American Noble Gas (AMNI) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	13-May-15
Document And Entity Information
Entity Registrant Name	INFINITY ENERGY RESOURCES, INC
Entity Central Index Key	822746
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		26,866,938
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Balance_Sheets_Unaudited

Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$3,087	$13,664
Prepaid expenses	76,461	23,046
Total current assets	79,548	36,710
Oil and gas properties, using full cost accounting, net of accumulated depreciation, depletion, amortization and ceiling write-down: Unproved	9,641,991	9,628,098
Total assets	9,721,539	9,664,808
Current liabilities:
Accounts payable	5,861,093	5,960,225
Accrued liabilities (including $793,112 due to related party at March 31, 2015 and $788,520 at December 31, 2014)	2,489,119	2,484,238
Income tax liability	150,000	150,000
Accrued interest and fees - bank and other	362,417	341,748
Asset retirement obligations	1,716,003	1,716,003
Derivative liabilities	164,060	701,214
Line-of-credit with related party	46,225	33,807
Notes payable-short term, net of discounts of $2,959 and $284,245 at March 31, 2015 and December 31, 2014, respectively	1,147,041	1,340,755
Total current liabilities	11,935,958	12,727,990
Redeemable, convertible preferred stock, par value $.0001, 6% cumulative dividend, authorized 10,000,000 shares:
Total redeemable convertible preferred stock
Stockholders' deficit:
Common stock, par value $.0001, authorized 75,000,000 shares, issued and outstanding 26,666,938 and 25,559,678 shares at March 31, 2015 and December 31, 2014, respectively	2,667	2,556
Additional paid-in capital	108,389,665	107,239,985
Accumulated deficit	-110,606,751	-110,305,723
Total stockholders' deficit	-2,214,419	-3,063,182
Total liabilities and stockholders' deficit	9,721,539	9,664,808
Series A Redeemable Convertible Preferred Stock [Member]
Redeemable, convertible preferred stock, par value $.0001, 6% cumulative dividend, authorized 10,000,000 shares:
Series A, -0- shares issued and outstanding at March 31, 2015 and December 31, 2014
Series B, -0- shares issued and outstanding at March 31, 2015 and December 31, 2014
Total redeemable convertible preferred stock
Series B Redeemable Convertible Preferred Stock [Member]
Redeemable, convertible preferred stock, par value $.0001, 6% cumulative dividend, authorized 10,000,000 shares:
Series A, -0- shares issued and outstanding at March 31, 2015 and December 31, 2014
Series B, -0- shares issued and outstanding at March 31, 2015 and December 31, 2014
Total redeemable convertible preferred stock

Balance_Sheets_Unaudited_Paren

Balance Sheets (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Due to related party	$793,112	$788,520
Short term note payable, net of discount	$2,959	$284,245
Redeemable, convertible preferred stock, par value	$0.00	$0.00
Redeemable, convertible preferred stock, authorized	10,000,000	10,000,000
Common stock, par value	$0.00	$0.00
Common stock, authorized	75,000,000	75,000,000
Common stock, issued	26,666,938	25,559,678
Common stock, outstanding	26,666,938	25,559,678
Series A Redeemable Convertible Preferred Stock [Member]
Convertible preferred stock par value	$0.00	$0.00
Convertible preferred stock, shares authorized	10,000,000	10,000,000
Cumulative dividends	6.00%	6.00%
Redeemable, convertible Preferred stock, issued
Redeemable, convertible Preferred stock, outstanding
Series B Redeemable Convertible Preferred Stock [Member]
Convertible preferred stock par value	$0.00	$0.00
Convertible preferred stock, shares authorized	10,000,000	10,000,000
Cumulative dividends	6.00%	6.00%
Redeemable, convertible Preferred stock, issued
Redeemable, convertible Preferred stock, outstanding

Statement_of_Operations_Unaudi

Statement of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating expenses:
Stock-based compensation	$58,360	$559,962
General and administrative expenses	105,869	141,375
Total operating expenses	164,229	701,337
Operating loss	-164,229	-701,337
Other income (expense):
Interest expense	-573,083	-1,246,134
Change in derivative fair value	265,267	-15,126
Other income	171,017	72,835
Total other income (expense)	-136,799	-1,188,425
Loss before income taxes	-301,028	-1,889,762
Income tax expense (benefit)
Net loss	-301,028	-1,889,762
Accrual of 6% dividend payable on Series A and B redeemable, convertible preferred stock		-25,527
Loss applicable to common shareholders	($301,028)	($1,915,289)
Basic and diluted net loss per share:
Basic	($0.01)	($0.08)
Diluted	($0.01)	($0.08)
Weighted average shares outstanding - basic and diluted	25,910,521	25,185,678

