Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2011 | 30-May-14 | Jun. 30, 2011 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-11 | ' | ' |
Document Fiscal Year Focus | '2011 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'COCBF | ' | ' |
Entity Registrant Name | 'COASTAL CARIBBEAN OILS & MINERALS LTD | ' | ' |
Entity Central Index Key | '0000021239 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 95,504,951 | ' |
Entity Public Float | ' | ' | $3,572,928 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2011 | Dec. 31, 2010 |
Current assets: | ' | ' |
Cash and cash equivalents | $7,384 | $17,043 |
Total current assets | 7,384 | 17,043 |
Certificates of deposit - Restricted | 86,318 | 86,024 |
Petroleum leases | ' | 2,775,066 |
Equipment, net | ' | 1,374 |
Total assets | 93,702 | 2,879,507 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 235,073 | 273,813 |
Notes payable | ' | 25,000 |
Amounts due to related parties | 1,134,922 | 967,292 |
Total current liabilities | 1,369,995 | 1,266,105 |
Shareholders' equity (deficit): | ' | ' |
Common stock, par value $.12 per share: Authorized - 250,000,000 shares Outstanding - 75,133,824 and 70,661,604 shares, respectively | 9,016,059 | 8,479,392 |
Discount on common stock par value | -2,184,293 | -1,842,625 |
Capital in excess of par value | 32,139,311 | 32,139,311 |
Common stocks, including additional paid in capital, net of discount | 38,971,077 | 38,776,078 |
Deficit accumulated during the development stage | -40,247,370 | -37,162,676 |
Total shareholders' equity (deficit) | -1,276,293 | 1,613,402 |
Total liabilities and shareholders' equity (deficit) | $93,702 | $2,879,507 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2011 | Dec. 31, 2010 |
Common stock, par value | $0.12 | $0.12 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares outstanding | 75,133,824 | 70,661,604 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | 707 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | |
Gain on settlement | ' | ' | $8,124,016 |
Interest and other income | 294 | 768 | 3,985,523 |
Revenues, Total | 294 | 768 | 12,109,539 |
Expenses: | ' | ' | ' |
Legal fees and costs | 5,351 | 28,196 | 17,688,104 |
Administrative expenses | 111,712 | 130,323 | 11,301,402 |
Salaries | 125,000 | 125,000 | 4,646,431 |
Shareholder communications | 10,406 | 22,955 | 4,182,977 |
Goodwill impairment | ' | ' | 801,823 |
Write off of unproved properties | 2,832,519 | ' | 9,523,271 |
Exploration costs | ' | ' | 188,218 |
Lawsuit judgments | ' | ' | 1,941,916 |
Non-Controlling interests | ' | ' | -632,974 |
Other | ' | ' | 364,865 |
Contractual services | ' | ' | 2,350,876 |
Total Costs and expenses | 3,084,988 | 306,474 | 52,356,909 |
Net loss before income Taxes | -3,084,694 | -305,706 | -40,247,370 |
Income tax benefit | ' | ' | ' |
Net loss | ($3,084,694) | ($305,706) | ($40,247,370) |
Basic and diluted EPS | ($0.04) | ($0.01) | ' |
Weighted average number of shares outstanding (basic and diluted) | 71,742,784 | 64,761,056 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 707 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | |
Operating activities: | ' | ' | ' |
Net loss | ($3,084,694) | ($305,706) | ($40,247,370) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Gain on settlement | ' | ' | -8,124,016 |
Goodwill impairment | ' | ' | 801,823 |
Stock issued for services | ' | ' | -602,949 |
Depreciation | 1,374 | 2,521 | 12,973 |
Write off of unproved properties | 2,801,238 | ' | 9,491,990 |
Common stock issued for services | ' | ' | 119,500 |
Compensation recognized for stock option grant | ' | ' | 75,000 |
Recoveries from previously written off properties | ' | ' | 252,173 |
Net change in: | ' | ' | ' |
Prepaid expenses and other | ' | ' | ' |
Accounts payable and accrued liabilities | 128,890 | -37,236 | 1,376,031 |
Income taxes payable | ' | ' | ' |
Net cash used in operating activities | -153,192 | -340,421 | -36,844,845 |
Investing activities: | ' | ' | ' |
Additions to oil, gas, and mineral properties net of assets acquired for common stock and reimbursements | -51,172 | -147,795 | -6,652,219 |
Well drilling costs | ' | -214,981 | -1,285,992 |
Sale of unproved non-operating interests | ' | ' | 512,595 |
Net proceeds from settlement | ' | ' | 8,124,016 |
Proceeds from relinquishment of surface rights | ' | ' | 246,733 |
Purchase of certificates of deposit | -294 | -769 | -140,973 |
Redemption of certificate of deposit | ' | ' | 54,655 |
Purchase of non-controlling interest in subsidiary | ' | ' | -801,823 |
Purchase of equipment | ' | ' | -74,623 |
Net cash used in investing activities | -51,466 | -363,545 | -17,631 |
Financing activities: | ' | ' | ' |
Notes payable proceeds | ' | ' | 184,988 |
Repayment of loans | ' | -48,198 | -159,988 |
Sale of common stock, net of expenses | 194,999 | 770,000 | 31,413,111 |
Stock subscription | ' | -10,000 | ' |
Shares issued upon exercise of options | ' | ' | 891,749 |
Sale of shares by subsidiary | ' | ' | 820,000 |
Sale of subsidiary shares | ' | ' | 3,720,000 |
Net cash provided by financing activities | 194,999 | 711,802 | 36,869,860 |
Net (decrease) increase in cash and cash equivalents | -9,659 | 7,836 | 7,384 |
Cash and cash equivalents at beginning of period | 17,043 | 9,207 | ' |
Cash and cash equivalents at end of period | $7,384 | $17,043 | $7,384 |
Consolidated_Statement_of_Comm
Consolidated Statement of Common Stock and Capital in Excess of Par Value (USD $) | 11 Months Ended | 12 Months Ended | 455 Months Ended | 636 Months Ended | 707 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 455 Months Ended | 636 Months Ended | 707 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 1953 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2002 | Dec. 31, 2000 | Dec. 31, 1997 | Dec. 31, 1996 | Dec. 31, 1990 | Dec. 31, 1990 | Dec. 31, 2008 | Dec. 31, 2011 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2003 | Dec. 31, 1998 | Dec. 31, 1994 | Dec. 31, 1993 | Dec. 31, 1992 | Dec. 31, 1991 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 1953 | Dec. 31, 2008 | Dec. 31, 2003 | Dec. 31, 2002 | Dec. 31, 2000 | Dec. 31, 1997 | Dec. 31, 1996 | Dec. 31, 1995 | Dec. 31, 1994 | Dec. 31, 1993 | Dec. 31, 1992 | Dec. 31, 1991 | Dec. 31, 1990 | Dec. 31, 1990 | Dec. 31, 2008 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 1998 | |
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Discount on Common Stock | Discount on Common Stock | Discount on Common Stock | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | |
Beginning Balance (in shares) | 5,790,210 | 70,661,604 | 47,936,604 | 46,261,604 | 46,211,604 | 43,468,329 | 40,056,358 | 40,046,358 | 33,363,632 | ' | 5,790,210 | ' | 5,790,210 | 46,211,604 | 46,211,604 | 46,211,604 | 46,211,604 | 40,056,358 | 33,363,632 | 33,363,632 | 33,363,632 | 33,363,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $579,021 | $8,479,392 | $5,752,392 | $5,551,392 | $5,545,392 | $5,216,199 | $4,806,763 | $4,805,563 | $4,003,636 | ' | $579,021 | ' | $579,021 | $5,545,392 | $5,545,392 | $5,545,392 | $5,545,392 | $4,806,763 | $4,003,636 | $4,003,636 | $4,003,636 | $4,003,636 | ($1,842,625) | ($103,475) | ' | $1,542,868 | $32,137,811 | $32,067,811 | $31,497,362 | $28,693,033 | $28,442,983 | $22,395,084 | $21,795,084 | $21,165,084 | $20,085,084 | $19,695,084 | $19,395,084 | ' | $1,542,868 | ' | $1,542,868 | $32,139,311 | $32,139,311 | $32,137,811 | $32,137,811 | $32,137,811 | $28,693,033 |
Sale of common stock (in shares) | 300,000 | 4,472,220 | 22,725,000 | 1,191,333 | ' | 2,743,275 | 3,411,971 | ' | 6,672,726 | 4,298,966 | 26,829,486 | ' | 68,046,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of common stock | 30,000 | 536,667 | 2,727,000 | 142,960 | ' | 329,193 | 409,436 | ' | 800,727 | 515,876 | 3,224,014 | ' | 8,169,997 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -341,668 | -1,739,150 | -75,460 | 654,000 | ' | ' | 570,449 | 2,729,329 | ' | 5,555,599 | ' | ' | ' | ' | ' | 26,319 | 16,818,844 | ' | 25,674,221 | ' | ' | ' | ' | ' | ' |
Sale of subsidiary shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000 | ' | ' | 240,000 | 480,000 | 600,000 | 630,000 | 1,080,000 | 390,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation recognized for stock option grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | ' | 50,000 | ' | ' | 10,000 | 10,000 | ' | 510,000 | 580,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | ' | 6,000 | ' | ' | 1,200 | 1,200 | ' | 59,739 | 68,139 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | ' | ' | ' | 10,050 | 12,300 | ' | ' | ' | ' | ' | ' | 799,760 | 823,610 | ' | ' | ' | ' | ' | ' | ' |
