Eos Petro (EOPT) 10-K 30 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 30, 2016	Jun. 30, 2015
Document and Entity Information:
Entity Registrant Name	Eos Petro, Inc.
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Entity Central Index Key	1,419,583
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		48,217,882
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	FY
Entity Public Float			$ 51,212,102
Trading Symbol	eopt

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash	$ 1,367	$ 133,210
Other current assets	12,878	42,959
Total current assets	14,245	176,169
Oil and gas properties, using the full cost method of accounting, net of accumulated depletion of $187,197 and 128,433, respectively	1,062,411	1,121,175
Other property plant and equipment, net of accumulated depreciation of $27,232 and $18,743, respectively	2,768	11,257
Long-term deposits	102,441	102,441
Total assets	1,181,865	1,411,042
Current liabilities
Accounts payable	1,084,621	148,888
Accrued expenses	1,189,545	1,149,956
Accrued compensation - officer	180,000
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	1,383,000	1,273,000
Notes payable, related party	1,208,160
Derivative liabilities	6,381,553	11,039,552
Total current liabilities	29,176,879	21,861,396
Asset retirement obligation	92,512	84,102
Total liabilities	$ 29,269,391	$ 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 47,827,882 and 47,738,882 shares issued and outstanding	$ 4,783	$ 4,774
Additional paid-in capital	116,977,726	89,077,781
Stock subscription receivable	(88,200)	(88,200)
Accumulated deficit	(144,981,835)	(109,528,811)
Total stockholders' deficit	(28,087,526)	(20,534,456)
Total liabilities and stockholders' deficit	$ 1,181,865	$ 1,411,042

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Oil and gas properties, accumulated depletion	$ 187,197	$ 128,433
Other property plant and equipment, accumulated depreciation	$ 27,232	$ 18,743
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares Issued	47,827,882	47,738,882
Common Stock, Shares Outstanding	47,827,882	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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Oil and gas sales	$ 208,052	$ 760,452	$ 596,405
Costs and expenses
Lease operating expense	148,093	427,076	401,642
General and administrative	27,463,607	30,541,198	15,549,982
Structuring fee	4,000,000
Acquisition termination fee	5,500,000
Total costs and expenses	37,111,700	30,968,274	15,951,624
Loss from operations	(36,903,648)	(30,207,822)	(15,355,219)
Other income (expense)
Interest and finance costs	(3,207,375)	(23,834,276)	(8,372,720)
Change in fair value of derivative liabilities	4,657,999	15,224,507
Loss on debt extinguishment		(40,016,315)	(3,388,704)
Total other income (expense)	1,450,624	(48,626,084)	(11,761,424)
Net loss	$ (35,453,024)	$ (78,833,906)	$ (27,116,643)
Net loss per share attributed to common stockholders - basic and diluted	$ (0.74)	$ (1.68)	$ (0.59)
Weighted average common shares outstanding basic and diluted	47,777,098	47,050,948	45,622,352

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Deficit - USD ($)	Series B Preferred Stock		Common Stock	Additional Paid-in Capital	Stock to be Issued	Stock Subscription Receivable	Accumulated Deficit	Total
Stockholders' Equity, beginning of period, Value at Dec. 31, 2012	$ 4,415		$ 9	$ 1,278,014		$ (88,200)	$ (3,578,262)	$ (2,384,024)
Stockholders' Equity, beginning of period, Shares at Dec. 31, 2012	44,150,044		94,897
Issuance of stock for services, Value	$ 3	[1]	$ 61	1,909,745				1,909,809
Issuance of stock for services, Shares	25,000		613,000
Shares issued in connection with promissory note, Value	$ 95	[2]		3,239,405				3,239,500
Shares issued in connection with promissory note, Shares	950,000
Issuance of stock for extension of notes payable, Value	$ 15			2,985				3,000
Issuance of stock for extension of notes payable, Shares	150,000
Fair value of warrants issued for consulting services				10,314,767				10,314,767
Purchase of shares associated with reverse stock split, Value				(4,118)				(4,118)
Purchase of shares associated with reverse stock split, Shares			(206)
Automatic conversion of Series B preferred stock for common stock, Value	$ (4,528)		$ 4,528
Automatic conversion of Series B preferred stock for common stock, Shares	(45,275,044)		45,275,044
Issuance of stock for cash, Value			$ 54	90,396				90,450
Issuance of stock for cash, Shares			540,436
Fair value of share based compensation				967,954				967,954
Issuance of shares related to loan amendments, Value			$ 10	837,988				837,998
Issuance of shares related to loan amendments, Shares			98,855
Beneficial conversion feature related to debt modification				2,579,562				2,579,562
Beneficial conversion feature related to issuance of convertible debt				1,106,250				1,106,250
Shares to be issued related to issuance of convertible note					$ 3,370,000			3,370,000
Fair value of warrants issued in connection with convertible note				853,548				853,548
Shares issued for accrued dividends, Value			$ 1	55,458				55,459
Shares issued for accrued dividends, Shares			6,856
Net loss							(27,116,643)	(27,116,643)
Stockholders' Equity, end of period, Value at Dec. 31, 2013			$ 4,663	23,231,954	3,370,000	(88,200)	(30,694,905)	(4,176,488)
Stockholders' Equity, end of period, Shares at Dec. 31, 2013			46,628,882
Issuance of stock for services, Value		[3]	$ 4	601,115				601,119
Issuance of stock for services, Shares			44,000
Issuance of stock related to debt extinguishment, Value			$ 7	692,994				693,001
Issuance of stock related to debt extinguishment, Shares			66,000
Fair value of warrants issued for consulting services				22,112,191				22,112,191
Fair value of warrants issued in connection with extension of notes payable				3,212,283				3,212,283
Fair value of warrants issued for financing costs				2,766,716				2,766,716
Fair value of share based compensation				5,443,458				5,443,458
Beneficial conversion feature related to issuance of convertible debt				12,750,000				12,750,000
Fair value of warrants issued in connection with convertible note				7,293,170				7,293,170
Fair value of shares issued in connection with convertible note, Value			$ 100	10,973,900	$ (3,370,000)			7,604,000
Fair value of shares issued in connection with convertible note, Shares			1,000,000
Net loss							(78,833,906)	(78,833,906)
Stockholders' Equity, end of period, Value at Dec. 31, 2014			$ 4,774	89,077,781		(88,200)	(109,528,811)	(20,534,456)
Stockholders' Equity, end of period, Shares at Dec. 31, 2014			47,738,882
Issuance of stock for services, Value		[4]	$ 1	62,658				62,659
Issuance of stock for services, Shares			14,000
Issuance of stock related to debt extension, Value			$ 8	311,242				311,250
Issuance of stock related to debt extension, Shares			75,000
Fair value of warrants issued for consulting services				8,157,284				8,157,284
Fair value of vested options				4,673,412				4,673,412
Sale of common shares by majority stockholder to affiliates at discount				12,483,200				12,483,200
Fair value of warrants issued in connection with extension of notes payable				2,212,149				2,212,149
Net loss							(35,453,024)	(35,453,024)
Stockholders' Equity, end of period, Value at Dec. 31, 2015			$ 4,783	$ 116,977,726		$ (88,200)	$ (144,981,835)	$ (28,087,526)
Stockholders' Equity, end of period, Shares at Dec. 31, 2015			47,827,882
[1]	Issuance of stock for consulting services
[2]	Issuance of Series B preferred stock in connection with promissory note
[3]	Issuance of common stock for consulting services
[4]	consulting services

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net loss	$ (35,453,024)	$ (78,833,906)	$ (27,116,643)
Adjustments to reconcile net loss to net cash used in operating activities:
Depletion	58,764	66,380	40,645
Depreciation	8,489	10,140	7,106
Accretion of asset retirement obligation	8,410	7,645	6,951
Amortization of debt issuance costs		2,387,118	2,617,571
Non-cash finance costs		20,876,170	5,406,533
Note payable issued for services	30,000
Loss on debt extinguishment		40,016,315	3,388,704
Fair value of stock issued for services	62,659	601,119	1,909,809
Fair value of stock issued for debt extension	311,250
Fair value of warrants issued for consulting services	8,157,284	22,112,191	10,314,767
Fair value of warrants issued for debt extension	2,212,149		3,000
Fair value of vested options	4,673,412	5,443,458	967,954
Sale of common shares by majority stockholder to affiliates at discount	12,483,200
Termination fee	5,500,000
Structuring fee	4,000,000
Change in fair value of derivative liabilities	(4,657,999)	(15,224,507)
Change in operating assets and liabilities:
Deposits and other current assets	30,081	(21,930)	(3,741)
Accounts payable	935,733		(61,680)
Accrued expenses	39,589	587,676	610,022
Accrued compensation - officer	180,000	(164,610)	27,610
Net cash used in operating activities	(1,420,003)	(2,136,741)	(1,881,392)
Cash flows from investing activities:
Purchase of other fixed assets			(19,000)
Capital expenditures on oil and gas properties			(1,022,500)
Net cash used in investing activities			(1,041,500)
Cash flows from financing activities:
Proceeds from issuance of common stock for cash			90,450
Proceeds from issuance of notes payable	330,000	523,000
Proceeds from issuance of notes payable, related party	1,320,000
Proceeds from issuance of LowCal convertible and promissory notes		2,250,000	3,500,000
Repayment of notes payable	(50,000)	(275,000)	(500,000)
Repayment of convertible notes		(250,000)
Repayment of notes payable, related party	(311,840)
Repayment to related party			(39,000)
Purchase of stock pursuant to reverse stock split			(4,118)
Debt issuance costs			(150,000)
Net cash provided by financing activities	1,288,160	2,248,000	2,897,332
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(131,843)	111,259	(25,560)
CASH AND CASH EQUIVALENTS, beginning of period	133,210	21,951	47,511
CASH AND CASH EQUIVALENTS, end of period	$ 1,367	$ 133,210	$ 21,951
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:
Proceeds from related party note paid directly to note holder	$ 200,000
Capitalized asset retirement obligation			$ 22,715
Issued 950,000 shares of Series B Preferred stock pursuant to debt agreement			3,239,500
Issued 98,855 shares of common stock for loan amendment			837,998
400,000 shares of common stock to be issued pursuant to loan amendment			3,370,000
Issued 6,856 shares for accrued dividends			55,549
Conversion of Series B Preferred stock to common stock			$ 4,528
Issued 66,000 shares of common stock for extinguishment of debt		$ 53,380
Fair value of common stock issued with convertible note recognized as debt discount		$ 1,500,000

Note 1 - Organization

Note 1 - Organization	12 Months Ended
	Dec. 31, 2015
Notes
Note 1 - Organization	NOTE 1 - ORGANIZATION Organization and Business The Company was organized under the laws of the state of Nevada in 2007. On October 12, 2012, pursuant to the Merger Agreement entered into by and between the Company, Eos Global Petro, Inc. ("Eos"), and Eos Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of the Company ("Company Merger Sub"), dated July 16, 2012, Company Merger Sub merged into Eos, with Eos being the surviving entity and the Company the legal acquirer (the "Merger"). As a result of the Merger, Eos became a wholly-owned subsidiary of the Company. 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 ("Eos Delaware"), which was formed as an acquisition vehicle for potential transactions. Eos itself also has two subsidiaries: Plethora Energy, Inc., a Delaware corporation and a wholly-owned subsidiary of Eos ("Plethora Energy"), and EOS Atlantic Oil & Gas Ltd., a Ghanaian corporation ("EAOG"), which is also 10% owned by one of the Company's Ghanaian-based third party consultants. Plethora Energy also owns 90% of Plethora Bay Oil & Gas Ltd., a Ghanaian corporation ("PBOG"), which is also 10% owned by the same Ghanaian-based consultant. Eos, Eos Delaware, PBOG, Plethora Energy and EAOG are collectively referred to as the Company's "Subsidiaries." 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	12 Months Ended
	Dec. 31, 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. December 31, 2015 2014 2013 Options 1,325,000 1,300,000 700,000 Warrants 8,612,992 14,577,992 11,458,000 Convertible notes 2,000,000 2,000,000 975,000 Total 11,937,992 17,877,992 13,133,000 Management Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates reflected in the consolidated financial statements include, but are not limited to, amortization and depletion allowances, the recoverability of the carrying amount and estimated useful lives of long-lived assets, asset retirement obligations, the valuation of equity instruments issued in connection with financing transactions and share-based compensation, and assumptions used in valuing derivative liabilities. 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. Average depreciation, depletion and amortization ("DD&A") per BOE was $13.86, $4.79 and $5.34 for the years ended December 31, 2015, 2014 and 2013, respectively. 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 annually to ascertain whether impairment has occurred. In assessing impairment, the Company considers factors such as historical experience and other data such as primary lease terms of the property, average holding periods of unproved property, and geographic and geologic data. Through December 31, 2015, the Company has not experienced any impairment of its capitalized oil and gas properties. The Company recorded depletion expense of $58,764, $66,380 and $40,645 for the years ended December 31, 2015, 2014 and 2013, 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 December 31, 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") by recording the fair value of the liability during the period in which it was incurred. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The increase in carrying value of a property associated with the capitalization of an ARO is included in proven oil and gas properties in the balance sheets. The ARO consists of costs related to the plugging of wells, removal of facilities and equipment, and site restoration on its oil and gas properties. The asset retirement liability is accreted to operating expense over the useful life of the related asset. As of December 31, 2015 and 2014, the Company had an ARO of $92,512 and $84,102, respectively. Oil and Gas Revenue Revenues are recognized when hydrocarbons have been delivered, the customer has taken title and collection is reasonably assured. Share-Based Compensation The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic of the FASB Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's Statements of Operations. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance where the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates . Income Taxes The Company accounts for income taxes in accordance with FASB ASC Topic 740, "Income Taxes." Under ASC Topic 740, a tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is more than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. 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 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 December 31, 2015 and 2014, the Company identified the following liabilities that are required to be presented on the balance sheet at fair value (see Note 9): Fair Value Fair Value Measurements at As of December 31, 2015 Description December 31, 2015 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $6,381,553 $- 6,381,553 - Total $6,381,553 $- 6,381,553 - 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 Company maintains cash balances at a bank in California. The account is insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. At December 31, 2015 and 2014, the Company did not have amounts on deposit that exceeded the FDIC-insured limits. 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 years ended December 31, 2015, 2014 and 2013. The Company's oil and gas properties are located in Illinois. Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The Company uses a probability weighted average Black-Scholes-Merton model to value the derivative instruments. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company's financial statements and disclosures. In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation – Stock Compensation. The pronouncement was issued to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The pronouncement is effective for reporting periods beginning after December 15, 2015. The adoption of ASU 2014-12 will not have a significant impact on the Company's consolidated financial position or results of operations. In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company's financial statements and disclosures. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on the Company's financial statements and disclosures. In November 2014, the FASB issued Accounting Standards Update 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 ASU 2014-6 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. ASU 2014-6 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 of the adoption of ASU 2014-16 on the Company's financial statements and disclosures 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	12 Months Ended
	Dec. 31, 2015
Notes
Note 3 - Going Concern	NOTE 3 – GOING CONCERN The accompanying 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 December 31, 2015, the Company had a stockholders' deficit of $28,087,526, and, for the year ended December 31, 2015, reported a net loss of $35,453,024 and had negative cash flows from operating activities of $1,420,003. 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 13 below (the "Parent Termination Fee," as more fully defined in the Dune Merger Agreement) (see Note 13) and $4 million that may be due under a structuring fee with GEM Global Yield Fund ("GEM") (see Note 13). Management estimates the Company's capital requirements for the next twelve months, including drilling and completing wells for the Company's oil and gas "Works Property" located in Illinois and possible acquisitions, will total approximately $2,500,000, excluding any amounts that may be due to Dune Energy, Inc. under the Dune Merger Agreement or a $4 million structuring fee that may be due to GEM. Errors may be made in predicting and reacting to relevant business trends and the Company will be subject to the risks, uncertainties and difficulties frequently encountered by early-stage companies. The Company may not be able to successfully address any or all of these risks and uncertainties. Failure to adequately do so could cause the Company's business, results of operations, and financial condition to suffer. As a result, the Company's independent registered public accounting firm, in its report on the Company's December 31, 2015 consolidated financial statements, has raised substantial doubt about the Company's ability to continue as a going concern. The accompanying 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. 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 obtaining loans from investors or 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.

