Eos Petro (EOPT) 10-Q 17 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 14, 2015
Document and Entity Information:
Entity Registrant Name	Eos Petro, Inc.
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Entity Central Index Key	1,419,583
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		47,825,882
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	eopt

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash	$ 2,251	$ 133,210
Other current assets	21,947	42,959
Total current assets	24,198	176,169
Oil and gas properties, net	1,098,853	1,121,175
Other property plant and equipment, net	6,230	11,257
Long-term deposits	102,441	102,441
Total assets	1,231,722	1,411,042
Current liabilities
Accounts payable	1,221,413	148,888
Accrued expenses	934,479	1,149,956
Accrued termination fee	5,500,000
Accrued structuring fee	4,000,000
LowCal convertible and promissory notes payable	8,250,000	8,250,000
Notes payable	1,423,000	1,273,000
Notes payable, related party	156,960
Derivative liabilities	5,102,652	11,039,552
Total current liabilities	26,588,504	21,861,396
Asset retirement obligation	88,307	84,102
Total liabilities	$ 26,676,811	$ 21,945,498
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 47,750,882 and 47,738,882 shares issued and outstanding	$ 4,775	$ 4,774
Additional paid-in capital	105,639,955	89,077,781
Stock subscription receivable	(88,200)	(88,200)
Accumulated deficit	(131,001,619)	(109,528,811)
Total stockholders' deficit	(25,445,089)	(20,534,456)
Total liabilities and stockholders' deficit	$ 1,231,722	$ 1,411,042

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares Issued	47,750,882	47,738,882
Common Stock, Shares Outstanding	47,750,882	47,738,882
Series B Preferred Stock
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	44,000,000	44,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Oil and gas sales	$ 70,900	$ 323,121	$ 130,959	$ 426,827
Costs and expenses
Lease operating expense	53,228	120,271	64,657	185,529
General and administrative	6,702,470	7,017,399	17,584,220	18,061,358
Structuring fee			4,000,000
Acquisition termination fee			5,500,000
Total costs and expenses	6,755,698	7,137,670	27,148,877	18,246,887
Loss from operations	(6,684,798)	(6,814,549)	(27,017,918)	(17,820,060)
Other income (expense)
Interest and finance costs	(250,933)	(5,904,405)	(391,790)	(10,456,615)
Change in fair value of derivative liabilities	3,351,880		5,936,900
Loss on debt extinguishment				(609,620)
Total other income (expense)	3,100,947	(5,904,405)	5,545,110	(11,066,235)
Net loss	$ (3,583,851)	$ (12,718,954)	$ (21,472,808)	$ (28,886,295)
Net loss per share attributed to common stockholders - basic and diluted	$ (0.08)	$ (0.27)	$ (0.45)	$ (0.62)
Weighted average common shares outstanding - basic and diluted	47,747,366	46,723,366	47,744,374	46,700,772

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Deficit - 6 months ended Jun. 30, 2015 - USD ($)	Series B Preferred Stock	Common Stock	Additional Paid-in Capital	Stock Subscription Receivable	Accumulated Deficit	Total
Stockholders' Equity, beginning of period, Value at Dec. 31, 2014		$ 4,774	$ 89,077,781	$ (88,200)	$ (109,528,811)	$ (20,534,456)
Stockholders' Equity, beginning of period, Shares at Dec. 31, 2014		47,738,882
Issuance of common stock for consulting services, Value		$ 1	56,478			56,479
Issuance of common stock for consulting services, Shares		12,000
Fair value of warrants issued for consulting services			8,157,284			8,157,284
Fair value of share based compensation			4,673,412			4,673,412
Sale of shares of majority stockholder common stock to a consultant at discount			3,675,000			3,675,000
Net loss					(21,472,808)	(21,472,808)
Stockholders' Equity, end of period, Value at Jun. 30, 2015		$ 4,775	$ 105,639,955	$ (88,200)	$ (131,001,619)	$ (25,445,089)
Stockholders' Equity, end of period, Shares at Jun. 30, 2015		47,750,882

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (21,472,808)	$ (28,886,295)
Adjustments to reconcile net loss to net cash used in operating activities:
Depletion	22,322	37,608
Depreciation	5,027	5,027
Accretion of asset retirement obligation	4,205	3,823
Amortization of debt issuance costs		816,660
Non-cash finance costs		9,356,500
Loss on debt extinguishment		609,620
Fair value of stock issued for services	56,479	454,100
Fair value of warrants issued for consulting services	8,157,284	15,649,564
Fair value of share-based compensation	4,673,412	967,954
Majority stockholders shares sold at discount to consultant	3,675,000
Termination fee	5,500,000
Structuring fee	4,000,000
Change in fair value of derivative liabilities	(5,936,900)
Change in operating assets and liabilities:
Deposits and other current assets	21,012	(51,904)
Accounts payable	1,072,525
Accrued expenses	(215,477)	297,008
Amounts due shareholder		2,950
Net cash used in operating activities	(437,919)	(737,385)
Cash flows from financing activities:
Proceeds from issuance of notes payable	150,000	1,500,000
Repayment of notes payable		(425,000)
Proceeds from issuance of notes payable, related party	250,000
Repayment of notes payable, related party	(93,040)
Net cash provided by financing activities	306,960	1,075,000
NET INCREASE IN CASH AND CASH EQUIVALENTS	(130,959)	337,615
CASH AND CASH EQUIVALENTS, beginning of period	133,210	21,951
CASH AND CASH EQUIVALENTS, end of period	$ 2,251	$ 359,566
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
600,000 shares of common stock to be issued for convertible notes		$ 7,604,000
Issued 66,000 shares of common stock for extinguishment of debt		693,000
Fair value of shares of beneficial conversion feature recognized as debt discount		$ 3,252,500

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jun. 30, 2015
Notes
Note 1 - Organization	NOTE 1 - ORGANIZATION The unaudited condensed consolidated financial statements have been prepared by Eos Petro, Inc., (the “ Company 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 Merger Sub Merger Effective as of May 20, 2013, the Company changed its name to Eos Petro, Inc. (it previously had been named “Cellteck, Inc.”). The Company has two wholly-owned subsidiaries, Eos and Eos Merger Sub, Inc., a Delaware corporation (“ Merger Sub Plethora Energy EAOG PBOG Business The Company is in the business of acquiring, exploring and developing oil and gas-related assets.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Notes
Note 2 - Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of our wholly owned and majority owned 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.” 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, 2015 2014 Options 1,325,000 700,000 Warrants 16,202,992 11,452,992 Convertible notes 2,000,000 1,250,000 Total 19,527,992 13,402,992 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 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, assumptions used in the valuation of conversion features and derivative liabilities, 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. Capitalized oil and gas property costs within a cost center are amortized on an equivalent unit-of-production method, The equivalent unit-of-production rate is computed on a quarterly basis by dividing production by proved oil and gas reserves at the beginning of the quarter then applying such amount to capitalized oil and gas property costs, which includes estimated asset retirement costs, less accumulated amortization, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values. Full Cost Ceiling Test 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. If the net capitalized costs exceed the cost center ceiling, the excess is recognized as an impairment of oil and gas properties. An impairment recognized in one period may not be reversed in a subsequent period even if higher oil and gas prices increase the cost center ceiling applicable to the subsequent period. The estimated future net revenues used in the ceiling test are calculated using average quoted market prices for sales of oil and gas on the first calendar day of each month during the preceding 12-month period prior to the end of the current reporting period. Prices are held constant indefinitely and are not changed except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. Prices used in the ceiling test computation do not include the impact of derivative instruments because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment. The Company assesses oil and gas properties at least quarterly 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, 2015, the Company has not experienced any impairment of its capitalized oil and gas properties. The Company recorded depletion expense of $12,261 and $22,322 for the three and six months ended June 30, 2015, respectively, and $28,224 and $37,608 for the three and six months ended June 30, 2014, respectively. Proceeds from the sale of oil and gas properties are recognized as a reduction of capitalized oil and gas property costs with no gain or loss recognized, unless the sale significantly alters the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. Through June 30, 2015, the Company has not had any sales of oil and gas properties that significantly alter that relationship. Asset Retirement Obligation The Company accounts for its future asset retirement obligations (“ ARO 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.” · 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 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. The Company uses Level 2 inputs for its valuation methodology for the warrant derivative liabilities as their fair values were determined by using a probability weighted average Black-Scholes-Merton pricing model based on various assumptions. The Company’s derivative liabilities are adjusted to reflect fair value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair value of derivatives. At June 30, 2015 and December 31, 2014, the Company identified the following liabilities that are required to be presented on the balance sheet at fair value (see Note 8): Fair Value Fair Value Measurements at As of June 30, 2015 Description June 30, 2015 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $5,102,652 $- 5,102,652 - Total $5,102,652 $- 5,102,652 - Fair Value Fair Value Measurements at As of December 31, 2014 Description December 31, 2014 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $11,039,552 $- 11,039,552 - Total $11,039,552 $- 11,039,552 - The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the 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, 2015 and 2014. The Company’s oil and gas properties are located in Illinois. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ FASB ASU Revenue from Contracts with Customers In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern In November 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The amendments in this ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. The ASU applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share and is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2014-16 on the Company’s financial statement presentation and disclosures. In January 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-01 (Subtopic 225-20) - Income Statement - Extraordinary and Unusual Items. ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-01 is not expected to have a material effect on the Company’s consolidated financial statements. Early adoption is permitted. In February, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. Early adoption is permitted. 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, 2015
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, 2015, the Company had a stockholders’ deficit of $25,445,089, and for the six months ended June 30, 2015, reported a net loss of $21,472,808 and had negative cash flows from operating activities of $437,919. In addition, the Company may have become obligated to pay a $5.5 million termination fee under the "Dune Merger Agreement," as defined in Note 12 below (the “ Parent Termination Fee 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. Any debt financing or other financing of securities senior to common stock that the Company is able to obtain will likely include financial and other covenants that will restrict the Company’s flexibility. At a minimum, the Company expects these covenants to include restrictions on its ability to pay dividends on its common stock in the case of debt financing, or cause substantial dilution for stockholders in the case of convertible debt and equity financing. Any failure to comply with these covenants would have a material adverse effect on the Company’s business, prospects, financial condition, results of operations and cash flows. 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 - LowCal Convertible and