Market value ($2.375 per share) of shares issued in 1953 to acquire an investment (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,538 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market value ($2.375 per share) of shares issued in 1953 to acquire an investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,454 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,074 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in 1953 in exchange for 1/3rd of a 1/60th overriding royalty (sold in prior year) in nonproducing leases of Coastal Petroleum (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,210 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued in 1953 in exchange for 1/3rd of a 1/60th overriding royalty (sold in prior year) in nonproducing leases of Coastal Petroleum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,421 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for services (in shares) | ' | ' | ' | 483,667 | ' | ' | ' | ' | ' | ' | 95,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for services | ' | ' | ' | 58,040 | ' | ' | ' | ' | ' | ' | 9,673 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,827 | ' | ' | ' | ' | ' | ' | ' | ' |
Net transfers to restate the par value of common stock Outstanding in 1962 and 1970 to $0.12 per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,314 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -117,314 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in Company's investment (equity) due to capital transactions of Coastal Petroleum in 1976 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,025 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance (in shares) | ' | 75,133,824 | 70,661,604 | 47,936,604 | 46,261,604 | 46,211,604 | 43,468,329 | 40,056,358 | 40,046,358 | 33,363,632 | 33,363,632 | 46,261,604 | 75,133,824 | 46,211,604 | 46,211,604 | 46,211,604 | 46,211,604 | 40,056,358 | 33,363,632 | 33,363,632 | 33,363,632 | 33,363,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance | ' | $9,016,059 | $8,479,392 | $5,752,392 | $5,551,392 | $5,545,392 | $5,216,199 | $4,806,763 | $4,805,563 | $4,003,636 | $4,003,636 | $5,551,392 | $9,016,059 | $5,545,392 | $5,545,392 | $5,545,392 | $5,545,392 | $4,806,763 | $4,003,636 | $4,003,636 | $4,003,636 | $4,003,636 | ($2,184,293) | ($1,842,625) | ($103,475) | ' | $32,139,311 | $32,137,811 | $32,067,811 | $31,497,362 | $28,693,033 | $28,442,983 | $22,395,084 | $21,795,084 | $21,165,084 | $20,085,084 | $19,695,084 | $19,395,084 | $19,395,084 | $32,139,311 | $32,139,311 | $32,139,311 | $32,139,311 | $32,137,811 | $32,137,811 | $32,137,811 | $28,693,033 |
Consolidated_Statement_of_Comm1
Consolidated Statement of Common Stock and Capital in Excess of Par Value (Parenthetical) (Common Stock, USD $) | 455 Months Ended |
Dec. 31, 1990 | |
Common Stock | ' |
Market value, per share of shares issued in 1953 to acquire an investment | $2.38 |
Net transfers to restate par value of common stock Outstanding in 1962 and 1970, per share | $0.12 |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | |
Dec. 31, 2011 | ||
Summary of significant accounting policies | ' | |
1 | Summary of significant accounting policies | |
Consolidation | ||
The accompanying consolidated financial statements include the accounts of Coastal Caribbean Oils & Minerals, Ltd., a Bermuda corporation (“Coastal Caribbean”) and its wholly owned subsidiary, Coastal Petroleum Company (“Coastal Petroleum”), referred to collectively as the Company. The Company, which has been engaged in a single industry and segment, is considered to be a development stage company since its exploration for oil, gas and minerals has not yielded any significant revenue or reserves. All intercompany transactions have been eliminated. | ||
Cash and Cash Equivalents | ||
The Company considers all highly liquid short-term investments with maturities of three months or less at the date of acquisition to be cash equivalents. | ||
Equipment | ||
Equipment is recorded at cost. Depreciation is provided using straight-line over five years, the estimated useful lives of the assets. | ||
Certificates of Deposit – Restricted | ||
The Company has pledged certificates of deposit for pollution bond requirements under three previous well permits. | ||
Use of Estimates | ||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The ability to develop the Company’s oil and gas properties will have a significant effect on the Company’s financial position and results of operations. Actual results could differ from those estimates. | ||
Unproved Oil, Gas and Mineral Properties | ||
The Company follows the full cost method of accounting for its oil and gas properties. All costs associated with property acquisition, exploration and development activities whether successful or unsuccessful are capitalized. As our properties are unproven, these costs are temporarily exempt from amortization. Once the Company has proved reserves the capitalized costs will be amortized using the unit-of-production basis. | ||
The Company assesses whether its unproved properties are impaired at least on a quarterly basis. This assessment is based upon work completed on the properties to date, the expiration date of its leases and technical data from the properties and adjacent areas. Our capitalized costs are subject to a ceiling test which basically limits such costs to the aggregate of the estimated present value discounted at a 10% rate of future net revenues from proved reserves based on current economic and operating conditions, plus the cost of properties not being amortized. At December 31, 2011, the Company determined that all of its leases and development costs were impaired due to the time remaining under some of the leases, the Company being unable to establish production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals, and an impairment charge of $2,832,519 was recorded. No impairment was identified in 2010. | ||
Sales of unproved non-operating interests in oil and gas leases are accounted for as a reduction in the capitalized amount of the leases. | ||
Sale of Subsidiary Shares | ||
All amounts realized from the sale of Coastal Petroleum shares have been credited to capital in excess of par value. | ||
Net Loss Per Share | ||
Net loss per common share is based upon the weighted average number of common and common equivalent shares outstanding during the period. The Company’s basic and diluted calculations of EPS are the same because the exercise of options is not assumed in calculating diluted EPS, as the result would be anti-dilutive. | ||
Financial instruments | ||
The carrying value for cash and cash equivalents, certificates of deposit, and accounts payable approximates fair value based on anticipated cash flows and current market conditions. | ||
Stock Based Compensation | ||
The Company uses the fair value based method of accounting for its stock option plans, which requires companies to expense stock options and other share-based payments. | ||
New Accounting Pronouncements | ||
The Financial Accounting Standards Board (“FASB”) has issued several new standards which have implementation dates subsequent to the Company’s yearend. Management does not believe that any of these new standards will have a material impact on the Company’s financial position, results of operations or cash flows. | ||
Going Concern | ||
The Company has no recurring revenues, had recurring losses since 2006 and prior to 2005, and has a deficit accumulated during the development stage. The Company’s current cash position is not adequate to fund existing operations or exploration and development. The Company has an agreement in place with a director pursuant to which the director may further fund the Company to continue operations and exploration. There is no assurance that the Company will be able to obtain any funding, that sufficient funding can be obtained, or that the Company will be able to raise necessary funds. | ||
These situations raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities, which may result from the outcome of this uncertainty. |
Unproved_Oil_Gas_and_Mineral_P
Unproved Oil, Gas and Mineral Properties | 12 Months Ended | |
Dec. 31, 2011 | ||
Unproved Oil, Gas and Mineral Properties | ' | |
2 | Unproved Oil, Gas and Mineral Properties | |
