Woodgate Energy 10-Q 11 Jun 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015
Document Information [Line Items]
Entity Registrant Name	Woodgate Energy Corp
Entity Central Index Key	1558902
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	48,142,000
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Consolidated_Statements_of_Fin

Consolidated Statements of Financial Position (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current Assets
Cash and Cash Equivalents	$22,996	$66,924
Accrued Gas Sales	16	16
Prepaid Expense	12,500	12,500
Refundable Deposits	11,204	11,204
Total Current Asset	46,716	90,644
Fixed Assets
Property and Equipment	34,265	34,265
Furniture and Fixtures	39,236	39,236
Project Under Development	20,109,036	20,054,696
Less accumulated DD&A	-71,834	-71,596
Total Assets	20,157,419	20,147,245
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable	327,365	301,934
Accounts Payable - Related Party	147,674	143,704
Accrued Expense	1,433,469	1,370,523
Payroll Tax Liabilities	72,267	55,622
Notes Payable	635,091	635,091
Total Current Liabilities	2,615,866	2,506,874
Long-term Debt
Notes Payable - Related Parties	0	0
Total	2,615,866	2,506,874
Loss Incurring Since Inception	-7,339,463	-7,191,084
Stockholder's Equity (100,000,000 common shares authorized, 47,345,000 shares issued and outstanding)	24,881,016	24,831,455
Total Liabilities and Stockholders' Equity	$20,157,419	$20,147,245

Consolidated_Statements_of_Fin1

Consolidated Statements of Financial Position (Parenthetical)	Mar. 31, 2015	Dec. 31, 2014
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	47,345,000	47,345,000
Common stock, shares outstanding	47,345,000	47,345,000

Consolidated_Statement_of_Oper

Consolidated Statement of Operations (USD $)	3 Months Ended		118 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Revenues
Miscellaneous Income	$799	$0	$5,216
Gas Sales	0	247	24,330
Total	799	247	29,546
Costs and Expenses
Direct operating costs	0	2,258	60,827
General and administrative costs
Adv. & Marketing Expenses	0	0	44,549
Bad Debt	0	0	107,302
Bank charges	159	164	4,106
Board Compensation	0	0	480,000
Communication	0	84	7,490
Depreciation, depletion and amortization	238	476	71,835
Employee insurance	0	0	0
Financing Cost	0	4,165	658,537
Insurance	1,783	4,390	117,937
Legal	12,000	13,772	865,690
License Fees	0	1,465	21,987
Management Compensation	0	0	400,000
Miscellaneous	30	266	48,332
Payroll	103,695	119,388	3,736,785
Professional Fees	10,070	6,117	3,479,568
Rent	11,910	11,862	293,083
Supplies	930	978	54,474
Taxes	0	0	11,819
Travel	0	1,026	466,868
Utilities	1,374	1,075	59,587
Total	142,189	167,486	10,990,776
Operating Income	-141,390	-167,239	-10,961,230
Interest, Expense and Other Income
Other Income	0	2,018	4,957,120
Other Expense	-6,989	0	-155,004
Net unrealized gains (losses) on investments	0	0	-1,180,349
Income from Continuing Operations	($148,379)	($165,221)	($7,339,463)
Earnings (loss) per Common Share	$0	$0

Consolidated_Statement_of_Cash

Consolidated Statement of Cash Flows (USD $)	3 Months Ended		118 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Operating Activities
Net Income	($148,379)	($165,221)	($7,339,463)
Adjustments to reconcile Net Income to net Cash provided by Operations
Accounts Payable	28,527	343,066	4,491,934
Accounts Receivable	0	447	0
Accrued Expense	12,000	-25,276	1,435,375
Accrued Interest	50,946	0	72,555
Accrued Sale of Gas Income	0	0	-16
Credit Cards	874	0	874
Deposits	0	0	-11,204
Depreciation	238	476	71,835
Investments	0	0	0
Note Receivable - Related Party	0	0	0
Payroll Tax Liabilities	16,645	6,691	72,267
Prepaid Expense	0	915	-12,500
Net Cash Provided/(used) by Operating Activities	-39,149	161,098	-1,218,343
Investing Activities
Projects Under Development	-54,779	-682,600	-20,109,474
Property & Equipment	0	0	-73,501
Net Cash Provided by (Used in) Investing Activities, Continuing Operations	-54,779	-682,600	-20,182,975
Financing Activities
Notes Payables	0	0	618,981
Proceeds from Issuance of Stock	50,000	0	849,157
Proceeds from Stock Sale	0	0	1,346,492
Proceeds from Members/Stockholder's Contribution	0	0	18,609,684
Net Cash Provided by Financing Activities	50,000	0	21,424,314
Net Cash increase for period	-43,928	-521,502	22,996
Cash at Beginning of Period	66,924	736,647	0
Cash at end of Period	$22,996	$215,145	$22,996

