Regent (REGT) 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 12, 2013
Document And Entity Information	'	'
Entity Registrant Name	'REGENT TECHNOLOGIES INC	'
Entity Central Index Key	'0000319200	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Well-known Seasoned Issuer	'No	'
Entity Voluntary Filer	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	22,360,233
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013		Dec. 31, 2012
CURRENT ASSETS:	'		'
Cash and cash equivalents	$5,164	[1]	$15,026
Accrued oil and natural gas revenue	'		5,900
Prepaid expenses and other	'		2,950
Investments (Note 4)	256,704	[1]	145,536
Total current assets	261,868	[1]	169,412
PROPERTY AND EQUIPMENT:	'		'
Oil and natural gas properties, full cost accounting	202,129	[1]	202,129
Net profits production interest	5,695	[1]	5,695
Furniture, fixtures and equipment	12,649		12,649
Gross property and equipment	220,473	[1]	220,473
Less: Accumulated depletion, depreciation and amortization	-13,744	[1]	-13,090
Net property and equipment	206,729	[1]	207,383
Investments (Note 4)	207,422	[1]	248,752
TOTAL ASSETS	676,019	[1]	625,547
CURRENT LIABILITIES:	'		'
Accounts payable	39,695	[1]	19,391
Notes payable - stockholder	'		10,000
Notes payable - related parties	66,636		31,348
Accrued interest payable	1,879	[1]	623
Accrued liabilities - related parties	23,853		44,259
Total current liabilities	132,063	[1]	105,621
LONG TERM DEBT	'		'
Asset retirement obligation	10,660	[1]	10,660
Total liabilities	142,723	[1]	116,281
STOCKHOLDERS' EQUITY:	'		'
Convertible Preferred stock, $.10 par value, 1,000,000 shares authorized, 99,500 shares issued and outstanding, Regent Natural Resources Co.	9,950	[1]	9,950
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued and outstanding, Registrant	'		'
Common stock, $.01 par value, 100,000,000 shares authorized, 22,360,233 and 22,610,233 shares issued and outstanding, respectively	223,602	[1]	226,102
Paid-in capital in excess of par	3,545,875	[1]	3,629,141
Accumulated deficit	-3,246,131	[1]	-3,355,927
Total stockholders' equity	533,296	[1]	509,266
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$676,019	[1]	$625,547
[1]	Unaudited

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013		Dec. 31, 2012
Common stock, par value (in Dollars per Share)	$0.01	[1]	$0.01
Common stock, shares authorized (in Shares)	100,000,000	[1]	100,000,000
Common stock, shares issued (in Shares)	22,360,233	[1]	22,610,233
Common stock, shares outstanding (in Shares)	22,360,233	[1]	22,610,233
Convertible Preferred stock [Member]	'		'
Preferred stock, par value (in Dollars per Share)	$0.10	[1]	$0.10
Preferred stock, shares authorized (in Shares)	1,000,000	[1]	1,000,000
Preferred stock, shares issued (in Shares)	99,500	[1]	99,500
Preferred stock, shares outstanding (in Shares)	99,500	[1]	99,500
Preferred stock [Member]	'		'
Preferred stock, par value (in Dollars per Share)	$0.10	[1]	$0.10
Preferred stock, shares authorized (in Shares)	30,000,000	[1]	30,000,000
Preferred stock, shares issued (in Shares)	'	[1]	'
Preferred stock, shares outstanding (in Shares)	'	[1]	'
[1]	Unaudited