In December 2011, the Company determined that its leases and capitalized development costs were impaired due to the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals, and recorded an impairment charge of $2,832,519. | ||
Montana Leases | ||
The Company had a presence in Valley County, Montana, where it held leases covering approximately 32,313 net acres, which were the remaining unexpired leases from those leases the Company acquired in three separate acquisitions between July 2005 and February 2006. Subsequent to 2011, these leases expired due to the expiration of the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals, and an impairment charge of $2,832,519 was recorded. | ||
North Dakota Leases | ||
In July 2005, the Company acquired leases to the deeper rights in approximately 21,688 net acres in and near Slope County, North Dakota. Subsequent to 2011, these leases expired due to the expiration of the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals |
Common_Stock
Common Stock | 12 Months Ended | ||||||||||||
Dec. 31, 2011 | |||||||||||||
Common Stock | ' | ||||||||||||
3 | Common Stock | ||||||||||||
The Company’s Bye-Law No. 21 provides that any matter to be voted upon must be approved not only by a majority of the shares voted at such meeting, but also by a majority in number of the shareholders present in person or by proxy and entitled to vote thereon. | |||||||||||||
The following represents shares issued upon sales of common stock: | |||||||||||||
Year | Number | Common | Capital in Excess | ||||||||||
of Shares | Stock | of Par Value | |||||||||||
1953 | 300,000 | $ | 30,000 | $ | 654,000 | ||||||||
1954 | 53,000 | 5,300 | 114,265 | ||||||||||
1955 | 67,000 | 6,700 | 137,937 | ||||||||||
1956 | 77,100 | 7,710 | 139,548 | ||||||||||
1957 | 95,400 | 9,540 | 152,492 | ||||||||||
1958 | 180,884 | 18,088 | 207,135 | ||||||||||
1959 | 123,011 | 12,301 | 160,751 | ||||||||||
1960 | 134,300 | 13,430 | 131,431 | ||||||||||
1961 | 127,500 | 12,750 | 94,077 | ||||||||||
1962 | 9,900 | 990 | 8,036 | ||||||||||
1963 | 168,200 | 23,548 | 12,041 | ||||||||||
1964 | 331,800 | 46,452 | 45,044 | ||||||||||
1965 | 435,200 | 60,928 | 442,391 | ||||||||||
1966 | 187,000 | 26,180 | 194,187 | ||||||||||
1967 | 193,954 | 27,153 | 249,608 | ||||||||||
1968 | 67,500 | 9,450 | 127,468 | ||||||||||
1969 | 8,200 | 1,148 | 13,532 | ||||||||||
1970 | 274,600 | 32,952 | 117,154 | ||||||||||
1971 | 299,000 | 35,880 | 99,202 | ||||||||||
1972 | 462,600 | 55,512 | 126,185 | ||||||||||
1973 | 619,800 | 74,376 | 251,202 | ||||||||||
1974 | 398,300 | 47,796 | 60,007 | ||||||||||
1975 | — | — | (52,618 | ) | |||||||||
1976 | — | — | (8,200 | ) | |||||||||
1977 | 850,000 | 102,000 | 1,682,706 | ||||||||||
1978 | 90,797 | 10,896 | 158,343 | ||||||||||
1979 | 1,065,943 | 127,914 | 4,124,063 | ||||||||||
1980 | 179,831 | 21,580 | 826,763 | ||||||||||
1981 | 30,600 | 3,672 | 159,360 | ||||||||||
1983 | 5,318,862 | 638,263 | 1,814,642 | ||||||||||
1985 | — | — | (36,220 | ) | |||||||||
1986 | 6,228,143 | 747,378 | 2,178,471 | ||||||||||
1987 | 4,152,095 | 498,251 | 2,407,522 | ||||||||||
1990 | 4,298,966 | 515,876 | 26,319 | ||||||||||
1996 | 6,672,726 | 800,727 | 5,555,599 | ||||||||||
2000 | 3,411,971 | 409,436 | 2,729,329 | ||||||||||
2002 | 2,743,275 | 329,193 | 570,449 | ||||||||||
2009 | 1,191,333 | 142,960 | — | ||||||||||
2010 | 22,725,000 | 2,727,000 | — | ||||||||||
2011 | 4,472,220 | 536,667 | — | ||||||||||
68,046,011 | $ | 8,169,997 | $ | 25,674,221 | |||||||||
The following represents shares issued upon exercise of stock options: | |||||||||||||
Year | Number | Common | Capital in Excess | ||||||||||
of Shares | Stock | of Par Value | |||||||||||
1955 | 73,000 | $ | 7,300 | $ | 175,200 | ||||||||
1978 | 7,000 | 840 | 6,160 | ||||||||||
1979 | 213,570 | 25,628 | 265,619 | ||||||||||
1980 | 76,830 | 9,219 | 125,233 | ||||||||||
1981 | 139,600 | 16,752 | 227,548 | ||||||||||
1996 | 10,000 | 1,200 | 12,300 | ||||||||||
1997 | 10,000 | 1,200 | 10,050 | ||||||||||
2008 | 50,000 | 6,000 | 1,500 | ||||||||||
580,000 | $ | 68,139 | $ | 823,610 | |||||||||
Beginning in 2010, the Company has entered into various agreements to sell and sold restricted shares of its common stock for cash or in return for payment of certain Company expenses that have allowed the Company to pay lease rentals and other administrative costs necessary to keep the Company viable through the current period. | |||||||||||||
During 2010, the Company entered into agreements with several individuals and entities for a total of $20,000 in return for the issuance of a total of 325,000 restricted and unregistered shares of common stock of the Company. In addition, pursuant to two agreements with Robert J. Angerer, Sr. during 2010, the Company issued to Mr. Angerer 22,400,000 of restricted and unregistered shares of common stock of the Company in exchange for a total of $750,000 in cash and the satisfaction of $217,850 that had been due to him from the Company for past services. These agreements have concluded. | |||||||||||||
On May 20, 2011, the Company entered into a subsequent new agreement with Robert J. Angerer, Sr., for the sale of 857,142 restricted and unregistered shares of common stock of the Company for $60,000, in order to cover certain Company expenses. Mr. Angerer also exercised an option under the agreement for 142,857 shares of common stock for $10,000. The Company plans to issue Mr. Angerer a total of 999,999 restricted and unregistered shares of common stock for investments made under this agreement. This agreement has concluded. | |||||||||||||
Then in October 2011, in order to fund immediate cash needs at that time, the Company entered into another subsequent new agreement with Robert J. Angerer, Sr., for an immediate infusion of $30,000 cash and the commitment to spend $130,000 in operational costs to complete the Federal 1-19A well. The agreement also provided options for Mr. Angerer to provide additional funding. In return, the Company will issue 4,444,444 restricted and unregistered shares of common stock to Mr. Angerer. Under this agreement, Mr. Angerer provided a total of $90,000 in cash to the Company; he provided $55,000 in 2011 and an additional $35,000 through August of 2012. Mr. Angerer also paid directly $70,000 for expenses related to the Federal 1-19A well. The Company plans to issue Mr. Angerer a total of 4,444,444 restricted and unregistered shares of common stock for investments made under this agreement. The agreement was completed and all other options under the agreement expired. During 2011, 3,472,221 shares have been reflected as issued under the October 2011 agreement; and at December 31, 2011, 972,223 shares remain to be issued to Mr. Angerer. | |||||||||||||
In September 2012, the Company entered into a new agreement with Robert J. Angerer, Sr., to provide additional funding in return for shares of restricted and unregistered shares of common stock of the Company at $.03 per share. Mr. Angerer agreed to provide up to $1,000,000 to perform a nitrogen fracturing operation on the Federal 1-19A well, to abandon two existing wells, to pay existing liabilities, and to allow the Company to cure its delinquent legal and regulatory filings. In conjunction with this agreement, the Company entered into a separation agreement with Phillip W. Ware. Mr. Angerer completed the nitrogen fracturing operation on the Federal 1-19A well at a cost of $171,501 in 2012. The Company plans to issue 3,564,705 shares of restricted and unregistered shares of common stock to Mr. Angerer for 2012. In 2013, Mr. Angerer paid $60,000 to the Company in order for the Company to pay legal compliance costs and paid $343,988 of existing liabilities of the Company. In February 2014, Mr. Angerer paid $30,500 for regulatory compliance costs on behalf of the Company. The Company plans to issue Mr. Angerer 15,834,199 shares of restricted and unregistered shares of common stock in exchange for the funds paid into the Company during 2013 and through April 30, 2014, pursuant to the 2012 agreement. | |||||||||||||
As of the date of this report, the Company plans to issue Mr. Angerer 24,843,347 shares of restricted and unregistered shares of common stock in exchange for the funds paid into the Company through the various agreements described above that were entered into and performed from 2011 through April 30, 2014. |
Stock_Option_Plans
Stock Option Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2011 | |||||||||||||||||||||
Stock Option Plans | ' | ||||||||||||||||||||
4 | Stock Option Plans | ||||||||||||||||||||