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (USD $)	Total	Common Stock [Member]	Members' Capital [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2011	$8,126,802	$0	$11,141,469	$0	($3,014,667)
Balance (in shares) at Dec. 31, 2011		0
Member Investment in E & P Co., LLC	1,515,000	0	1,515,000	0	0
Member Investment in Prestige O & G, LLC	0	0	0	0	0
Issuance of Common Stock	2,000	2,000	0	0	0
Issuance of Common Stock (in shares)		20,000,000
Net Income/loss	-592,816	0	0	0	-592,816
Balance at Dec. 31, 2012	9,050,986	2,000	12,656,469	0	-3,607,483
Balance (in shares) at Dec. 31, 2012		20,000,000
Member Investment in E & P Co., LLC	12,395,428		12,395,428
Member Investment in Prestige O & G, LLC	454,441		454,441
Redemption of Common Stock	-1,950	-1,950	0	0	0
Redemption of Common Stock (in shares)		-19,500,000
Issuance of Common Stock	875	875	0	0	0
Issuance of Common Stock (in shares)		8,750,000
Reverse Merger of E & P Co., LLC and Prestige O & G, LLC	-2,817,809	3,675	-25,506,338	22,684,854	0
Reverse Merger of E & P Co., LLC and Prestige O & G, LLC (in shares)		36,750,000
Shares issued by Private Placement	1,345,000	135	0	1,344,865	0
Shares issued by Private Placement (in shares)		1,345,000
Net Income/loss	-2,278,844	0	0	0	-2,278,844
Balance at Dec. 31, 2013	18,148,127	4,735	0	24,029,719	-5,886,327
Balance (in shares) at Dec. 31, 2013		47,345,000
Shares issued by Private Placement	797,000	80	0	796,920	0
Shares issued by Private Placement (in shares)		797,000
Net Income/loss	-1,304,757	0	0	0	-1,304,757
Balance at Dec. 31, 2014	17,640,371	4,815	0	24,826,639	-7,191,084
Balance (in shares) at Dec. 31, 2014		48,142,000
Shares issued by Private Placement	49,561	50	0	49,511	0
Shares issued by Private Placement (in shares)		50,000
Net Income/loss	-148,379	0	0	0	-148,379
Balance at Mar. 31, 2015	$17,541,553	$4,865	$0	$24,876,150	($7,339,463)
Balance (in shares) at Mar. 31, 2015		48,192,000

SUMMARY_OF_ACCOUNTING_POLICIES

SUMMARY OF ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]		NOTE 1.	SUMMARY OF ACCOUNTING POLICIES
	Principles of Consolidation.  The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls.
	Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated. However, certain factors may indicate that a majority-owned investment is not controlled and therefore should be accounted for using the equity method of accounting. These factors occur where the minority shareholders are granted by law or by contract substantive participating rights. These include the right to approve operating policies, expense budgets, financing and investment plans, and management compensation and succession plans.
	Evidence of loss in value that might indicate impairment of investments in companies accounted for on the equity method is assessed to determine if such evidence represents a loss in value of the Corporation’s investment that is other than temporary. Examples of key indicators include a history of operating losses, a negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee’s business segment or geographic region. If evidence of an other than temporary loss in fair value below carrying amount is determined, an impairment is recognized. In the absence of market prices for the investment, discounted cash flows are used to assess fair value.
	Revenue Recognition.  The Corporation generally sells crude oil, natural gas and petroleum under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments. Revenues are recognized when the products are delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectibility is reasonably assured.
	Derivative Instruments.  The Corporation makes no use of derivative instruments. The Corporation does not engage in speculative derivative activities or derivative trading activities, nor does it use derivatives with leveraged features.
	Fair Value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Hierarchy Level 3 inputs are inputs that are not observable in the market.
	Property, Plant and Equipment.  Depreciation, depletion and amortization, based on cost less estimated salvage value of the asset, are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life taking obsolescence into consideration. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized and the assets replaced are retired.
	Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant and equipment and are depreciated over the service life of the related assets.
	The Corporation uses the “successful efforts” method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis with certain exploratory expenditures and exploratory dry holes being expensed as incurred. Costs of productive wells and development dry holes are capitalized and amortized on the unit-of-production method.
	The Corporation carries as an asset exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred.
	Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and gas reserves.
	Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using unit-of-production rates based on the amount of proved developed reserves of oil, gas and other minerals that are estimated to be recoverable from existing facilities using current operating methods.
	Under the unit-of-production method, oil and gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.
	Production involves lifting the oil and gas to the surface and gathering, treating, field processing and field storage of the oil and gas. The production function normally terminates at the outlet valve on the lease or field production storage tank. Production costs are those incurred to operate and maintain the Corporation’s wells and related equipment and facilities and are expensed as incurred. They become part of the cost of oil and gas produced. These costs, sometimes referred to as lifting costs, include such items as labor costs to operate the wells and related equipment; repair and maintenance costs on the wells and equipment; materials, supplies and energy costs required to operate the wells and related equipment; and administrative expenses related to the production activity.
	Proved oil and gas properties held and used by the Corporation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets.
	The Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. Cash flows used in impairment evaluations are developed using annually updated corporate plan investment evaluation assumptions for crude oil commodity prices, refining and chemical margins and foreign currency exchange rates. Annual volumes are based on field production profiles, which are also updated annually. Prices for natural gas and other products are based on corporate plan assumptions developed annually by major region and also for investment evaluation purposes. Cash flow estimates for impairment testing exclude derivative instruments.
	Impairment analyses are generally based on proved reserves. Where probable reserves exist, an appropriately risk-adjusted amount of these reserves may be included in the impairment evaluation. An asset group would be impaired if the undiscounted cash flows were less than its carrying value.  Impairments are measured by the amount the carrying value exceeds fair value.
	Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the estimated economic chance of success and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period. The valuation allowances are reviewed at least annually.
	Gains on sales of proved and unproved properties are only recognized when there is neither uncertainty about the recovery of costs applicable to any interest retained nor any substantial obligation for future performance by the Corporation.
	Losses on properties sold are recognized when incurred or when the properties are held for sale and the fair value of the properties is less than the carrying value.
	Asset Retirement Obligations and Environmental Liabilities.  The Corporation incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value.
	Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. These liabilities are not reduced by possible recoveries from third parties and projected cash expenditures are not discounted.
	Foreign Currency Translation.  The Corporation selects the United States Dollar as the functional reporting currency for it’s based on the currency of the primary economic environment in which each subsidiary operates.
	For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income.