Note 4 - LowCal Convertible and

Note 4 - LowCal Convertible and Promissory Notes Payable	12 Months Ended
	Dec. 31, 2015
Notes
Note 4 - LowCal Convertible and Promissory Notes Payable	NOTE 4 – LOWCAL CONVERTIBLE AND PROMISSORY NOTES PAYABLE 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 On February 8, 2013, and as subsequently amended through August 14, 2015, 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; and (v) a Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing (collectively referred to as the "Loan Agreements"), with LowCal Industries, LLC and LowCo [EOS/Petro], LLC (collectively referred to as " LowCal "). 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. As amended, the maturity dates of both the LowCal Loan and the Second LowCal Note are May 1, 2016 (See Note 15). The Second LowCal Note 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. The parties agreed that, upon repayment in full of the Second LowCal Note, LowCal will forever release, cancel and terminate all of its mortgages and any other liens against the Company. In conjunction with the issuances of the first tranche of the proceeds of the LowCal Loan of $2,500,000, the Company issued 950,000 shares of the Company's common stock valued at $3,239,500. In conjunction with the receipt of the remaining proceeds of the LowCal Loan, the Company granted, but did not issue, 400,000 restricted shares of its common stock valued at $3,370,000 during the year ended December 31, 2013. The Company issued these shares during 2014, along with an additional 600,000 restricted shares of its common stock as a financing cost with a fair value of $7,604,000. 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 year ended December 31, 2014, the Company amortized $1,558,620 of the LowCal Loan discount which was recorded to interest and finance costs. On May 13, 2014, the Company entered into a third amendment to the LowCal Note, pursuant to which, among others, the conversion price of the LowCal Note was further reduced from its then conversion price of $4.0 per share to $2.50 per share, and the maturity date was extended to December 31, 2014. The reduction in the conversion price resulted in a modification cost of $11,250,000 pursuant to the provisions of ASC Topic 470-50, Accounting for Modification (or Exchange) of Convertible Debt Instruments ("ASC 470-50"). The modification cost was calculated as the intrinsic value relating to the fair value of the additional shares to be issued as a result of the modification and was recorded as a finance cost during the year ended December 31, 2014. Pursuant to the third amendment to the LowCal loan agreement, in 2014 the Company issued to LowCal a warrant to purchase 500,000 restricted shares of common stock at $4.00 per share, expiring August 14, 2017. The Company determined the fair value of the 500,000 warrants to be $7,293,170 using the Black-Scholes option pricing model with the following assumptions: · Expected life of 3.0 years · Volatility of 220%; · Dividend yield of 0%; · Risk free interest rate of 0.87% On August 14, 2015, the exercise price of the original 500,000 warrants was reduced from $4.00 per share to $2.00 per share, and the expiration date of the warrants was extended from August 14, 2017 to January 1, 2019. The Company recorded as a cost $275,560 for the repricing and extending the expiration date of these 500,000 previously issued warrants. Also on August 14, 2015, the Company issued to LowCal 75,000 restricted shares of its common stock, as well as an additional warrant to purchase 500,000 shares of restricted common stock of the Company at an exercise price of $2.00, vesting immediately and expiring January 1, 2019. The Company recorded as financing costs the fair value of the 75,000 shares of common stock of $311,250 based on the trading price of its shares on the date of the agreement, and the fair value of 500,000 new warrants of $1,936,558 as determined by the Black-Scholes pricing 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: · Expected life of 1.22 years; · Volatility of 182%; · Dividend yield of 0%; and · Risk free interest rate of 1.10%. During the years ended December 31, 2014 and 2013, the Company amortized $2,387,118 and $2,617,571, respectively, of the LowCal Loan discount which was recorded to interest and finance costs.

Note 5 - Notes Payable

Note 5 - Notes Payable	12 Months Ended
	Dec. 31, 2015
Notes
Note 5 - Notes Payable	NOTE 5 - NOTES PAYABLE December 31, 2015 2014 Secured note payable, at 18% (1) $600,000 $600,000 Note payable, at 6% (2) - 250,000 Note payable, at 2%, (3) 100,000 100,000 Note payable at 10%, (4) 453,000 323,000 Note payable at 10%, (5) 150,000 - Note payable at 10%, (6) 30,000 - Note payable at 10%, (7) 50,000 - Total $1,383,000 $1,273,000 (1) On February 16, 2012, and as amended through January 1, 2016, Eos entered into a Secured Promissory Note with Vatsala Sharma ("Sharma") for a secured loan for $600,000 at an interest rate of 18% per annum (as amended, the "Sharma Loan"). 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. As amended, the maturity date of the Sharma Loan is July 1, 2016 (See Note 15). As additional consideration for entering into the Sharma Loan, the Company issued 400,000 shares of common stock. Under the terms of the Sharma Loan, Sharma will receive an additional 275,000 shares of the Company's common stock as of January 1, 2016. (2) Effective May 22, 2012, and as amended through June 30, 2015, the Company entered into a Loan Agreement with Vicki P. Rollins ("Rollins") for a secured loan in the amount of $350,000, which does not accrue interest. The loan is secured by a subordinate blanket security interest in all of the Company's assets. On September 1, 2014, the Company issued to Rollins an aggregate of 250,000 new warrants pursuant to a loan extension and amendment. The fair value of the 250,000 warrants was determined to be $3,212,283 using the Black-Scholes option pricing and recorded as a financing cost in 2014. The maturity date of the Rollins loan was October 1, 2015. This loan was fully paid during 2015 by a $50,000 payment made by the Company and a payment of $200,000 made by Plethora Enterprises, LLC ("Plethora") on behalf of the Company (see Note 6). (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. The maturity date as subsequently been extended to April 30, 2016 (See Note 15). (4) On September 30, 2014, the Company issued an unsecured promissory note to Bacchus Investors, LLC ("Bacchus") for $323,000, with interest at 4%. During 2015, the Company issued additional unsecured promissory notes to Bacchus for a total of $130,000 with interest at 10%. 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 ("Clearview") for $150,000, with interest at 10%. The Company and Clearview executed letter agreements extending the maturity date of the unsecured promissory note to July 1, 2016. (6) On November 5, 2015, the Company issued an unsecured promissory note to an individual for $30,000, with interest at 4% and a maturity date of April 1, 2016 as consideration for services rendered. (7) On December 14, 2015, the Company issued an unsecured promissory note to an individual for $50,000, with interest at 10% and a maturity date of July 1, 2016. The weighted average interest rate at December 31, 2015 for the outstanding notes payable is 12.6%

Note 6 - Notes Payable, Related

Note 6 - Notes Payable, Related Party	12 Months Ended
	Dec. 31, 2015
Notes
Note 6 - Notes Payable, Related Party	NOTE 6 – NOTES PAYABLE, RELATED PARTY During the year ended December 31, 2015, Plethora sold an aggregate of 4,580,000 of its shares of the Company's restricted common stock in private sales. Following the private sales transactions, Plethora loaned all of the aggregate proceeds from the private sale of stock of to the Company, and concurrently, the Company issued Plethora separate unsecured promissory notes for the aggregate principal amount received. The proceeds from these sales were $1,520,000, of which $1,320,000 of the cash proceeds were loaned directly to the Company, and $200,000 was paid directly to retire an existing note payable. All of the loans extended by Plethora to the Company accrue interest at an annual rate of 10%, and become due on July 1, 2016. During the year ended December 31, 2015, $311,840 of the notes was repaid. At December 31, 2015, the aggregate principal balance due under the promissory notes was $1,208,160. Nikolas Konstant, the Company's CFO and Chairman of the Board is the sole member and manager of Plethora. Of the 4,580,000 shares of common stock sold by Plethora as discussed above, 3,820,000 shares were sold to either affiliates of the Company, vendors, or individuals with whom the Company had a past business relationship. The Company considered the provisions of Staff Accounting Bulletin ("SAB") Topic 5T, Accounting for Expenses or Liabilities Paid by Principal Stockholders

Note 7 - Asset Retirement Oblig

Note 7 - Asset Retirement Obligation	12 Months Ended
	Dec. 31, 2015
Notes
Note 7 - Asset Retirement Obligation	NOTE 7 – ASSET RETIREMENT OBLIGATION Changes in the Company's asset retirement obligations were as follows: Year Ended December 31, 2015 2014 Asset retirement obligation, beginning of period $84,102 $76,457 Additions - - Accretion expense 8,410 7,645 Asset retirement obligations, end of period $92,512 $84,102

Note 8 - Convertible Promissory

Note 8 - Convertible Promissory Note	12 Months Ended
	Dec. 31, 2015
Notes
Note 8 - Convertible Promissory Note	NOTE 8 – CONVERTIBLE PROMISSORY NOTE Clouding IP, LLC On December 26, 2012, Eos entered into an Oil & Gas Services Agreement with Clouding IP, LLC (" Clouding Concurrently with the execution of the Oil & Gas Services Agreement with Clouding, on December 26, 2012, the Company executed a series of agreements with Clouding in order to secure a $250,000 loan (the " Clouding Loan As the Clouding Loan was not repaid in full on the initial March 31, 2013 maturity date, pursuant to the terms of the Clouding Loan, the Company issued to Clouding an additional 150,000 shares of its Series B preferred stock, which were subsequently converted into 150,000 shares of common stock. As of December 31, 2013, the amount outstanding on the note was $250,000. On various dates in May and June 2014, the Company paid what it believed to be the remaining outstanding principal; however, Clouding made claims that certain amounts of interest, as well as a loan termination fee, were still due. On August 20, 2014, the Company entered into a settlement agreement for full cancellation and satisfaction of the Clouding Loan and related agreements. Pursuant to the settlement agreement, the Company was to make a one-time payment of $52,500 and issue 1,775,000 warrants to Clouding and certain related parties. If the $52,500 was not paid by August 22, 2014, then the amount due would be increased by 10% and then an additional 1% for each additional 30 days that the Company had not cured the default. As of December 31, 2015, the amount due is $60,060 and has been reflected as an accrued expense in the accompanying consolidated balance sheet. The warrants had an exercise price of $4 per share and an expiration date of August 20, 2018. The warrant agreement provided for a reduction in exercise price to 75% of the original exercise price if the Company did not pay the $52,500 by August 22, 2014 and also 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 the agreement, the exercise price was reduced to $3 when the Company did not make the required payment of $52,500 and further reduced the exercise price to $2.50 when the Company issued additional warrants with an exercise price of $2.50. Due to the anti-dilution provision, the Company determined that the warrants were derivatives and recorded the fair value of the warrants of $26,317,756 at issuance as a derivative liability and as a loss on debt extinguishment on the December 31, 2014 consolidated financial statements.

Note 9 - Derivative Liabilities

Note 9 - Derivative Liabilities	12 Months Ended
	Dec. 31, 2015
Notes
Note 9 - Derivative Liabilities	NOTE 9 – 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 2014, the Company issued 1,775,000 warrants that 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, 2015 and 2014, and on August 20, 2014 (issuance date of the warrants), the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: December 31, December 31, August 20, 2014 2015 2014 (Issuance Date) Exercise Price $2.00 $2.50 $4.00 Stock Price $4.00 $6.50 $15.00 Risk-free interest rate 1.06% 1.10% 0.94% Expected life of the options (Years) 2.64 3.64 4.00 Expected volatility 180% 188% 220% Expected dividend yield 0% 0% 0% Expected forfeitures 0% 0% 0% Fair Value $6,381,553 $11,039,552 $26,317,756 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 $4,657,999 and $15,224,507 for the years ended December 31, 2015 and 2014, respectively.