Note 4 - LowCal Convertible and Promissory Notes Payable	6 Months Ended
	Jun. 30, 2015
Notes
Note 4 - LowCal Convertible and Promissory Notes Payable	NOTE 4 - LOWCAL CONVERTIBLE AND PROMISSORY NOTES PAYABLE LowCal convertible and promissory notes payable at June 30, 2015 and December 31, 2014 are as follows: June 30, December 31, 2015 2014 LowCal Convertible Note $5,000,000 $5,000,000 LowCal Promissory Note 3,250,000 3,250,000 Total $8,250,000 $8,250,000 In February 8, 2013, and subsequently amended, the Company and Eos entered into: (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 LowCal LowCal Loan LowCal Shares 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. In conjunction with the issuances of the first tranche of the proceeds of the LowCal Loan of $2,500,000 in 2013, the Company issued 950,000 shares of the Company’s common stock valued at $3,239,500. The Company granted, but did not issue, 400,000 of the LowCal Shares valued at $3,370,000 during the year ended December 31, 2013. These shares were issued during 2014 along with the remaining 600,000 of the LowCal Shares as a financing cost with a fair value of $7,604,000. Pursuant to the terms of the third amendment in 2014 to the LowCal Loan, the Company also granted LowCal a warrant to purchase 500,000 shares of the Company’s common stock at an exercise price of $4.00 per share valued at $7,293,171. Furthermore, the Company also determined that since the conversion prices of the notes was less than the market prices of the common stock feature upon the date of issuance or modification, a beneficial conversion feature existed on those dates. The fair value of the common shares and warrants issued, and the value of the beneficial conversion feature that arose on the date of issuance were recorded as financing costs or as a valuation discount at issuance, and had been fully amortized as of December 31, 2014. During the six months ended June 30, 2014, the Company amortized $816,660 of the LowCal Loan discount which was recorded to interest and finance costs. On January 13, 2015, the Company entered into a fifth amendment to the Loan Agreements (the “Fifth Amendment Second LowCal Note Pursuant to the Fifth Amendment: · · · · · · As the Fifth Amendment reflected the culmination and documenting of transactions that occurred and were agreed to in 2014, the Company recorded the terms and provisions of the Fifth Amendment on the Company’s financial statements as of the year ended December 31, 2014, including the recording of the Second LowCal Note in the principal amount of $3,250,000 and a loss on debt extinguishment of $1,832,576. On August 14, 2015, the Company entered into a sixth amendment to the Loan Agreements (the “ Sixth Amendment

Note 5 - Notes Payable

Note 5 - Notes Payable	6 Months Ended
	Jun. 30, 2015
Notes
Note 5 - Notes Payable	NOTE 5 – NOTES PAYABLE In addition to the notes set forth in Note 4 above and Note 6 below, notes payable at June 30, 2015 and December 31, 2014 are as follows: June 30, December 31, 2015 2014 Secured note payable, at 18% (1) $600,000 $600,000 Note payable, at 6% (2) 250,000 250,000 Note payable, at 2%, (3) 100,000 100,000 Note payable at 4%, (4) 323,000 323,000 Note payable at 10%, (5) 150,000 0 Total $1,423,000 $1,273,000 (1) On February 16, 2012, Eos entered into a Secured Promissory Note with Vatsala Sharma (“ Sharma (2) Effective May 22, 2012, the Company entered into a Loan Agreement with Vicki P. Rollins (“ Rollins (3) On October 9, 2014, the Company issued an unsecured promissory note to Ridelinks, Inc. for $200,000, with interest at 2% and a maturity date of March 15, 2015 that was extended to June 15, 2015 and includes an exit fee of $30,000. Amounts were still owing under the note as of June 15, 2015. The promissory note and exit fee can be prepaid at any time. The Company repaid $100,000 during the year ended December 31, 2014. (4) On September 30, 2014, the Company issued an unsecured promissory note to Bacchus Investors, LLC for $323,000, with interest at 4%. The unsecured promissory note is due upon demand. (5) On April 15, 2015, the Company issued an unsecured promissory note to Clearview Partners II, LLC for $150,000, with interest at 10%. The unsecured promissory note is due on September 15, 2015.

Note 6 - Notes Payable, Related

Note 6 - Notes Payable, Related Party	6 Months Ended
	Jun. 30, 2015
Notes
Note 6 - Notes Payable, Related Party	NOTE 6 – NOTES PAYABLE, RELATED PARTY On April 15, 2015, the Company issued an unsecured promissory note to Plethora Enterprises, LLC (“ Plethora

Note 7 - Asset Retirement Oblig

Note 7 - Asset Retirement Obligation	6 Months Ended
	Jun. 30, 2015
Notes
Note 7 - Asset Retirement Obligation	NOTE 7 – ASSET RETIREMENT OBLIGATION Changes in the Company’s asset retirement obligations were as follows: Three Months Ended Year Ended June 30, 2015 December 31, 2014 Asset retirement obligation, beginning of period $84,102 $76,457 Additions - - Accretion expense 4,205 7,645 Asset retirement obligations, end of period $88,307 $84,102

Note 8 - Derivative Liabilities

Note 8 - Derivative Liabilities	6 Months Ended
	Jun. 30, 2015
Notes
Note 8 - Derivative Liabilities	NOTE 8 – DERIVATIVE LIABILITIES In June 2008, the FASB issued authoritative guidance on determining whether an instrument (or embedded feature) is indexed to an entity’s own stock. Under the authoritative guidance, effective January 1, 2009, instruments which do not have fixed settlement provisions are deemed to be derivative instruments. In August 2014, the Company issued warrants to purchase an aggregate of 1,775,000 shares of the Company’s common stock, to a former note holder and certain other related parties. The warrant agreements included an anti-dilution provision that would reduce the exercise price if the Company were to issue additional equities at a price below the exercise price which is in effect at the time of the issuance of the additional equities. Pursuant to ASC Topic 815, “Derivatives and Hedging”, the Company determined that these warrants met the definition of a derivative and are to be re-measured at the end of every reporting period with the change in value reported in the statement of operations. As of December 31, 2014 and June 30, 2015, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions. December 31, June 30, 2014 2015 Exercise Price $2.50 $2.50 Stock Price $6.50 $3.20 Risk-free interest rate 1.10% 1.10% Expected life of the options (Years) 3.64 3.14 Expected volatility 188% 179% Expected dividend yield 0% 0% Expected forfeitures 0% 0% Fair Value $11,039,552 $5,102,652 The risk-free interest rate was based on rates established by the Federal Reserve Bank. The Company uses the historical volatility of its common stock to estimate the future volatility for its common stock. The expected life of the warrants was determined by the expiration dates of the warrants. The expected dividend yield was based on the fact that the Company has not paid dividends to its common stockholders in the past and does not expect to pay dividends to its common stockholders in the future. The Company recorded an adjustment to the fair value of derivative liabilities of $5,936,900 for six months ended June 30, 2015.