Statement_of_Operations_Parent

Statement of Operations (Parenthetical)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Percentage of convertible preferred stock dividends payable	6.00%	6.00%

Statement_of_Changes_in_Stockh

Statement of Changes in Stockholders' Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2014	$2,556	$107,239,985	($110,305,723)	($3,063,182)
Balance, shares at Dec. 31, 2014	25,559,678
Stock based compensation		58,360		58,360
Common stock purchase warrants issued for debt issuance costs		207,952		207,952
Transition of derivative warrant liability to equity		329,849		329,849
Conversion of line-of-credit to common stock	10	49,990		50,000
Conversion of line-of-credit to common stock, shares	100,000			100,000
Conversion of note payables and accrued interest to common stock	101	503,529		503,630
Conversion of note payables and accrued interest to common stock, shares	1,007,260
Net loss			-301,028	-301,028
Balance at Mar. 31, 2015	$2,667	$108,389,665	($110,606,751)	($2,214,419)
Balance, shares at Mar. 31, 2015	26,666,938

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($301,028)	($1,889,762)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	58,360	559,962
Change in fair value of derivative liability	-265,267	15,126
Amortization of debt discount	523,784	1,202,516
Change in operating assets and liabilities:
Decrease in prepaid expenses	-30,000
Increase (decrease) in accounts payable and accrued liabilities	-44,952	73,311
Net cash used in operating activities	-59,103	-38,847
Cash flows from investing activities:
Investment in oil and gas properties	-13,893	-14,999
Net cash used in investing activities	-13,893	-14,999
Cash flows from financing activities:
Proceeds from debt and subordinated note payable		135,000
Net borrowings (repayments) on line-of-credit	62,418	-76,172
Net cash provided by financing activities	62,418	58,828
Net increase (decrease) in cash and cash equivalents	-10,578	4,982
Cash and cash equivalents:
Beginning	13,664	74
End	3,087	5,056
Supplemental cash flow information:
Cash paid for interest
Cash paid for taxes
Supplemental noncash disclosures:
Conversion of note and accrued interest to common stock	503,630
Conversion of line-of-credit to common stock	50,000
Discount from warrant derivative issued in connection with notes payable	57,961	180,825
Issuance of common stock purchase warrants for debt issuance costs	207,952	365,507
Series B Preferred shares and related accrued dividends satisfied by issuance of common shares		1,681,749
Transition of derivative liability to equity	329,849
Preferred dividends accrued		$25,527