GOING_CONCERN

GOING CONCERN	3 Months Ended
	Mar. 31, 2015
Going Concern Disclosure [Abstract]
Going Concern Disclosure [Text Block]		NOTE 2.	GOING CONCERN
	The Company sustained operating losses since inception. It has losses at December 31, 2014 and 2013 of $1,304,757 and $2,278,844, respectively. The Company has an accumulated deficit of $7,191,084 since inception. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, and/or obtain additional financing from its stockholders and/or other third parties.
	These financial statements have been prepared on a going concern basis, which implies the Company will continue to meet its obligations and continue its operations for the next fiscal year. The continuation of the Company as a going concern is dependent upon financial support from stockholders and the ability of the Company to obtain necessary equity financing to continue operations.
	There is no assurance that the Company will ever be profitable. The financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a growing concern.
	Management has developed specific current and long-term plans to address its viability as a going concern as follows:
		·	Upon registration, the Company will attempt to raise funds through equity offerings. If successful, these funds will be used to provide working capital.
		·	In the longer term, the Company believes the cash flows from growth in its operations will provide resources for continued operations.
	There can be no assurance the Company will have the ability to implement its business plan and to ultimately attain profitability. The Company’s long-term viability as a going concern is dependent upon three key factors:
		·	The Company’s ability to obtain adequate sources of equity funding to meet current commitments and fund the continuation of its business operation in the near term.
		·	The ability of the Company to control costs and expand revenues.
		·	The ability of the Company to ultimately achieve adequate profitability and cash flows from operations to sustain its operations.

ACCOUNTING_CHANGES

ACCOUNTING CHANGES	3 Months Ended
	Mar. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]		NOTE 3.	ACCOUNTING CHANGES
	The Corporation did not adopt authoritative guidance in 2014 that had a material impact on the Corporation’s financial statements.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]		NOTE 4.	STOCKHOLDERS’ EQUITY
	The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock.
	In July 2012, the Company issued 20,000,000 common shares to two directors and officers for an aggregated amount of $2,000 in cash.
	On May 16, 2013, the Company redeemed an aggregate of 19,500,000 of the 20,000,000 outstanding shares at a redemption price of $.0001 per share for an aggregate redemption price of $1,950.
	On May 17, 2013, the Company issued 8,750,000 shares of its common stock pursuant to Section 4(2) of the Securities Act of 1933 at par representing 94.5% of the total outstanding 9,250,000 shares of common stock.
	In July 2013, the Company began to offer its common shares through private placement. The first sale was registered on July 30, 2013. By December 31, 2013, the Company had issued 1,345,000 shares of its common stock through private placement.
	On September 6, 2013, the Company entered into a business combination with two LLCs – Prestige O & G, LLC and E & P Co., LLC, taking the form of a reverse merger.
	The exchange closing took place on September 25, 2013 and the Company allotted a new issue of 36,750,000 to the members of Prestige O & G, LLC and E & P Co., LLC
	As of December 31, 2013, 48,142,000 shares of common stock and no preferred stock were issued and outstanding.