Note 9 - Related Party Transact

Note 9 - Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Notes
Note 9 - Related Party Transactions	NOTE 9 - RELATED PARTY TRANSACTIONS Plethora Enterprises, LLC The Company has a consulting agreement with 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, 2015, the Company recorded compensation expense of $62,460 and $180,000, respectively, and for the three and six months ended June 30, 2014, the Company recorded compensation expense of $90,000 and $180,000, respectively. There were no amounts due to Mr. Konstant under the Plethora consulting agreement at June 30, 2015 and December 31, 2014, respectively. Other On October 3, 2011, the Company entered into an Exclusive Business Partner and Advisory Agreement with Baychester Petroleum, a Ghanaian limited liability company ("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, provided, however, that the Company reserved the right to audit and review Baychester’s provided services every three months, and, if the Company determines the services rendered are not commensurate with $10,000 a month in compensation, the Company may, in its sole and absolute discretion, upon written notice to Baychester, immediately decrease or terminate any and all remaining future monthly cash fee payments to Baychester. 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. The Company recorded compensation expense of $0 and $20,000, respectively under the agreement with Baychester consulting agreement, for the six months ended June 30, 2015 and 2014. Pursuant to its own terms, the Exclusive Business Partner and Advisory Agreement expired on June 16, 2015. Also see Notes 6 and 10.

Note 10 - Stockholders' Deficit

Note 10 - Stockholders' Deficit	6 Months Ended
	Jun. 30, 2015
Notes
Note 10 - Stockholders' Deficit	NOTE 10 - STOCKHOLDERS’ DEFICIT Stock Issuances for Services On June 23, 2013, the Company entered into a one year consulting agreement with Hahn Engineering, Inc. (“ Hahn Private Share Sale and Option Agreement On April 6, 2015, and as subsequently amended on May 6, 2015, Plethora entered into an agreement with Jeff Ahlholm and Lloyd Brian Hannan, the co-owners of [AGRA], pursuant to which Plethora sold 376,500 of its shares of the Company’s restricted common stock to Mr. Ahlholm, and 376,500 shares to Mr. Hannan. Nikolas Konstant, our CFO and Chairman of the Board is the sole member and manager of Plethora. Accordingly, the difference between the fair value of the shares and the sales price to the buyers of $3,675,000 was recognized as a cost during the quarter ended June 30, 2015. If certain performance conditions are met by June 27, 2015, Mr. Ahlholm and Mr. Hannan had the option to purchase up to an additional 2,500,000 shares of the Company’s restricted common stock from Plethora. The conditions set forth in the agreement for Mr. Ahlholm and Mr. Hannan to purchase up to an additional 2,500,000 shares were not met as of June 27, 2015, therefore, no value has been recorded for this option.

Note 11 - Stock Options and War

Note 11 - Stock Options and Warrants	6 Months Ended
	Jun. 30, 2015
Notes
Note 11 - Stock Options and Warrants	NOTE 11 - 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, 2014 1,300,000 2.50 3.81 5,200,000 Granted 25,000 2.50 Exercised - Forfeited/Canceled - Outstanding, June 30, 2015 1,325,000 2.50 3.33 927,500 Exercisable, June 30, 2015 1,325,000 2.50 3.33 927,500 The following table summarizes information about options outstanding at June 30, 2015: Options Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 1,325,000 3.33 2.50 The following table summarizes information about options exercisable at June 30, 2015: Options Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 1,325,000 3.33 2.50 On February 11, 2015, Sudhir Vasudeva was granted an option to purchase 25,000 restricted shares of the Company’s common stock in exchange for his services as a director of the Company. Such options were valued at $98,226 using a Black-Scholes valuation model, vested fully on the date of issuance, have an exercise price of $2.50 per share and expire on May 1, 2016. Furthermore, on February 11, 2015, the Company extended the expiration date of an aggregate of 100,000 options which had previously been granted and vested to certain directors of the Company at an exercise price of $2.50 per share, and which were set to expire on May 1, 2015. As extended, such options now also expire on May 1, 2016. The value of the extension of the options was calculated as $99,684 using a Black-Scholes valuation model. The assumptions used in calculating the fair value of options and extensions granted using the Black-Scholes option- pricing model for options are as follows: · · · · During the three and six months ended June 30, 2015, the Company recorded $2,237,751 and $4,475,502, respectively, of share based compensation relating to the vesting of other previously granted options. During the three and six months ended June 30, 2014, the Company recorded $483,977 and $967,954 of share based compensation. As of June 30, 2015, there is no unamortized balance related to future stock based compensation for options previously granted. Warrant Activity A summary of warrant activity is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Warrants Price ($) Life (in years) Value ($) Outstanding, December 31, 2014 14,577,992 4.69 1.96 36,008,468 Granted 1,625,000 2.52 Exercised - Forfeited/Canceled - Outstanding, June 30, 2015 16,202,992 3.96 1.72 5,430,094 Exercisable, June 30, 2015 11,532,992 3.40 2.27 5,430,094 The following tables summarize information about warrants outstanding at June 30, 2015: Warrants Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 7,084,992 2.51 2.50 3.00 2,353,000 1.07 3.00 4.00 575,000 2.25 4.00 5.35 4,670,000 0.37 5.35 6.00 20,000 1.84 6.00 8.00 1,500,000 3.03 8.00 16,202,992 The following table summarizes information about warrants exercisable at June 30, 2015: Warrants Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 7,084,992 2.51 2.50 3.00 2,353,000 1.07 3.00 4.00 575,000 2.25 4.00 6.00 20,000 1.84 6.00 8.00 1,500,000 3.03 8.00 11,532,992 DVIBRI On August 26, 2013, the Company engaged DVIBRI, LLC (“ DVIBRI ”) 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. The warrants have an exercise price of $2.50 per share and expire on June 30, 2017. The Company expensed $150,224 for the six months ended June 30, 2015. The fair value of the 33,332 warrants that vested during the six months ended June 30, 2015 was determined to be using the Black-Scholes option pricing model with the following assumptions: · · · · Jerry Astor On February 12, 2015, in exchange for financial advisory services provided, the Company issued to Jerry Astor two warrants to purchase an aggregate of 100,000 restricted shares of the Company’s common stock. The exercise price of 50,000 warrants is $2.50 per share, and the exercise price of the other 50,000 warrants is $3.00 per share. All of the warrants vested and became exercisable upon issuance and will expire on February 12, 2020. The fair value of the 100,000 warrants was determined to be $485,078 using the Black-Scholes option pricing model with the following assumptions: · · · · GEM Global Yield Fund Included in the warrant table above are 4,670,000 warrants granted to GEM and 590 Capital Partners in 2012 that have not yet vested as follows: The Company issued a warrant to purchase 2,335,000 shares of common stock of the Company to GEM at an exercise price of $5.35 per share ( the “ GEM C Warrant The Company also granted a warrant to purchase 2,335,000 shares of common stock of the Company, par value $0.0001 per share, to 590 Partners Capital, LLC at an exercise price of $5.35 per share (the “ 590 Partners C Warrant AGRA and BAS Agreements Pursuant to a consulting agreement effective as of August 1, 2013, as subsequently amended from time to time (the “ BAS Agreement AGRA BAS On April 6, 2015 the Company entered into an agreement (“ Agreement BAS and Agents · · · · Rick Darnell On May 19, 2015, the Company issued a warrant to purchase 25,000 restricted shares of the Company’s common stock to Rick Darnell in exchange for consulting services provided. The warrant vested immediately, has a per share exercise price of $2.50 and expires on May 19, 2018. The fair value of the 25,000 warrants was determined to be 92,818 using the Black-Scholes option pricing model with the following assumptions: · · · ·