Note 10 - Related Party Transac

Note 10 - Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Notes
Note 10 - Related Party Transactions	NOTE 10 - 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 years ended December 31, 2015 and 2014, the Company recorded compensation expense of $360,000 and $360,000, respectively. At December 31, 2015 and 2014, there was $180,000 and $0, respectively, due to Mr. Konstant under the Plethora consulting agreement. In addition, Plethora has made advances to the Company as described in Note 6. 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 $67,806, respectively under the agreement with Baychester consulting agreement, for the years ended December 31, 2015 and 2014. Pursuant to its own terms, the Exclusive Business Partner and Advisory Agreement expired on June 16, 2015.

Note 11 - Stockholders' Deficit

Note 11 - Stockholders' Deficit	12 Months Ended
	Dec. 31, 2015
Notes
Note 11 - Stockholders' Deficit	NOTE 11 - STOCKHOLDERS' DEFICIT Stock Issuances for Services On January 15, 2013, the Company issued 25,000 shares of the Company's Series B Preferred Stock pursuant to a consulting agreement. The value of the shares totaled $500 and was recorded as consulting expense. During 2013, the Company issued to Quantum 100,000 shares of common stock pursuant to a consulting agreement. The value of the shares totaled $570,500 and was recorded as consulting expense. On August 1, 2013, the Company issued 500,000 shares of common stock to AGRA Capital, LLC ("AGRA") pursuant to a consulting agreement. The value of the shares totaled $1,250,000 and was recorded as consulting expense. During the year ended December 31, 2014, the Company issued 20,000 shares of common stock pursuant to a consulting agreement. The value of the shares totaled $286,000 and was recorded as consulting expense. On June 23, 2013, the Company entered into a one-year consulting agreement with Hahn Engineering, Inc. ("Hahn"). Pursuant to the agreement, Hahn was issued 2,000 restricted shares of common stock of the Company per month. While initially such monthly issuances were capped at 24,000 shares, in June 2014 the parties agreed to continue the consulting agreement month-to-month and to continue to provide 2,000 restricted shares of common stock of the Company to Hahn each such month. At December, 2013, Hahn had received 13,000 restricted shares of common stock of the Company valued at $88,110, which was recorded as consulting expense. During the year ended December 31, 2014, Hahn had received 24,000 restricted shares of common stock of the Company valued at $315,119, which was recorded as consulting expense. During the year ended December 31, 2015, Hahn received 14,000 restricted shares of common stock of the Company valued at $62,659, which was recorded as consulting expense. On August 11, 2015, the Company and Hahn mutually agreed to terminate Hahn's June 23, 2013 consulting agreement. Stock Issuances Related to Notes Payable On March 31, 2013, the Company issued 150,000 shares of the Company's Series B Preferred Stock pursuant to a loan agreement with Clouding. The value of the shares totaled $3,000 and was recorded as interest expense. On November 7, 2013, the Company issued 70,000 shares of common stock pursuant to the amendment of the Babcock Loan (See Note 13). The value of the shares totaled $598,500, and was recorded as loss on debt extinguishment. On November 17, 2013, the Company issued 28,885 shares of common stock pursuant to the amendment of the RT Holdings loan. The value of the shares totaled $239,497 of which $28,855 was applied toward the loan and the remaining $210,642 was recorded as loss on debt extinguishment. On February 2, 2014, the Company issued 66,000 shares of common stock to RT Holdings pursuant to a loan settlement agreement. The value of the shares totaled $693,001 and was recorded as a reduction of the note payable of $53,380 and a loss on debt modification of $639,621. Stock Issuances for Cash On June 21, 2013, the Company issued 500,000 restricted shares of common stock at $0.10 per share or for a total of $50,000 cash pursuant to a consulting agreement with Brian Hannan and Jeffrey Ahlholm.

Note 12 - Stock Options and War

Note 12 - Stock Options and Warrants	12 Months Ended
	Dec. 31, 2015
Notes
Note 12 - Stock Options and Warrants	NOTE 12 - STOCK OPTIONS AND WARRANTS Option Activity A summary of 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, 2012 100,000 2.50 2.58 Granted 600,000 2.50 Exercised - Forfeited/Canceled - Outstanding, December 31, 2013 700,000 2.50 4.07 Granted 600,000 2.50 Exercised - Forfeited/Canceled - Outstanding, December 31, 2014 1,300,000 2.50 3.81 Granted 25,000 2.50 Exercised - Forfeited/Canceled - Outstanding, December 31, 2015 1,325,000 2.50 3.08 2,186,250 Exercisable, December 31, 2015 1,325,000 2.50 3.08 2,186,250 The following table summarizes information about options outstanding at December 31, 2015: Options Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 1,325,000 2.82 2.50 The following table summarizes information about options exercisable at December 31, 2015: Options Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 1,325,000 2.82 2.50 On June 23, 2013, the Company entered into an employment agreement with Martin Oring, who also acts as a director of the Company, in which Mr. Oring was appointed the CEO of the Company. In exchange for Mr. Oring's services, he received an option to purchase 600,000 shares of restricted common stock of the Company at an exercise price of $2.50 with a five-year term valued at $1,935,908. 50,000 options shares vested each month the employment agreement remained in effect through June 30, 2014. On August 18, 2014, the Company and Mr. Oring entered into a new employment agreement in which Mr. Oring agreed to continue to act as the Company's CEO in exchange for new options. Pursuant to the new agreement entered, the Company issued to Mr. Oring an additional option to purchase 600,000 shares of restricted common stock of the Company at an exercise price of $2.50 with a five year term valued at $8,951,004. 50,000 of such options vested immediately on the date of grant for Mr. Oring's services provided in July 2014 and the remaining options vested through June 30, 2015. 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 granted using the Black-Scholes option- pricing model for options granted during the years ended December 31, 2015, 2014 and 2013 are as follows: December 31, 2015 2014 2013 Risk-free interest rate 1.10% 0.73% 0.73% Expected life of the options (Years) 1.22 4.95 3 Expected volatility 182% 220% 214% Expected dividend yield 0% 0% 0% Expected forfeitures 0% 0% 0% The weighted average grant-date fair value for the options granted during the years ended December 31, 2015, 2014 and 2013, was $3.93, $14.92 and $3.23, respectively. During the years ended December 31, 2015, 2014 and 2013, the Company recorded $4,673,412, $5,443,458 and $967,954, respectively, of share based compensation. As of December 31, 2015, there is no unamortized balance related to future stock based compensation for options previously granted. Warrant Activity A summary of warrant activity is presented below: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Warrants Price ($) Life (in years) Value ($) Outstanding, December 31, 2012 9,668,000 Granted 1,890,000 7.18 Exercised - Forfeited/Canceled - Outstanding, December 31, 2013 11,558,000 4.50 2.21 Granted 3,444,992 2.99 Exercised - Forfeited/Canceled (425,000) 2.62 Outstanding, December 31, 2014 14,577,992 4.69 1.96 Granted 2,125,000 2.39 Exercised - Forfeited/Canceled (8,090,000) 4.21 Outstanding, December 31, 2015 8,612,992 3.25 2.66 11,237,988 Exercisable December 31, 2015 8,612,992 3.25 2.66 11,237,988 The following tables summarize information about warrants outstanding and exercisable at December 31, 2015: Warrants Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.00 2,775,000 (1) 2.77 2.00 2.50 2,889,992 3.41 2.50 3.00 1,353,000 0.99 3.00 4.00 75,000 2.59 4.00 6.00 20,000 1.59 6.00 7.15 1,500,000 2.53 7.15 8,612,992 (1) Includes 1,775,000 warrants that include 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. See Note 9. The current exercise price for these 1,775,000 warrants is $2.00 per share. GEM Global Yield Fund The Company and GEM, a member of the Global Emerging Markets Group, entered into a financing commitment on August 31, 2011, whereby it was anticipated GEM would provide and fund the Company with up to $400 million dollars, through a common stock subscription agreement (the "Commitment"), for the Company's African acquisition activities. 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"). Together with formalizing the Commitment, pursuant to the Commitment Agreements and subject to certain restrictions contained therein, the Commitment may be drawn down at the Company's option as the Company issues shares of common stock to GEM in return for funds. No funds under this agreement have been drawn down to date. In consideration of the agreement, the Company issued to GEM and a GEM affiliate a total of three common stock purchase warrants to purchase a total of 8,372,000 shares of common stock as follows: · GEM A Warrants with a fair valued of $6,298 were issued to purchase a total of 2,399,000 shares of the Company's common stock and vested in 2012. These warrants expired on November 12, 2015; · GEM B Warrants with a fair value of $4,095,407 were issued to purchase 1,303,000 shares of common stock of the Company at an exercise price of $3.00 per share that vested in 2013; · GEM C Warrants to purchase 4,670,000 shares of common stock of the Company, at an exercise price of $5.35 per share, that would vest only upon the Company upon certain conditions described below. These warrants expired on November 12, 2015 prior to vesting. The fair value of the warrants issued in 2013 was determined using the Black-Scholes option pricing model with the following assumptions: Expected life of 3.34 years Volatility of 214%; Dividend yield of 0%; Risk free interest rate of 0.65% The Company issued warrants to purchase 4,670,000 shares of common stock of the Company to GEM at an exercise price of $5.35 per share (the "GEM C Warrant"). Prior to its amendment, the GEM C Warrant would vest only upon the Company acquiring certain rights to oil and gas in Ghana. As amended, 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. Prior to its amendment, the GEM C Warrant also provided the Company with an option to elect to shorten the term of the GEM C Warrant (the "Company Shortening Option"), so long as certain terms and conditions had been satisfied. The amendment changed some of the terms and conditions that must be satisfied prior to the Company's use of its Company Shortening Option. As amended, 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 set forth in (i); (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. The other terms and conditions of the original GEM C Warrant remain unaltered. These warrants expired on November 12, 2015 prior to vesting. As further consideration for GEM's execution of the Commitment Agreements, on July 11, 2013 GEM and GEM affiliates received common stock purchase warrants to purchase an additional 1,500,000 shares of common stock of the Company ("Additional Warrants"). The Additional Warrants vested on July 11, 2014 with a ceiling of $8.00, expire after five years and have an exercise price equal to the 30 day average trading price of the Company's common stock on July 11, 2014. If the shares underlying the Additional Warrant were not registered within 24 months of July 11, 2013, the expiration date will be extended for each additional day the shares underlying Additional Warrant remain unregistered after 24 months. The fair value of the 1,500,000 Additional Warrants was determined to be $19,085,444 using the Black-Scholes option pricing model with the following assumptions: Expected life of 4.00 years Volatility of 220%; Dividend yield of 0%; Risk free interest rate of 0.92% The remaining fair value was amortized through the vesting period of July 11, 2014. The Company expensed $13,415,380 during the year ended December 31, 2014 and expensed $5,670,064 during the year ended December 31, 2013 for a cumulative expense of $19,085,444. Pursuant to the Commitment Agreements, the Company was required to 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 was to 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 common stock of the Company at a per share price equal to 90% 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 (see Note 13). Warrants Issued to Consultants 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 "), between the Company, AGRA Capital, LLC (" AGRA ") and BA Securities, LLC ("BAS"), AGRA and BAS agreed to provide certain financial advisory services to the Company. On April 6, 2015, and as subsequently amended through September 28, 2015, the Company entered into an agreement ("Agreement ") with Mr. Konstant, AGRA, BAS, Jeff Ahlholm, and Lloyd Brian Hannan (AGRA, BAS, Mr. Ahlholm and Mr. Hannan are collectively referred to herein as "BAS and Agents"). The Agreement terminated the BAS Agreement in its entirety. The Agreement further provides that, in the event that the Company completes certain acquisitions or financings on or prior to April 7, 2017, then additional cash and warrant compensation will be paid to BAS and Agents. Further, in consideration for advisory services previously rendered, the Company issued an aggregate of 1,500,000 warrants to BAS and Agents, all vesting immediately with an exercise price of $2.50 per share and an expiration date of May 1, 2019. The fair value of the warrants was determined to be $7,307,825 using a Black-Scholes model. Pursuant to the Agreement, the Company also extended the expiration date of another 600,000 warrants currently held by BAS and Agents to May 1, 2019, and reduced the exercise price from $4.00 per share to $2.50 per share. The fair value of the extension and modification of these warrants was determined to be $121,339. The Company used the following assumptions in determining the fair value: · Expected life of 3.32 to 4.07 years · Volatility of 182%; · Dividend yield of 0%; · Risk free interest rate of 1.10% BAS Securities, LLC On August 1, 2014, the Company issued to BAS, 500,000 warrants to purchase restricted shares of its common stock at $4.00 a share, vesting immediately and expiring after four years. The warrants were provided for BAS continuous support in providing consulting services to the Company. The Company determined the fair value at the date of grant to be $6,404,466 using the Black-Scholes option pricing model with the following assumptions: · Expected life of 4 years · Volatility of 220%; · Dividend yield of 0%; · Risk free interest rate of 0.94% The fair value was recorded as consulting expense in the accompanying consolidated financial statements during the year ending December 31, 2014. Furthermore, pursuant to an agreement effective August 1, 2014, the Company amended the terms of its August 1, 2013 consulting agreement with BAS to appoint BAS as a non-exclusive M&A advisor for the Company. In exchange for the provision of such M&A advisory services, at the close of certain potential acquisitions, BAS shall receive a cash fee equal to 1%-2% of the total size of the acquisition, plus warrant coverage equal to 3.75% of the total amount of the acquisition, divided by 2.5 and at an exercise price of $4.00 per share. Such warrants will have piggy-back registration rights, vest immediately and expire July 31, 2018. Other Consultants During the year ended December 31, 2015, the Company issued a total of 125,000 warrants to consultants with an aggregate fair value of $577,897 and recorded as expense during the year ended December 31, 2015. In addition, warrants previously issued to a consultant in 2014 with a fair value of $150,223 vested during the period and were recorded as expense during the year ended December 31, 2015. The fair values of the warrants granted in 2015 were determined using the Black-Scholes option pricing model with the following assumptions: · Expected life of 3-5 years · Volatility of 179%-182%; · Dividend yield of 0%; · Risk free interest rate of 1.01% - 1.10% During the year ended December 31, 2014, the Company issued a total of 419,999 warrants to consultants with an aggregate fair value of $4,978,540 and recorded as expense during the year ended December 31, 2014. In addition, warrants previously issued to a consultant in 2013 with a fair value of $80,521 vested and were recorded as expense during the year ended December 31, 2014. The fair values of the warrants granted in 2014 were determined using the Black-Scholes option pricing model with the following assumptions: · Expected life of 3-5 years · Volatility of 188%-221%; · Dividend yield of 0%; · Risk free interest rate of 1.01% - 1.10% During the year ended December 31, 2013, the Company issued a total of 350,000 warrants to consultants with an aggregate fair value of $1,401,733 and recorded as expense during the year then ended. The fair values of the warrants granted in 2013 were determined using the Black-Scholes option pricing model with the following assumptions: · Expected life of 3-5 years · Volatility of 214%-277%; · Dividend yield of 0%; · Risk free interest rate of.85%