Nature_of_Operations_Basis_of_

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies	Note 1 — Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies
	Unaudited Interim Financial Information
	Infinity Energy Resources, Inc. (collectively, “we,” “ours,” “us,” “Infinity” or the “Company”) has prepared the accompanying financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These financial statements are unaudited and, in our opinion, include all adjustments consisting of normal recurring adjustments and accruals necessary for a fair presentation of our balance sheets, statements of operations, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for 2015 due to various factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These financial statements should be read in conjunction with the audited financial statements and accompanying notes in Item 8, “Financial Statements and Supplementary Data,” of our Annual Report on Form 10-K, filed with the SEC.
	Nature of Operations
	The Company is engaged in the exploration of potential oil and gas resources in the Perlas and Tyra concession blocks offshore Nicaragua in the Caribbean Sea (the “Nicaraguan Concessions” or “Concessions”) which contains a total of approximately 1.4 million acres. The Company sold its wholly-owned subsidiary Infinity Oil and Gas of Texas, Inc. in 2012 and its wholly-owned subsidiary, Infinity Oil and Gas of Wyoming, Inc., was dissolved in 2009.
	The Company has been actively pursuing exploration and development of the Nicaraguan Concessions, which represents its principal asset and only exploration and development project. On March 5, 2009 Infinity signed the contracts relating to its Nicaraguan Concessions. Infinity has been conducting activities to develop geological information from the processing and evaluation of newly acquired and existing 2-D and 3-D seismic data that was acquired for the Nicaraguan Concessions. The Company has progressed to a stage on the Nicaraguan Concessions that it has identified multiple sites for exploratory drilling and is planning the initial exploratory wells in order to determine the existence of commercial hydrocarbon reserves, subject to receipt from the Nicaraguan government of authorizations for the drilling of up to five wells. In order to meet its obligations under the Perlas Block of the Nicaraguan Concession, the Company has until May 2016 to drill its initial exploratory well or risk being in default and potentially losing its rights under the Nicaraguan Concessions. In that regard, Infinity is seeking capital from various sources to continue the geological and exploration activities of the Nicaraguan Concessions. It is seeking offers from industry operators and other third parties for interests in the acreage in the Nicaraguan Concessions in exchange for cash and a carried interest in exploration and development operations or other joint venture arrangement.
	Basis of Presentation
	The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States.
	Going Concern
	As reflected in the accompanying statements of operations, the Company has had a history of losses. In addition, the Company has a significant working capital deficit and is currently experiencing substantial liquidity issues.
	The Company has relied on raising outside debt and equity capital in recent years in order to fund its ongoing maintenance/expenditure obligations under the Nicaraguan Concession, for its day-to-day operations and its corporate overhead since it has generated no operating revenues in recent history.
	Currently, the Company is in technical default of the Nicaraguan Concession as it has not provided the required letters of credit to the Nicaraguan Government, which total $1,356,227 for the Perlas block and $278,450 for the Tyra block. In addition, the Company was delinquent in the payment of approximately $155,500 in annual maintenance payments required by the Nicaraguan Concession, but it made such payments in early May 2015. The Company is in negotiations with the Nicaraguan Government and its lenders to renew the letters of credit, although there is no assurance that it will be successful in that regard. The Company must raise substantial amounts of debt and equity capital in the immediate future in order to fund: (1) the required letters of credit to the Nicaraguan Government; (2) the drilling of at least one exploratory well on the Perlas Block of the Nicaraguan Concessions prior to May 2016; (3) the payment of normal day-to-day operations and corporate overhead and (4) the payment of outstanding debt and other financial obligations as they become due. These are substantial operational and financial issues that must be successfully mitigated during 2015 or the Company’s ability to satisfy the conditions necessary to maintain its Nicaragua Concessions will be in significant doubt. The Company is actively seeking new outside sources of debt and equity capital in order fund the substantial needs enumerated above, however, there can be no assurance that we will be able to obtain such capital or obtain it on favorable terms or within the timeframe necessary to cure the technical defaults existing on the Nicaraguan Concessions or to meet its ongoing requirements relative to drilling the exploratory wells. Refer to Note 10 - “Subsequent Events” for recent developments regarding these matters.
	Due to the uncertainties related to these matters, there exists substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.