At December 31, 2011, the Company maintains two stock-based employee compensation plans. | |||||||||||||||||||||
During 1995, the Company adopted a Stock Option Plan covering 1,000,000 shares of the Company’s common stock. In July 2005, the Company issued an option to its president to acquire 50,000 shares of the Company’s common stock at a price of $.15 per share under the Company’s stock option plan. The option expires in July 2015 and was fully vested when issued. | |||||||||||||||||||||
In December 2005, the Company issued options to its directors to acquire 200,000 shares of the Company’s common stock at a price of $.15 per share. The options expire in December 2015 and were fully vested when issued. | |||||||||||||||||||||
During 2005, the Company adopted a Stock Option Plan covering 2,300,000 shares of the Company’s common stock. In September 2005, the Company issued an option to its president to acquire 250,000 shares of the Company’s common stock at a price of $.20 per share under the Company’s 2005 stock option plan, subject to the approval of the Plan by shareholders. The Plan was approved at the shareholders meeting on December 9, 2005. The option expires in December 2015 and was fully vested when issued. In connection with a separation agreement in September 2012, the president agreed that these options for 250,000 shares and the options for 50,000 shares that were issued in July 2005 would expire within 90 days of the termination date, which was February 28, 2013. The options were not exercised and have expired. | |||||||||||||||||||||
The Company did not issue any stock options or share-based payments in 2011 or in 2010. | |||||||||||||||||||||
The following table summarizes employee stock option activity: | |||||||||||||||||||||
Employee Options Outstanding | Number of | Range of | Weighted | Aggregate | Aggregate | ||||||||||||||||
Shares | Per Share | Average | Option Price | Intrinsic | |||||||||||||||||
Option | Exercise | ($) | Value ($) | ||||||||||||||||||
Price ($) | Price ($) | ||||||||||||||||||||
Outstanding and exercisable at December 31, 2009 | 450,000 | .15 - .20 | 0.17 | 80,000 | — | ||||||||||||||||
Issued or cancelled during 2010 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2010 | 450,000 | .15 - .20 | 0.17 | 80,000 | — | ||||||||||||||||
Issued or cancelled during 2011 | (100,000 | ) | 0.15 | 0.15 | (15,000 | ) | — | ||||||||||||||
Outstanding and exercisable at December 31, 2011 | 350,000 | .15 - .20 | 0.18 | 65,000 | — | ||||||||||||||||
Available for grant at December 31, 2011: | 2,925,000 | ||||||||||||||||||||
The Aggregate Intrinsic Value in the preceding table represents total intrinsic value (of options in the money), which is the difference between the Company’s closing stock price on the last trading day of 2011 and the exercise price times the number of shares that would have been received by the option holders had the option holders exercised their options on December 31, 2011. | |||||||||||||||||||||
Summary of Employee Options Outstanding at December 31, 2011 | |||||||||||||||||||||
Year Granted | Number of Shares | Expiration Date | Exercise Prices | ||||||||||||||||||
($) | |||||||||||||||||||||
Granted 2005 | 50,000 | July 25, 2015 | 0.15 | ||||||||||||||||||
Granted 2005 | 250,000 | December 20, 2015 | 0.2 | ||||||||||||||||||
Granted 2005 | 50,000 | December 20, 2015 | 0.15 | ||||||||||||||||||
The weighted-average remaining contractual life of the outstanding stock options at December 31, 2011, and 2010 was 4 years and 5 years, respectively. In connection with a separation agreement in September 2012, the president agreed that the options for 250,000 shares and the options for 50,000 shares would expire within 90 days of the termination date, which was February 28, 2013. The options were not exercised and have expired. | |||||||||||||||||||||
Nonqualified Stock Options | |||||||||||||||||||||
In July 2005, the Company issued an option to its legal counsel to acquire 25,000 shares of the Company’s common stock at a price of $.15 per share. The option expires in July 2015 and was fully vested when issued. | |||||||||||||||||||||
A summary of non-employee option activity follows: | |||||||||||||||||||||
Non-Employee Options Outstanding | Number of | Range of | Weighted | Aggregate | Aggregate | ||||||||||||||||
Shares | Per Share | Average | Option | Intrinsic | |||||||||||||||||
Option | Exercise | Price ($) | Value ($) | ||||||||||||||||||
Price ($) | Price ($) | ||||||||||||||||||||
Outstanding and exercisable at December 31, 2009 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Issued or cancelled during 2010 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2010 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Issued or cancelled during 2011 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2011 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
The Company did not issue any stock options or share-based payments to non-employees in 2011 or in 2010. | |||||||||||||||||||||
The Aggregate Intrinsic Value in the preceding table represents total intrinsic value (of options in the money), which is the difference between the Company’s closing stock price on the last trading day of 2011 and the exercise price times the number of shares that would have been received by the option holders had the option holders exercised their options on December 31, 2011. | |||||||||||||||||||||
The following table summarizes information about non-employee stock options: | |||||||||||||||||||||
Summary of Non-Employee Options Outstanding at December 31, 2011 | |||||||||||||||||||||
Year Granted | Number of Shares | Expiration Date | Exercise Prices | ||||||||||||||||||
($) | |||||||||||||||||||||
Granted 2005 | 25,000 | July 18, 2015 | 0.15 |
Income_taxes
Income taxes | 12 Months Ended | ||||||||
Dec. 31, 2011 | |||||||||
Income taxes | ' | ||||||||
5 | Income taxes | ||||||||
The Company is organized under the laws of Bermuda. Bermuda currently imposes no taxes on corporate income or capital gains outside of Bermuda. The Company’s subsidiary is a U.S. corporation and is subject to U.S. income tax and files income tax returns in the U.S. and the State of Florida. For 2011 and 2010, the subsidiary has net taxable losses. The subsidiary will have approximately $9,441,000 in net operating losses to carry forward to 2012. The remaining net operating loss carry forwards expire in periods from 2012 through 2031 as follows: $1,281,000 in 2012, $757,000 in 2018, $622,000 in 2019, $749,000 in 2020, $1,884,000 in 2021, $1,693,000 in 2022, $132,000 in 2023, $57,000 in 2024, $1,434,000 in 2026, $195,000 in 2027, $112,000 in 2028, $480,000 in 2029, $10,000 in 2030, and $95,000 in 2031. For financial reporting purposes, a valuation allowance has been recognized to offset the deferred tax assets relating to those carry forwards. | |||||||||
Significant components of the Company’s deferred tax assets were as follows: | |||||||||
December 31, | |||||||||
2011 | 2010 | ||||||||
Net operating losses | $ | 3,304,000 | $ | 3,605,000 | |||||
Accruals to related parties | 382,000 | 265,000 | |||||||
Impairment of unproved properties | 990,000 | — | |||||||
Total deferred tax assets | 4,677,000 | 3,870,000 | |||||||
Valuation allowance | (4,677,000 | ) | (3,870,000 | ) | |||||
Net deferred tax assets | $ | — | $ | — | |||||
Components of the income tax provision for the years ended December 31, are as follows: | |||||||||
2011 | 2010 | ||||||||
Provision for income taxes | |||||||||
Current provision (benefit) | $ | — | $ | (3,000 | ) | ||||
Deferred asset valuation allowance (reversal) | — | 3,000 | |||||||
Net income tax provision (benefit) | $ | — | $ | — | |||||
The Company files income tax returns in the U.S. federal jurisdiction, and in various state jurisdictions. The Company’s income tax returns for the past three years are subject to examination by tax authorities, except possibly in future years should it utilize any net operating loss originating prior to 2007. The Company has not filed income tax returns since 2009 and is currently preparing those returns to be filed in 2014. The Company does not anticipate that its noncompliance is significant to its future operations. | |||||||||
The Company has reviewed and evaluated the relevant technical merits of each of its tax positions in accordance with accounting principles generally accepted in the United States of America for accounting for uncertainty in income taxes, and determined that there are no uncertain tax positions that would have a material impact on the financial statements of the Company. |