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Notes
Note 12 - Commitments and Contingencies	NOTE 12 - COMMITMENTS AND CONTINGENCIES Legal Proceedings On August 2, 2012, Eos executed a series of agreements with 1975 Babcock, LLC (“ Babcock Babcock Loan Babcock Lease 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. As discussed further down in this Note 12, Dune has threatened to bring litigation to collect the Parent Termination Fee, as defined in the Dune Merger Agreement. The Company has accordingly recorded a liability for $5,500,000 related to the Parent Termination Fee. No lawsuit has been filed to date against the Company for the Parent Termination Fee, and the Company would vigorously defend itself, should any action ever be brought. The Company believes that it has equitable and legal defenses against payment of all or a portion of the Parent Termination Fee. Dune Merger Agreement On September 17, 2014 the Company entered into an Agreement and Plan of Merger with Dune Energy Inc. (“ Dune Dune Merger Agreement Due to the severe decline in oil prices, the Company’s sources of capital for the merger and tender offer were withdrawn, and the Company was unable to complete the merger and tender described in the Dune Merger Agreement on the terms originally negotiated. After a series of amendments to the Dune Merger Agreement while the parties continued to try to negotiate financing terms, the tender offer ultimately expired on February 27, 2015. Subsequently, on March 4, 2015, Dune provided the Company with notice of its decision to terminate the Dune Merger Agreement in accordance with the terms thereof, and demanded the Parent Termination Fee (as defined in the Dune Merger Agreement) of $5,500,000 in cash, and reimbursement for certain unidentified expenses incurred by Dune. Dune has threatened to bring litigation to collect these amounts in connection with its contention that the Company breached the Dune Merger Agreement and is entitled to the Parent Termination Fee. The Company has accordingly recorded a liability for $5,500,000 related to the Parent Termination Fee. No lawsuit has been filed to date against the Company for the Parent Termination Fee, and the Company would vigorously defend itself, should any action ever be brought. The Company believes that it has equitable and legal defenses against payment of all or a portion of the Parent Termination Fee. GEM Global Yield Fund The Company and GEM Global Yield Fund, a member of the Global Emerging Markets Group (“ GEM Commitment The Company and GEM formalized the Commitment by way of a definitive Common Stock Purchase Agreement and Registration Rights Agreement, both dated as of July 11, 2013 (collectively referred to as the “ Commitment Agreements Under the agreed upon structure, and subject to certain prerequisites, the Company controls the timing and amount of any drawdown, and the funds withdrawn by the Company may be used to acquire any oil and gas assets the Company identifies, publicly or privately owned, national or international, as well as for working capital purposes. Pursuant to the Commitment Agreements, the Company must use commercially reasonable efforts to uplist to the NYSE, NASDAQ or AMEX stock exchange within 270 days of July 11, 2013, and then to file a registration statement covering the shares and warrants referenced in the Commitment Agreements within 30 days of uplisting. The Company further agreed to pay to GEM a Structuring Fee equal to $4 million, which must be paid on the 18 month anniversary of July 11, 2013 regardless of whether the Company has drawn down from the Commitment at that time. At the Company’s election, the Company may elect to pay the structuring fee in registered shares of its common stock of the Company at a per share price equal to ninety percent of the average closing trading price of the Company’s common stock for the thirty-day period immediately prior to the 18 month anniversary of July 11, 2013. As of January 11, 2015, the 18 month anniversary date of the agreement, the Company had not met this requirement and may now become liable for payment of this structuring fee to GEM. As of June 30, 2015, the Company has recorded an accrued structuring fee of $4 million. Financial Consulting Agreement On June 16, 2015, the Company entered into an agreement with a financial advisor to provide advisory services in connection with potential buy-side and capital raising activities of the Company. The agreement provides for a non-refundable monthly payment to the financial advisor. At the close of certain transactions, the financial advisor is entitled to receive from the Company certain cash success fees. The monthly fees are credited against any cash success fees which become payable. If the Company terminates without cause on or before the four month anniversary of the execution of the agreement, the Company must pay the financial advisor a break-up fee in an amount equal to three monthly payments, which amount shall be creditable, without duplication, against any cash success fees received by the financial advisor under the agreement. In addition, in the event that certain transactions are consummated within a specified period of time after the termination for the agreement for any reason, the financial advisor shall also be paid the entire amount of any applicable cash success fee it otherwise would have been entitled to receive if the agreement were still in effect.

Note 13- Subsequent Events

Note 13- Subsequent Events	6 Months Ended
	Jun. 30, 2015
Notes
Note 13- Subsequent Events	NOTE 13– SUBSEQUENT EVENTS Private Share Sale and Additional Financing On July 13, 2015, Plethora, whose sole member is Nikolas Konstant, the Company’s Chairman and CFO, sold 1,050,000 shares to LowCal in a private sale. Plethora loaned the proceeds from such sale to the Company, and the Company accordingly issued to Plethora an unsecured promissory note dated July 13, 2015 for $350,000, with an interest rate of 10% per annum and due on January 1, 2016. Accordingly, the difference between the fair value of the shares and the sales price to the buyers of $1,228,500 will be recognized as a cost during the quarter ended September 30, 2015. On August 5, 2015, Plethora, sold an aggregate of 720,000 shares of common stock in private resales, for aggregate proceeds of $270,000. 360,000 of such shares were sold to two new investors, while the remaining 360,000 shares were sold to DVIBRI. Plethora then loaned all $270,000 in sale proceeds to the Company. The Company accordingly issued two promissory notes on August 5, 2015 for an aggregate total of $270,000, payable to Plethora. Both notes accrue simple interest at 10% and have maturity dates of January 1, 2016. Accordingly, the difference between the fair value of the shares and the sales price to the buyers of $2,646,000 will be recognized as a cost during the quarter ended September 30, 2015. Hahn Shares On July 23, 2015, Hahn received 2,000 restricted shares of the Company’s common stock in exchange for consulting services provided. On August 11, 2015, the Company and Hahn mutually agreed to terminate Hahn’s June 23, 2013 consulting agreement. DVIBRI public relations services On July 14, 2015, the Company paid a $100,000 retainer to DVIBRI, LLC in exchange for the provision of public relations, media and other general advisory services through January 31, 2016. Advisory Votes on Executive Compensation At the annual meeting of stockholders of the Company, held on June 25, 2015, the Company's stockholders were asked to make a non-binding advisory vote on the frequency for seeking executive compensation advisory votes in the future. The Company's stockholders voted to recommend a non-binding advisory vote on this issue every three years. The results of the vote were disclosed in the Company's Current Report Form 8-K, filed on June 30, 2015. At a meeting of the Board of Directors on August 12, 2015, the Board voted to adopt a policy to hold a stockholder non-binding advisory vote on executive compensation every third year until the next required vote on the frequency of non-binding advisory votes on executive compensation. Sixth Amendment to LowCal Agreements On August 14, 2015, the Company entered into the Sixth Amendment to the Loan Agreements with LowCal and LowCo [EOS/Petro], LLC (“LowCo”). Pursuant to the terms thereof: · · · The charge to earnings during the quarter ended September 30, 2015 will be as follows: · · ·