MANAGEMENTS_DISCUSSION_AND_ANA

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3 Months Ended
	Mar. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]		NOTE 5.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
	Cash and Cash Equivalents
	At March 31, 2015 and December 31, 2014, the Company had Cash and Cash Equivalents consisting of $22,996 and $66,924, respectively.
	Projects Under Developments
	At March 31, 2015 and December 31, 2014, the Company’s Projects Under Development were $20,109,036 and $20,054,696, respectively.
	Entity		2015		2014
	Woodgate Energy Corporation (Parent)			-		-
	E & P Co., LLC (Subsidiary)			9,419,662		9,392,492
	Prestige O & G, LLC (Subsidiary)			10,689,374		10,662,204
	Total			20,109,036		20,054,696
	Notes Payable
	At March 31, 2015 and December 31, 2014, the Company held Notes Payable consisting of $ 0 and $0, respectively.
	Entity		2015		2014
	Woodgate Energy Corporation (Parent)			-		-
	E & P Co., LLC (Subsidiary)			-		-
	Prestige O & G, LLC (Subsidiary)			-		-
	Total			-		-
	Accounts Payable
	At March 31, 2015 and December 31, 2014, the Company held Accounts Payable consisting of $327,365 and $301,934, respectively.
	Entity		2015		2014
	Woodgate Energy Corporation (Parent)			32,513		40,013
	E & P Co., LLC (Subsidiary)			294,852		261,921
	Prestige O & G, LLC (Subsidiary)			-		-
	Total			327,365		301,934
	Revenues
	At March 31, 2015 and December 31, 2014, Woodgate had limited revenues of gas sales in the amount of $ 0 and $437 and had limited income or cash flows from operations. The continuation of Woodgate as a going concern is dependent upon financial support from its stockholders or its ability to obtain necessary equity financing to continue operations.
	Earnings Per Share
	At March 31, 2015 and December 31, 2014, the company recorded losses of $148,379 and $1,304,757, respectively. This resulted in Earnings Per Share of ($0.00) and ($0.00) for those respective period ends. The majority of these losses are attributable to operational expenses incurred by the subsidiaries of the Company.
	Litigation and other Contingencies
	Management has regular litigation reviews, including updates from corporate and outside counsel, to assess the need for accounting recognition or disclosure of these contingencies. The Company accrues an undiscounted liability for those contingencies where the incurrence of loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For purposes of our contingency disclosures, “significant” includes material matters as well as other matters which management believes should be disclosed. Woodgate Energy Corporation will continue to defend itself vigorously in these matters. Based on a consideration of all relevant facts and circumstances, the Company does not believe the ultimate outcome of any currently pending lawsuit against Woodgate Energy Corporation will have a material adverse effect upon the Company’s operations, financial condition, or financial statements taken as a whole.
	On April 16, 2009, Noram Drilling Company filed an original complaint against E & P Co. International, LLC and E & P Co., LLC in the 37th District Court of Louisiana, arguing E & P Co., LLC was liable for breach of contract by E & P Co., LLC under the theory of single enterprise liability. The Company argues no such single enterprise liability exists as the contract is to be construed under Texas law. On January 16, 2013, the 37th District Court in the Parish of Caldwell, Louisiana, the court granted E & P Co., LLC’s Motion for Summary Judgment, holding the Company not to be a party to the drilling contract. The Court further denied NorAm’s Motion for Summary Judgment for damages. On December 11, 2013, the Court of Appeals of the Second Circuit of the State of Louisiana affirmed the trial court’s finding.
	At this time, the company is subject to no legal proceedings and the Company is unaware of any proceedings contemplated against it.
	Supplemental Information on Oil and Gas Exploration and Production
	The results of operations for producing activities shown below do not include earnings from nonoperating activities.
	Results of Operations for the Years Ending		2015		2014
	Revenue
	Sales to third parties			-		437
	Production costs excluding taxes			-		21,168
	Exploration expenses incurred			-		-
	Taxes other than income			-		-
	Related income tax			-		-
	Results of producing activities			-		-20,731
	Management’s judgment regarding the project’s capitalization of exploration well costs is based upon its current inability to estimate reserves. Currently, the project requires additional investment and approximately six months production history at substantially higher rates before an appropriate valuation of proved reserves may be made. The Company anticipates the following costs necessary to achieve proven reserve status of which E & P Co., LLC will be responsible for its interest accordingly:
	Description		Cost
	Addition of new saltwater disposal well			1,000,000
	Re-drill Well No. 1			1,000,000
	Replace pumps on Wells No. 4 and 5			200,000
	Proved reserves valuation			25,000
				-
	Net costs			2,225,000
	At March 31, 2015 and December 31, 2014, the amounts of capitalized costs related to oil and gas producing activities was as follows:
			2015				2014
			Consolidated		Entity’s Share		Consolidated		Entity’s
					of Equity				Share of
					Method				Equity
					Investees				Method
									Investees
	Unproved oil and gas properties			20,109,036		20,109,036		20,054,696		20,054,696
	Proved oil and gas properties			-		-		-		-
	Accumulated depreciation, depletion and amortization, and valuation allowances			-		-		-		-
	Net capitalized costs			20,109,036		20,109,036		20,054,696		20,054,696
	The aging of amounts of capitalized well costs and number of projects are as follows:
	Period Ending		Well Costs		Number of
	December 31		Capitalized		Projects
	for the
	Period
2008			5,569,607		2
2009			2,986,906		2
2010			3,544,207		2
2011			5,285,613		2
2012			965,360		2
2013			657,714		2
2014			1,045,289		2
31-Mar-15			54,340		2
Total			20,109,036		2
Costs Incurred In Oil And Gas Property Acquisition,
Exploration And Development
For The Periods Ended March 31, 2015 and December 31, 2014
Consolidated Entries		2015		2014
Acquisition of Properties
Proved			-		-
Unproved			10,000		10,000
Exploration Costs			-		11,168
Development Costs			44,340		1,045,289
Entity’s Share of Equity Method Investees:
Acquisition of Properties
Proved			-		-
Unproved			10,000		10,000
Exploration Costs			-		11,168
Development Costs			44,340		1,045,289