	Management Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates with regard to the financial statements include the estimated carrying value of unproved properties, the estimated fair value of derivative liabilities, stock-based awards and overriding royalty interests, and the realization of deferred tax assets.
	Fair Value of Financial Instruments
	The carrying values of the Company’s accounts receivable, accounts payable and accrued liabilities and short term notes represent the estimated fair value due to the short-term nature of the accounts.
	The carrying value of the Company’s debt under its line-of-credit with related party represents its estimated fair value due to its short-term nature, its rate of interest, associated fees and expenses and initially recorded discount.
	In accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC 820”), the Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities or a group of assets or liabilities, such as a business.
	ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
		●	Level 1 — Quoted prices in active markets for identical assets and liabilities.
		●	Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities).
		●	Level 3 — Significant unobservable inputs (including the Company’s own assumptions in determining the fair value.
	The estimated fair value of the Company’s derivative liabilities, all of which are related to detachable warrants issued and the conversion feature granted in connection with notes payable, were estimated using a closed-ended option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Company’s common stock, interest rates, the probability of both the downward adjustment of the exercise price and the upward adjustment to the number of warrants as provided by the warrant agreement terms and non-performance risk factors, among other items . The fair values for the warrant derivatives as of March 31, 2015 and December 31, 2014 were classified under the fair value hierarchy as Level 3.
	The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:
	31-Mar-15		Level 1		Level 2		Level 3		Total
	Liabilities
	Derivative liabilities		$	-	$	-	$	164,060	$	164,060
	31-Dec-14			Level 1		Level 2		Level 3		Total
	Liabilities
	Derivative liabilities		$	-	$	-	$	701,214	$	701,214
	There were no changes in valuation techniques or reclassifications of fair value measurements between Levels 1, 2 or 3 during the three months ended March 31, 2015 and 2014.
	Reclassifications
	Certain amounts in the prior period were reclassified to conform with the current period’s financial statement presentation. These reclassifications had no effect on previously reported net loss or accumulated deficit.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Debt	Note 2 – Debt
	Debt consists of the following at March 31, 2015 and December 31, 2014:
			31-Mar-15		December 31, 2014
	Line-of-credit with related party		$	46,225	$	33,807
	Notes payable, short term:
	Note payable, net of unamortized discount of $2,959 and $41,011, of March 31, 2015 and December 31, 2014		$	1,047,041	$	1,008,989
	Note payable, net of unamortized discount of $-0- and $822, as of March 31, 2015 and December 31, 2014, respectively			-		24,178
	Note payable, net of unamortized discount of $-0- and $27,712, as of March, 2015 and December 31, 2014, respectively			-		72,288
	Notes payable, net of unamortized discount of $-0- and $175,248, as of March, 2015 and December 31, 2014, respectively			100,000		124,752
	Notes payable, net of unamortized discount of $-0- and $39,452, as of March, 2015 and December 31, 2014, respectively			-		110,548
	Total notes payable, short-term		$	1,147,041	$	1,340,755
	Line-of-Credit with Related Party
	The Company entered into a line-of-credit facility on September 23, 2013 that provides it with borrowing capacity on a revolving basis up to a maximum of $50,000, which was increased to $100,000 at March 31, 2015 with an initial maturity of November 23, 2013. The entity providing the credit facility is owned by an officer of another corporation for which Infinity’s president and chairman of the board serves as president and chairman of the board. The facility is unsecured, bears interest at 8% per annum, and was renewed at its maturity in January 2014, April 2014 and February 2015. Its current maturity date is May 28, 2015. In consideration for the origination of the line of credit facility and the various renewals, the Company granted the lender common stock purchase warrants exercisable to purchase an aggregate of 450,000 shares of common stock at an exercise price of $1.50 per share (as amended on January 23, 2014), which warrants were immediately exercisable and expired on various dates from September 23, 2018 to October 23, 2019 (as amended). The parties agreed as a condition to the renewal of the facility in January 2014 that all warrants would be extended to a five-year term and the exercise price reduced to $1.50 per share. The Company estimated the fair value of the warrants at $60,290 as of the original grant date in 2013, which amount was recorded as debt issuance costs and classified in prepaid expenses in the accompanying balance sheets. The Company estimated the fair value of the new warrants exercisable to purchase 400,000 shares issued to extend the facility during 2014 and the increased value of the amended warrants to be $603,966, which has been recorded as additional debt issuance costs and classified in prepaid expenses in the accompanying balance sheets.