Note 2 - Summary of Significa20

Note 2 - Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of our wholly owned and majority owned 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.” 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, 2015 2014 Options 1,325,000 700,000 Warrants 16,202,992 11,452,992 Convertible notes 2,000,000 1,250,000 Total 19,527,992 13,402,992
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 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, assumptions used in the valuation of conversion features and derivative liabilities, 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. Capitalized oil and gas property costs within a cost center are amortized on an equivalent unit-of-production method, The equivalent unit-of-production rate is computed on a quarterly basis by dividing production by proved oil and gas reserves at the beginning of the quarter then applying such amount to capitalized oil and gas property costs, which includes estimated asset retirement costs, less accumulated amortization, plus the estimated future expenditures (based on current costs) to be incurred in developing proved reserves, net of estimated salvage values.
Full Cost Ceiling Test	Full Cost Ceiling Test 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. If the net capitalized costs exceed the cost center ceiling, the excess is recognized as an impairment of oil and gas properties. An impairment recognized in one period may not be reversed in a subsequent period even if higher oil and gas prices increase the cost center ceiling applicable to the subsequent period. The estimated future net revenues used in the ceiling test are calculated using average quoted market prices for sales of oil and gas on the first calendar day of each month during the preceding 12-month period prior to the end of the current reporting period. Prices are held constant indefinitely and are not changed except where different prices are fixed and determinable from applicable contracts for the remaining term of those contracts. Prices used in the ceiling test computation do not include the impact of derivative instruments because the Company elected not to meet the criteria to qualify its derivative instruments for hedge accounting treatment. The Company assesses oil and gas properties at least quarterly 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, 2015, the Company has not experienced any impairment of its capitalized oil and gas properties. The Company recorded depletion expense of $12,261 and $22,322 for the three and six months ended June 30, 2015, respectively, and $28,224 and $37,608 for the three and six months ended June 30, 2014, respectively. Proceeds from the sale of oil and gas properties are recognized as a reduction of capitalized oil and gas property costs with no gain or loss recognized, unless the sale significantly alters the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. Through June 30, 2015, the Company has not had any sales of oil and gas properties that significantly alter that relationship.
Asset Retirement Obligation	Asset Retirement Obligation The Company accounts for its future asset retirement obligations (“ ARO
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, Option and Incentive Plans Policy	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 Measurement, Policy	Fair Value Measurements The Company applies the provisions of ASC 820-10, “Fair Value Measurements and Disclosures.” · 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 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. The Company uses Level 2 inputs for its valuation methodology for the warrant derivative liabilities as their fair values were determined by using a probability weighted average Black-Scholes-Merton pricing model based on various assumptions. The Company’s derivative liabilities are adjusted to reflect fair value at each period end, with any increase or decrease in the fair value being recorded in results of operations as adjustments to fair value of derivatives. At June 30, 2015 and December 31, 2014, the Company identified the following liabilities that are required to be presented on the balance sheet at fair value (see Note 8): Fair Value Fair Value Measurements at As of June 30, 2015 Description June 30, 2015 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $5,102,652 $- 5,102,652 - Total $5,102,652 $- 5,102,652 - Fair Value Fair Value Measurements at As of December 31, 2014 Description December 31, 2014 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $11,039,552 $- 11,039,552 - Total $11,039,552 $- 11,039,552 - The Company did not identify any other non-recurring assets and liabilities that are required to be presented in the 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, 2015 and 2014. The Company’s oil and gas properties are located in Illinois.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ FASB ASU Revenue from Contracts with Customers In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern In November 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-16, Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity. The amendments in this ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. The ASU applies to all entities that are issuers of, or investors in, hybrid financial instruments that are issued in the form of a share and is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact the adoption of ASU 2014-16 on the Company’s financial statement presentation and disclosures. In January 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-01 (Subtopic 225-20) - Income Statement - Extraordinary and Unusual Items. ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-01 is not expected to have a material effect on the Company’s consolidated financial statements. Early adoption is permitted. In February, 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). ASU 2015-02 is effective for periods beginning after December 15, 2015. The adoption of ASU 2015-02 is not expected to have a material effect on the Company’s consolidated financial statements. Early adoption is permitted. 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 Significa21

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, 2015
Tables/Schedules
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	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, 2015 2014 Options 1,325,000 700,000 Warrants 16,202,992 11,452,992 Convertible notes 2,000,000 1,250,000 Total 19,527,992 13,402,992

Note 2 - Summary of Significa22

Note 2 - Summary of Significant Accounting Policies: Fair Value Measurement, Policy: Schedule of Liabilities at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Liabilities at Fair Value	At June 30, 2015 and December 31, 2014, the Company identified the following liabilities that are required to be presented on the balance sheet at fair value (see Note 8): Fair Value Fair Value Measurements at As of June 30, 2015 Description June 30, 2015 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $5,102,652 $- 5,102,652 - Total $5,102,652 $- 5,102,652 - Fair Value Fair Value Measurements at As of December 31, 2014 Description December 31, 2014 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $11,039,552 $- 11,039,552 - Total $11,039,552 $- 11,039,552 -

Note 4 - LowCal Convertible a23

Note 4 - LowCal Convertible and Promissory Notes Payable: Summary of Convertible Promissory Notes (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Summary of Convertible Promissory Notes	LowCal convertible and promissory notes payable at June 30, 2015 and December 31, 2014 are as follows: June 30, December 31, 2015 2014 LowCal Convertible Note $5,000,000 $5,000,000 LowCal Promissory Note 3,250,000 3,250,000 Total $8,250,000 $8,250,000

Note 5 - Notes Payable_ Schedul

Note 5 - Notes Payable: Schedule of Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Notes Payable	In addition to the notes set forth in Note 4 above and Note 6 below, notes payable at June 30, 2015 and December 31, 2014 are as follows: June 30, December 31, 2015 2014 Secured note payable, at 18% (1) $600,000 $600,000 Note payable, at 6% (2) 250,000 250,000 Note payable, at 2%, (3) 100,000 100,000 Note payable at 4%, (4) 323,000 323,000 Note payable at 10%, (5) 150,000 0 Total $1,423,000 $1,273,000

Note 7 - Asset Retirement Obl25

Note 7 - Asset Retirement Obligation: Schedule of Change in Asset Retirement Obligation (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Change in Asset Retirement Obligation	Changes in the Company’s asset retirement obligations were as follows: Three Months Ended Year Ended June 30, 2015 December 31, 2014 Asset retirement obligation, beginning of period $84,102 $76,457 Additions - - Accretion expense 4,205 7,645 Asset retirement obligations, end of period $88,307 $84,102

Note 8 - Derivative Liabiliti26

Note 8 - Derivative Liabilities: Schedule of Warrant Valuation Assumptions (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Warrant Valuation Assumptions	As of December 31, 2014 and June 30, 2015, the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions. December 31, June 30, 2014 2015 Exercise Price $2.50 $2.50 Stock Price $6.50 $3.20 Risk-free interest rate 1.10% 1.10% Expected life of the options (Years) 3.64 3.14 Expected volatility 188% 179% Expected dividend yield 0% 0% Expected forfeitures 0% 0% Fair Value $11,039,552 $5,102,652

Note 11 - Stock Options and W27

Note 11 - Stock Options and Warrants: Schedule of Stock Options, Activity (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Stock Options, 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, 2014 1,300,000 2.50 3.81 5,200,000 Granted 25,000 2.50 Exercised - Forfeited/Canceled - Outstanding, June 30, 2015 1,325,000 2.50 3.33 927,500 Exercisable, June 30, 2015 1,325,000 2.50 3.33 927,500

Note 11 - Stock Options and W28

Note 11 - Stock Options and Warrants: Schedule of Options Exercisable and Outstanding (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Options Exercisable and Outstanding	The following table summarizes information about options outstanding at June 30, 2015: Options Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 1,325,000 3.33 2.50 The following table summarizes information about options exercisable at June 30, 2015: Options Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 1,325,000 3.33 2.50

Note 11 - Stock Options and W29

Note 11 - Stock Options and Warrants: Schedule of Warrants, Activity (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Warrants, 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, 2014 14,577,992 4.69 1.96 36,008,468 Granted 1,625,000 2.52 Exercised - Forfeited/Canceled - Outstanding, June 30, 2015 16,202,992 3.96 1.72 5,430,094 Exercisable, June 30, 2015 11,532,992 3.40 2.27 5,430,094

Note 11 - Stock Options and W30

Note 11 - Stock Options and Warrants: Schedule of Exerciseable and Outstanding Warrants (Tables)	6 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Exerciseable and Outstanding Warrants	The following tables summarize information about warrants outstanding at June 30, 2015: Warrants Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 7,084,992 2.51 2.50 3.00 2,353,000 1.07 3.00 4.00 575,000 2.25 4.00 5.35 4,670,000 0.37 5.35 6.00 20,000 1.84 6.00 8.00 1,500,000 3.03 8.00 16,202,992 The following table summarizes information about warrants exercisable at June 30, 2015: Warrants Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 7,084,992 2.51 2.50 3.00 2,353,000 1.07 3.00 4.00 575,000 2.25 4.00 6.00 20,000 1.84 6.00 8.00 1,500,000 3.03 8.00 11,532,992

Note 1 - Organization (Details)

Note 1 - Organization (Details) - Plethora Bay Oil & Gas Ltd	Jun. 30, 2015
Noncontrolling Interest, Ownership Percentage by Parent	90.00%
EOS Atlantic Oil and Gas
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%