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Notes
Note 13 - Commitments and Contingencies	NOTE 13 - COMMITMENTS AND CONTINGENCIES Legal Proceedings On August 2, 2012, Eos executed a series of agreements with 1975 Babcock, LLC ("Babcock") in order to secure a $300,000 loan (the "Babcock Loan"). As of August 3, 2012, Eos also leased 7,500 square feet of office space at 1975 Babcock Road in San Antonio, Texas (the "Babcock Lease") from Babcock. On November 7, 2013, the Company, Eos and Mr. Nikolas Konstant (the Company's Chairman of the Board and Chief Financial Officer) entered into an agreement for the payment and satisfaction of the Babcock Loan and Babcock Lease, as amended, and all other related agreements. Under the terms and conditions of the agreement, in order to pay off and satisfy the Babcock Loan in full and void the Babcock Lease, including any rent then owed and payable, in its entirety, Eos agreed to pay $330,000. In addition, the Company agreed to issue an aggregate of 70,000 restricted shares of the Company's common stock to certain affiliates of Babcock, which were issued on January 13, 2014. The Company 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. The Company has been made aware that, on September 15, 2015, the case was dismissed. Dune Merger Agreement On September 17, 2014 the Company entered into an Agreement and Plan of Merger with Dune Energy Inc. ("Dune") and Eos Delaware, dated as of September 16, 2014, as subsequently amended (the "Dune Merger Agreement"), and on the terms and subject to the conditions described therein, Eos Delaware agreed to conduct a cash tender offer to purchase all of Dune's issued and outstanding shares of common stock at a price of $0.30 per share in cash, without interest, upon the terms and conditions set forth in the 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 Pursuant to the Commitment Agreements, the Company was required to 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 was to be paid on the 18 month anniversary of July 11, 2013 regardless of whether the Company had 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 90% 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 December 31, 2015, the Company has recorded an accrued structuring fee of $4 million. Office Lease On December 27, 2012, the Company entered into a lease to rent 3,127 square feet of space to be used as the principal office of the Company. The lease term is from December 27, 2012 to April 30, 2017. The Company agreed to pay rent as follows: (i) for the period of time from December 27, 2012 to December 31, 2012, rent of $2,446; (ii) commencing January 1, 2013 through December 31, 2013, monthly rent of $15,166; (iii) commencing January 1, 2014 through December 31, 2014, monthly rent of $15,635; (iv) commencing January 1, 2015 through December 31, 2015, monthly rent of $16,104; (v) commencing January 1, 2016 through December 31, 2016, monthly rent of $16,573; and (vi) commencing January 1, 2014 through April 30, 2017, monthly rent of $17,073. So long as Eos is not in default under the Office Lease, Eos shall be entitled to an abatement of rent in the amount of $15,166 per month for four full calendar months commencing February 1, 2013. The Company paid a security deposit of $102,441. The minimum lease payments are as follows: Year Amount 2016 $198,876 2017 68,876 $267,752 Rent expense for the years ended December 31, 2015, 2014 and 2013 was $177,545, $177,545 and $177,545, respectively.

Note 14 - Income Taxes

Note 14 - Income Taxes	12 Months Ended
	Dec. 31, 2015
Notes
Note 14 - Income Taxes	NOTE 14 - INCOME TAXES Deferred tax assets of the Company are as follows: December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $3,802,383 $2,712,421 Deferred compensation 55,172 36,450 Accrued expenses 4,172,035 416,513 Stock based compensation 181,247 181,247 Valuation allowance (8,210,837) (3,346,631) Net deferred tax asset $- $- A valuation allowance has been recorded to reduce the net benefit recorded in the financial statements related to these deferred tax assets. The valuation allowance is deemed necessary as a result of the uncertainty associated with the ultimate realization of these deferred tax assets. The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes for the years ended December 31, were as follows: 2015 2014 2013 Statutory federal income tax rate (34)% (34)% (34)% State income taxes, net of federal taxes (6)% (6)% (6)% Non-includable items 17 27 20 Increase in valuation allowance 23 13 20 Effective income tax rate - - - The components of income tax expense for the years ended December 31, are as follows: 2015 2014 2013 Current federal income tax $- - $- Current state income tax - - - Deferred taxes (4,864,206) (1,020,550) (1,075,587) Valuation allowance 4,864,206 1,020,550 1,075,587 $- $- $- The Company adopted accounting rules which address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under these rules, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. These accounting rules also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. As of December 31, 2015 and 2014, no liability for unrecognized tax At December 31, 2015, the Company had net operating loss carry forwards of approximately $9,455,000 for both federal and state that may be offset against future taxable income. These carry forwards will begin to expire in the year ended December 31, 2031 for federal and state. No tax benefit has been reported in the December 31, 2015, 2014 and 2013 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.

Note 15- Subsequent Events

Note 15- Subsequent Events	12 Months Ended
	Dec. 31, 2015
Notes
Note 15- Subsequent Events	NOTE 15– SUBSEQUENT EVENTS Sharma Loan Extension and Share Issuance Effective January 1, 2016, the Company and Vatsala Sharma (" Sharma Sharma Loan Ridelinks Loan Extension One March 25, 2016, the Company and Ridelinks, Inc. ("Ridelinks"), entered into an Amended and Restated Promissory Note between the parties (the "Amended Ridelinks Note"), which amended and restated the original promissory note between the parties dated October 9, 2014 (the "Ridelinks Loan"). Under the terms of the Amended Ridelinks Note, the Company agreed to pay Ridelinks $100,000 of the remaining principal due on the Ridelinks Loan, along with $15,350 of accrued interest, and the $30,000 exit fee as originally set forth in the Ridelinks Loan, as full payment and satisfaction of the Amended Ridelinks Note. The maturity date of the Amended Ridelinks Note is April 30, 2016. As consideration for the Amended Ridelinks Note, the Company agreed to issue 40,000 restricted shares of its common stock to Ridelinks by April 6, 2016. Appointment of Alan D. Gains as Chief Executive Officer Effective January 11, 2016 (the " Effective Date In connection with Mr. Gaines' appointment, he will receive an annual base salary of $150,000, which may be increased up to $420,000 annually based on achievement of certain company and individual performance objectives. Mr. Gaines will also be eligible for certain annual bonuses based in part on achievement of certain company and individual performance objectives, and in part on the discretion of the Board of Directors of the Company. In connection with Mr. Gaines' employment as CEO, the Company and Mr. Gaines also entered into a Stock Option Agreement, signed on December 16, 2015 and effective as of the Effective Date, whereby the Company would issue to Mr. Gaines options to purchase up to 4,500,000 shares of the Company's restricted common stock, all of which have an exercise price of $1.00 per share and expire on the fifth anniversary of the Effective Date, with total fair value at grant date of $17,627,047, calculated using the Black Scholes option pricing model. The options shall vest as follows: (i) 1,500,000 of the shares vested on the Effective Date; 1,500,000 of the shares shall vest on the first anniversary of the Effective Date; and 1,500,000 of the shares shall vest on the second anniversary of the Effective Date. Buchmiller Note On January 20, 2016, the Company issued an unsecured promissory note to Judith Ann Buchmiller for $50,000, with an interest rate of 10% per annum and due on July 1, 2016. Warrants On February 18, 2016, the Company granted to a consultant a warrant to purchase 100,000 shares of the Company's common stock, which is exercisable at $2.00 per share and expires on February 18, 2021, with total fair value at grant date of $386,661, calculated using the Black Scholes option pricing model. On March 25, 2016, the Company granted to an employee a warrant to purchase 50,000 shares of the Company's common stock, which is exercisable at $1.00 per share and expires on March 25, 2021, with total fair value at grant date of $182,734, calculated using the Black Scholes option pricing model. Seventh Amendment to the LowCal Agreements On March 11, 2016, the Company and LowCal amended the LowCal Agreements (the " Seventh Amendment to the LowCal Agreements LowCo

Note 16 - Selected Quarterly Da

Note 16 - Selected Quarterly Data (Unaudited)	12 Months Ended
	Dec. 31, 2015
Notes
Note 16 - Selected Quarterly Data (Unaudited)	NOTE 16 – SELECTED QUARTERLY DATA (UNAUDITED) March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Total Revenue 60,059 70,900 39,863 37,230 208,052 Loss from operations (20,333,120) (6,684,798) (3,238,191) (6,647,539) (36,903,648) Net loss (17,888,957) (3,583,851) (7,600,580) (6,379,636) (35,453,024) Basic and diluted loss per share (0.37) (0.08) (0.16) (0.13) (0.74) March 31, June 30, September 30, December 31, 2014 2014 2014 2014 Total Revenue 103,706 323,121 187,805 145,820 760,452 Loss from operations (11,005,511) (6,814,549) (11,690,567) (697,195) (30,207,822) Net loss (16,167,341) (12,718,954) (56,946,844) 6,999,233 (78,833,906) Basic and diluted loss per share (0.35) (0.27) (1.21) 0.15 (1.68)

Note 17 - Supplemental Informat

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited)	12 Months Ended
	Dec. 31, 2015
Notes
Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited)	NOTE 17 - SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) Costs incurred in oil and gas property acquisition, exploration and development activities are summarized below: Years Ended December 31, December 31, December 31, 2015 2014 2013 Unproved property acquisition costs $- $- $- Exploration costs - - 117,050 Development costs - - - Asset retirement obligation 8,410 7,645 6,951 Total cost incurred $8,410 $7,645 $124,001 Estimated Quantities of Proved Reserves Hahn Engineering, Inc., an independent engineering firm, prepared the estimates of the proved reserves, future production, and income attributable to the leasehold interests as of December 31, 2015 and 2014. Estimates of proved reserves as of December 31, 2015 and 2014 were prepared by management using the report of Hahn Engineering, Inc. The estimated proved net recoverable reserves presented below include only those quantities that were expected to be commercially recoverable at prices and costs in effect at the balance sheet dates under the then existing regulatory practices and with conventional equipment and operating methods. Proved developed reserves represent only those reserves estimated to be recovered through existing wells. Proved undeveloped reserves include those reserves that may be recovered from new wells on undrilled acreage or from existing wells on which a relatively major expenditure for recompletion or secondary recovery operations is required. All of the Company's Proved Reserves are located onshore in the continental United States of America. The following table shows the estimated proved developed reserves and the proved undeveloped reserves: Estimated Quantities of Proved Reserves December 31, December 31, December 31, 2015 2014 2013 Oil Oil Oil (bbls) (bbls) (bbls) Balance, beginning of the year 234,222 222,413 89,054 Purchases of reserves in place - - - Revision of previous estimates (19,869) 20,588 140,101 Production (4,847) (8,779) (6,742) Net change 209,506 234,222 222,413 The following table reflects the changes in estimated quantities of proved reserves: Estimated Quantities of Proved Reserves December 31, December 31, December 31, 2015 2014 2013 Oil Oil Oil (bbls) (bbls) (bbls) Proved developed reserves: 36,914 59,310 41,453 Proved undeveloped reserves: 172,592 174,912 180,960 Total proved reserves 209,506 234,222 222,413 Standardized Measure of Discounted Future Net Cash Flows The Standardized Measure related to prove oil and gas reserves is summarized below. Future cash inflows were computed by applying a twelve month average of the first day of the month prices to estimated future production, less estimated future expenditures (based on year end costs) to be incurred in developing and producing the proved reserves, less estimated future income tax expense. Future income tax expenses are calculated by applying appropriate year-end tax rates to future pretax net cash flows, less the tax basis of properties involved. Future net cash flows are discounted at a rate of 10% annually to derive the standardized measure of discounted future net cash flows. This calculation procedure does not necessarily result in an estimate of the fair market value or the present value of the Company. Discounted future cash flow estimates like those shown below are not intended to represent estimates of the fair value of oil and gas properties. Estimates of fair value should also consider unproved reserves, anticipated future oil and gas prices, interest rates, changes in development and production costs and risks associated with future production. Because of these and other considerations, any estimate of fair value is subjective and imprecise. Standardized Measure of Oil and Gas December 31, December 31, December 31, 2015 2014 2013 Future cash inflows $9,069,498 $20,606,888 $19,999,359 Future production and development costs (3,608,652) (4,452,624) (5,479,000) Future income taxes - (3,774,242) (3,894,466) Future net cash flows 5,460,846 12,380,022 10,625,893 Discount of future net cash flows at 10% per annum (2,688,176) (4,175,058) (4,058,069) Standardized measure of discounted future net cash flows $2,772,670 $8,204,964 $6,567,824 Reserve estimates and future cash flows are based on the average market prices for sales of oil and gas on the first calendar day of each month during the year. The average prices used for 2015, 2014 and 2013 were $42, $88 and $90 per barrel, respectively, for crude oil. At December 31, 2015, the price per barrel of oil was $38. The future cash flow could be significantly different than the amount in the above table when the oil is actually sold. Future operating expenses and development costs are computed primarily by the Company's petroleum engineers by estimating the expenditures to be incurred in developing and producing the Company's proved oil and gas reserves at the end of the year, based on year end costs and assuming continuation of existing economic conditions. Future income taxes are based on year-end statutory rates, adjusted for the tax basis of oil and gas properties and available applicable tax assets. A discount factor of 10% was used to reflect the timing of future net cash flows. The standardized measure of discounted future net cash flows is not intended to represent the replacement cost or fair value of the Company's oil and gas properties. An estimate of fair value would also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs, and a discount factor more representative of the time value of money and the risks inherent in oil and gas reserve estimates. The following table sets forth the changes in standardized measure of discounted future net cash flows relating to prove oil and gas reserves for the periods indicated. Changes in Standardized Measure December 31, December 31, December 31, 2015 2014 2013 Beginning of the year $8,204,964 $6,567,824 $2,631,279 Sales of oil and gas produced, net of production costs (59,959) (333,376) (194,763) Purchases of minerals in place - - - Revision of previous quantity estimates (5,372,335) 1,970,516 4,131,308 Net change $2,772,670 $8,204,964 $6,567,824