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events
	The Company was notified on January 26, 2015 of an Operator Filing Lien by Vital Oilfield Supply Co., LLC in accordance with LA. REV. STAT. § 9:4860 for payment of debt in the amount of $44,416. The Company anticipates the satisfaction of this debt in the second quarter of 2015.

SUMMARY_OF_ACCOUNTING_POLICIES1

SUMMARY OF ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation.  The Consolidated Financial Statements include the accounts of subsidiaries the Corporation controls.
	Majority ownership is normally the indicator of control that is the basis on which subsidiaries are consolidated. However, certain factors may indicate that a majority-owned investment is not controlled and therefore should be accounted for using the equity method of accounting. These factors occur where the minority shareholders are granted by law or by contract substantive participating rights. These include the right to approve operating policies, expense budgets, financing and investment plans, and management compensation and succession plans.
	Evidence of loss in value that might indicate impairment of investments in companies accounted for on the equity method is assessed to determine if such evidence represents a loss in value of the Corporation’s investment that is other than temporary. Examples of key indicators include a history of operating losses, a negative earnings and cash flow outlook, significant downward revisions to oil and gas reserves, and the financial condition and prospects for the investee’s business segment or geographic region. If evidence of an other than temporary loss in fair value below carrying amount is determined, an impairment is recognized. In the absence of market prices for the investment, discounted cash flows are used to assess fair value.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition.  The Corporation generally sells crude oil, natural gas and petroleum under short-term agreements at prevailing market prices. In some cases (e.g., natural gas), products may be sold under long-term agreements, with periodic price adjustments. Revenues are recognized when the products are delivered, which occurs when the customer has taken title and has assumed the risks and rewards of ownership, prices are fixed or determinable and collectibility is reasonably assured.
Derivatives, Policy [Policy Text Block]	Derivative Instruments.  The Corporation makes no use of derivative instruments. The Corporation does not engage in speculative derivative activities or derivative trading activities, nor does it use derivatives with leveraged features.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Hierarchy Levels 1, 2 and 3 are terms for the priority of inputs to valuation techniques used to measure fair value. Hierarchy Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Hierarchy Level 2 inputs are inputs other than quoted prices included within Level 1 that are directly or indirectly observable for the asset or liability. Hierarchy Level 3 inputs are inputs that are not observable in the market.
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment.  Depreciation, depletion and amortization, based on cost less estimated salvage value of the asset, are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life taking obsolescence into consideration. Maintenance and repairs, including planned major maintenance, are expensed as incurred. Major renewals and improvements are capitalized and the assets replaced are retired.
	Interest costs incurred to finance expenditures during the construction phase of multiyear projects are capitalized as part of the historical cost of acquiring the constructed assets. The project construction phase commences with the development of the detailed engineering design and ends when the constructed assets are ready for their intended use. Capitalized interest costs are included in property, plant and equipment and are depreciated over the service life of the related assets.
	The Corporation uses the “successful efforts” method to account for its exploration and production activities. Under this method, costs are accumulated on a field-by-field basis with certain exploratory expenditures and exploratory dry holes being expensed as incurred. Costs of productive wells and development dry holes are capitalized and amortized on the unit-of-production method.
	The Corporation carries as an asset exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where the Corporation is making sufficient progress assessing the reserves and the economic and operating viability of the project. Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred.
	Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and gas reserves.
	Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using unit-of-production rates based on the amount of proved developed reserves of oil, gas and other minerals that are estimated to be recoverable from existing facilities using current operating methods.
	Under the unit-of-production method, oil and gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.
	Production involves lifting the oil and gas to the surface and gathering, treating, field processing and field storage of the oil and gas. The production function normally terminates at the outlet valve on the lease or field production storage tank. Production costs are those incurred to operate and maintain the Corporation’s wells and related equipment and facilities and are expensed as incurred. They become part of the cost of oil and gas produced. These costs, sometimes referred to as lifting costs, include such items as labor costs to operate the wells and related equipment; repair and maintenance costs on the wells and equipment; materials, supplies and energy costs required to operate the wells and related equipment; and administrative expenses related to the production activity.
	Proved oil and gas properties held and used by the Corporation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets.
	The Corporation estimates the future undiscounted cash flows of the affected properties to judge the recoverability of carrying amounts. Cash flows used in impairment evaluations are developed using annually updated corporate plan investment evaluation assumptions for crude oil commodity prices, refining and chemical margins and foreign currency exchange rates. Annual volumes are based on field production profiles, which are also updated annually. Prices for natural gas and other products are based on corporate plan assumptions developed annually by major region and also for investment evaluation purposes. Cash flow estimates for impairment testing exclude derivative instruments.
	Impairment analyses are generally based on proved reserves. Where probable reserves exist, an appropriately risk-adjusted amount of these reserves may be included in the impairment evaluation. An asset group would be impaired if the undiscounted cash flows were less than its carrying value.  Impairments are measured by the amount the carrying value exceeds fair value.
	Significant unproved properties are assessed for impairment individually, and valuation allowances against the capitalized costs are recorded based on the estimated economic chance of success and the length of time that the Corporation expects to hold the properties. Properties that are not individually significant are aggregated by groups and amortized based on development risk and average holding period. The valuation allowances are reviewed at least annually.
	Gains on sales of proved and unproved properties are only recognized when there is neither uncertainty about the recovery of costs applicable to any interest retained nor any substantial obligation for future performance by the Corporation.
	Losses on properties sold are recognized when incurred or when the properties are held for sale and the fair value of the properties is less than the carrying value.
Asset Retirement Obligations and Environmental Cost, Policy [Policy Text Block]	Asset Retirement Obligations and Environmental Liabilities.  The Corporation incurs retirement obligations for certain assets. The fair values of these obligations are recorded as liabilities on a discounted basis, which is typically at the time the assets are installed. The costs associated with these liabilities are capitalized as part of the related assets and depreciated. Over time, the liabilities are accreted for the change in their present value.
	Liabilities for environmental costs are recorded when it is probable that obligations have been incurred and the amounts can be reasonably estimated. These liabilities are not reduced by possible recoveries from third parties and projected cash expenditures are not discounted.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation.  The Corporation selects the United States Dollar as the functional reporting currency for it’s based on the currency of the primary economic environment in which each subsidiary operates.
	For all operations, gains or losses from remeasuring foreign currency transactions into the functional currency are included in income.