	Such debt issuance costs are amortized ratably over the term of the credit facility and each respective extension. During the year ended December 31, 2014, a total of $641,210 of debt issuance costs were amortized to interest expense and the remaining unamortized balance was $23,046 as of December 31, 2014.
	On February 28, 2015, the line-of-credit facility matured and the Company was unable to repay the principal and interest. The Company negotiated an extension to May 28, 2015 and granted the lender common stock purchase warrants exercisable to purchase an aggregate of 100,000 shares of common stock at an exercise price of $0.50 per share, which warrants were immediately exercisable and expire on February 28, 2020. The parties agreed as a condition to the renewal of the facility in February 2015 that all previously issued warrants to the lender totaling 890,625 shares would be extended to a five-year term and the exercise price reduced to $0.50 per share. The total value of the 100,000 newly issued warrants totaled $28,507 which is being amortized over the extension period. The increased value of the amended warrants totaled $149,517 which was immediately expensed.
	On March 26, 2015, the Company negotiated an additional amendment to the line-of-credit facility, which increased the maximum amount from $50,000 to $100,000. In consideration, the Company granted the lender common stock purchase warrants exercisable to purchase an aggregate of 100,000 shares of common stock at an exercise price of $0.50 per share, which warrants were immediately exercisable and expire on March 26, 2020. The parties agreed as a condition to the amendment of the facility on March 26, 2015 that the line-of-credit will become convertible to common stock at an exchange rate of $0.50 per share. The total value of the 100,000 newly issued warrants totaled $30,288 which is being amortized over the extension period.
	Such debt issuance costs are amortized ratably over the extended term of the credit facility. During the three months ended March 31, 2015 and 2014, a total of $182,133 and $365,452 of debt issuance costs were amortized (including amounts immediately expensed) to interest expense and the remaining unamortized balance was $48,865 as of March 31, 2015.
	On March 31, 2015, the Lender exercised its right to convert a portion of the outstanding line-of-credit principal balances totaling $50,000 into a total of 100,000 shares of common stock at an exchange rate of $0.50 per share.
	Note Payable – Short-term
	On December 27, 2013 the Company borrowed $1,050,000 under an unsecured credit facility with a private, third-party lender. The facility is represented by a promissory note (the “Note”) with an original maturity date of March 12, 2014. The Company and the lender agreed to extend the maturity date of the Note to dates in May and December 2014 and finally to April 7, 2015 (the “New Maturity Date”). All other terms of the Note remain the same.
	In connection with one of the extensions of the Note, the Company agreed to enter into a definitive revenue sharing agreement with the lender to grant the lender under the revenue sharing agreement an irrevocable right to receive a monthly payment equal to one half of one percent (1/2%) of the gross revenue derived from the share of all hydrocarbons produced at the wellhead from the Nicaraguan Concessions and any other oil and gas concessions that the Company and its affiliates may acquire in the future. This percent increased to one percent (1%) when the Company did not pay the Note in full by August 7, 2014. Therefore, the revenue sharing agreement is fixed at one percent (1%). The Company paid no other consideration in connection with the extensions of the Note, but paid the legal expenses of the lender related to the extensions of $25,000. The Note may be prepaid without penalty at any time. The Note is subordinated to all existing and future senior indebtedness, as such terms are defined in the Note.
	The value of the one percent (1.0%) definitive revenue sharing agreement granted to the lender as consideration for the extension of the maturity date to December 7, 2014 was estimated to be $964,738. Such amount has been reflected as a reduction of oil and gas properties and as a discount on the renewed note payable and will be amortized ratably over the extended term of the note.
	In connection with its loan, the Company granted the lender a Warrant exercisable to purchase 1,000,000 shares of its common stock at an exercise price of $1.50 per share. In connection with the extension to the New Maturity Date, the parties amended the date for exercise of the Warrant to be a period commencing April 7, 2015 and expiring on the third anniversary of such date and the exercise price was reduced to $1.00 per share. The Company issued no additional warrants to the lender in connection with the extension of the Note to the New Maturity Date. If the Company fails to pay the Note on or before its New Maturity Date, the number of shares issuable under the Warrant increases to 13,333,333 and the exercise price drops to $0.075 per share. All other terms of the Warrant remain the same. The Warrant has been treated as a derivative liability whereby the value of Warrant is estimated at the date of grant and recorded as a derivative liability and as a discount on the note payable. The warrant liability is revalued to fair value at each reporting date with the corresponding income (loss) reflected in the statement of operations as change in derivative liability. The discount is amortized ratably through the original maturity date and each of the extended maturity dates.