Note 2 - Summary of Significa24

Note 2 - Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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. December 31, 2015 2014 2013 Options 1,325,000 1,300,000 700,000 Warrants 8,612,992 14,577,992 11,458,000 Convertible notes 2,000,000 2,000,000 975,000 Total 11,937,992 17,877,992 13,133,000
Management Estimates	Management Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates reflected in the consolidated financial statements include, but are not limited to, amortization and depletion allowances, the recoverability of the carrying amount and estimated useful lives of long-lived assets, asset retirement obligations, the valuation of equity instruments issued in connection with financing transactions and share-based compensation, and assumptions used in valuing derivative liabilities. 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. Average depreciation, depletion and amortization ("DD&A") per BOE was $13.86, $4.79 and $5.34 for the years ended December 31, 2015, 2014 and 2013, respectively.
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 annually to ascertain whether impairment has occurred. In assessing impairment, the Company considers factors such as historical experience and other data such as primary lease terms of the property, average holding periods of unproved property, and geographic and geologic data. Through December 31, 2015, the Company has not experienced any impairment of its capitalized oil and gas properties. The Company recorded depletion expense of $58,764, $66,380 and $40,645 for the years ended December 31, 2015, 2014 and 2013, 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 December 31, 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") by recording the fair value of the liability during the period in which it was incurred. The associated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset. The increase in carrying value of a property associated with the capitalization of an ARO is included in proven oil and gas properties in the balance sheets. The ARO consists of costs related to the plugging of wells, removal of facilities and equipment, and site restoration on its oil and gas properties. The asset retirement liability is accreted to operating expense over the useful life of the related asset. As of December 31, 2015 and 2014, the Company had an ARO of $92,512 and $84,102, respectively.
Oil and Gas Revenue	Oil and Gas Revenue Revenues are recognized when hydrocarbons have been delivered, the customer has taken title and collection is reasonably assured.
Share-based Compensation	Share-Based Compensation The Company periodically issues stock options and warrants to employees and non-employees in capital raising transactions, for services and for financing costs. The Company accounts for share-based payments under the guidance as set forth in the Share-Based Payment Topic of the FASB Accounting Standards Codification, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees, officers, directors, and consultants, including employee stock options, based on estimated fair values. The Company estimates the fair value of share-based payment awards to employees and directors on the date of grant using an option-pricing model, and the value of the portion of the award that is ultimately expected to vest is recognized as expense over the required service period in the Company's Statements of Operations. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance where the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) the date at which the necessary performance to earn the equity instruments is complete. Stock-based compensation is based on awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, as necessary, in subsequent periods if actual forfeitures differ from those estimates .
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with FASB ASC Topic 740, "Income Taxes." Under ASC Topic 740, a tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is more than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded.
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 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 December 31, 2015 and 2014, the Company identified the following liabilities that are required to be presented on the balance sheet at fair value (see Note 9): Fair Value Fair Value Measurements at As of December 31, 2015 Description December 31, 2015 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $6,381,553 $- 6,381,553 - Total $6,381,553 $- 6,381,553 - 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 Company maintains cash balances at a bank in California. The account is insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. At December 31, 2015 and 2014, the Company did not have amounts on deposit that exceeded the FDIC-insured limits. 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 years ended December 31, 2015, 2014 and 2013. The Company's oil and gas properties are located in Illinois.
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The Company uses a probability weighted average Black-Scholes-Merton model to value the derivative instruments. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. The ASU also will require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only in annual reporting periods beginning after December 15, 2016, including interim periods therein. Entities will be able to transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. The Company is in the process of evaluating the impact of ASU 2014-09 on the Company's financial statements and disclosures. In June 2014, the FASB issued Accounting Standards Update No. 2014-12, Compensation – Stock Compensation. The pronouncement was issued to clarify the accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The pronouncement is effective for reporting periods beginning after December 15, 2015. The adoption of ASU 2014-12 will not have a significant impact on the Company's consolidated financial position or results of operations. In February 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is in the process of evaluating the impact of ASU 2016-02 on the Company's financial statements and disclosures. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. ASU 2014-15 requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on the Company's financial statements and disclosures. In November 2014, the FASB issued Accounting Standards Update 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 ASU 2014-6 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. ASU 2014-6 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 of the adoption of ASU 2014-16 on the Company's financial statements and disclosures 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 Significa25

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)	12 Months Ended
	Dec. 31, 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. December 31, 2015 2014 2013 Options 1,325,000 1,300,000 700,000 Warrants 8,612,992 14,577,992 11,458,000 Convertible notes 2,000,000 2,000,000 975,000 Total 11,937,992 17,877,992 13,133,000

Note 2 - Summary of Significa26

Note 2 - Summary of Significant Accounting Policies: Fair Value Measurement, Policy: Schedule of Liabilities at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Liabilities at Fair Value	At December 31, 2015 and 2014, the Company identified the following liabilities that are required to be presented on the balance sheet at fair value (see Note 9): Fair Value Fair Value Measurements at As of December 31, 2015 Description December 31, 2015 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Warrant derivative liabilities $6,381,553 $- 6,381,553 - Total $6,381,553 $- 6,381,553 - 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 a27

Note 4 - LowCal Convertible and Promissory Notes Payable: Summary of Convertible Promissory Notes (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Summary of Convertible Promissory Notes	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)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Notes Payable	December 31, 2015 2014 Secured note payable, at 18% (1) $600,000 $600,000 Note payable, at 6% (2) - 250,000 Note payable, at 2%, (3) 100,000 100,000 Note payable at 10%, (4) 453,000 323,000 Note payable at 10%, (5) 150,000 - Note payable at 10%, (6) 30,000 - Note payable at 10%, (7) 50,000 - Total $1,383,000 $1,273,000

Note 7 - Asset Retirement Obl29

Note 7 - Asset Retirement Obligation: Schedule of Change in Asset Retirement Obligation (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Change in Asset Retirement Obligation	Changes in the Company's asset retirement obligations were as follows: Year Ended December 31, 2015 2014 Asset retirement obligation, beginning of period $84,102 $76,457 Additions - - Accretion expense 8,410 7,645 Asset retirement obligations, end of period $92,512 $84,102

Note 9 - Derivative Liabiliti30

Note 9 - Derivative Liabilities: Schedule of Warrant Valuation Assumptions (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Warrant Valuation Assumptions	As of December 31, 2015 and 2014, and on August 20, 2014 (issuance date of the warrants), the derivative liabilities were valued using a probability weighted average Black-Scholes-Merton pricing model with the following assumptions: December 31, December 31, August 20, 2014 2015 2014 (Issuance Date) Exercise Price $2.00 $2.50 $4.00 Stock Price $4.00 $6.50 $15.00 Risk-free interest rate 1.06% 1.10% 0.94% Expected life of the options (Years) 2.64 3.64 4.00 Expected volatility 180% 188% 220% Expected dividend yield 0% 0% 0% Expected forfeitures 0% 0% 0% Fair Value $6,381,553 $11,039,552 $26,317,756

Note 12 - Stock Options and W31

Note 12 - Stock Options and Warrants: Schedule of Stock Options, Activity (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Stock Options, Activity	A summary of 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, 2012 100,000 2.50 2.58 Granted 600,000 2.50 Exercised - Forfeited/Canceled - Outstanding, December 31, 2013 700,000 2.50 4.07 Granted 600,000 2.50 Exercised - Forfeited/Canceled - Outstanding, December 31, 2014 1,300,000 2.50 3.81 Granted 25,000 2.50 Exercised - Forfeited/Canceled - Outstanding, December 31, 2015 1,325,000 2.50 3.08 2,186,250 Exercisable, December 31, 2015 1,325,000 2.50 3.08 2,186,250

Note 12 - Stock Options and W32

Note 12 - Stock Options and Warrants: Schedule of Options Exercisable and Outstanding (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Options Exercisable and Outstanding	The following table summarizes information about options outstanding at December 31, 2015: Options Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 1,325,000 2.82 2.50 The following table summarizes information about options exercisable at December 31, 2015: Options Exercisable Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.50 1,325,000 2.82 2.50

Note 12 - Stock Options and W33

Note 12 - Stock Options and Warrants: Schedule of Valuation Assumptions used for Options Granted (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Valuation Assumptions used for Options Granted	The assumptions used in calculating the fair value of options granted using the Black-Scholes option- pricing model for options granted during the years ended December 31, 2015, 2014 and 2013 are as follows: December 31, 2015 2014 2013 Risk-free interest rate 1.10% 0.73% 0.73% Expected life of the options (Years) 1.22 4.95 3 Expected volatility 182% 220% 214% Expected dividend yield 0% 0% 0% Expected forfeitures 0% 0% 0%

Note 12 - Stock Options and W34

Note 12 - Stock Options and Warrants: Schedule of Warrants, Activity (Tables)	12 Months Ended
	Dec. 31, 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, 2012 9,668,000 Granted 1,890,000 7.18 Exercised - Forfeited/Canceled - Outstanding, December 31, 2013 11,558,000 4.50 2.21 Granted 3,444,992 2.99 Exercised - Forfeited/Canceled (425,000) 2.62 Outstanding, December 31, 2014 14,577,992 4.69 1.96 Granted 2,125,000 2.39 Exercised - Forfeited/Canceled (8,090,000) 4.21 Outstanding, December 31, 2015 8,612,992 3.25 2.66 11,237,988 Exercisable December 31, 2015 8,612,992 3.25 2.66 11,237,988

Note 12 - Stock Options and W35

Note 12 - Stock Options and Warrants: Schedule of Exerciseable and Outstanding Warrants (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Exerciseable and Outstanding Warrants	The following tables summarize information about warrants outstanding and exercisable at December 31, 2015: Warrants Outstanding Weighted Weighted Average Average Exercise Number of Remaining Exercise Price ($) Shares Life (Years) Price ($) 2.00 2,775,000 (1) 2.77 2.00 2.50 2,889,992 3.41 2.50 3.00 1,353,000 0.99 3.00 4.00 75,000 2.59 4.00 6.00 20,000 1.59 6.00 7.15 1,500,000 2.53 7.15 8,612,992 (1) Includes 1,775,000 warrants that include 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. See Note 9. The current exercise price for these 1,775,000 warrants is $2.00 per share.