MANAGEMENTS_DISCUSSION_AND_ANA1

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule Of Oil And Gas Properties Value Determination [Table Text Block]	At March 31, 2015 and December 31, 2014, the Company’s Projects Under Development were $20,109,036 and $20,054,696, respectively.
	Entity	2015		2014
	Woodgate Energy Corporation (Parent)		-		-
	E & P Co., LLC (Subsidiary)		9,419,662		9,392,492
	Prestige O & G, LLC (Subsidiary)		10,689,374		10,662,204
	Total		20,109,036		20,054,696
Schedule Of Notes Payable [Table Text Block]	At March 31, 2015 and December 31, 2014, the Company held Notes Payable consisting of $ 0 and $0, respectively.
	Entity	2015		2014
	Woodgate Energy Corporation (Parent)		-		-
	E & P Co., LLC (Subsidiary)		-		-
	Prestige O & G, LLC (Subsidiary)		-		-
	Total		-		-
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	At March 31, 2015 and December 31, 2014, the Company held Accounts Payable consisting of $327,365 and $301,934, respectively.
	Entity	2015		2014
	Woodgate Energy Corporation (Parent)		32,513		40,013
	E & P Co., LLC (Subsidiary)		294,852		261,921
	Prestige O & G, LLC (Subsidiary)		-		-
	Total		327,365		301,934
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block]	The results of operations for producing activities shown below do not include earnings from nonoperating activities.
	Results of Operations for the Years Ending	2015		2014
	Revenue
	Sales to third parties		-		437
	Production costs excluding taxes		-		21,168
	Exploration expenses incurred		-		-
	Taxes other than income		-		-
	Related income tax		-		-
	Results of producing activities		-		-20,731
Capitalized Exploratory Well Costs, Roll Forward [Table Text Block]	The Company anticipates the following costs necessary to achieve proven reserve status of which E & P Co., LLC will be responsible for its interest accordingly:
	Description	Cost
	Addition of new saltwater disposal well		1,000,000
	Re-drill Well No. 1		1,000,000
	Replace pumps on Wells No. 4 and 5		200,000
	Proved reserves valuation		25,000
			-
	Net costs		2,225,000
Schedule of Oil and Gas In Process Activities [Table Text Block]	At March 31, 2015 and December 31, 2014, the amounts of capitalized costs related to oil and gas producing activities was as follows:
		2015				2014
		Consolidated		Entity’s Share		Consolidated		Entity’s
				of Equity				Share of
				Method				Equity
				Investees				Method
								Investees
	Unproved oil and gas properties		20,109,036		20,109,036		20,054,696		20,054,696
	Proved oil and gas properties		-		-		-		-
	Accumulated depreciation, depletion and amortization, and valuation allowances		-		-		-		-
	Net capitalized costs		20,109,036		20,109,036		20,054,696		20,054,696
Schedule of Productive Wells [Table Text Block]	The aging of amounts of capitalized well costs and number of projects are as follows:
	Period Ending	Well Costs		Number of
	December 31	Capitalized		Projects
		for the
		Period
	2008		5,569,607		2
	2009		2,986,906		2
	2010		3,544,207		2
	2011		5,285,613		2
	2012		965,360		2
	2013		657,714		2
	2014		1,045,289		2
	31-Mar-15		54,340		2
	Total		20,109,036		2