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Consolidated Statements of Operations	'	'	'	'
Revenues	'	$2,351	$1,752	$10,131
Operating Expenses:	'	'	'	'
Lease operating expense	'	'	2,166	'
Production and other taxes	'	'	81	'
Depreciaton, depletion and amortization	81	266	654	798
General and administrative	11,558	26,914	69,015	56,780
Operating loss	-11,639	-24,829	-70,164	-47,447
Other income and (expense):	'	'	'	'
Net change in fair value measurement	'	'	181,216	'
Stock grant expense	'	'	'	'
Interest, net	-821	-81	-1,256	-1,575
Total other income (expense)	-821	-81	179,960	-1,575
Income (loss) before income taxes	-12,460	-24,910	109,796	-49,022
Provisions for income taxes	'	'	'	'
Net income (loss)	($12,460)	($24,910)	$109,796	($49,022)
Net income (loss) per common share (basic and diluted) (in Dollars per Share)	'	'	$0.01	'
Weighted Average Shares Outstanding (in Shares)	22,360,233	22,360,233	22,360,233	22,360,233

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'		'
Net income (loss)	$109,796		($49,022)
Adjustments to reconcile net income (loss) to net cash used in operating activities:	'		'
Depreciaton, depletion and amortization	654		798
Gain from fair value measurement	-181,216		'
Settlement from share-based compensation	1,000		'
Decrease in accrued oil and natural gas revenue	5,900		'
Decrease in accounts receivable	'		685
Increase in accounts payable	20,304		11,768
Increase in accrued interest payable	1,256		55
Increase (decrease) in accrued liabilities - related parties	-20,406		31,878
Net Cash Used In Operating Activities	-62,712		-3,838
CASH FLOWS FROM INVESTING ACTIVITIES:	'		'
Capital expenditures for oil and natural gas interests	'		-73,107
Proceeds from sale of investments	120,048		103,704
Net Cash Provided by Investing Activities	120,048		30,597
CASH FLOWS FROM FINANCING ACTIVITIES:	'		'
Repayment of note payable - stockholder	-10,000		'
Proceeds from note payable - related party	16,100		'
Repayments of notes payable - related party	-73,298		-33,650
Net Cash Used In Financing Activities	-67,198		-33,650
DECREASE IN CASH AND CASH EQUIVALENTS	-9,862		-6,891
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	15,026		9,300
CASH AND CASH EQUIVALENTS, END OF PERIOD	5,164	[1]	2,409
Supplemental disclosures of cash flow information:	'		'
Cash paid during the period for interest	178		'
Cash paid during the period for taxes	'		'
Supplemental disclosure of non-cash financing activities:	'		'
Note payable for investment in MacuCLEAR common stock	$92,486		'
[1]	Unaudited