Note 2 - Summary of Significa32

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) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	19,527,992	13,402,992
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,325,000	700,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,202,992	11,452,992
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,000,000	1,250,000

Note 2 - Summary of Significa33

Note 2 - Summary of Significant Accounting Policies: Full Cost Ceiling Test (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Depletion	$ 12,261	$ 28,224	$ 22,322	$ 37,608
Oil and Gas Properties
Percent of discount for estimating proven oil and gas reserves			10.00%

Note 2 - Summary of Significa34

Note 2 - Summary of Significant Accounting Policies: Asset Retirement Obligation (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Details
Asset Retirement Obligation, Current	$ 88,307	$ 84,102

Note 2 - Summary of Significa35

Note 2 - Summary of Significant Accounting Policies: Fair Value Measurement, Policy: Schedule of Liabilities at Fair Value (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Warrant derivative liabilities, Fair Value	$ 5,102,652	$ 11,039,552
Fair Value, Inputs, Level 1
Warrant derivative liabilities, Fair Value	0	0
Fair Value, Inputs, Level 2
Warrant derivative liabilities, Fair Value	5,102,652	11,039,552
Fair Value, Inputs, Level 3
Warrant derivative liabilities, Fair Value	$ 0	$ 0

Note 2 - Summary of Significa36

Note 2 - Summary of Significant Accounting Policies: Concentrations (Details)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Sales | Customer Concentration Risk
Concentration Risk, Percentage	100.00%	100.00%

Note 3 - Going Concern (Details

Note 3 - Going Concern (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Total stockholders' deficit	$ (25,445,089)		$ (25,445,089)		$ (20,534,456)
Net loss	(3,583,851)	$ (12,718,954)	(21,472,808)	$ (28,886,295)
Net cash used in operating activities			(437,919)	$ (737,385)
Acquisition termination fee			5,500,000
Structuring fee			4,000,000
Works Property
Acquisition termination fee			5,500,000
Future Estimated Capital Requirements	$ 2,500,000		$ 2,500,000

Note 4 - LowCal Convertible a38

Note 4 - LowCal Convertible and Promissory Notes Payable: Summary of Convertible Promissory Notes (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
LowCal convertible and promissory notes payable	$ 8,250,000	$ 8,250,000
LowCal Convertible Note
LowCal convertible and promissory notes payable	5,000,000	5,000,000
LowCal Promissory Note
LowCal convertible and promissory notes payable	$ 3,250,000	$ 3,250,000

Note 4 - LowCal Convertible a39

Note 4 - LowCal Convertible and Promissory Notes Payable (Details) - USD ($)		3 Months Ended	6 Months Ended			12 Months Ended
		Mar. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Jan. 13, 2015	May. 13, 2014	Nov. 06, 2013	Feb. 08, 2013
Amortization of debt discount				$ 816,660
Loss on debt extinguishment				(609,620)
LowCal Loan
Proceeds from issuance of LowCal convertible and promissory notes					$ 2,480,000	$ 1,500,000
Debt Instrument, Face Amount								$ 5,000,000		$ 5,000,000	$ 2,500,000
Debt Instrument, Interest Rate, Stated Percentage											10.00%
Forgiveness of Accrued Interest		$ 667,000
Debt Instrument, Maturity Date	[1]		Jan. 1, 2016
Loss on debt extinguishment						$ 1,832,576
LowCal Loan | Tranche 2
Proceeds from issuance of LowCal convertible and promissory notes							$ 1,000,000
LowCal Loan | Tranche 3
Warrants, Outstanding						500,000
Exercise Price of Warrants						$ 4
Warrants, Granted in Period, Grant Date Fair Value						$ 7,293,171
Amortization of debt discount				$ 816,660
LowCal Loan | Common Stock
Debt Instrument, Convertible, Conversion Price									$ 2.50	$ 4	$ 5
Stock Issued During Period as a Financing Cost						600,000
Stock Issued During Period as a Financing Cost						$ 7,604,000
LowCal Loan | Common Stock | Tranche 1
Shares issued in connection with promissory note, Shares							950,000
Shares issued in connection with promissory note, Value							$ 3,239,500
LowCal Loan 2
Proceeds from issuance of LowCal convertible and promissory notes						$ 750,000
Debt Instrument, Face Amount								$ 3,250,000
Debt Instrument, Interest Rate, Stated Percentage								10.00%
Debt Instrument, Maturity Date			Jun. 30, 2015
Debt Instrument, Payment Terms			must also be repaid upon the earlier to occur of: (i) the Company closing certain potential acquisition transactions, or (ii) the Company closing a financing for a minimum of $20,000,000
[1]	Sixth amendment

Note 5 - Notes Payable_ Sched40

Note 5 - Notes Payable: Schedule of Notes Payable (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Notes payable	$ 1,423,000	$ 1,273,000
Note Payable 1
Notes payable	600,000	600,000
Note Payable 2
Notes payable	250,000	250,000
Note Payable 3
Notes payable	100,000	100,000
Note Payable 4
Notes payable	323,000	323,000
Note Payable 5
Notes payable	$ 150,000	$ 0

Note 5 - Notes Payable (Details

Note 5 - Notes Payable (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Apr. 15, 2015	Oct. 09, 2014	Sep. 30, 2014	May. 22, 2012	May. 19, 2012	Feb. 16, 2012
Note Payable 1
Debt Instrument, Face Amount							$ 600,000	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage								18.00%
Debt Instrument Shares Equity Incentive	275,000
Debt Instrument, Collateral	The loan is secured by a 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.
Debt Instrument, Maturity Date	Jan. 1, 2016
Note Payable 2
Debt Instrument, Face Amount						$ 350,000
Debt Instrument, Collateral	The loan is secured by a priority blanket security interest in all of the Company’s assets.
Debt Instrument, Maturity Date	Oct. 1, 2015
Warrants, Outstanding	250,000					175,000
Exercise Price of Warrants						$ 2.50
Debt instrument, carrying amount	$ 250,000	$ 250,000
Note Payable 3
Debt Instrument, Face Amount				$ 200,000
Debt Instrument, Interest Rate, Stated Percentage				2.00%
Debt Instrument, Maturity Date	Jun. 15, 2015	Mar. 15, 2015
Debt Instrument, Exit Fee	$ 30,000
Repayments of Unsecured Debt		$ 100,000
Note Payable 4
Debt Instrument, Face Amount					$ 323,000
Debt Instrument, Interest Rate, Stated Percentage					4.00%
Note Payable 5
Debt Instrument, Face Amount			$ 150,000
Debt Instrument, Interest Rate, Stated Percentage			10.00%
Debt Instrument, Maturity Date	Sep. 15, 2015

Note 6 - Notes Payable, Relat42

Note 6 - Notes Payable, Related Party (Details) - Plethora Enterprises, LLC - USD ($)	6 Months Ended
	Jun. 30, 2015	May. 22, 2015	Apr. 15, 2015
Debt instrument, carrying amount	$ 156,960
Note Payable 6
Debt Instrument, Face Amount			$ 150,000
Debt Instrument, Interest Rate, Stated Percentage			10.00%
Debt Instrument, Maturity Date	Sep. 15, 2015
Repayments of Unsecured Debt	$ 93,040
Note Payable 7
Debt Instrument, Face Amount		$ 100,000
Debt Instrument, Interest Rate, Stated Percentage		10.00%
Debt Instrument, Maturity Date	Jan. 1, 2016

Note 7 - Asset Retirement Obl43

Note 7 - Asset Retirement Obligation: Schedule of Change in Asset Retirement Obligation (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Details
Asset retirement obligation, beginning of period	$ 84,102	$ 76,457	$ 76,457
Additions	0		0
Accretion expense	4,205	$ 3,823	7,645
Asset retirement obligations, end of period	$ 88,307		$ 84,102

Note 8 - Derivative Liabiliti44

Note 8 - Derivative Liabilities (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Aug. 31, 2014
Change in fair value of derivative liabilities	$ 3,351,880	$ 5,936,900
Warrants
Warrants, Outstanding			1,775,000

