16,666 warrants vesting each month

'

'

'

'

'

Warrants, vested

'

'

'

'

'

'

'

66,664

'

'

'

'

'

Note_9_Stock_Options_and_Warra8

Note 9 - Stock Options and Warrants: Schedule of Warrants, Activity (Details) (USD $)	0 Months Ended	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2014
Details	'	'
Warrants, Outstanding, Beginning Balance	'	11,558,000
Warrants, Outstanding, Beginning Balance, Weighted Average Exercise Price	'	$4.50
Warrants, Weighted Average Remaining Contractual Life	'2 years 4 months 10 days	'2 years 14 days
Warrants, Granted	'	20,000
Warrants Exercised	'	199,992
Warrants, Forfeited/Canceled	'	-325,000
Warrants, Forfeited/Canceled, Weighted Average Exercise Price	'	$2.50
Warrants, Outstanding, Ending Balance	11,558,000	11,452,992
Warrants, Outstanding, Ending Balance, Weighted Average Exercise Price	$4.50	$5.16
Warrants, Outstanding Intrinsic Value	'	$101,043,412
Exercisable	'	5,149,664
Exercisable, Weighted Average Exercise Price	'	$2.78
Exercisable, Weighted Average Remaining Contractual Life	'	1.85
Exercisable, Intrinsic Value	'	$57,766,304

Note_9_Stock_Options_and_Warra9

Note 9 - Stock Options and Warrants: Schedule of Warrants by Exercise Price Range Table Textblock (Details) (USD $)	0 Months Ended	6 Months Ended
	Dec. 31, 2013	Jun. 30, 2014
Weighted Average Remaining Life (Years)	'2 years 4 months 10 days	'2 years 14 days
Warrants	'	'
Number of Shares	'	11,452,992
Exercisable, Number of Shares	'	5,149,664
Warrants | 2.50	'	'
Number of Shares	'	2,759,992
Weighted Average Remaining Life (Years)	'	'1 year 7 months 20 days
Weighted Average Exercise Price ($)	'	2.5
Exercisable, Number of Shares	'	2,626,664
Exercisable, Weighted Average Remaining Life (Years)	'	'1 year 8 months 16 days
Exercisable, Weighted Average Exercise Price ($)	'	2.5
Warrants | 3.00	'	'
Number of Shares	'	2,403,000
Weighted Average Remaining Life (Years)	'	'2 years 1 month 28 days
Weighted Average Exercise Price ($)	'	3
Exercisable, Number of Shares	'	2,403,000
Exercisable, Weighted Average Remaining Life (Years)	'	'1 year 10 months 28 days
Exercisable, Weighted Average Exercise Price ($)	'	3
Warrants | 4.00	'	'
Number of Shares	'	100,000
Weighted Average Remaining Life (Years)	'	'4 years 4 months 2 days
Weighted Average Exercise Price ($)	'	4
Exercisable, Number of Shares	'	100,000
Exercisable, Weighted Average Remaining Life (Years)	'	'4 years 1 month 2 days
Exercisable, Weighted Average Exercise Price ($)	'	4
Warrants | 5.35	'	'
Number of Shares	'	4,670,000
Weighted Average Remaining Life (Years)	'	'1 year 7 months 13 days
Weighted Average Exercise Price ($)	'	5.35
Warrants | 6.00	'	'
Number of Shares	'	20,000
Weighted Average Remaining Life (Years)	'	'2 years 10 months 2 days
Weighted Average Exercise Price ($)	'	6
Exercisable, Number of Shares	'	20,000
Exercisable, Weighted Average Remaining Life (Years)	'	'2 years 10 months 2 days
Exercisable, Weighted Average Exercise Price ($)	'	6
Warrants | 12.95	'	'
Number of Shares	'	1,500,000
Weighted Average Remaining Life (Years)	'	'4 years 3 months 11 days
Weighted Average Exercise Price ($)	'	12.95

Note_10_Commitments_and_Contin1

Note 10 - Commitments and Contingencies (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Issuance of common stock for consulting services, Value	$454,100
DVIBRI, LLC	'
Monthly Compensation, Amount	10,000
Warrants and Rights Outstanding	199,992
Youssry Hassan	'
Monthly Compensation, Amount	25,000
Shares to be granted upon successful concession bid in Egypt	1,000,000
Annual Bonus, Amount	50,000
Compensation for medical expenses, amount	10,000
Youssry Hassan | Immediate Payment	'
Monthly Compensation, Amount	15,000
Youssry Hassan | Deferred Payment	'
Monthly Compensation, Amount	10,000
Youssry Hassan | Minimum	'
Success fee percentage	1.00%
Youssry Hassan | Maximum	'
Success fee percentage	2.50%
Common Stock	'
Issuance of common stock for consulting services, Shares	32,000
Issuance of common stock for consulting services, Value	3
Common Stock | DVIBRI, LLC	'
Issuance of common stock for consulting services, Shares	20,000
Issuance of common stock for consulting services, Value	286,000
Babcock Lease	'
Loss Contingency, Damages Sought, Value	$149,625

Note_11_Subsequent_Events_Deta

Note 11 - Subsequent Events (Details) (USD $)

Jun. 23, 2013

Jun. 30, 2014

Jun. 30, 2014

22-May-12

Aug. 18, 2014

Aug. 01, 2014

Aug. 01, 2014

Jun. 30, 2014

Jun. 30, 2014

Jul. 01, 2014

Jul. 01, 2014

Jul. 01, 2014

Aug. 14, 2014

Aug. 01, 2014

Chief Executive Officer

Works Property

Note Payable at 6%

Note Payable at 6%

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Chief Executive Officer

BA Securities

BA Securities

BA Securities

Note Payable at 6%

Note Payable at 6%

Note Payable at 6%

Note Payable at 6%

LowCal Loan

LowCal Loan

Warrant

Warrant

Warrants

Warrants 2

Warrant

Class of Warrant, Outstanding

600,000

'

'

175,000

600,000

500,000

'

'

'

250,000

175,000

'

500,000

'

Exercise Price of Warrants

$2.50

'

'

$2.50

$2.50

$4

'

'

'

'

$2.50

$4

$4

'

Investment Warrants Expiration Date

'

'

22-May-14

'

'

'

'

'

1-Aug-18

'

'

'

'

'

Revenue interest percent

'

80.00%

'

'

'

'

'

'

'

'

'

'

'

'

Percentage Of Working Capital Interest

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

Fair Value of Warrants Issued

'

'

'

'

'

'

$6,300,000

'

'

'

'

'

'

$7,300,000

Incentive compensation payable upon closing of acquisitions

'

'

'

'

'

'

'

'BAS shall receive a cash fee equal to 1%-2% of the total size of the acquisition, plus warrant coverage equal to 3.75% of the total amount of the acquisition, divided by 2.5 and at an exercise price of $4.00 per share. Such warrants will have piggy-back registration rights, vest immediately and expire July 31, 2018.

'

'

'

'

'

'

Debt Instrument, Convertible, Conversion Price

'

'

'

'

'

'

'

'

'

'

'

'

$2.50

'

Warrant Vesting Terms

'

'

'

'

'50,000 of such warrant shares vested immediately on the date of grant for Mr. Oring’s services provided in July 2014. The remaining warrant shares shall vest in monthly installments of 50,000 commencing August 31, 2014 and continuing thereafter every month Mr. Oring’s employment agreement remains in effect.

'

'

'

'

'

'

'

'

'