Note 13 - Commitments and Con36

Note 13 - Commitments and Contingencies: Schedule of Future Minimum Lease Payments (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Future Minimum Lease Payments	The minimum lease payments are as follows: Year Amount 2016 $198,876 2017 68,876 $267,752

Note 14 - Income Taxes_ Schedul

Note 14 - Income Taxes: Schedule of Deferred Tax Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Deferred Tax Assets	Deferred tax assets of the Company are as follows: December 31, 2015 2014 Deferred tax assets: Net operating loss carryforwards $3,802,383 $2,712,421 Deferred compensation 55,172 36,450 Accrued expenses 4,172,035 416,513 Stock based compensation 181,247 181,247 Valuation allowance (8,210,837) (3,346,631) Net deferred tax asset $- $-

Note 14 - Income Taxes_ Sched38

Note 14 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	The items accounting for the difference between income taxes computed at the federal statutory rate and the provision for income taxes for the years ended December 31, were as follows: 2015 2014 2013 Statutory federal income tax rate (34)% (34)% (34)% State income taxes, net of federal taxes (6)% (6)% (6)% Non-includable items 17 27 20 Increase in valuation allowance 23 13 20 Effective income tax rate - - -

Note 14 - Income Taxes_ Sched39

Note 14 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense for the years ended December 31, are as follows: 2015 2014 2013 Current federal income tax $- - $- Current state income tax - - - Deferred taxes (4,864,206) (1,020,550) (1,075,587) Valuation allowance 4,864,206 1,020,550 1,075,587 $- $- $-

Note 16 - Selected Quarterly 40

Note 16 - Selected Quarterly Data (Unaudited): Condensed Income Statement (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Condensed Income Statement	March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Total Revenue 60,059 70,900 39,863 37,230 208,052 Loss from operations (20,333,120) (6,684,798) (3,238,191) (6,647,539) (36,903,648) Net loss (17,888,957) (3,583,851) (7,600,580) (6,379,636) (35,453,024) Basic and diluted loss per share (0.37) (0.08) (0.16) (0.13) (0.74) March 31, June 30, September 30, December 31, 2014 2014 2014 2014 Total Revenue 103,706 323,121 187,805 145,820 760,452 Loss from operations (11,005,511) (6,814,549) (11,690,567) (697,195) (30,207,822) Net loss (16,167,341) (12,718,954) (56,946,844) 6,999,233 (78,833,906) Basic and diluted loss per share (0.35) (0.27) (1.21) 0.15 (1.68)

Note 17 - Supplemental Inform41

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Schedule of Costs Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Costs Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities	Costs incurred in oil and gas property acquisition, exploration and development activities are summarized below: Years Ended December 31, December 31, December 31, 2015 2014 2013 Unproved property acquisition costs $- $- $- Exploration costs - - 117,050 Development costs - - - Asset retirement obligation 8,410 7,645 6,951 Total cost incurred $8,410 $7,645 $124,001

Note 17 - Supplemental Inform42

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities	The following table shows the estimated proved developed reserves and the proved undeveloped reserves: Estimated Quantities of Proved Reserves December 31, December 31, December 31, 2015 2014 2013 Oil Oil Oil (bbls) (bbls) (bbls) Balance, beginning of the year 234,222 222,413 89,054 Purchases of reserves in place - - - Revision of previous estimates (19,869) 20,588 140,101 Production (4,847) (8,779) (6,742) Net change 209,506 234,222 222,413

Note 17 - Supplemental Inform43

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Schedule of Estimated Proved Developed and Undeveloped Reserves (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Estimated Proved Developed and Undeveloped Reserves	The following table reflects the changes in estimated quantities of proved reserves: Estimated Quantities of Proved Reserves December 31, December 31, December 31, 2015 2014 2013 Oil Oil Oil (bbls) (bbls) (bbls) Proved developed reserves: 36,914 59,310 41,453 Proved undeveloped reserves: 172,592 174,912 180,960 Total proved reserves 209,506 234,222 222,413

Note 17 - Supplemental Inform44

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows	Standardized Measure of Oil and Gas December 31, December 31, December 31, 2015 2014 2013 Future cash inflows $9,069,498 $20,606,888 $19,999,359 Future production and development costs (3,608,652) (4,452,624) (5,479,000) Future income taxes - (3,774,242) (3,894,466) Future net cash flows 5,460,846 12,380,022 10,625,893 Discount of future net cash flows at 10% per annum (2,688,176) (4,175,058) (4,058,069) Standardized measure of discounted future net cash flows $2,772,670 $8,204,964 $6,567,824

Note 17 - Supplemental Inform45

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Standardized Measure of Discounted Future Cash Flows Relating to Proved Oil and Gas Reserves (Tables)	12 Months Ended
	Dec. 31, 2015
Tables/Schedules
Standardized Measure of Discounted Future Cash Flows Relating to Proved Oil and Gas Reserves	The following table sets forth the changes in standardized measure of discounted future net cash flows relating to prove oil and gas reserves for the periods indicated. Changes in Standardized Measure December 31, December 31, December 31, 2015 2014 2013 Beginning of the year $8,204,964 $6,567,824 $2,631,279 Sales of oil and gas produced, net of production costs (59,959) (333,376) (194,763) Purchases of minerals in place - - - Revision of previous quantity estimates (5,372,335) 1,970,516 4,131,308 Net change $2,772,670 $8,204,964 $6,567,824

Note 1 - Organization (Details)

Note 1 - Organization (Details) - Plethora Bay Oil & Gas Ltd	Dec. 31, 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 Significa47

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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11,937,992	17,877,992	13,133,000
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,325,000	1,300,000	700,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,612,992	14,577,992	11,458,000
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,000,000	2,000,000	975,000

Note 2 - Summary of Significa48

Note 2 - Summary of Significant Accounting Policies: Full Cost Method of Accounting For Oil and Gas Properties (Details) - Boe	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Details
Average Depreciation, Depletion, and Amortization per BOE	13.86	4.79	5.34

Note 2 - Summary of Significa49

Note 2 - Summary of Significant Accounting Policies: Full Cost Ceiling Test (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Depletion	$ 58,764	$ 66,380	$ 40,645
Oil and Gas Properties
Percent of discount for estimating proven oil and gas reserves	10.00%

Note 2 - Summary of Significa50

Note 2 - Summary of Significant Accounting Policies: Asset Retirement Obligation (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Details
Asset Retirement Obligation, Current	$ 92,512	$ 84,102

Note 2 - Summary of Significa51

Note 2 - Summary of Significant Accounting Policies: Fair Value Measurement, Policy: Schedule of Liabilities at Fair Value (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Warrant derivative liabilities, Fair Value	$ 6,381,553	$ 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	6,381,553	11,039,552
Fair Value, Inputs, Level 3
Warrant derivative liabilities, Fair Value	$ 0	$ 0

Note 2 - Summary of Significa52

Note 2 - Summary of Significant Accounting Policies: Concentrations (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Customer Concentration Risk | Sales
Concentration Risk, Percentage	100.00%	100.00%	100.00%

Note 3 - Going Concern (Details

Note 3 - Going Concern (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Total stockholders' deficit	$ (28,087,526)				$ (20,534,456)				$ (28,087,526)	$ (20,534,456)	$ (4,176,488)	$ (2,384,024)
Net loss	(6,379,636)	$ (7,600,580)	$ (3,583,851)	$ (17,888,957)	$ 6,999,233	$ (56,946,844)	$ (12,718,954)	$ (16,167,341)	(35,453,024)	(78,833,906)	(27,116,643)
Net cash used in operating activities									(1,420,003)	$ (2,136,741)	$ (1,881,392)
Works Property
Future Estimated Capital Requirements	$ 2,500,000								$ 2,500,000

Note 4 - LowCal Convertible a54

Note 4 - LowCal Convertible and Promissory Notes Payable: Summary of Convertible Promissory Notes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Convertible Debt, Current	$ 8,250,000	$ 8,250,000
LowCal Convertible Note
Convertible Debt, Current	5,000,000	5,000,000
LowCal Promissory Note
Convertible Debt, Current	$ 3,250,000	$ 3,250,000

Note 4 - LowCal Convertible a55

Note 4 - LowCal Convertible and Promissory Notes Payable (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Jun. 30, 2013	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 14, 2015	Jan. 13, 2015	Aug. 31, 2014	May. 13, 2014	Feb. 08, 2013
Proceeds from issuance of LowCal convertible and promissory notes						$ 2,250,000	$ 3,500,000
Proceeds from issuance of notes payable					$ 330,000	523,000
Loss on debt extinguishment						(40,016,315)	(3,388,704)
Shares issued in connection with promissory note, Value							3,239,500
Amortization of debt issuance costs						2,387,118	2,617,571
Interest and finance costs					3,207,375	23,834,276	8,372,720
Amortization of debt issuance costs						2,387,118	$ 2,617,571
Common Stock
Issuance of stock for cash, Shares							540,436
Warrants
Equity Instruments, Fair Value						3,212,283
Warrants, Outstanding										1,775,000
LowCal Loan
Proceeds from issuance of LowCal convertible and promissory notes			$ 4,980,000			1,500,000	$ 3,500,000
Debt Instrument, Face Amount												$ 5,000,000
Debt Instrument, Interest Rate, Stated Percentage												10.00%
Forgiveness of Accrued Interest		$ 667,000
Amortization of debt issuance costs				$ 1,558,620		2,387,118	2,617,571
Amortization of debt issuance costs				$ 1,558,620		$ 2,387,118	$ 2,617,571
LowCal Loan | Tranche 3
Interest and finance costs					$ 11,250,000
Warrants, Outstanding					500,000			500,000
Exercise Price of Warrants					$ 4			$ 2
Warrants, Granted in Period, Grant Date Fair Value					$ 7,293,170
Fair Value Measurements, Valuation Techniques					Black-Scholes option pricing model
Expected Life (in years)					3 years
Expected Volatility					220.00%
Expected dividend yield					0.00%
Risk-free interest rate					0.87%
Investment Warrants Expiration Date					Jan. 1, 2019
LowCal Loan | Tranche 4
Warrants, Outstanding								500,000
Exercise Price of Warrants								$ 2
Fair Value Measurements, Valuation Techniques					Black-Scholes option- pricing model
Expected Life (in years)					1 year 2 months 19 days
Expected Volatility					182.00%
Expected dividend yield					0.00%
Risk-free interest rate					1.10%
Investment Warrants Expiration Date					Jan. 1, 2019
Issuance of stock for cash, Shares	75,000
LowCal Loan | Common Stock
Debt Instrument, Convertible, Conversion Price											$ 2.50	$ 2.50
Equity Instruments, Granted							400,000
Equity Instruments, Fair Value							$ 3,370,000
Stock Issued During Period as a Financing Cost, shares						600,000
Stock Issued During Period as a Financing Cost, value						$ 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 | Common Stock | Tranche 4
Share Based Compensation Expense					$ 311,250
LowCal Loan | Warrants | Tranche 3
Share Based Compensation Expense					275,560
LowCal Loan | Warrants | Tranche 4
Share Based Compensation Expense					$ 1,936,558
LowCal Loan 2
Debt Instrument, Face Amount									$ 3,250,000
Debt Instrument, Interest Rate, Stated Percentage									10.00%
Proceeds from issuance of notes payable						750,000
Loss on debt extinguishment						$ 1,832,576
Debt Instrument, Payment Terms					The Second LowCal Note 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

Note 5 - Notes Payable_ Sched56

Note 5 - Notes Payable: Schedule of Notes Payable (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Notes payable	$ 1,383,000	$ 1,273,000
Note Payable 1
Notes payable	600,000	600,000
Note Payable 2
Notes payable	0	250,000
Note Payable 3
Notes payable	100,000	100,000
Note Payable 4
Notes payable	453,000	323,000
Note Payable 5
Notes payable	150,000	0
Note Payable 6
Notes payable	30,000	0
Note Payable 7
Notes payable	$ 50,000	$ 0

Note 5 - Notes Payable (Details

Note 5 - Notes Payable (Details) - USD ($)

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Dec. 14, 2015

Nov. 05, 2015

Apr. 15, 2015

Oct. 09, 2014

Sep. 30, 2014

Sep. 01, 2014

Aug. 31, 2014

May. 22, 2012

Feb. 16, 2012

Repayment of notes payable

$ 50,000

$ 275,000

$ 500,000

Debt, Weighted Average Interest Rate

12.60%

Warrants

Warrants, Outstanding

1,775,000

Equity Instruments, Fair Value

$ 3,212,283

Note Payable 1

Debt Instrument, Interest Rate, Stated Percentage

18.00%

18.00%

Debt Instrument, Face Amount

$ 600,000

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

Jul. 1, 2016

Debt Instrument Shares Equity Incentive

275,000

Note Payable 2

Debt Instrument, Interest Rate, Stated Percentage

6.00%

Debt Instrument, Face Amount

$ 350,000

Debt Instrument, Collateral

The loan is secured by a subordinate blanket security interest in all of the Company's assets

Debt Instrument, Maturity Date

Oct. 1, 2015

Warrants, Outstanding

250,000

Note Payable 2 | Plethora Enterprises, LLC

Repayment of notes payable

$ 200,000

Note Payable 2 | Parent Company

Repayment of notes payable

$ 50,000

Note Payable 3

Debt Instrument, Interest Rate, Stated Percentage

2.00%

Debt Instrument, Face Amount

$ 200,000

Debt Instrument, Maturity Date

Apr. 30, 2016

Debt Instrument, Exit Fee

includes an exit fee of $30,000

Note Payable 4 | Tranche 1

Debt Instrument, Interest Rate, Stated Percentage

4.00%

Debt Instrument, Face Amount

$ 323,000

Note Payable 4 | Tranche 2

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Face Amount

$ 130,000

Note Payable 5

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Face Amount

$ 150,000

Debt Instrument, Maturity Date

Jul. 1, 2016

Note Payable 6

Debt Instrument, Interest Rate, Stated Percentage

4.00%

Debt Instrument, Face Amount

$ 30,000

Debt Instrument, Maturity Date

Apr. 1, 2016

Note Payable 7

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Face Amount

$ 50,000

Debt Instrument, Maturity Date

Jul. 1, 2016

Note 6 - Notes Payable, Relat58

Note 6 - Notes Payable, Related Party (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Repayment of notes payable	$ 50,000	$ 275,000	$ 500,000
Sale of common shares by majority stockholder to affiliates at discount	$ 12,483,200
Note Payable 8 | Plethora Enterprises, LLC
Private sale of stock by related party, shares	4,580,000
Private sale of stock by related party, proceeds	1,520,000
Debt Instrument, Face Amount	$ 1,320,000
Debt Instrument, Interest Rate, Stated Percentage	10.00%
Debt Instrument, Maturity Date	Jul. 1, 2016
Repayment of notes payable	$ 311,840
Long-term Debt, Gross	1,208,160
Sale of common shares by majority stockholder to affiliates at discount	$ 12,483,000

Note 7 - Asset Retirement Obl59

Note 7 - Asset Retirement Obligation: Schedule of Change in Asset Retirement Obligation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Details
Asset retirement obligation, beginning of period	$ 84,102	$ 76,457
Additions	0	0
Accretion expense	8,410	7,645	$ 6,951
Asset retirement obligations, end of period	$ 92,512	$ 84,102	$ 76,457