	The total discount recorded as of the December 27, 2013 origination date of the note was $890,103. The total additional discount recorded in 2014 as a result of the amendments to the Note terms and extensions of the maturity date totaled $1,048,507. Discount amortization expense aggregated $38,052 and $800,554 for the three months ended March 31, 2015 and 2014, respectively and the remaining unamortized discount was $2,959 and $41,011 as of March 31, 2015 and December 31, 2014, respectively.
	Other than the Note described above, during the three months ended March 31, 2015 the Company had short-term notes outstanding with entities or individuals as follows:
		●	On January 7, 2014 it borrowed a total of $25,000 from an individual under a convertible note with a conversion price of $1.50 per share. The term of the note was for one year and it bears interest at 8% per annum. In connection with the loan, the Company issued the lender a warrant exercisable to purchase 25,000 shares of common stock at $1.50 per share for a term of five years from the date of the note. The terms of the note and warrant provide that if the note and interest are not paid in full by its maturity date, the conversion price of the note and exercise price of the warrant automatically reduce to $0.50 per share. The ratchet provision in the note conversion and warrant exercise price require that these be accounted for as derivative liabilities. The Company recorded the estimated fair value of the conversion feature and warrants totaling $37,323 as discounts on note payable and as a derivative liability in the same amount, as of the date of the note. On January 7, 2015, the Company and the holder agreed to extend the maturity date of the note to February 28, 2015 and in consideration the Company granted it an additional 25,000 warrants with an exercise price of $0.50 per share with a January 7, 2020 expiration date. The parties agreed as a condition to the renewal of the facility in January 2015 that all previously issued warrants to the lender totaling 150,000 shares would be extended to a five-year term and the exercise price reduced to $0.50 per share. The value of the newly issued warrants and the increased value of the amended warrants totaled $57,961 which was amortized over the extension terms. Interest expense for the three months ended March 31, 2015 and 2014 includes discount amortization in the amount of $58,783 and $18,008, respectively, and as of March 31, 2015 and December 31, 2014, the remaining unamortized discount was $-0- and $822, respectively.
			On February 28, 2015, the holder exercised its right to convert the full principal balance of $25,000 and accrued interest totaling $2,285 into 54,570 shares of common stock at an exchange rate of $0.50 per share. The Company paid the holder a fee of $2,729 in connection with the conversion of the note into common stock.
		●	On March 31, 2014 it borrowed a total of $100,000 from an entity under a convertible note with a conversion price of $1.50 per share. The term of the note was for a period of 180 days and it bears interest at 8% per annum. In connection with the loan, the Company issued the lender a warrant exercisable to purchase of 100,000 shares of common stock at $1.50 per share for a term of five years from the date of the note. On September 30, 2014, the parties agreed to extend the maturity date of the note to February 28, 2015, for which the Company granted an additional warrant exercisable to purchase 100,000 shares of common stock at an exercise price of $1.00 per share for a five-year term and reduced the exercise price of the previously issued warrants to $1.00 per share. The terms of the note and warrant provide that if the note and interest are not be paid in full by its maturity date, the conversion price of the note and the exercise price of the warrant automatically reduce to $0.50 per share. The ratchet provision in the note conversion and warrant exercise price required that the conversion feature and warrants be accounted for as derivative liabilities. The Company recorded the estimated fair value of the conversion feature and warrants totaling $143,502 as a discount on note payable and as a derivative liability in the same amount, on the origination date of the note. In addition, the fair value of the new warrants issued and changes to previously issued warrants at the date of the extension was estimated at $70,924, which was also recorded as a discount on the note and a derivative liability. The Company amortizes the discount to interest ratably over the term of the note. Interest expense for the three months ended March 31, 2015 and 2014, respectively, includes discount amortization in the amount of $27,712 and $43,502, respectively, and as of March 31, 2015 and December 31, 2014, the remaining unamortized discount was $-0- and $27,712.
			On February 28, 2015, the holder exercised its right to convert the full principal balance of $100,000 and accrued interest totaling $9,260 into 218,520 shares of common stock at an exchange rate of $0.50 per share. The parties agreed as a condition to the conversion in February 2015 that all previously issued warrants to the lender totaling 200,000 shares would be extended to a five-year term and the exercise price reduced to $0.50 per share. The value of the warrant derivative was increased to the estimated value of $55,942 representing the amended terms of the previously issued warrants. The Company paid the holder a fee of $10,926 in connection with the conversion of the note into common stock.