Related_party_transactions
Related party transactions | 12 Months Ended | |
Dec. 31, 2011 | ||
Related party transactions | ' | |
6 | Related party transactions | |
See Note 3 also. | ||
Services | ||
Through May 2009, the Company paid a monthly retainer to the law firm of Angerer & Angerer which had been litigation counsel to the Company for more than twenty-five years and also served the Company in that capacity as well as others including general counsel services, management services, public relations, shareholder relations and representing the Company before state and federal agencies for permitting. The principals of the law firm included two individuals who are collectively shareholders, officers and a director of the Company. No amounts were paid or accrued in 2011 or 2010. The Company owes $150,000 to Angerer & Angerer at December 31, 2011. | ||
From June 2009 until his resignation on January 14, 2010, the Company retained Robert J. Angerer, Sr. as legal counsel. Mr. Angerer had been litigation counsel to the Company for more than twenty-five years before his resignation. As counsel for the Company he served the Company as litigation counsel, but also provided the Company with general counsel services and management services and represented the Company before state and federal agencies for permitting. Mr. Angerer, Sr. is also a shareholder and a director of the Company. No amounts were paid or accrued in 2011 or 2010. | ||
Also since June 2009, the Company has retained Robert J. Angerer, Jr., a partner in Angerer & Angerer, who serves as the Company’s corporate secretary and handles management services, public relations, shareholder relations and management of the Company’s former website. No amounts were paid or accrued in 2011 or 2010. | ||
The Company expensed $7,000 and $31,719 for legal fees by the law firm of Igler & Dougherty, P.A., during 2011 and 2010, respectively. The Company owed Igler & Dougherty, P.A. $14,595 and $7,559 at December 31, 2011 and 2010, respectively. Mr. Herbert D. Haughton, a shareholder of Igler & Dougherty, P.A., was elected a director of Coastal Caribbean and of Coastal Petroleum in December 2005. These legal fees were paid subsequent to December 31, 2011. | ||
The Company has been accruing compensation and related benefits to it its president and CEO. During 2011, the Company accrued compensation and retirement benefits of $125,000 and $18,750, respectively. At December 31, 2011, the Company owes compensation and related benefits to its president and CEO of $562,500 and $153,672, respectively. | ||
The Company has also been accruing directors’ fees. During 2011, the Company accrued $25,000 of fees to directors. At December 31, 2011, the Company owes $268,750 in directors’ fees. |
Concentrations_of_credit_risk
Concentrations of credit risk | 12 Months Ended | |
Dec. 31, 2011 | ||
Concentrations of credit risk | ' | |
7 | Concentrations of credit risk | |
All demand and certificate of deposits are held by commercial banks. The Company has no policy requiring collateral or other security to support its deposits, although all demand and certificate of deposits with banks are federally insured under FDIC protection. Demand deposit bank balances totaled $7,384 and $21,131 at December 31, 2011 and 2010, respectively. Certificate of deposit balances were $86,318 and $86,024 at December 31, 2011 and 2010, respectively. |
Notes_Payable
Notes Payable | 12 Months Ended | |
Dec. 31, 2011 | ||
Notes Payable | ' | |
8 | Notes Payable | |
During August 2009, the Company borrowed $25,000 from a consultant and also agreed to pay the consultant a fee of $25,000 to identify investors to consummate an agreement and fund exploration. The funds from the loan were used to pay the Company’s annual corporate fee to Bermuda as well as certain other operational expenses. The loan was non-interest bearing and has no set repayment terms. No investor agreements have been consummated by the consultant and management determined the loan would not have to be repaid under the agreement. In 2011, the Company wrote off the $25,000 as an offset to its capitalized development costs, which were also written off in 2011. |
Commitments_contingencies_and_
Commitments, contingencies and subsequent events | 12 Months Ended | |
Dec. 31, 2011 | ||
Commitments, contingencies and subsequent events | ' | |
9 | Commitments, contingencies and subsequent events | |
See Note 3 regarding subsequent stock transactions. | ||
Subsequent to December 31, 2011, the Company’s property leases expired due to the expiration of the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rental payments. | ||
The Company is delinquent in filing its periodic reports required under the Securities Exchange Act of 1934 due to lack of funding. The Company is currently preparing its delinquent reports and plans to file all delinquent reports in 2014. The previous inaction to bring the Company’s filings current may result in de-registration of the Company with the Securities Exchange Commission (SEC). Loss of this status may limit the Company’s ability to access capital markets. The Company is working to file the delinquent reports, but there is no assurance that the Company will be able to file its delinquent reports. | ||
In September 2012, the Company entered into a separation agreement and release with Phillip Ware, formerly the CEO and President of the Company, in connection with the September 2012 agreement with Robert J. Angerer, Sr. as disclosed in Note 3. Mr. Ware agreed that his existing options for 450,000 shares of common stock (Note 4) would expire within 90 days of the termination date, which was February 28, 2013. The options were not exercised and have expired. The Company agreed to pay Mr. Ware $200,000 and issued him an option to purchase 1,000,000 shares of restricted and unregistered shares of common stock for $.03 per share. This option expires on December 31, 2017. The Company has not paid Mr. Ware or issued the stock option as of May 30, 2014. Mr. Ware resigned from the Company effective February 28, 2013. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2011 | |
Consolidation | ' |
Consolidation | |
The accompanying consolidated financial statements include the accounts of Coastal Caribbean Oils & Minerals, Ltd., a Bermuda corporation (“Coastal Caribbean”) and its wholly owned subsidiary, Coastal Petroleum Company (“Coastal Petroleum”), referred to collectively as the Company. The Company, which has been engaged in a single industry and segment, is considered to be a development stage company since its exploration for oil, gas and minerals has not yielded any significant revenue or reserves. All intercompany transactions have been eliminated. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid short-term investments with maturities of three months or less at the date of acquisition to be cash equivalents. | |
Equipment | ' |
Equipment | |
Equipment is recorded at cost. Depreciation is provided using straight-line over five years, the estimated useful lives of the assets. | |
Certificates of Deposit - Restricted | ' |
Certificates of Deposit – Restricted | |
The Company has pledged certificates of deposit for pollution bond requirements under three previous well permits. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The ability to develop the Company’s oil and gas properties will have a significant effect on the Company’s financial position and results of operations. Actual results could differ from those estimates. | |
Unproved Oil, Gas and Mineral Properties | ' |
Unproved Oil, Gas and Mineral Properties | |
The Company follows the full cost method of accounting for its oil and gas properties. All costs associated with property acquisition, exploration and development activities whether successful or unsuccessful are capitalized. As our properties are unproven, these costs are temporarily exempt from amortization. Once the Company has proved reserves the capitalized costs will be amortized using the unit-of-production basis. | |