Note 8 - Convertible Promisso60

Note 8 - Convertible Promissory Note (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 26, 2012
Loss on debt extinguishment				$ (40,016,315)	$ (3,388,704)
Series B Preferred Stock
Issuance of stock for extension of notes payable, Shares					150,000
Clouding Loan
Debt Instrument, Face Amount						$ 250,000
Debt Instrument, Maturity Date			Aug. 31, 2013
Debt Instrument, Interest Rate, Stated Percentage						4.00%
Debt Instrument, Fee Amount						$ 25,000
Debt Instrument, Convertible, Conversion Price						$ 2.50
Long-term Debt, Gross			$ 60,060		$ 250,000
Debt Settement Agreement Terms			Pursuant to the settlement agreement, the Company was to make a one-time payment of $52,500 and issue 1,775,000 warrants to Clouding and certain related parties. If the $52,500 was not paid by August 22, 2014, then the amount due would be increased by 10% and then an additional 1% for each additional 30 days that the Company had not cured the default.
Exercise Price of Warrants			$ 4
Investment Warrants Expiration Date			Aug. 20, 2018
Warrant Agreement Terms			The warrant agreement provided for a reduction in exercise price to 75% of the original exercise price if the Company did not pay the $52,500 by August 22, 2014 and also 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 the agreement, the exercise price was reduced to $3 when the Company did not make the required payment of $52,500 and further reduced the exercise price to $2.50 when the Company issued additional warrants with an exercise price of $2.50
Loss on debt extinguishment				$ 26,317,756
Clouding Loan | Series B Preferred Stock
Issuance of stock for extension of notes payable, Shares	150,000	150,000
Clouding Loan | Common Stock
Conversion of Stock, Shares Converted		150,000

Note 9 - Derivative Liabiliti61

Note 9 - Derivative Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Aug. 31, 2014
Change in fair value of derivative liabilities	$ 4,657,999	$ 15,224,507
Warrants
Warrants, Outstanding			1,775,000

Note 9 - Derivative Liabiliti62

Note 9 - Derivative Liabilities: Schedule of Warrant Valuation Assumptions (Details) - USD ($)	Aug. 20, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Expected forfeitures		0.00%	0.00%	0.00%
Warrant derivative liabilities, Fair Value		$ 6,381,553	$ 11,039,552
Derivative Liabilities
Fair Value Measurements, Valuation Techniques		Black-Scholes-Merton pricing model
Exercise Price	$ 4	$ 2	$ 2.50
Stock Price	$ 15	$ 4	$ 6.50
Risk-free interest rate	0.94%	1.06%	1.10%
Expected Life (in years)	4 years	2 years 7 months 20 days	3 years 7 months 20 days
Expected Volatility	220.00%	180.00%	188.00%
Expected dividend yield	0.00%	0.00%	0.00%
Expected forfeitures	0.00%	0.00%	0.00%
Warrant derivative liabilities, Fair Value	$ 26,317,756	$ 6,381,553	$ 11,039,552

Note 10 - Related Party Trans63

Note 10 - Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Baychester
Compensation expense	$ 0	$ 67,806
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%
Plethora Enterprises, LLC
Compensation expense	$ 360,000	360,000
Due to Related Parties, Current	$ 180,000	$ 0
EOS Atlantic Oil and Gas | Plethora Bay Oil & Gas Ltd
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%
EOS Atlantic Oil and Gas | Baychester
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	10.00%

Note 11 - Stockholders' Defic64

Note 11 - Stockholders' Deficit (Details) - USD ($)	1 Months Ended						3 Months Ended	12 Months Ended
	Feb. 28, 2014	Nov. 30, 2013	Aug. 31, 2013	Jun. 30, 2013	Mar. 31, 2013	Jan. 31, 2013	Mar. 31, 2013	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Issuance of stock for services, Value								$ 62,659		$ 601,119		$ 1,909,809
Issuance of stock for extension of notes payable, Value												3,000
Loss on debt extinguishment										(40,016,315)		(3,388,704)
Repayment of notes payable								$ 50,000		275,000		500,000
Issuance of stock for cash, Value												$ 90,450
Clouding Loan
Loss on debt extinguishment										$ 26,317,756
Note Payable at 24%
Stock Issued Pursuant to Loan Settlement Agreement	66,000
Note Payable At 5%
Repayment of notes payable	$ 693,001
Notes Reduction	53,380
Gains (Losses) on Restructuring of Debt	$ 639,621
Series B Preferred Stock
Issuance of stock for services, Shares												25,000
Issuance of stock for services, Value									[1]		[2]	$ 3	[3]
Issuance of stock for extension of notes payable, Shares												150,000
Issuance of stock for extension of notes payable, Value												$ 15
Series B Preferred Stock | Clouding Loan
Issuance of stock for extension of notes payable, Shares					150,000		150,000
Issuance of stock for extension of notes payable, Value					$ 3,000
Common Stock
Issuance of stock for services, Shares								14,000		44,000		613,000
Issuance of stock for services, Value								$ 1		$ 4		$ 61
Issuance of shares related to loan amendment, Shares												98,855
Issuance of stock for cash, Shares												540,436
Issuance of stock for cash, Value												$ 54
Other Issuance
Issuance of stock for services, Shares								20,000
Issuance of stock for services, Value						$ 500		$ 286,000
Other Issuance | Series B Preferred Stock
Issuance of stock for services, Shares						25,000
Quantum | Common Stock
Issuance of stock for services, Shares												100,000
Issuance of stock for services, Value												$ 570,500
Agra Capital Advisors LLC | Common Stock
Issuance of stock for services, Shares			500,000
Issuance of stock for services, Value			$ 1,250,000
Hahn Engineering Inc
Issuance of stock for services, Value								$ 62,659		$ 315,119		$ 88,110
Hahn Engineering Inc | Common Stock
Issuance of stock for services, Shares								14,000		24,000		13,000
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
Babcock Affiliates | Common Stock
Issuance of shares related to loan amendment, Shares												70,000
Issuance of shares related to loan amendment, Value												$ 598,500
RT Holdings LLC | Common Stock
Issuance of shares related to loan amendment, Shares												28,885
Issuance of shares related to loan amendment, Value												$ 239,497
Repayments of Debt		$ (28,855)
Loss on debt extinguishment								$ (210,642)
Brian Hannan And Jeffrey Ahlholm | Common Stock
Issuance of stock for cash, Shares								500,000
Sale of Stock, Price Per Share								$ 0.10
Issuance of stock for cash, Value								$ 50,000
[1]	consulting services
[2]	Issuance of common stock for consulting services
[3]	Issuance of stock for consulting services

Note 12 - Stock Options and W65

Note 12 - Stock Options and Warrants: Schedule of Stock Options, Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Details
Options, Outstanding, Beginning Balance	1,300,000	700,000	100,000
Options, Outstanding, Beginning Balance, Weighted Average Exercise Price	$ 2.50	$ 2.50	$ 2.50
Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 29 days	3 years 9 months 22 days	4 years 25 days	2 years 6 months 29 days
Options, Granted	25,000	600,000	600,000
Options, Granted, Weighted Average Exercise Price	$ 2.50	$ 2.50	$ 2.50
Options, Exercised	0	0	0
Options, Forfeited/Canceled	0	0	0
Options, Outstanding, Ending Balance	1,325,000	1,300,000	700,000	100,000
Options, Outstanding, Ending Balance, Weighted Average Exercise Price	$ 2.50	$ 2.50	$ 2.50	$ 2.50
Options, Outstanding Intrinsic Value, Ending Balance	$ 2,186,250
Options, Exercisable	1,325,000
Options, Exercisable Weighted Average Exercise Price	$ 2.50
Options, Exercisable Weighted Average Remaining Contractual Term	3 years 29 days
Options, Exercisable, Intrinsic Value	$ 2,186,250

Note 12 - Stock Options and W66

Note 12 - Stock Options and Warrants: Schedule of Options Exercisable and Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Outstanding, Number of Shares	1,325,000	1,300,000	700,000	100,000
Outstanding, Weighted Average Remaining Life (Years)	3 years 29 days	3 years 9 months 22 days	4 years 25 days	2 years 6 months 29 days
Outstanding, Weighted Average Exercise Price	$ 2.50	$ 2.50	$ 2.50	$ 2.50
Options, Exercisable, Number of Shares	1,325,000
Options, Exercisable, Weighted Average Remaining Life (Years)	3 years 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)	2 years 9 months 25 days
Outstanding, Weighted Average Exercise Price	$ 2.50
Options, Exercisable, Number of Shares	1,325,000
Options, Exercisable, Weighted Average Remaining Life (Years)	2 years 9 months 25 days
Options, Exercisable, Weighted Average Exercise Price	$ 2.50

Note 12 - Stock Options and W67

Note 12 - Stock Options and Warrants (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended				24 Months Ended
	Jun. 30, 2013	Mar. 31, 2015	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014
Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 14.92	$ 3.23
Non-cash finance costs					$ 20,876,170	$ 5,406,533
Warrants
Equity Instruments, Fair Value					3,212,283
Gem Global Yield Fund
Financing commitment amount				$ 400,000,000
Debt Instrument, Exit Fee				The Company further agreed to pay to GEM a structuring fee equal to $4 million, which was to 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 common stock of the Company at a per share price equal to 90% 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 (see Note 13).
Gem Global Yield Fund | GEM A Warrants
Share Based Compensation Expense							$ 6,298
Equity Instruments Other than Options, Vested in Period							2,399,000
Gem Global Yield Fund | GEM B Warrants
Share Based Compensation Expense						$ 4,095,407
Equity Instruments, Granted						1,303,000
Exercise Price of Warrants						$ 3
Gem Global Yield Fund | GEM C Warrants
Equity Instruments, Granted				4,670,000
Exercise Price of Warrants				$ 5.35
Gem Global Yield Fund | GEM Additional Warrants
Equity Instruments, Granted						1,500,000
Fair Value Assumptions, Method Used						Black-Scholes option pricing model
Expected life of the options (Years)						4 years
Expected volatility						220.00%
Expected dividend yield						0.00%
Risk-free interest rate						0.92%
Equity Instruments, Fair Value						$ 19,085,444
Non-cash finance costs					$ 13,415,380	$ 5,670,064		$ 19,085,444
Gem Global Yield Fund | Warrants
Equity Instruments, Granted							8,372,000
Fair Value Assumptions, Method Used							Black-Scholes option pricing model
Expected life of the options (Years)						3 years 4 months 2 days
Expected volatility						214.00%
Expected dividend yield						0.00%
Risk-free interest rate						0.65%
BAS and Agents | Warrants
Equity Instruments, Granted				1,500,000
Exercise Price of Warrants				$ 2.50
Fair Value Assumptions, Method Used				Black-Scholes model
Expected volatility				182.00%
Expected dividend yield				0.00%
Risk-free interest rate				1.10%
Equity Instruments, Fair Value				$ 7,307,825
BAS and Agents | Warrants | Minimum
Expected life of the options (Years)				3 years 3 months 25 days
BAS and Agents | Warrants | Maximum
Expected life of the options (Years)				4 years 25 days
BAS and Agents | Warrants | Tranche 2
Equity Instruments, Granted				600,000
Exercise Price of Warrants				$ 2.50
Equity Instruments, Fair Value				$ 121,339
BA Securities
Exercise Price of Warrants			$ 4
Fair Value Assumptions, Method Used			Black-Scholes option pricing model
Expected life of the options (Years)			4 years
Expected volatility			220.00%
Expected dividend yield			0.00%
Risk-free interest rate			0.94%
Warrants and Rights Outstanding			$ 500,000
Advisory Fee Description			In exchange for the provision of such M&A advisory services, at the close of certain potential acquisitions, BAS shall receive a cash fee equal to 1%-2% of the total size of the acquisition, plus warrant coverage equal to 3.75% of the total amount of the acquisition, divided by 2.5 and at an exercise price of $4.00 per share. Such warrants will have piggy-back registration rights, vest immediately and expire July 31, 2018.
BA Securities | Warrants
Equity Instruments, Fair Value			$ 6,404,466
Other Consultants | Warrants
Equity Instruments, Granted				125,000	419,999	350,000
Fair Value Assumptions, Method Used				Black-Scholes option pricing model	Black-Scholes option pricing model	Black-Scholes option pricing model
Expected dividend yield				0.00%	0.00%	0.00%
Risk-free interest rate						0.85%
Equity Instruments, Fair Value				$ 577,897	$ 4,978,540	$ 1,401,733
Other Consultants | Warrants | Minimum
Expected life of the options (Years)				3 years	3 years	3 years
Expected volatility				179.00%	188.00%	214.00%
Risk-free interest rate				1.01%	1.01%
Other Consultants | Warrants | Maximum
Expected life of the options (Years)				5 years	5 years	5 years
Expected volatility				182.00%	221.00%	277.00%
Risk-free interest rate				1.10%	1.10%
Consultants | Warrants
Equity Instruments, Fair Value				$ 150,223	$ 80,521
Employee Stock Option
Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 3.93
Share Based Compensation Expense				$ 4,673,412	$ 5,443,458	$ 967,954
Nonvested Awards, Unamortized Compensation Cost				$ 0
Fair Value Assumptions, Method Used				Black-Scholes option- pricing model
Expected life of the options (Years)				1 year 2 months 19 days	4 years 11 months 12 days	3 years
Expected volatility				182.00%	220.00%	214.00%
Expected dividend yield				0.00%	0.00%	0.00%
Chief Executive Officer | Employee Stock Option
Shares Issued	600,000		600,000
Exercise Price	$ 2.50		$ 2.50
Deferred Compensation Arrangement with Individual, Maximum Contractual Term	5 years		5 years
Fair Value of Shares Issued	$ 1,935,908		$ 8,951,004
Award Vesting Rights	50,000 options shares vested each month the employment agreement remained in effect through June 30, 2014.		50,000 of such options vested immediately on the date of grant for Mr. Oring's services provided in July 2014 and the remaining options vested through June 30, 2015.
Sudhir Vasudeva | Employee Stock Option
Shares Issued		25,000
Exercise Price		$ 2.50
Fair Value of Shares Issued		$ 98,226
Director | Employee Stock Option
Shares Issued		100,000
Exercise Price		$ 2.50
Fair Value of Shares Issued		$ 99,684