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	Costs Incurred In Oil And Gas Property Acquisition,
	Exploration And Development
	For The Periods Ended March 31, 2015 and December 31, 2014
	Consolidated Entries	2015		2014
	Acquisition of Properties
	Proved		-		-
	Unproved		10,000		10,000
	Exploration Costs		-		11,168
	Development Costs		44,340		1,045,289
	Entity’s Share of Equity Method Investees:
	Acquisition of Properties
	Proved		-		-
	Unproved		10,000		10,000
	Exploration Costs		-		11,168
	Development Costs		44,340		1,045,289

GOING_CONCERN_Details_Textual

GOING CONCERN (Details Textual) (USD $)	3 Months Ended		12 Months Ended			118 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2015
Going Concern Disclosure [Line Items]
Net Income (Loss) Attributable to Parent	($148,379)	($165,221)	($1,304,757)	($2,278,844)	($592,816)	($7,339,463)
Development Stage Enterprise, Deficit Accumulated During Development Stage	$7,339,463		$7,191,084			$7,339,463

STOCKHOLDERS_EQUITY_Details_Te

STOCKHOLDERS' EQUITY (Details Textual) (USD $)	1 Months Ended	12 Months Ended		3 Months Ended	12 Months Ended	1 Months Ended
	31-May-13	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2015	Dec. 31, 2014	Sep. 25, 2013	16-May-13	Dec. 31, 2011
Stockholder's Equity [Line Items]
Common Stock, Shares Authorized				100,000,000	100,000,000
Preferred Stock, Shares Authorized				20,000,000
Stock Redeemed or Called During Period, Shares	19,500,000
Shares, Outstanding							20,000,000
Share Price							$0.00
Percentage of Common Stock Outstanding	94.50%
Development Stage Entities, Stock Issued, Value, Issued for Cash		$875	$2,000
Redemption of Common Stock	1,950	-1,950
Common Stock [Member]
Stockholder's Equity [Line Items]
Development Stage Entities, Stock Issued, Shares, Issued for Cash	8,750,000	8,750,000	20,000,000
Stock Redeemed or Called During Period, Shares		19,500,000
Shares, Outstanding		47,345,000	20,000,000	48,192,000	48,142,000			0
Development Stage Entities, Stock Issued, Value, Issued for Cash	9,250,000	875	2,000
Stock Issued During Period, Shares, New Issues		1,345,000		50,000	797,000
Redemption of Common Stock		-1,950
Common Stock [Member] | Director And Officer [Member]
Stockholder's Equity [Line Items]
Development Stage Entities, Stock Issued, Shares, Issued for Cash			20,000,000
Development Stage Entities, Stock Issued, Value, Issued for Cash			$2,000
Common Stock [Member] | Private Placement [Member]
Stockholder's Equity [Line Items]
Stock Issued During Period, Shares, New Issues		1,345,000
Subsidiaries [Member]
Stockholder's Equity [Line Items]
Stock Issued During Period, Shares, New Issues						36,750,000

MANAGEMENTS_DISCUSSION_AND_ANA2

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Oil and Gas In Process Activities [Line Items]
Projects Under Developments	$20,109,036	$20,054,696
Woodgate Energy Corporation (Parent)
Oil and Gas In Process Activities [Line Items]
Projects Under Developments	0	0
E & P Co., LLC (Subsidiary)
Oil and Gas In Process Activities [Line Items]
Projects Under Developments	9,419,662	9,392,492
Prestige O & G, LLC (Subsidiary)
Oil and Gas In Process Activities [Line Items]
Projects Under Developments	$10,689,374	$10,662,204