The Company assesses whether its unproved properties are impaired at least on a quarterly basis. This assessment is based upon work completed on the properties to date, the expiration date of its leases and technical data from the properties and adjacent areas. Our capitalized costs are subject to a ceiling test which basically limits such costs to the aggregate of the estimated present value discounted at a 10% rate of future net revenues from proved reserves based on current economic and operating conditions, plus the cost of properties not being amortized. At December 31, 2011, the Company determined that all of its leases and development costs were impaired due to the time remaining under some of the leases, the Company being unable to establish production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals, and an impairment charge of $2,832,519 was recorded. No impairment was identified in 2010. | |
Sales of unproved non-operating interests in oil and gas leases are accounted for as a reduction in the capitalized amount of the leases. | |
Sale of Subsidiary Shares | ' |
Sale of Subsidiary Shares | |
All amounts realized from the sale of Coastal Petroleum shares have been credited to capital in excess of par value. | |
Net Loss Per Share | ' |
Net Loss Per Share | |
Net loss per common share is based upon the weighted average number of common and common equivalent shares outstanding during the period. The Company’s basic and diluted calculations of EPS are the same because the exercise of options is not assumed in calculating diluted EPS, as the result would be anti-dilutive. | |
Financial instruments | ' |
Financial instruments | |
The carrying value for cash and cash equivalents, certificates of deposit, and accounts payable approximates fair value based on anticipated cash flows and current market conditions. | |
Stock Based Compensation | ' |
Stock Based Compensation | |
The Company uses the fair value based method of accounting for its stock option plans, which requires companies to expense stock options and other share-based payments. | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
The Financial Accounting Standards Board (“FASB”) has issued several new standards which have implementation dates subsequent to the Company’s yearend. Management does not believe that any of these new standards will have a material impact on the Company’s financial position, results of operations or cash flows. | |
Going Concern | ' |
Going Concern | |
The Company has no recurring revenues, had recurring losses since 2006 and prior to 2005, and has a deficit accumulated during the development stage. The Company’s current cash position is not adequate to fund existing operations or exploration and development. The Company has an agreement in place with a director pursuant to which the director may further fund the Company to continue operations and exploration. There is no assurance that the Company will be able to obtain any funding, that sufficient funding can be obtained, or that the Company will be able to raise necessary funds. | |
These situations raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities, which may result from the outcome of this uncertainty. |
Common_Stock_Tables
Common Stock (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2011 | |||||||||||||
Shares Issued upon Sales of Common Stock | ' | ||||||||||||
The following represents shares issued upon sales of common stock: | |||||||||||||
Year | Number | Common | Capital in Excess | ||||||||||
of Shares | Stock | of Par Value | |||||||||||
1953 | 300,000 | $ | 30,000 | $ | 654,000 | ||||||||
1954 | 53,000 | 5,300 | 114,265 | ||||||||||
1955 | 67,000 | 6,700 | 137,937 | ||||||||||
1956 | 77,100 | 7,710 | 139,548 | ||||||||||
1957 | 95,400 | 9,540 | 152,492 | ||||||||||
1958 | 180,884 | 18,088 | 207,135 | ||||||||||
1959 | 123,011 | 12,301 | 160,751 | ||||||||||
1960 | 134,300 | 13,430 | 131,431 | ||||||||||
1961 | 127,500 | 12,750 | 94,077 | ||||||||||
1962 | 9,900 | 990 | 8,036 | ||||||||||
1963 | 168,200 | 23,548 | 12,041 | ||||||||||
1964 | 331,800 | 46,452 | 45,044 | ||||||||||
1965 | 435,200 | 60,928 | 442,391 | ||||||||||
1966 | 187,000 | 26,180 | 194,187 | ||||||||||
1967 | 193,954 | 27,153 | 249,608 | ||||||||||
1968 | 67,500 | 9,450 | 127,468 | ||||||||||
1969 | 8,200 | 1,148 | 13,532 | ||||||||||
1970 | 274,600 | 32,952 | 117,154 | ||||||||||
1971 | 299,000 | 35,880 | 99,202 | ||||||||||
1972 | 462,600 | 55,512 | 126,185 | ||||||||||
1973 | 619,800 | 74,376 | 251,202 | ||||||||||
1974 | 398,300 | 47,796 | 60,007 | ||||||||||
1975 | — | — | (52,618 | ) | |||||||||
1976 | — | — | (8,200 | ) | |||||||||
1977 | 850,000 | 102,000 | 1,682,706 | ||||||||||
1978 | 90,797 | 10,896 | 158,343 | ||||||||||
1979 | 1,065,943 | 127,914 | 4,124,063 | ||||||||||
1980 | 179,831 | 21,580 | 826,763 | ||||||||||
1981 | 30,600 | 3,672 | 159,360 | ||||||||||
1983 | 5,318,862 | 638,263 | 1,814,642 | ||||||||||
1985 | — | — | (36,220 | ) | |||||||||
1986 | 6,228,143 | 747,378 | 2,178,471 | ||||||||||
1987 | 4,152,095 | 498,251 | 2,407,522 | ||||||||||
1990 | 4,298,966 | 515,876 | 26,319 | ||||||||||
1996 | 6,672,726 | 800,727 | 5,555,599 | ||||||||||
2000 | 3,411,971 | 409,436 | 2,729,329 | ||||||||||
2002 | 2,743,275 | 329,193 | 570,449 | ||||||||||
2009 | 1,191,333 | 142,960 | — | ||||||||||
2010 | 22,725,000 | 2,727,000 | — | ||||||||||
2011 | 4,472,220 | 536,667 | — | ||||||||||
68,046,011 | $ | 8,169,997 | $ | 25,674,221 | |||||||||
Shares Issued upon Exercise of Stock Options | ' | ||||||||||||
The following represents shares issued upon exercise of stock options: | |||||||||||||
Year | Number | Common | Capital in Excess | ||||||||||
of Shares | Stock | of Par Value | |||||||||||
1955 | 73,000 | $ | 7,300 | $ | 175,200 | ||||||||
1978 | 7,000 | 840 | 6,160 | ||||||||||
1979 | 213,570 | 25,628 | 265,619 | ||||||||||
1980 | 76,830 | 9,219 | 125,233 | ||||||||||
1981 | 139,600 | 16,752 | 227,548 | ||||||||||
1996 | 10,000 | 1,200 | 12,300 | ||||||||||
1997 | 10,000 | 1,200 | 10,050 | ||||||||||
2008 | 50,000 | 6,000 | 1,500 | ||||||||||
580,000 | $ | 68,139 | $ | 823,610 | |||||||||
Stock_Option_Plans_Tables
Stock Option Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2011 | |||||||||||||||||||||
Employee Stock Option | ' | ||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||
The following table summarizes employee stock option activity: | |||||||||||||||||||||
Employee Options Outstanding | Number of | Range of | Weighted | Aggregate | Aggregate | ||||||||||||||||
Shares | Per Share | Average | Option Price | Intrinsic | |||||||||||||||||
Option | Exercise | ($) | Value ($) | ||||||||||||||||||
Price ($) | Price ($) | ||||||||||||||||||||
Outstanding and exercisable at December 31, 2009 | 450,000 | .15 - .20 | 0.17 | 80,000 | — | ||||||||||||||||
Issued or cancelled during 2010 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2010 | 450,000 | .15 - .20 | 0.17 | 80,000 | — | ||||||||||||||||
Issued or cancelled during 2011 | (100,000 | ) | 0.15 | 0.15 | (15,000 | ) | — | ||||||||||||||
Outstanding and exercisable at December 31, 2011 | 350,000 | .15 - .20 | 0.18 | 65,000 | — | ||||||||||||||||
Available for grant at December 31, 2011: | 2,925,000 | ||||||||||||||||||||
Options Outstanding by Year Granted | ' | ||||||||||||||||||||
Summary of Employee Options Outstanding at December 31, 2011 | |||||||||||||||||||||
Year Granted | Number of Shares | Expiration Date | Exercise Prices | ||||||||||||||||||
($) | |||||||||||||||||||||
Granted 2005 | 50,000 | July 25, 2015 | 0.15 | ||||||||||||||||||
Granted 2005 | 250,000 | December 20, 2015 | 0.2 | ||||||||||||||||||
Granted 2005 | 50,000 | December 20, 2015 | 0.15 | ||||||||||||||||||
Non Employee Stock Options | ' | ||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||
A summary of non-employee option activity follows: | |||||||||||||||||||||
Non-Employee Options Outstanding | Number of | Range of | Weighted | Aggregate | Aggregate | ||||||||||||||||
Shares | Per Share | Average | Option | Intrinsic | |||||||||||||||||
Option | Exercise | Price ($) | Value ($) | ||||||||||||||||||
Price ($) | Price ($) | ||||||||||||||||||||
Outstanding and exercisable at December 31, 2009 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Issued or cancelled during 2010 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2010 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Issued or cancelled during 2011 | — | — | — | — | — | ||||||||||||||||
Outstanding and exercisable at December 31, 2011 | 25,000 | 0.15 | 0.15 | 3,750 | — | ||||||||||||||||
Options Outstanding by Year Granted | ' | ||||||||||||||||||||
Summary of Non-Employee Options Outstanding at December 31, 2011 | |||||||||||||||||||||
Year Granted | Number of Shares | Expiration Date | Exercise Prices | ||||||||||||||||||
($) | |||||||||||||||||||||