Note 12 - Stock Options and W68

Note 12 - Stock Options and Warrants: Schedule of Valuation Assumptions used for Options Granted (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Expected forfeitures	0.00%	0.00%	0.00%
Employee Stock Option
Fair Value Assumptions, Method Used	Black-Scholes option- pricing model
Risk-free interest rate	1.10%	0.73%	0.73%
Expected life of the options (Years)	1 year 2 months 19 days	4 years 11 months 12 days	3 years
Expected volatility	182.00%	220.00%	214.00%
Expected dividend yield	0.00%	0.00%	0.00%

Note 12 - Stock Options and W69

Note 12 - Stock Options and Warrants: Schedule of Warrants, Activity (Details)	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014$ / sharesshares	Dec. 31, 2013$ / sharesshares
Details
Warrants, Outstanding, Beginning Balance | shares	14,577,992	11,558,000	9,668,000
Warrants, Outstanding, Beginning Balance, Weighted Average Exercise Price | $ / shares	$ 4.69	$ 4.50
Warrants, Weighted Average Remaining Contractual Life	2 years 7 months 28 days	1 year 11 months 16 days	2 years 2 months 16 days
Warrants, Granted | shares	2,125,000	3,444,992	1,890,000
Warrants, Granted Weighted Average Exercise Price | $ / shares	$ 2.39	$ 2.99	$ 7.18
Warrants Exercised | shares	0	0	0
Warrants, Forfeited/Canceled | shares	(8,090,000)	(425,000)	0
Warrants, Forfeited/Canceled, Weighted Average Exercise Price | $ / shares	$ 4.21	$ 2.62
Warrants, Outstanding, Ending Balance | shares	8,612,992	14,577,992	11,558,000
Warrants, Outstanding, Ending Balance, Weighted Average Exercise Price | $ / shares	$ 3.25	$ 4.69	$ 4.50
Warrants, Outstanding Intrinsic Value | $	$ 11,237,988
Exercisable	8,612,992
Exercisable, Weighted Average Exercise Price | $ / shares	$ 3.25
Exercisable, Weighted Average Remaining Contractual Life	2.66
Exercisable, Intrinsic Value | $	$ 11,237,988

Note 12 - Stock Options and W70

Note 12 - Stock Options and Warrants: Schedule of Exerciseable and Outstanding Warrants (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of Shares	8,612,992
Weighted Average Remaining Life (Years)	2 years 7 months 28 days	1 year 11 months 16 days	2 years 2 months 16 days
Warrants with anti-dilution provisions	1,775,000
Warrants | 2.00
Number of Shares	2,775,000
Weighted Average Remaining Life (Years)	2 years 9 months 7 days
Weighted Average Exercise Price ($)	$ 2
Warrants | 2.50
Number of Shares	2,889,992
Weighted Average Remaining Life (Years)	3 years 4 months 28 days
Weighted Average Exercise Price ($)	$ 2.50
Warrants | 3.00
Number of Shares	1,353,000
Weighted Average Remaining Life (Years)	11 months 26 days
Weighted Average Exercise Price ($)	$ 3
Warrants | 4.00
Number of Shares	75,000
Weighted Average Remaining Life (Years)	2 years 7 months 2 days
Weighted Average Exercise Price ($)	$ 4
Warrants | 6.00
Number of Shares	20,000
Weighted Average Remaining Life (Years)	1 year 7 months 2 days
Weighted Average Exercise Price ($)	$ 6
Warrants | 7.15
Number of Shares	1,500,000
Weighted Average Remaining Life (Years)	2 years 6 months 11 days
Weighted Average Exercise Price ($)	$ 7.15

Note 13 - Commitments and Con71

Note 13 - Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)shares	Dec. 31, 2012USD ($)	Sep. 17, 2014$ / shares	Nov. 07, 2013USD ($)	Aug. 02, 2012USD ($)ft²
Acquisition termination fee	$ 5,500,000
Structuring fee	4,000,000
Office Lease, Description				The lease term is from December 27, 2012 to April 30, 2017. The Company agreed to pay rent as follows: (i) for the period of time from December 27, 2012 to December 31, 2012, rent of $2,446; (ii) commencing January 1, 2013 through December 31, 2013, monthly rent of $15,166; (iii) commencing January 1, 2014 through December 31, 2014, monthly rent of $15,635; (iv) commencing January 1, 2015 through December 31, 2015, monthly rent of $16,104; (v) commencing January 1, 2016 through December 31, 2016, monthly rent of $16,573; and (vi) commencing January 1, 2014 through April 30, 2017, monthly rent of $17,073. So long as Eos is not in default under the Office Lease, Eos shall be entitled to an abatement of rent in the amount of $15,166 per month for four full calendar months commencing February 1, 2013.
Security Deposit				$ 102,441
Operating Leases, Rent Expense, Net	177,545	$ 177,545	$ 177,545
Babcock Lease
Loss Contingency, Damages Sought, Value	149,625
Common Stock
Issuance of shares related to loan amendment, Shares | shares			98,855
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
Acquisition termination fee	$ 5,500,000

Note 13 - Commitments and Con72

Note 13 - Commitments and Contingencies: Schedule of Future Minimum Lease Payments (Details)	Dec. 31, 2015USD ($)
Details
2,016	$ 198,876
2,017	68,876
Operating leases, future minimum payments due	$ 267,752

Note 14 - Income Taxes_ Sched73

Note 14 - Income Taxes: Schedule of Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred Tax Assets
Net Operating Loss Carryforwards	$ 3,802,383	$ 2,712,421
Deferred Compensation	55,172	36,450
Accrued expenses	4,172,035	416,513
Stock Based Compensation	181,247	181,247
Valuation Allowance	(8,210,837)	(3,346,631)
Net Deferred Tax Asset	$ 0	$ 0

Note 14 - Income Taxes_ Sched74

Note 14 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Details
Statutory federal income tax rate	(34.00%)	(34.00%)	(34.00%)
State income taxes, net of federal taxes	(6.00%)	(6.00%)	(6.00%)
Non-includable items	17.00%	27.00%	20.00%
Increase in Valuation Allowance	23.00%	13.00%	20.00%
Effective income tax rate	0.00%	0.00%	0.00%

Note 14 - Income Taxes_ Sched75

Note 14 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Details
Current federal income tax	$ 0	$ 0	$ 0
Current state income tax	0	0	0
Deferred taxes	(4,864,206)	(1,020,550)	(1,075,587)
Valuation Allowance	4,864,206	1,020,550	1,075,587
Income Tax Expense (Benefit), Total	$ 0	$ 0	$ 0

Note 14 - Income Taxes (Details

Note 14 - Income Taxes (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Operating Loss Carryforwards	$ 9,455,000
Minimum
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2031

Note 15- Subsequent Events (Det

Note 15- Subsequent Events (Details) - USD ($)

Mar. 25, 2016

Mar. 11, 2016

Feb. 18, 2016

Jan. 11, 2016

Jan. 01, 2016

Jan. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Jan. 19, 2016

Oct. 09, 2014

Feb. 08, 2013

Feb. 16, 2012

Repayment of notes payable

$ 50,000

$ 275,000

$ 500,000

Subsequent Event | Judith Ann Buchmiller

Debt Instrument, Face Amount

$ 50,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

Debt Instrument, Maturity Date

Jul. 1, 2016

Subsequent Event | Consultants

Equity Instruments, Fair Value

$ 386,661

Warrants, Outstanding

100,000

Exercise Price of Warrants

$ 2

Investment Warrants Expiration Date

Feb. 18, 2021

Subsequent Event | Alan D Gaines

Base Salary Amount

$ 150,000

Subsequent Event | Alan D Gaines | Employee Stock Option

Shares Issued

4,500,000

Exercise Price

$ 1

Fair Value of Shares Issued

$ 17,627,047

Deferred Compensation Arrangement with Individual, Description

The options shall vest as follows: (i) 1,500,000 of the shares vested on the Effective Date; 1,500,000 of the shares shall vest on the first anniversary of the Effective Date; and 1,500,000 of the shares shall vest on the second anniversary of the Effective Date.

Subsequent Event | Alan D Gaines | Maximum

Base Salary Amount

$ 420,000

Subsequent Event | Employee

Equity Instruments, Fair Value

$ 182,734

Warrants, Outstanding

50,000

Exercise Price of Warrants

$ 1

Investment Warrants Expiration Date

Mar. 25, 2021

Note Payable 1

Debt Instrument, Face Amount

$ 600,000

Debt Instrument, Interest Rate, Stated Percentage

18.00%

18.00%

Debt Instrument, Maturity Date

Jul. 1, 2016

Note Payable 1 | Subsequent Event

Debt Instrument, Maturity Date

Jul. 1, 2016

Issuance of stock for extension of notes payable, Shares

275,000

Equity Instruments, Fair Value

$ 1,100,000

Note Payable 3

Debt Instrument, Face Amount

$ 200,000

Debt Instrument, Interest Rate, Stated Percentage

2.00%

Debt Instrument, Maturity Date

Apr. 30, 2016

Note Payable 3 | Subsequent Event

Debt Instrument, Maturity Date

Apr. 30, 2016

Issuance of stock for extension of notes payable, Shares

40,000

Repayment of notes payable

$ 100,000

Interest Expense, Debt

15,350

Debt Instrument, Fee Amount

$ 30,000

LowCal Loan

Debt Instrument, Face Amount

$ 5,000,000

Debt Instrument, Interest Rate, Stated Percentage

10.00%

LowCal Loan | Subsequent Event

Debt Instrument, Maturity Date

May 1, 2016

Issuance of stock for extension of notes payable, Shares

75,000

Investment Warrants Expiration Date

May 1, 2020

Loan extension terms

the parties agreed that if: (1) the Company pays off the $3,250,000 principal balance of the Second LowCal Note in full, plus any accrued and unpaid interest, and (2) either: (i) the Company closes a transaction where it acquires at least $10,000,000 in additional assets, through an asset purchase, stock purchase, merger, or other similar transaction, which shall be determined by generally accepted accounting principles, or (ii) the Company successfully uplists its common stock to a national exchange market (NASDAQ or the New York Stock Exchange), then the following will automatically occur: (1) the conversion price of the LowCal Loan will be reduced from $2.50 per share to $2.00 per share, and (2) any outstanding principal and interest due on the LowCal Loan will be converted at a price of $2.00 per share into restricted shares of the Company's common stock, which shall be issued to LowCo.

Note 16 - Selected Quarterly 78

Note 16 - Selected Quarterly Data (Unaudited): Condensed Income Statement (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Details
Revenue	$ 37,230	$ 39,863	$ 70,900	$ 60,059	$ 145,820	$ 187,805	$ 323,121	$ 103,706	$ 208,052	$ 760,452
Loss from operations	(6,647,539)	(3,238,191)	(6,684,798)	(20,333,120)	(697,195)	(11,690,567)	(6,814,549)	(11,005,511)	(36,903,648)	(30,207,822)	$ (15,355,219)
Net loss	$ (6,379,636)	$ (7,600,580)	$ (3,583,851)	$ (17,888,957)	$ 6,999,233	$ (56,946,844)	$ (12,718,954)	$ (16,167,341)	$ (35,453,024)	$ (78,833,906)	$ (27,116,643)
Basic and diluted loss per share	$ (0.13)	$ (0.16)	$ (0.08)	$ (0.37)	$ 0.15	$ (1.21)	$ (0.27)	$ (0.35)	$ (0.74)	$ (1.68)	$ (0.59)

Note 17 - Supplemental Inform79

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Schedule of Costs Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Details
Unproved property acquisition costs	$ 0	$ 0	$ 0
Exploration costs	0	0	117,050
Development costs	0	0	0
Asset retirement obligation	8,410	7,645	6,951
Total cost incurred	$ 8,410	$ 7,645	$ 124,001

Note 17 - Supplemental Inform80

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities (Details) - bbl	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Details
Balance, beginning of the year	234,222	222,413	89,054
Purchase of reserves in place	0	0	0
Revision of previous estimates	(19,869)	20,588	140,101
Production	(4,847)	(8,779)	(6,742)
Net change	209,506	234,222	222,413

Note 17 - Supplemental Inform81

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Schedule of Estimated Proved Developed and Undeveloped Reserves (Details) - bbl	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Details
Proved Developed Reserves	36,914	59,310	41,453
Proved Undeveloped Reserve	172,592	174,912	180,960
Total proved reserves	209,506	234,222	222,413	89,054

Note 17 - Supplemental Inform82

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited) (Details) - $ / bbl	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Crude Oil and NGL
Average Sales Prices	42	88	90
Oil Price	38
Oil and Gas Properties
Percent of discount for estimating proven oil and gas reserves	10.00%

Note 17 - Supplemental Inform83

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Details
Future cash inflows	$ 9,069,498	$ 20,606,888	$ 19,999,359
Future production and development costs	(3,608,652)	(4,452,624)	(5,479,000)
Future income taxes	0	(3,774,242)	(3,894,466)
Future Net Cash Flows	5,460,846	12,380,022	10,625,893
Discount of future net cash flows at 10% per annum	(2,688,176)	(4,175,058)	(4,058,069)
Standardized measure of discounted future net cash flows	$ 2,772,670	$ 8,204,964	$ 6,567,824	$ 2,631,279

Note 17 - Supplemental Inform84

Note 17 - Supplemental Information Relating To Oil and Gas Producing Activities (Unaudited): Standardized Measure of Discounted Future Cash Flows Relating to Proved Oil and Gas Reserves (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Details
Beginning of the year	$ 8,204,964	$ 6,567,824	$ 2,631,279
Sales and Transfers of Oil and Gas Produced, Net of Production Costs	(59,959)	(333,376)	(194,763)
Purchases of Minerals in Place	0	0	0
Revisions of Previous Quantity Estimates	(5,372,335)	1,970,516	4,131,308
Net change	$ 2,772,670	$ 8,204,964	$ 6,567,824