Description_of_Business_and_Si

Description of Business and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Description of Business and Significant Accounting Policies [Abstract]	'
Description of Business and Significant Accounting Policies	'
	NOTE 1. Description of Business and Significant Accounting Policies
	Regent Technologies, Inc., formerly Regent Petroleum Corporation, was incorporated under the laws of the State of Colorado on January 18, 1980. During 1999, the Company had re-entered the development stage pursuant to ASC No. 915, “Development Stage Activities” (“ASC 915”) of the “Financial Accounting Standards Codification (“Codification” or “ASC”) and the Hierarchy of Generally Accepted Accounting Principles.” As of January 1, 2013, due to our ongoing oil and natural gas development activities and future plans for exploration and production, management has determined that ASC No. 915 is no longer applicable and accordingly, the ASC No. 915 development stage reporting format has been discontinued. In this Form 10-Q, references to “we,” “our,” “us,” the “Company,” or “Regent” refer to Regent Technologies, Inc. and Regent’s wholly-owned subsidiary, Regent Natural Resources Co., a Texas corporation, is referred to herein as, the “Subsidiary,” or “Regent NRCo.”
	The accompanying consolidated financial statements of the Company should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2012. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year. Significant accounting policies are defined as those accounting policies which are most critical to the understanding of a company’s financial condition and results of operation. We consider an accounting estimate or judgment to be critical if (i) it requires assumptions to be made that were uncertain at the time the estimate was made, and (ii) changes in the estimate or different estimates that could have been selected and could have a material impact on our results of operations or financial condition. A summary of the significant accounting policies consistently applied by the Company in preparation of the accompanying consolidated financial statements are as follows:
	Consolidation Principles
	The consolidated financial statements of the Company included in this report have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary and include all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation. Intercompany balances and transactions have been eliminated in consolidation. Certain data in prior periods’ financial statements have been adjusted to conform to the presentation of the current period.
	Estimates and Assumptions
	The preparation of financial statements in conformity US GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The accounting policies most affected by management’s estimates and assumptions are provisions for depreciation, depletion and amortization, estimates of proved reserves, impairment of long-lived assets based on estimates of future net cash flows, and asset retirement obligations based on estimates regarding timing and cost of future asset retirements.
	Oil and Natural Gas Properties
	The Company follows the full-cost method of accounting under which all costs associated with property acquisition, exploration and development activities are capitalized. We capitalize internal costs that can be directly identified with our acquisition, exploration and development activities and do not include any costs related to production, general corporate overhead or similar activities. Estimates of our proved reserves as of December 31, 2012 were prepared by a third party engineering firm and are incorporated herein from our report filed on Form 10-K for December 31, 2012 and may be reviewed therein.
	Proceeds from the sale of properties are accounted for as reductions of capitalized costs unless such sales involve a significant change in the relationship between costs and the value of proved reserves or the underlying value of unproved properties, in which case a gain or loss is recognized. The costs of unproved properties are excluded from amortization until the properties are evaluated. We review all of our unevaluated properties quarterly to determine whether or not and to what extent proved reserves have been assigned to the properties and otherwise if impairment has occurred. Unevaluated properties are grouped by major prospect area where individual property costs are not significant and are assessed individually when individual costs are significant. We review the carrying value of our properties under the full-cost accounting rules of the Securities and Exchange Commission on a quarterly basis. This quarterly review is referred to as a ceiling test. Under the ceiling test, capitalized costs, less accumulated amortization and related deferred income taxes, may not exceed an amount equal to the sum of the present value of estimated future net revenues (adjusted for hedges) less estimated future costs to be incurred in developing and producing the proved reserves, less any related income tax effects.
	Valuation of Property and Equipment
	Our long-lived assets, including proved oil and natural gas properties and equipment, are assessed for potential impairment in their carrying values whenever events or changes in circumstances indicate such impairment may have occurred. Estimates of oil and natural gas reserves, by necessity, are projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that are difficult to measure.