Granted 2005 | 25,000 | July 18, 2015 | 0.15 |
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2011 | |||||||||
Significant Components of Deferred Tax Assets | ' | ||||||||
Significant components of the Company’s deferred tax assets were as follows: | |||||||||
December 31, | |||||||||
2011 | 2010 | ||||||||
Net operating losses | $ | 3,304,000 | $ | 3,605,000 | |||||
Accruals to related parties | 382,000 | 265,000 | |||||||
Impairment of unproved properties | 990,000 | — | |||||||
Total deferred tax assets | 4,677,000 | 3,870,000 | |||||||
Valuation allowance | (4,677,000 | ) | (3,870,000 | ) | |||||
Net deferred tax assets | $ | — | $ | — | |||||
Components of Income Tax Provision | ' | ||||||||
Components of the income tax provision for the years ended December 31, are as follows: | |||||||||
2011 | 2010 | ||||||||
Provision for income taxes | |||||||||
Current provision (benefit) | $ | — | $ | (3,000 | ) | ||||
Deferred asset valuation allowance (reversal) | — | 3,000 | |||||||
Net income tax provision (benefit) | $ | — | $ | — | |||||
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 707 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | |
Certificates of Deposit | MONTANA | MONTANA | |||
Well | |||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful lives of assets | '5 years | ' | ' | ' | ' |
Number of previous well permits | ' | ' | 3 | ' | ' |
Discount rate of capitalized costs | 10.00% | ' | ' | ' | ' |
Write off of unproved properties | $2,832,519 | $9,523,271 | ' | $2,832,519 | $0 |
Unproved_Oil_Gas_and_Mineral_P1
Unproved Oil Gas and Mineral Properties - Additional Information (Detail) (USD $) | 12 Months Ended | 707 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Jul. 31, 2005 | |
MONTANA | MONTANA | NORTH DAKOTA | |||
Transactions | acre | ||||
acre | |||||
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' | ' | ' |
Write off of unproved properties | $2,832,519 | $9,523,271 | $2,832,519 | $0 | ' |
Gas and oil lease area, undeveloped, net | ' | ' | 32,313 | ' | 21,688 |
Number of acquisitions between July 2005 and February 2006 | ' | ' | 3 | ' | ' |
Shares_Issued_Upon_Sales_of_Co
Shares Issued Upon Sales of Common Stock (Detail) (USD $) | 11 Months Ended | 12 Months Ended | 455 Months Ended | 707 Months Ended | 11 Months Ended | 12 Months Ended | 455 Months Ended | 707 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 1953 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2002 | Dec. 31, 2000 | Dec. 31, 1996 | Dec. 31, 1990 | Dec. 31, 1987 | Dec. 31, 1986 | Dec. 31, 1983 | Dec. 31, 1981 | Dec. 31, 1980 | Dec. 31, 1979 | Dec. 31, 1978 | Dec. 31, 1977 | Dec. 31, 1974 | Dec. 31, 1973 | Dec. 31, 1972 | Dec. 31, 1971 | Dec. 31, 1970 | Dec. 31, 1969 | Dec. 31, 1968 | Dec. 31, 1967 | Dec. 31, 1966 | Dec. 31, 1965 | Dec. 31, 1964 | Dec. 31, 1963 | Dec. 31, 1962 | Dec. 31, 1961 | Dec. 31, 1960 | Dec. 31, 1959 | Dec. 31, 1958 | Dec. 31, 1957 | Dec. 31, 1956 | Dec. 31, 1955 | Dec. 31, 1954 | Dec. 31, 1990 | Dec. 31, 2011 | Dec. 31, 1953 | Dec. 31, 2002 | Dec. 31, 2000 | Dec. 31, 1996 | Dec. 31, 1990 | Dec. 31, 1987 | Dec. 31, 1986 | Dec. 31, 1985 | Dec. 31, 1983 | Dec. 31, 1981 | Dec. 31, 1980 | Dec. 31, 1979 | Dec. 31, 1978 | Dec. 31, 1977 | Dec. 31, 1976 | Dec. 31, 1975 | Dec. 31, 1974 | Dec. 31, 1973 | Dec. 31, 1972 | Dec. 31, 1971 | Dec. 31, 1970 | Dec. 31, 1969 | Dec. 31, 1968 | Dec. 31, 1967 | Dec. 31, 1966 | Dec. 31, 1965 | Dec. 31, 1964 | Dec. 31, 1963 | Dec. 31, 1962 | Dec. 31, 1961 | Dec. 31, 1960 | Dec. 31, 1959 | Dec. 31, 1958 | Dec. 31, 1957 | Dec. 31, 1956 | Dec. 31, 1955 | Dec. 31, 1954 | Dec. 31, 1990 | Dec. 31, 2011 | |
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | Capital in Excess of Par Value | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon sales of common stock (in Share) | 300,000 | 4,472,220 | 22,725,000 | 1,191,333 | 2,743,275 | 3,411,971 | 6,672,726 | 4,298,966 | 4,152,095 | 6,228,143 | 5,318,862 | 30,600 | 179,831 | 1,065,943 | 90,797 | 850,000 | 398,300 | 619,800 | 462,600 | 299,000 | 274,600 | 8,200 | 67,500 | 193,954 | 187,000 | 435,200 | 331,800 | 168,200 | 9,900 | 127,500 | 134,300 | 123,011 | 180,884 | 95,400 | 77,100 | 67,000 | 53,000 | 26,829,486 | 68,046,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon sales of common stock | $30,000 | $536,667 | $2,727,000 | $142,960 | $329,193 | $409,436 | $800,727 | $515,876 | $498,251 | $747,378 | $638,263 | $3,672 | $21,580 | $127,914 | $10,896 | $102,000 | $47,796 | $74,376 | $55,512 | $35,880 | $32,952 | $1,148 | $9,450 | $27,153 | $26,180 | $60,928 | $46,452 | $23,548 | $990 | $12,750 | $13,430 | $12,301 | $18,088 | $9,540 | $7,710 | $6,700 | $5,300 | $3,224,014 | $8,169,997 | $654,000 | $570,449 | $2,729,329 | $5,555,599 | $26,319 | $2,407,522 | $2,178,471 | ($36,220) | $1,814,642 | $159,360 | $826,763 | $4,124,063 | $158,343 | $1,682,706 | ($8,200) | ($52,618) | $60,007 | $251,202 | $126,185 | $99,202 | $117,154 | $13,532 | $127,468 | $249,608 | $194,187 | $442,391 | $45,044 | $12,041 | $8,036 | $94,077 | $131,431 | $160,751 | $207,135 | $152,492 | $139,548 | $137,937 | $114,265 | $16,818,844 | $25,674,221 |
Shares_Issued_Upon_Exercise_of
Shares Issued Upon Exercise of Stock Options (Detail) (USD $) | 12 Months Ended | 455 Months Ended | 636 Months Ended | |||||||
Dec. 31, 2008 | Dec. 31, 1997 | Dec. 31, 1996 | Dec. 31, 1981 | Dec. 31, 1980 | Dec. 31, 1979 | Dec. 31, 1978 | Dec. 31, 1955 | Dec. 31, 1990 | Dec. 31, 2008 | |
Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon exercise of stock options (in share) | 50,000 | 10,000 | 10,000 | 139,600 | 76,830 | 213,570 | 7,000 | 73,000 | 510,000 | 580,000 |
Shares issued upon exercise of stock options | $6,000 | $1,200 | $1,200 | $16,752 | $9,219 | $25,628 | $840 | $7,300 | $59,739 | $68,139 |
Capital in Excess of Par Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued upon exercise of stock options | $1,500 | $10,050 | $12,300 | $227,548 | $125,233 | $265,619 | $6,160 | $175,200 | $799,760 | $823,610 |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (USD $) | 12 Months Ended | 707 Months Ended | 0 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 1 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | 16 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | 20-May-11 | Oct. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 28, 2014 | Sep. 30, 2012 | Aug. 31, 2012 | Aug. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2014 | |
Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | Robert J. Angerer, Sr. | ||||
Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | |||||||||
Well | |||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares, value of shares issued for cash | ' | $20,000 | ' | ' | ' | ' | ' | $750,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares, number of shares issued for cash | ' | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares, number of shares issued | ' | ' | ' | 857,142 | ' | ' | 3,472,221 | 22,400,000 | ' | ' | ' | ' | ' | ' | ' |
Amount due to related party | ' | ' | ' | ' | ' | ' | ' | 217,850 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common shares, value | ' | ' | ' | 60,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
stock option exercised, value | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
stock option exercised, number of shares | ' | ' | ' | 142,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issuable under the agreement | ' | ' | ' | 999,999 | 4,444,444 | ' | 972,223 | ' | ' | ' | ' | ' | ' | 3,564,705 | 15,834,199 |
Commitment to spend in operational costs | ' | ' | ' | ' | 130,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock covered under the agreement | ' | ' | ' | ' | 4,444,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
proceeds Issuance of common stock | 194,999 | 770,000 | 31,413,111 | ' | 30,000 | 55,000 | ' | ' | ' | ' | 35,000 | 90,000 | ' | ' | ' |
Expenses related to Federal 1-19A well | ' | ' | ' | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' | 171,501 | ' |
Common stock issuable under the agreement, price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.03 | ' | ' | ' | ' | ' |
Value of nitrogen fracturing operation to be performed, Abandonment existing wells and payment existing liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Number of existing wells | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Payment of legal compliance costs to the company | ' | ' | ' | ' | ' | ' | ' | ' | 30,500 | ' | ' | ' | 60,000 | ' | ' |