MANAGEMENTS_DISCUSSION_AND_ANA3

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Oil and Gas In Process Activities [Line Items]
Notes Payable	$0	$0
Woodgate Energy Corporation (Parent)
Oil and Gas In Process Activities [Line Items]
Notes Payable	0	0
E & P Co., LLC (Subsidiary)
Oil and Gas In Process Activities [Line Items]
Notes Payable	0	0
Prestige O & G, LLC (Subsidiary)
Oil and Gas In Process Activities [Line Items]
Notes Payable	$0	$0

MANAGEMENTS_DISCUSSION_AND_ANA4

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Oil and Gas In Process Activities [Line Items]
Accounts Payable	$327,365	$301,934
Woodgate Energy Corporation (Parent)
Oil and Gas In Process Activities [Line Items]
Accounts Payable	32,513	40,013
E & P Co., LLC (Subsidiary)
Oil and Gas In Process Activities [Line Items]
Accounts Payable	294,852	261,921
Prestige O & G, LLC (Subsidiary)
Oil and Gas In Process Activities [Line Items]
Accounts Payable	$0	$0

MANAGEMENTS_DISCUSSION_AND_ANA5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details 3) (USD $)	3 Months Ended		12 Months Ended	118 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Mar. 31, 2015
Revenue
Sales to third parties	$0	$247	$437	$24,330
Production costs excluding taxes	0	2,258	21,168	60,827
Exploration expenses incurred	0		0
Taxes other than income	0		0
Related income tax	0		0
Results of producing activities	$0		($20,731)

MANAGEMENTS_DISCUSSION_AND_ANA6

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details 4) (USD $)	3 Months Ended
	Mar. 31, 2015
Oil and Gas In Process Activities [Line Items]
Addition of new saltwater disposal well	$1,000,000
Re-drill Well No. 1	1,000,000
Replace pumps on Wells No. 4 and 5	200,000
Proved reserves valuation	25,000
Net costs	$2,225,000

MANAGEMENTS_DISCUSSION_AND_ANA7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details 5) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Consolidation, Eliminations [Member]
Oil and Gas In Process Activities [Line Items]
Unproved oil and gas properties	$20,109,036	$20,054,696
Proved oil and gas properties	0	0
Accumulated depreciation, depletion and amortization, and valuation allowances	0	0
Net capitalized costs	20,109,036	20,054,696
Equity Method Investee [Member]
Oil and Gas In Process Activities [Line Items]
Unproved oil and gas properties	20,109,036	20,054,696
Proved oil and gas properties	0	0
Accumulated depreciation, depletion and amortization, and valuation allowances	0	0
Net capitalized costs	$20,109,036	$20,054,696

MANAGEMENTS_DISCUSSION_AND_ANA8

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details 6) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
	Number	Number	Number	Number	Number	Number	Number	Number
Oil and Gas In Process Activities [Line Items]
Well Costs Capitalized for the Period	$20,109,036
Number of Projects	2
Subsidiaries [Member]
Oil and Gas In Process Activities [Line Items]
Well Costs Capitalized for the Period	$54,340	$1,045,289	$657,714	$965,360	$5,285,613	$3,544,207	$2,986,906	$5,569,607
Number of Projects	2	2	2	2	2	2	2	2

MANAGEMENTS_DISCUSSION_AND_ANA9

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details 7) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Consolidated Entries [Member]
Acquisition of Properties
Proved	$0	$0
Unproved	10,000	10,000
Exploration Costs	0	11,168
Development Costs	44,340	1,045,289
Equity Method Investee [Member]
Acquisition of Properties
Proved	0	0
Unproved	10,000	10,000
Exploration Costs	0	11,168
Development Costs	$44,340	$1,045,289

Recovered_Sheet1

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Details Textual) (USD $)	3 Months Ended		12 Months Ended			118 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Mar. 31, 2015
Oil and Gas In Process Activities [Line Items]
Cash Equivalents, at Carrying Value	$22,996		$66,924			$22,996
Oil and Gas Property, Successful Effort Method, Gross	20,109,036		20,054,696			20,109,036
Notes Payable	0		0			0
Accounts Payable, Other	327,365		301,934			327,365
Oil and Gas Sales Revenue	0	247	437			24,330
Net Income (Loss) Attributable to Parent	($148,379)	($165,221)	($1,304,757)	($2,278,844)	($592,816)	($7,339,463)
Earnings Per Share, Basic and Diluted	$0	$0	$0

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (Vital Oilfield Supply Co., LLC [Member], USD $)	1 Months Ended
	Jan. 26, 2015
Vital Oilfield Supply Co., LLC [Member]
Subsequent Event [Line Items]
Repayments Of Debt Ratio	3.75
Repayments of Debt	$44,416