	Estimates of economically recoverable oil and natural gas reserves and future net cash flows necessarily depend upon a number of variable factors and assumptions, such as historical production from the area compared with production from other producing areas, the assumed effects of regulations by governmental agencies and assumptions governing future oil and natural gas prices, future operating costs, severance taxes, development costs and workover costs, all of which may in fact vary considerably from actual results. For these reasons, estimates of the economically recoverable quantities of oil and natural gas attributable to any particular group of properties may vary substantially. Furniture and equipment are stated at cost.
	Depreciation and depletion of producing oil and natural gas properties are calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible development costs, and proved reserves are used for unamortized leasehold costs. Gains and losses on disposals or retirements that are significant or include an entire depreciable or depletable property unit are included in operating income. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software and leasehold improvements is computed using the straight-line method over their estimated useful lives, which vary from three to five years.
	Revenue Recognition
	Oil and natural gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Revenues from the production of crude oil and natural gas properties in which we have an interest with other producers are recognized using the entitlements method. Differences between actual production and net working interest volumes are routinely adjusted.
	Asset Retirement Obligation
	Our asset retirement obligation primarily represents the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives, in accordance with federal, state and local laws. We account for asset retirement obligations based on the guidance of ASC No. 410, “Asset Retirement and Environmental Obligations” (“ASC 410”), which addresses the required accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. ASC 410 requires that the fair value of an asset’s retirement obligation be recorded as a liability in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. Periodic accretion of the discount of the estimated liability is treated as accretion expense included in depreciation, depletion and amortization on our Consolidated Statements of Operations.
	Income Taxes
	We utilize the asset and liability method to account for income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse.
	Share-Based Compensation
	We account for equity based compensation under the provisions of ASC No. 718, “Compensation - Stock Compensation” (“ASC 718”). ASC 718 requires the recognition of the fair value of equity-based compensation in operations. The fair value of our stock option awards are estimated using a Black-Scholes option valuation model. This model requires the input of subjective assumptions and elections including expected stock price volatility and the estimated life of each award. In addition, the calculation of equity-based compensation costs requires that we estimate the number of awards that will be forfeited during the vesting period. The fair value of equity-based awards is amortized over the vesting period of the award and we elected to use the straight-line method for awards granted after the adoption of ASC 718 with no forfeitures.
	Fair Value Measurements
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. In accordance with the requirements of ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC 820”), the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under ASC 820 and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The estimated fair value of cash and accounts payable approximate their carrying value due to the short term nature of these instruments. The carrying value of the notes payable also approximate fair value based on the terms of these instruments. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows:
		•	Level 1 Inputs—unadjusted quoted market prices in active markets for identical assets or liabilities. Included in this level are our notes payable;
		•	Level 2 Inputs—quotes which are derived principally from or corroborated by observable market data. Included in this level are interest rate information and commodity pricing data obtained from third party pricing sources and our creditworthiness; and
		•	Level 3 Inputs—unobservable inputs for the asset or liability, such as discounted cash flow models or valuations, based on the Company’s various assumptions and future commodity prices. Included in this level is the carrying value of our investment in MacuCLEAR Preferred Stock (see Note 4).  None of our investments are held for trading purposes.
	Other Accounting Policies
	The remaining significant accounting policies of the Company are described in Note 2 to the consolidated financial statements of the 2012 Form 10-K. In management’s opinion, the accounting policies and estimates presented in the 2012 Form 10-K have not changed and therefore the unaudited consolidated financial statements herein should be read in conjunction with the Company’s audited financial statements on Form 10-K for the year ended December 31, 2012, which was previously filed with the Securities and Exchange Commission. There were other accounting standards and interpretations issued in 2012 and 2013, all of which have been determined to not be applicable or significant by management and are not expected to have a material impact on the financial position of the Company.