		●	On April 4, 2014 and June 7, 2014 it borrowed a total of $250,000 from an entity under two convertible notes payable with a conversion price of $1.50 per share. The original terms of the April 4, 2014 and June 7, 2014 notes were for a period of 180 days and bore interest at 8% per annum. On November 19, 2014 it borrowed an additional $50,000 and renewed the previously notes to mature on February 28, 2015 and bearing interest at 8% per annum. In connection with the loans the Company issued the entity a warrant excisable to purchase 250,000 shares of common stock at $1.50 per share for a term of five years from the date of the notes. On November 19, 2014, the Company granted an additional 350,000 warrants with an exercise price of $1.00 per share and a five-year term and reduced the existing 250,000 warrants exercise price to $1.00 per share. The terms of the notes and warrants provide that if the notes and interest are not be paid in full by their respective maturity dates, the conversion price of the notes and the exercise price of the warrants automatically reduce to $0.50 per share. The ratchet provision contained in the note conversion and warrant exercise price required that these be accounted for as derivative liabilities. The Company recorded the estimated fair value of the conversion feature and warrants totaling $278,585 as a discount on note payable and as a derivative liability in the same amount, as of the date of the respective notes. In addition, the fair value of the new warrants issued and changes to previously issued warrants at the date of the extension was estimated at $436,366 which was also recorded as a discount on the note and a derivative liability. The Company amortizes the discount to interest ratably over the term of the note. Interest expense for the three months ended March 31, 2015 and 2014 includes discount amortization in the amount of $175,248 and $--0- and as of March 31, 2015, and December 31, 2014, the remaining unamortized discount was $-0- and $175,248, respectively.
			On February 28, 2015, the holder exercised its right to convert the partial principal balance of $200,000 and accrued interest totaling $17,085 into 317,490 shares of common stock at an exchange rate of $0.50 per share. The parties agreed that the remaining $100,000 principal balance will be paid in cash upon the Company closing on a new outside financing transaction. The parties agreed as a condition to the conversion and the repayment of the $100,000 remaining principal balance on the note in February 2015 that all previously issued warrants to the lender totaling 600,000 shares would be extended to a five-year term and the exercise price reduced to $0.50 per share. The value of the warrant derivative was increased to the estimated value of $152,751 representing the amended terms of the previously issued warrants. The Company paid the holder a fee of $21,709 in connection with the conversion of the note into common stock.
		●	On April 14, 2014 it borrowed a total of $100,000 from an entity under a convertible note payable with the conversion rate of $1.50 per share. The term of the note was for a period of 180 days and bore interest at 8% per annum. In connection with the loan, the Company issued the entity a warrant for the purchase of 100,000 shares of common stock at $1.50 per share for a period of five years from the date of the note. On October 2, 2014 it borrowed an additional $50,000 from this entity under a convertible notes payable with the conversion rate of $1.00 per share and extended the term of the original note payable to a maturity date of February 28, 2015. In connection with the issuance of the $50,000 note and the extension of the $100,000 note the Company issued 150,000 new warrants to acquire common stock at $1.00 per share for a term of five years and the reduction in exercise price of the original 100,000 warrants from $1.50 per share to $1.00 per share. The terms of the note and warrant provide that should the note and interest not be paid in full by its maturity date, the conversion price of the note and exercise price of the warrants automatically reduce to $0.50 per share. The ratchet provision in the note conversion and warrant exercise price required that these be accounted for as derivative liabilities. The Company recorded the estimated fair value of the conversion feature and warrants totaling $200,120 as a discount on note payable and as a derivative liability in the same amount, as of the date of the respective notes and the subsequent extension. Interest expense for the three months ended March 31, 2015 and 2014 includes discount amortization in the amount of $39,452 and $-0- and as of March 31, 2015 and December 31, 2014, the remaining unamortized discount was $-0- and $39,452, respectively.
			On February 28, 2015, the holder exercised its right to convert the full principal balance of $150,000 into 300,000 shares of common stock at an exchange rate of $0.50 per share. The parties agreed as a condition to the conversion in February 2015 that all previously issued warrants to the lender totaling 350,000 shares would be extended to a five-year term and the exercise price reduced to $0.50 per share. The value of the warrant derivative was increased to the estimated value of $71,268 representing the amended terms of the previously issued warrants. The Company paid the holder a fee of $15,000 in connection with the conversion of the note into common stock.