Payment of existing liabilities of the company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $343,988 | ' | ' |
Common stock issuable under all agreements made to date | ' | ' | ' | ' | ' | ' | 24,843,347 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Option_Plans_Additional_
Stock Option Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2005 | Dec. 31, 1995 | Sep. 30, 2005 | Jul. 31, 2005 | Sep. 30, 2012 | Dec. 31, 2005 | Jul. 31, 2005 | Dec. 31, 2011 | Dec. 31, 2010 | |
Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Nonqualified Stock Options | Non Employee Stock Options | Non Employee Stock Options | |
President | President | President | Director | ||||||||
Subsequent Event | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option plan authorized | ' | ' | 2,300,000 | 1,000,000 | ' | ' | 450,000 | ' | ' | ' | ' |
Number of shares issued | 0 | 0 | ' | ' | 250,000 | 50,000 | 1,000,000 | 200,000 | 25,000 | 0 | 0 |
Number of shares issued , share price | ' | ' | ' | ' | $0.20 | $0.15 | $0.03 | $0.15 | $0.15 | ' | ' |
Stock option expiration date | ' | ' | ' | ' | '2015-12 | '2015-07 | ' | '2015-12 | '2015-07 | ' | ' |
Stock option expiration period subsequent to employee termination | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' |
Employment agreement termination date | ' | ' | ' | ' | ' | ' | 28-Feb-13 | ' | ' | ' | ' |
Share base compensation weighted-average remaining contractual life | '4 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Stock_Option_Activity
Employee Stock Option Activity (Detail) (Employee Stock Option, USD $) | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding and exercisable beginning balance, number of shares | 450,000 | 450,000 | ' |
Outstanding and exercisable range of per share option price, maximum | $0.15 | ' | ' |
Issued or canceled during the period, number of shares | -100,000 | ' | ' |
Outstanding and exercisable range of per share option price, minimum | $0.15 | $0.15 | $0.15 |
Outstanding and exercisable ending balance, number of shares | 350,000 | 450,000 | 450,000 |
Outstanding and exercisable range of per share option price, maximum | $0.20 | $0.20 | $0.20 |
Outstanding and exercisable, weighted average exercise price | $0.17 | $0.17 | ' |
Available for grant, number of shares | 2,925,000 | ' | ' |
Issued or cancelled, Weighted Average Exercise Price | $0.15 | ' | ' |
Outstanding and exercisable, weighted average exercise price | $0.18 | $0.17 | $0.17 |
Outstanding and exercisable, Aggregate option price | $80,000 | $80,000 | ' |
Issued or cancelled, Aggregate Option Price | -15,000 | ' | ' |
Outstanding and exercisable, Aggregate option price | 65,000 | 80,000 | 80,000 |
Outstanding and exercisable, Aggregate Intrinsic Value | ' | ' | ' |
Summary_of_Employee_Options_Ou
Summary of Employee Options Outstanding by Year Granted (Detail) (Employee Stock Option, USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Grant Date One | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Year Granted | '2005 |
Number of Shares | 50,000 |
Expiration Date | 25-Jul-15 |
Exercise Prices ($) | $0.15 |
Grant Date Two | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Year Granted | '2005 |
Number of Shares | 250,000 |
Expiration Date | 20-Dec-15 |
Exercise Prices ($) | $0.20 |
Grant Date Three | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Year Granted | '2005 |
Number of Shares | 50,000 |
Expiration Date | 20-Dec-15 |
Exercise Prices ($) | $0.15 |
Non_Employee_Stock_Option_Acti
Non Employee Stock Option Activity (Detail) (Non Employee Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | |
Non Employee Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding and exercisable beginning balance, number of shares | 25,000 | 25,000 | ' |
Issued or canceled during the period, number of shares | ' | ' | ' |
Outstanding and exercisable ending balance, number of shares | 25,000 | 25,000 | 25,000 |
Outstanding and exercisable range of per share option price | $0.15 | $0.15 | $0.15 |
Outstanding and exercisable, weighted average exercise price | $0.15 | $0.15 | $0.15 |
Outstanding and exercisable, Aggregate option price | $3,750 | $3,750 | $3,750 |
Aggregate Intrinsic Value | ' | ' | ' |
Summary_of_Non_Employee_Option
Summary of Non Employee Options Outstanding by Year Granted (Detail) (Non Employee Stock Options, Grant Date One, USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Non Employee Stock Options | Grant Date One | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Year Granted | '2005 |
Number of Shares | 25,000 |
Expiration Date | 18-Jul-15 |
Exercise Prices ($) | $0.15 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
Expire in 2012 | Expire in 2018 | Expire in 2019 | Expire in 2020 | Expire in 2021 | Expire in 2022 | Expire in 2023 | Expire in 2024 | Expire in 2026 | Expire in 2027 | Expire in 2028 | Expire in 2029 | Expire in 2030 | Expire in 2031 | ||
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carry forwards | $9,441,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carry forwards | ' | $1,281,000 | $757,000 | $622,000 | $749,000 | $1,884,000 | $1,693,000 | $132,000 | $57,000 | $1,434,000 | $195,000 | $112,000 | $480,000 | $10,000 | $95,000 |
Significant_Components_of_Comp
Significant Components of Company's Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2011 | Dec. 31, 2010 |
Summary Of Net Deferred Tax Assets [Line Items] | ' | ' |
Net operating losses | $3,304,000 | $3,605,000 |
Accruals to related parties | 382,000 | 265,000 |
Impairment of unproved properties | 990,000 | ' |
Total deferred tax assets | 4,677,000 | 3,870,000 |
Valuation allowance | -4,677,000 | -3,870,000 |
Net deferred tax assets | ' | ' |
Components_of_Income_Tax_Provi
Components of Income Tax Provision (Detail) (USD $) | 12 Months Ended | 707 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | |
Income Taxes Provision Benefit Summary Of Income Taxes [Line Items] | ' | ' | ' |
Current provision (benefit) | ' | ($3,000) | ' |
Deferred asset valuation allowance (reversal) | ' | 3,000 | ' |
Net income tax provision (benefit) | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 707 Months Ended | |
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Due to related parties, current | $1,134,922 | $967,292 | $1,134,922 |
Legal fees | 5,351 | 28,196 | 17,688,104 |
Directors fees accrued | 25,000 | ' | ' |
Directors' fee Liability | 268,750 | ' | 268,750 |
Robert J. Angerer, Sr. | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Due to related parties, current | 150,000 | ' | 150,000 |
Adams and Reese LLP | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Due to related parties, current | 14,595 | 7,559 | 14,595 |
Legal fees | 7,000 | 31,719 | ' |
President | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Compensation and related benefits | 125,000 | ' | ' |
Compensation and related benefits liability | 562,500 | ' | 562,500 |
Chief Executive Officer | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Compensation and related benefits | 18,750 | ' | ' |
Compensation and related benefits liability | $153,672 | ' | $153,672 |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk - Additional Information (Detail) (USD $) | Dec. 31, 2011 | Dec. 31, 2010 |
Concentration Risk [Line Items] | ' | ' |
Demand deposit | $7,384 | $21,131 |
Certificates of deposit | $86,318 | $86,024 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2009 | Dec. 31, 2011 | Dec. 31, 2010 | |
Short-term Debt [Line Items] | ' | ' | ' |
Notes payable | $25,000 | ' | $25,000 |
Consultation fee | 25,000 | ' | ' |
Write off borrowings | ' | $25,000 | ' |
Recovered_Sheet2
Commitments, Contingencies and Subsequent Events - Additional Information (Detail) (Employee Stock Option, USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2005 | Dec. 31, 1995 | Sep. 30, 2005 | Jul. 31, 2005 | Sep. 30, 2012 | |
President | President | Subsequent Event | |||||
President | |||||||
Commitments, Contingencies And Subsequent Events [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock option plan authorized | ' | ' | 2,300,000 | 1,000,000 | ' | ' | 450,000 |
Stock options, expiration period | ' | ' | ' | ' | ' | ' | '90 days |
Agreed payment to former CEO | ' | ' | ' | ' | ' | ' | $200,000 |
Number of shares issued | 0 | 0 | ' | ' | 250,000 | 50,000 | 1,000,000 |
Common stock issued, share price | ' | ' | ' | ' | $0.20 | $0.15 | $0.03 |
Stock options, expiration date | ' | ' | ' | ' | ' | ' | 31-Dec-17 |
Employment agreement termination date | ' | ' | ' | ' | ' | ' | 28-Feb-13 |