Going_Concern_Uncertainties

Going Concern Uncertainties	9 Months Ended
	Sep. 30, 2013
Going Concern Uncertainties [Abstract]	'
Going Concern Uncertainties	'
	NOTE 2. Going Concern Uncertainties
	As of the date of this quarterly report, there is substantial doubt regarding our ability to continue as a going concern as we have not generated sufficient cash flow to fund our business operations and material commitments. Our future success and viability, therefore, are dependent upon our ability to generate capital financing. We are optimistic that we will be successful in our new business operations and capital raising efforts; however, there can be no assurance that we will be successful in generating revenue or raising additional capital. The failure to generate sufficient revenues or raise additional capital may have a material and adverse effect upon the Company and our shareholders. These consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying consolidated financial statements.

ShareBased_Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2013
Share-Based Compensation [Abstract]	'
Share-Based Compensation	'
	NOTE 3. Share-Based Compensation
	Effective October 1, 2012, the Company entered into an agreement to grant as compensation certain amounts of restricted common shares for consulting services. The consulting agreement included an immediate grant and additional grants of up to an additional 500,000 restricted common shares, vesting and issued quarterly beginning December 31, 2012. Pursuant to the agreement, the Company advanced $2,950 to the consultant for expense coverage which amount was personally guaranteed by the consultant. On September 30, 2013, the parties agreed that the consulting agreement was voided ab initio in exchange for the cancellation of the $2,950 receivable and the termination of further obligations between the parties. Accordingly, the stock grant recognition and share based expense and equity transactions related to this agreement have been voided from inception with the necessary adjustments to equity.