Note 8 - Derivative Liabiliti45

Note 8 - Derivative Liabilities: Schedule of Warrant Valuation Assumptions (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Warrant derivative liabilities, Fair Value	$ 5,102,652	$ 11,039,552
Derivative Liabilities
Fair Value Measurements, Valuation Techniques	Black-Scholes-Merton pricing model
Exercise Price	$ 2.50	$ 2.50
Stock Price	$ 3.20	$ 6.50
Risk-free interest rate	1.10%	1.10%
Expected Life (in years)	3 years 1 month 20 days	3 years 7 months 20 days
Expected Volatility	179.00%	188.00%
Expected dividend yield	0.00%	0.00%
Expected forfeitures	0.00%	0.00%
Warrant derivative liabilities, Fair Value	$ 5,102,652	$ 11,039,552

Note 9 - Related Party Transa46

Note 9 - Related Party Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Baychester
Compensation expense			$ 0	$ 20,000
Fee for services to be rendered			35,000
Monthly Consulting Fee			10,000
Success fee for services to be rendered			$ 35,000
Baychester | Plethora Bay Oil & Gas Ltd
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%		10.00%
Plethora Enterprises, LLC
Compensation expense	$ 62,460	$ 90,000	$ 180,000	$ 180,000
EOS Atlantic Oil and Gas | Plethora Bay Oil & Gas Ltd
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%		10.00%
EOS Atlantic Oil and Gas | Baychester
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%		10.00%

Note 10 - Stockholders' Defic47

Note 10 - Stockholders' Deficit (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Issuance of common stock for consulting services, Value				$ 56,479
Employee Stock Option
Share Based Compensation Expense		$ 2,237,751	$ 483,977	4,475,502	$ 967,954
Hahn Engineering Inc
Issuance of common stock for consulting services, Value				$ 56,479
Lloyd Brian Hannan | Plethora Enterprises, LLC
Shares sold in private transaction				376,500
Jeff Ahlholm | Plethora Enterprises, LLC
Shares sold in private transaction				376,500
AGRA | Plethora Enterprises, LLC
Share Based Compensation Expense				$ 3,675,000
Options to be granted in private transaction if certain conditions are met				2,500,000
AGRA | Plethora Enterprises, LLC | Employee Stock Option
Share Based Compensation Expense				$ 0
Common Stock
Issuance of common stock for consulting services, Shares				12,000
Issuance of common stock for consulting services, Value				$ 1
Common Stock | Hahn Engineering Inc
Shares to be issued monthly for services rendered				2,000
Restricted Stock Agreement Terms	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.
Issuance of common stock for consulting services, Shares				12,000

Note 11 - Stock Options and W48

Note 11 - Stock Options and Warrants: Schedule of Stock Options, Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Details
Options, Outstanding, Beginning Balance	1,300,000
Options, Outstanding, Beginning Balance, Weighted Average Exercise Price	$ 2.50
Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 3 months 29 days	3 years 9 months 22 days
Options, Outstanding Intrinsic Value, Beginning Balance	$ 5,200,000
Options, Granted	25,000
Options, Granted, Weighted Average Exercise Price	$ 2.50
Options, Exercised	0
Options, Forfeited/Canceled	0
Options, Outstanding, Ending Balance	1,325,000	1,300,000
Options, Outstanding, Ending Balance, Weighted Average Exercise Price	$ 2.50	$ 2.50
Options, Outstanding Intrinsic Value, Ending Balance	$ 927,500	$ 5,200,000
Options, Exercisable	1,325,000
Options, Exercisable Weighted Average Exercise Price	$ 2.50
Options, Exercisable Weighted Average Remaining Contractual Term	3 years 3 months 29 days
Options, Exercisable, Intrinsic Value	$ 927,500

Note 11 - Stock Options and W49

Note 11 - Stock Options and Warrants: Schedule of Options Exercisable and Outstanding (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Outstanding, Number of Shares	1,325,000	1,300,000
Outstanding, Weighted Average Remaining Life (Years)	3 years 3 months 29 days	3 years 9 months 22 days
Outstanding, Weighted Average Exercise Price	$ 2.50	$ 2.50
Options, Exercisable, Number of Shares	1,325,000
Options, Exercisable, Weighted Average Remaining Life (Years)	3 years 3 months 29 days
Options, Exercisable, Weighted Average Exercise Price	$ 2.50
2.50
Outstanding, Number of Shares	1,325,000
Outstanding, Weighted Average Remaining Life (Years)	3 years 3 months 29 days
Outstanding, Weighted Average Exercise Price	$ 2.50
Options, Exercisable, Number of Shares	1,325,000
Options, Exercisable, Weighted Average Remaining Life (Years)	3 years 3 months 29 days
Options, Exercisable, Weighted Average Exercise Price	$ 2.50

Note 11 - Stock Options and W50

Note 11 - Stock Options and Warrants (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Jul. 11, 2013
DVIBRI, LLC
Fair Value Assumptions, Method Used				Black-Scholes option pricing model
Share Based Compensation Expense				$ 150,224
Exercise Price of Warrants	$ 2.50			$ 2.50
DVIBRI, LLC | Common Stock
Deferred Compensation Arrangement with Individual, Shares Issued						20,000
Fair Value of Shares Issued						$ 286,000
DVIBRI, LLC | Warrants
Expected life				2 years 3 months
Expected volatility				182.00%
Expected dividend yield				0.00%
Non-Option Equity Instruments, Granted						199,992
Award Vesting Rights				16,666 warrants vesting monthly
Equity Instruments Other than Options, Vested in Period				33,332
Risk-free interest rate				1.10%
Jerry Astor | Warrants
Fair Value Assumptions, Method Used				Black-Scholes option pricing model
Expected life				5 years
Expected volatility				182.00%
Expected dividend yield				0.00%
Non-Option Equity Instruments, Granted				100,000
Risk-free interest rate				1.10%
Fair Value of Warrants				$ 485,078
Jerry Astor | Warrants | Tranche 1
Non-Option Equity Instruments, Granted				50,000
Exercise Price of Warrants	2.50			$ 2.50
Jerry Astor | Warrants | Tranche 2
Non-Option Equity Instruments, Granted				50,000
Exercise Price of Warrants	3			$ 3
Gem Global Yield Fund | Gem C Warrants
Non-Option Equity Instruments, Granted				2,335,000
Award Vesting Rights				The GEM C Warrant will vest upon either of the following dates: (i) the date that the Company, or a subsidiary or affiliate of the Company, and the Ghanaian Ministry of Energy receive ratification from the Ghanaian Parliament for acquiring a block concession for oil and gas exploration; or (ii) the Company or a Subsidiary closes a deal to acquire assets having a cost greater than $40,000,000. The Company may elect to shorten the term of the GEM C Warrant by moving the expiration date to the date six months (plus any additional days added if the underlying shares remain unregistered after 270 days) from the day that all of the following conditions have been satisfied: (i) either of the preconditions to vesting set forth above have been satisfied; (ii) the Company has publicly announced the ratification from the Ghanaian parliament; (iii) the shares issuable upon exercise of the GEM C Warrant are subject to an effective registration statement; and (iv) the Company provides notice to GEM of its election to shorten the term within twenty business days of the last of the conditions in (i), (ii) and (iii) to occur. These options have not vested as of June 30, 2015.
Exercise Price of Warrants							$ 5.35
590 Partners Capital, LLC | Gem C Warrants
Exercise Price of Warrants							$ 5.35
590 Partners Capital, LLC | Partners C Warrants
Non-Option Equity Instruments, Granted				2,335,000
BAS and Agents | Warrants
Fair Value Assumptions, Method Used				Black-Scholes model
Expected volatility				182.00%
Expected dividend yield				0.00%
Non-Option Equity Instruments, Granted				1,500,000
Exercise Price of Warrants	2.50			$ 2.50
Risk-free interest rate				1.10%
Fair Value of Warrants				$ 7,307,825
BAS and Agents | Warrants | Minimum
Expected life				3 years 3 months 25 days
BAS and Agents | Warrants | Maximum
Expected life				4 years 25 days
BAS and Agents | Warrants | Tranche 2
Non-Option Equity Instruments, Granted				600,000
Exercise Price of Warrants	2.50			$ 2.50
Fair Value of Warrants				$ 121,339
Rick Darnell | Warrants
Expected life				3 years
Expected volatility				179.00%
Expected dividend yield				0.00%
Non-Option Equity Instruments, Granted				25,000
Exercise Price of Warrants	$ 2.50			$ 2.50
Risk-free interest rate				1.01%
Fair Value of Warrants				$ 92,818
Employee Stock Option
Fair Value Assumptions, Method Used		Black-Scholes option- pricing model
Expected life		1 year 2 months 19 days
Expected volatility		182.00%
Expected dividend yield		0.00%
Risk-free interest rate		1.10%
Share Based Compensation Expense	$ 2,237,751		$ 483,977	4,475,502	$ 967,954
Nonvested Awards, Unamortized Compensation Cost	$ 0			$ 0
Sudhir Vasudeva | Employee Stock Option
Deferred Compensation Arrangement with Individual, Shares Issued		25,000
Fair Value of Shares Issued		$ 98,226
Deferred Compensation Arrangement with Individual, Exercise Price		$ 2.50
Director | Employee Stock Option
Deferred Compensation Arrangement with Individual, Shares Issued		100,000
Fair Value of Shares Issued		$ 99,684
Deferred Compensation Arrangement with Individual, Exercise Price		$ 2.50