Investments

Investments	9 Months Ended
	Sep. 30, 2013
Investments [Abstract]	'
Investments	'
	NOTE 4. Investments
	During the nine months ended September 30, 2013, the Company’s Subsidiary has sold 10,004 shares of MacuCLEAR Preferred Stock for $12.00 per share to unrelated parties. In June 2013, the Company acquired 19,268 shares of common stock of MacuCLEAR, Inc. (“MacuCLEAR”) from the President of the Company and (See Note 7). As of September 30, 2013, the Company’s Subsidiary owns 97,982 shares of MacuCLEAR Preferred Stock and 19,268 shares of MacuCLEAR common stock. The Company’s Subsidiary is obligated to transfer 95,858 shares of MacuCLEAR common stock to the holders of the Subsidiary Preferred Stock upon redemption. With the acquisition of the 19,268 shares of common stock, the Company’s Subsidiary has 21,392 shares of MacuCLEAR Preferred Stock which are currently being marketed for capital reallocation as a current asset. The carrying value for the 21,392 shares of MacuCLEAR Preferred Stock being marketed receive Level 3 Fair Value Measurement under ASC 820 of $12.00 per share based on continuing sales by MacuCLEAR of new issues of Preferred Stock with the same designations. Due to the acquisition of the MacuCLEAR common stock in June 2013, the fair value of the Company’s direct holdings of MacuCLEAR Preferred Stock at $12.00 per share resulted in an asset valuation increase of $181,216 and a corresponding earnings adjustment to Subsidiary income. The 95,858 shares of MacuCLEAR common and Preferred Stock held beneficially are recorded at cost in the amount of $207,422.

Asset_Retirement_Obligation

Asset Retirement Obligation	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligation [Abstract]	'
Asset Retirement Obligation	'
	NOTE 5. Asset Retirement Obligation
	We have included estimated future costs of abandonment and dismantlement in our amortization base and amortize these costs as a component of our depreciation, depletion, and accretion expense. The Company incurred accretion expense of $260 based on the utilization of the assets acquired beginning in the fourth quarter of 2012. The Company has not increased the asset retirement obligation for the nine months ended September 30, 2013 due to only nominal impact.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Taxes [Abstract]	'
Income Taxes	'
	NOTE 6. Income Taxes
	The Company recognizes deferred tax assets and liabilities based on estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, future tax benefits, such as those from net operating loss carry forwards, are recognized to the extent that realization of such benefits is more likely than not. As of September 30, 2013, we have no unrecognized tax benefits and there were no significant changes to the calculation since December 31, 2012.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	NOTE 7. Related Party Transactions
	In January 2013, the Company repaid a promissory note to a stockholder in the principal amount of $10,000 plus interest expense of $178 and our Subsidiary paid $15,400 as a partial payoff of the amounts owed to SIG Partners, LC. During the second quarter, the Subsidiary purchased 19,268 shares of MacuCLEAR common stock from the President for $92,486. The Company entered into a promissory note for the total purchase price. The promissory note bears interest at 5% per annum and is due on or before December 31, 2013. The difference of $83,815 between the purchase price for the MacuCLEAR common stock and the President’s cost basis was applied as a reduction to our Subsidiary’s paid-in capital. During the current quarter, the Subsidiary made a payment of $30,850 to reduce the principal to $61,636.
	During 2013, our Subsidiary has paid $20,406 to SIG Partners, LC, as a reduction to the accrued liabilities related to the development of the oil and gas properties acquired in 2012 and 2010. During the current quarter, the Company has borrowed $24,860 from NR Partners to pay certain payables and our Subsidiary has made repayments of $23,250 to NR Partners to satisfy certain current and previous borrowings. For the nine months ended September 30, 2013, the Company has received net proceeds from related parties of $16,100 and made repayments of $73,298. NR Partners is a partnership comprised of the President and a director of the Company and SIG Partners, LC is an entity owned by the President of the Company. During September 2013, the Company borrowed $5,000 from a director under a promissory note due and payable on or before December 31, 2013.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	NOTE 8. Commitments and Contingencies
	None.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	NOTE 9. Subsequent Events
	We have evaluated events and transactions that occurred after the balance sheet date of September 30, 2013 and have determined that there is no event or transaction which has occurred that would require disclosure.