Note 11 - Stock Options and W51

Note 11 - Stock Options and Warrants: Schedule of Warrants, Activity (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares
Details
Warrants, Outstanding, Beginning Balance	14,577,992
Warrants, Outstanding, Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 4.69
Warrants, Weighted Average Remaining Contractual Life	1 year 8 months 19 days	1 year 11 months 16 days
Warrants, Outstanding Intrinsic Value, Beginning Balance | $	$ 36,008,468
Warrants, Granted	1,625,000
Warrants, Granted Weighted Average Exercise Price | $ / shares	$ 2.52
Warrants Exercised	0
Warrants, Forfeited/Canceled	0
Warrants, Outstanding, Ending Balance	16,202,992	14,577,992
Warrants, Outstanding, Ending Balance, Weighted Average Exercise Price | $ / shares	$ 3.96	$ 4.69
Warrants, Outstanding Intrinsic Value, Ending Balance | $	$ 5,430,094	$ 36,008,468
Warrants, Exercisable	11,532,992
Exercisable, Weighted Average Exercise Price | $ / shares	$ 3.40
Exercisable, Weighted Average Remaining Contractual Life	2.27
Exercisable, Intrinsic Value | $	$ 5,430,094

Note 11 - Stock Options and W52

Note 11 - Stock Options and Warrants: Schedule of Exerciseable and Outstanding Warrants (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Number of Shares	16,202,992
Weighted Average Remaining Life (Years)	1 year 8 months 19 days	1 year 11 months 16 days
Exercisable, Number of Shares	11,532,992
Warrants | 2.50
Number of Shares	7,084,992
Weighted Average Remaining Life (Years)	2 years 6 months 4 days
Weighted Average Exercise Price ($)	$ 2.50
Exercisable, Number of Shares	7,084,992
Exercisable, Weighted Average Remaining Life (Years)	2 years 6 months 4 days
Exercisable, Weighted Average Exercise Price ($)	$ 2.50
Warrants | 3.00
Number of Shares	2,353,000
Weighted Average Remaining Life (Years)	1 year 25 days
Weighted Average Exercise Price ($)	$ 3
Exercisable, Number of Shares	2,353,000
Exercisable, Weighted Average Remaining Life (Years)	1 year 25 days
Exercisable, Weighted Average Exercise Price ($)	$ 3
Warrants | 4.00
Number of Shares	575,000
Weighted Average Remaining Life (Years)	2 years 3 months
Weighted Average Exercise Price ($)	$ 4
Exercisable, Number of Shares	575,000
Exercisable, Weighted Average Remaining Life (Years)	2 years 3 months
Exercisable, Weighted Average Exercise Price ($)	$ 4
Warrants | 5.35
Number of Shares	4,670,000
Weighted Average Remaining Life (Years)	4 months 13 days
Weighted Average Exercise Price ($)	$ 5.35
Warrants | 6.00
Number of Shares	20,000
Weighted Average Remaining Life (Years)	1 year 10 months 2 days
Weighted Average Exercise Price ($)	$ 6
Exercisable, Number of Shares	20,000
Exercisable, Weighted Average Remaining Life (Years)	1 year 10 months 2 days
Exercisable, Weighted Average Exercise Price ($)	$ 6
Warrants | 8.00
Number of Shares	1,500,000
Weighted Average Remaining Life (Years)	3 years 11 days
Weighted Average Exercise Price ($)	$ 8
Exercisable, Number of Shares	1,500,000
Exercisable, Weighted Average Remaining Life (Years)	3 years 11 days
Exercisable, Weighted Average Exercise Price ($)	$ 8

Note 12 - Commitments and Con53

Note 12 - Commitments and Contingencies (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Dec. 31, 2014shares	Sep. 17, 2014$ / shares	Nov. 07, 2013USD ($)	Aug. 02, 2012USD ($)ft²
Acquisition termination fee	$ 5,500,000
Structuring fee	4,000,000
Works Property
Acquisition termination fee	5,500,000
Babcock Lease
Loss Contingency, Damages Sought, Value	149,625
1975 Babcock LLC
Debt Instrument, Face Amount				$ 330,000	$ 300,000
Area of Real Estate Property | ft²					7,500
1975 Babcock LLC | Common Stock
Issuance of shares related to loan amendment, Shares | shares		70,000
Dune Energy, Inc
Cash Tender Offer, Per Share Price | $ / shares			$ 0.30
Gem Global Yield Fund
Financing commitment amount	$ 400,000,000

Note 13- Subsequent Events (Det

Note 13- Subsequent Events (Details) - USD ($)

Aug. 14, 2015

Jul. 23, 2015

Jul. 14, 2015

Jul. 13, 2015

Jun. 30, 2015

Aug. 05, 2015

Jan. 13, 2015

Dec. 31, 2014

Aug. 31, 2014

Nov. 06, 2013

Feb. 08, 2013

Issuance of common stock for consulting services, Value

$ 56,479

Warrants

Warrants, Outstanding

1,775,000

Common Stock

Issuance of common stock for consulting services, Value

$ 1

LowCal Loan

Debt Instrument, Face Amount

$ 5,000,000

$ 5,000,000

$ 2,500,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Maturity Date

[1]

Jan. 1, 2016

DVIBRI, LLC

Share Based Compensation Expense

$ 150,224

Exercise Price of Warrants

$ 2.50

Hahn Engineering Inc

Issuance of common stock for consulting services, Value

$ 56,479

Tranche 3 | LowCal Loan

Warrants, Outstanding

500,000

Exercise Price of Warrants

$ 4

Subsequent Event | LowCal Loan

Debt Instrument, Maturity Date

Jan. 1, 2016

Subsequent Event | DVIBRI, LLC

Professional Fees

$ 100,000

Subsequent Event | Hahn Engineering Inc

Issuance of common stock for consulting services, Value

$ 2,000

Subsequent Event | Tranche 3 | LowCal Loan

Warrants, Outstanding

500,000

Exercise Price of Warrants

$ 2

Investment Warrants Expiration Date

Jan. 1, 2019

Subsequent Event | Tranche 3 | LowCal Loan | Warrants

Share Based Compensation Expense

$ 275,560

Subsequent Event | Tranche 4 | LowCal Loan

Warrants, Outstanding

500,000

Exercise Price of Warrants

$ 2

Investment Warrants Expiration Date

Jan. 1, 2019

Stock Issued During Period, Shares, New Issues

75,000

Subsequent Event | Tranche 4 | LowCal Loan | Warrants

Share Based Compensation Expense

$ 1,936,558

Subsequent Event | Tranche 4 | LowCal Loan | Common Stock

Share Based Compensation Expense

$ 311,250

Subsequent Event | Plethora Enterprises, LLC | Tranche 1

Debt Instrument, Face Amount

$ 350,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Maturity Date

Jan. 1, 2016

Share Based Compensation Expense

$ 1,228,500

Subsequent Event | Plethora Enterprises, LLC | Tranche 2

Debt Instrument, Face Amount

$ 270,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Maturity Date

Jan. 1, 2016

Share Based Compensation Expense

$ 2,646,000

Stock sold in private transactions, shares

720,000

Stock sold in private transactions, value

$ 270,000

Subsequent Event | Plethora Enterprises, LLC | Tranche 2 | Two Investors

Stock sold in private transactions, shares

360,000

Subsequent Event | Plethora Enterprises, LLC | Tranche 2 | DVIBRI, LLC

Stock sold in private transactions, shares

360,000

[1]

Sixth amendment