Description_of_Business_and_Si1

Description of Business and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Description of Business and Significant Accounting Policies [Abstract]	'
Consolidation Principles, Policy	'
	Consolidation Principles
	The consolidated financial statements of the Company included in this report have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary and include all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation. Intercompany balances and transactions have been eliminated in consolidation. Certain data in prior periods’ financial statements have been adjusted to conform to the presentation of the current period.
Estimates and Assumptions, Policy	'
	Estimates and Assumptions
	The preparation of financial statements in conformity US GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates. The accounting policies most affected by management’s estimates and assumptions are provisions for depreciation, depletion and amortization, estimates of proved reserves, impairment of long-lived assets based on estimates of future net cash flows, and asset retirement obligations based on estimates regarding timing and cost of future asset retirements.
Oil and Natural Gas Properties, Policy	'
	Oil and Natural Gas Properties
	The Company follows the full-cost method of accounting under which all costs associated with property acquisition, exploration and development activities are capitalized. We capitalize internal costs that can be directly identified with our acquisition, exploration and development activities and do not include any costs related to production, general corporate overhead or similar activities. Estimates of our proved reserves as of December 31, 2012 were prepared by a third party engineering firm and are incorporated herein from our report filed on Form 10-K for December 31, 2012 and may be reviewed therein.
	Proceeds from the sale of properties are accounted for as reductions of capitalized costs unless such sales involve a significant change in the relationship between costs and the value of proved reserves or the underlying value of unproved properties, in which case a gain or loss is recognized. The costs of unproved properties are excluded from amortization until the properties are evaluated. We review all of our unevaluated properties quarterly to determine whether or not and to what extent proved reserves have been assigned to the properties and otherwise if impairment has occurred. Unevaluated properties are grouped by major prospect area where individual property costs are not significant and are assessed individually when individual costs are significant. We review the carrying value of our properties under the full-cost accounting rules of the Securities and Exchange Commission on a quarterly basis. This quarterly review is referred to as a ceiling test. Under the ceiling test, capitalized costs, less accumulated amortization and related deferred income taxes, may not exceed an amount equal to the sum of the present value of estimated future net revenues (adjusted for hedges) less estimated future costs to be incurred in developing and producing the proved reserves, less any related income tax effects.
Valuation of Property and Equipment, Policy	'
	Valuation of Property and Equipment
	Our long-lived assets, including proved oil and natural gas properties and equipment, are assessed for potential impairment in their carrying values whenever events or changes in circumstances indicate such impairment may have occurred. Estimates of oil and natural gas reserves, by necessity, are projections based on geologic and engineering data, and there are uncertainties inherent in the interpretation of such data as well as the projection of future rates of production and the timing of development expenditures. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that are difficult to measure.
	Estimates of economically recoverable oil and natural gas reserves and future net cash flows necessarily depend upon a number of variable factors and assumptions, such as historical production from the area compared with production from other producing areas, the assumed effects of regulations by governmental agencies and assumptions governing future oil and natural gas prices, future operating costs, severance taxes, development costs and workover costs, all of which may in fact vary considerably from actual results. For these reasons, estimates of the economically recoverable quantities of oil and natural gas attributable to any particular group of properties may vary substantially. Furniture and equipment are stated at cost.
	Depreciation and depletion of producing oil and natural gas properties are calculated using the units-of-production method. Proved developed reserves are used to compute unit rates for unamortized tangible and intangible development costs, and proved reserves are used for unamortized leasehold costs. Gains and losses on disposals or retirements that are significant or include an entire depreciable or depletable property unit are included in operating income. Depreciation of furniture, fixtures and equipment, consisting of office furniture, computer hardware and software and leasehold improvements is computed using the straight-line method over their estimated useful lives, which vary from three to five years.
Revenue Recognition, Policy	'
	Revenue Recognition
	Oil and natural gas revenues are recognized when production is sold to a purchaser at a fixed or determinable price, when delivery has occurred and title has transferred, and if collectability of the revenue is probable. Revenues from the production of crude oil and natural gas properties in which we have an interest with other producers are recognized using the entitlements method. Differences between actual production and net working interest volumes are routinely adjusted.
Asset Retirement Obligation, Policy	'
	Asset Retirement Obligation
	Our asset retirement obligation primarily represents the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives, in accordance with federal, state and local laws. We account for asset retirement obligations based on the guidance of ASC No. 410, “Asset Retirement and Environmental Obligations” (“ASC 410”), which addresses the required accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. ASC 410 requires that the fair value of an asset’s retirement obligation be recorded as a liability in the period in which it is incurred and the corresponding cost capitalized by increasing the carrying amount of the related long-lived asset. Periodic accretion of the discount of the estimated liability is treated as accretion expense included in depreciation, depletion and amortization on our Consolidated Statements of Operations.
Income Taxes, Policy	'
	Income Taxes
	We utilize the asset and liability method to account for income taxes. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured currently enacted tax rates expected to apply to taxable income in the years in which those differences are expected to reverse.
Shared-Based Compensation, Policy	'
	Share-Based Compensation
	We account for equity based compensation under the provisions of ASC No. 718, “Compensation - Stock Compensation” (“ASC 718”). ASC 718 requires the recognition of the fair value of equity-based compensation in operations. The fair value of our stock option awards are estimated using a Black-Scholes option valuation model. This model requires the input of subjective assumptions and elections including expected stock price volatility and the estimated life of each award. In addition, the calculation of equity-based compensation costs requires that we estimate the number of awards that will be forfeited during the vesting period. The fair value of equity-based awards is amortized over the vesting period of the award and we elected to use the straight-line method for awards granted after the adoption of ASC 718 with no forfeitures.
Fair Value Measurements, Policy	'
	Fair Value Measurements
	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, whether in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. In accordance with the requirements of ASC No. 820, “Fair Value Measurements and Disclosures” (“ASC 820”), the Company calculates the fair value of its assets and liabilities which qualify as financial instruments under ASC 820 and includes this additional information in the notes to the financial statements when the fair value is different than the carrying value of those financial instruments. The estimated fair value of cash and accounts payable approximate their carrying value due to the short term nature of these instruments. The carrying value of the notes payable also approximate fair value based on the terms of these instruments. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows:
		•	Level 1 Inputs—unadjusted quoted market prices in active markets for identical assets or liabilities. Included in this level are our notes payable;
		•	Level 2 Inputs—quotes which are derived principally from or corroborated by observable market data. Included in this level are interest rate information and commodity pricing data obtained from third party pricing sources and our creditworthiness; and
		•	Level 3 Inputs—unobservable inputs for the asset or liability, such as discounted cash flow models or valuations, based on the Company’s various assumptions and future commodity prices. Included in this level is the carrying value of our investment in MacuCLEAR Preferred Stock (see Note 4).  None of our investments are held for trading purposes.
Other Accounting Policies, Policy	'
	Other Accounting Policies
	The remaining significant accounting policies of the Company are described in Note 2 to the consolidated financial statements of the 2012 Form 10-K. In management’s opinion, the accounting policies and estimates presented in the 2012 Form 10-K have not changed and therefore the unaudited consolidated financial statements herein should be read in conjunction with the Company’s audited financial statements on Form 10-K for the year ended December 31, 2012, which was previously filed with the Securities and Exchange Commission. There were other accounting standards and interpretations issued in 2012 and 2013, all of which have been determined to not be applicable or significant by management and are not expected to have a material impact on the financial position of the Company.

Description_of_Business_and_Si2

Description of Business and Significant Accounting Policies (Narrative) (Details)	9 Months Ended
	Sep. 30, 2013
Description of Business and Significant Accounting Policies [Abstract]	'
Date of incorporation (Date)	18-Jan-80
Minimum [Member]	'
Property Plant and Equipment [Line Items]	'
Estimated useful lives of property, plant and equipment excluding oil and natual gas properties	'3 years
Maximum [Member]	'
Property Plant and Equipment [Line Items]	'
Estimated useful lives of property, plant and equipment excluding oil and natual gas properties	'5 years

ShareBased_Compensation_Narrat

Share-Based Compensation (Narrative) (Details) (USD $)	0 Months Ended
	Oct. 03, 2012	Sep. 30, 2013	Oct. 01, 2012
Share-Based Compensation [Abstract]	'	'	'
Restricted common shares granted for consulting services (in Shares)	500,000	'	'
Advance for expenses under consulting agreement	'	($2,950)	$2,950

Investments_Narrative_Details

Investments (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Investments [Abstract]	'
Shares of cost method investee common stock sold by subsidiary in (Shares)	10,004
Sale of cost method investee common stock, price per share (in Dollars per Share)	$12
Shares of cost method investee common stock acquired by subsidiary (in Shares)	19,268
Total cost method investee preferred stock owned by subsidiary (in Shares)	97,982
Total cost method investee common stock owned by subsidiary (in Shares)	19,268
Subsidiary obligation to transfer cost method investee common shares to subsidiary preferred share holders upon redemption (in Shares)	95,858
Number of shares of subsidiary owned cost method investee common stock affecting number of subsidiary owned cost method investee preferred stock (in Shares)	19,268
Number of shares of subsidiary owned cost method investee common stock being marketed for capital reallocation as a current asset (in Shares)	21,392
Number of shares of subsidiary owned cost method investee preferred stock receiving Level 3 fair value measurement treatment (in Shares)	21,392
Fair value per share of subsidiary owned cost method investee preferred stock receiving Level 3 fair value measurement treatment (in Dollars per Share)	$12
Gain from fair value measurement of subsidairy owned cost method investee preferred stock	$181,216
Shares of subsidiary owned cost method investee common and preferred stock held beneficially (in Shares)	95,858
Subsidiary cost method investee common and preferred stock owned, fair value	$207,422

Asset_Retirement_Obligation_Na

Asset Retirement Obligation (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Asset Retirement Obligation [Abstract]	'
Asset retirement obligation, accretion expense	$260

Income_Taxes_Narrative_Details

Income Taxes (Narrative) (Details) (USD $)	Sep. 30, 2013
Income Taxes [Abstract]	'
Unrecognized tax benefits	$0
Significant change in unrecognized tax benefits	$0

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	9 Months Ended			1 Months Ended		9 Months Ended	3 Months Ended			9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013	Jan. 31, 2013	Sep. 30, 2013	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
				Stockholder [Member]	President Owned Entity SIG Partners [Member]	President Owned Entity SIG Partners [Member]	President [Member]	President [Member]	President Controlled NR Partners [Member]	Director [Member]
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'
Repayment of note payable - stockholder	$10,000	'	'	$10,000	'	'	'	'	'	'
Payment of interest to related party	'	'	'	178	'	'	'	'	'	'
Payment to reduce related party accrued liabilities	'	'	'	'	15,400	'	'	'	'	'
Subsidiary acquisition of cost method investee common stock from related party (in Shares)	'	'	'	'	'	'	'	19,268	'	'
Subsidiary acquisition of cost method investee common stock from related party, note issued for purchase	'	'	'	'	'	'	'	92,486	'	'
Subsidiary acquisition of cost method investee common stock from related party, note interest rate (in Percent)	'	'	'	'	'	'	'	5.00%	'	'
Related party debt instrument maturity date (in Date)	'	'	'	'	'	'	'	31-Dec-13	'	31-Dec-13
Adjustment to additional paid in capital for difference between purchase price of cost method investee common stock and related party's cost basis	'	'	'	'	'	'	'	83,815	'	'
Repayment of notes payable - related party	73,298	33,650	'	'	'	'	30,850	'	24,860	'
Notes payable - related parties	66,636	'	31,348	'	'	'	61,636	'	'	5,000
Subsidiary payment to related party as a reduction to accrued liabiities related to the development of oil and natural gas properties acquired in 2012 and 2010	'	'	'	'	'	20,406	'	'	'	'
Subsidiary repayment of related party debt	'	'	'	'	'	'	'	'	23,250	'
Proceeds from note payable - related party	$16,100	'	'	'	'	'	'	'	'	'