Common_Stock

Common Stock	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Common Stock	Note 3 – Common Stock
	On February 28, 2015, the Company issued a total of 1,007,260 shares of common stock to holders in exchange for notes payable with a principal balances aggregating $475,000 and accrued interest totaling $28,630. The note holders had exercised their conversion rights at an exchange rate of $0.50 per share.
	On March 31, 2015, the Company issued a total of 100,000 shares of common stock to the holder of the line-of-credit in exchange for a partial principal balance of $50,000. The lender had exercised their conversion right at an exchange rate of $0.50 per share.

Stock_Options

Stock Options	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options	Note 4 – Stock Options
	The Company applies ASC 718, Stock Compensation, which requires companies to recognize compensation expense for share-based payments based on the estimated fair value of the awards. ASC 718 also requires tax benefits relating to the deductibility of increases in the value of equity instruments issued under share-based compensation arrangements to be presented as financing cash inflows in the statement of cash flows. Compensation cost is recognized based on the grant-date fair value for all share-based payments granted, and is estimated in accordance with the provisions of ASC 718.
	In May 2006, the Company’s stockholders approved the 2006 Equity Incentive Plan (the “2006 Plan”), under which both incentive and non-statutory stock options may be granted to employees, officers, non-employee directors and consultants. An aggregate of 470,000 shares of the Company’s common stock are reserved for issuance under the 2006 Plan. In June 2005, the Company’s stockholders approved the 2005 Equity Incentive Plan (the “2005 Plan”), under which both incentive and non-statutory stock options may be granted to employees, officers, non-employee directors and consultants. An aggregate of 475,000 shares of the Company’s common stock are reserved for issuance under the 2005 Plan. Options granted under the 2005 Plan and 2006 Plan allow for the purchase of common stock at prices not less than the fair market value of such stock at the date of grant, become exercisable immediately or as directed by the Company’s Board of Directors and generally expire ten years after the date of grant. The Company also has other equity incentive plans with terms similar to the 2005 and 2006 Plans. As of December 31, 2014, 136,500 shares were available for future grants under all plans.
	The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the expected term of the option award, expected stock price volatility and expected dividends. These estimates involve inherent uncertainties and the application of management judgment. For purposes of estimating the expected term of options granted, the Company aggregates option recipients into groups that have similar option exercise behavioral traits. Expected volatilities used in the valuation model are based on the expected volatility that would be used by an independent market participant in the valuation of certain of the Company’s warrants. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company’s forfeiture rate assumption used in determining its stock-based compensation expense is estimated based on historical data. The actual forfeiture rate could differ from these estimates. There were no stock options granted during the three months ended March 31, 2015.
	The following table summarizes stock option activity for the three months ended March 31, 2015:
		Number of			Weighted		Weighted		Aggregate
		Options			Average		Average		Intrinsic
					Exercise		Remaining		Value
					Price Per		Contractual
					Share		Term
	Outstanding at December 31, 2014		4,204,500		$	3.89		6.3 years	$	90,335
	Granted		--			--
	Exercised		--			--
	Forfeited		(30,000	)		8.5
	Outstanding at March 31, 2015		4,174,500		$	3.86		6.1 years	$	34,265
	Outstanding and exercisable at March 31, 2015		3,854,500		$	3.93		5.9 years	$	34,265
	The Company recorded stock-based compensation expense in connection with the vesting of options granted aggregating $58,360 and $559,962 during the three months ended March 31, 2015 and 2014, respectively.
	The unrecognized compensation cost as of March 31, 2015 related to the unvested stock options as of that date was $141,385, which will be amortized over the next ten months.

Derivative_Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2015
Derivative Instruments
Derivative Instruments	Note 5 – Derivative Instruments
	Derivatives – Warrants Issued Relative to Note Payables
	The estimated fair value of the Company’s derivative liabilities, all of which are related to the conversion features and detachable warrants issued in connection with notes payable, were estimated using a closed-ended option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Company’s common stock, interest rates, the probability of both the downward adjustment of the exercise price and the upward adjustment to the number of warrants as provided by the note payable and warrant agreement terms (Note 2) and non-performance risk factors, among other items (ASC 820, Fair Value Measurements (“ASC 820”) fair value hierarchy Level 3). When the note payable is extinguished, the derivative liability will be adjusted to fair value and the resulting derivative liability will be transitioned from a liability to equity as of such date. Notes payable with a total principal balance of $475,000 were extinguished during the three months ended March 31, 2015. A comparison of the assumptions used in calculating estimated fair value of derivative liabilities at the issue date and as of the date of the transition from liability to equity during the three months ended March 31, 2015 is as follows:
		Upon Issuance			As of date of			As of
					transition to			31-Mar-15
					equity
	Volatility – range		104	%		104	%		102	%
	Contractual term		5.0 years			5.0 years			3.1 years
	Exercise price	$	0.5		$	0.5		$	1
	Number of warrants in aggregate		25,000			1,325,000			1,000,000
	The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs for both open and closed derivatives:
		Amount
	Balance at December 31, 2014	$	701,214
	Fair value of warrant derivative at issuance date		57,961
	Unrealized derivative gains included in other expense		(265,267	)
	Transition of derivative liability to equity		(329,849	)
	Balance at March 31, 2015	$	164,069

Warrants

Warrants	3 Months Ended
	Mar. 31, 2015
Warrants and Rights Note Disclosure [Abstract]
Warrants	Note 6 – Warrants
	The following table summarizes warrant activity for the three months ended March 31, 2015:
		Number of		Weighted Average
		Warrants		Exercise Price
				Per Share
	Outstanding and exercisable at December 31, 2014		3,662,710	$	1.59
	Issued in conjunction with notes payable (Note 2)		25,000		0.5
	Issued in conjunction with line-of-credit (Note 2)		200,000		0.5
	Exercised		-		-
	Outstanding and exercisable at March 31, 2015		3,887,710	$	0.86
	The weighted average term of all outstanding common stock purchase warrants was 3.98 years as of March 31, 2015. The intrinsic value of all outstanding common stock purchase warrants and the intrinsic value of all vested common stock purchase warrants was zero as of March 31, 2015.

Supplemental_Oil_and_Gas_Infor

Supplemental Oil and Gas Information	3 Months Ended
	Mar. 31, 2015
Oil and Gas Property [Abstract]
Supplemental Oil and Gas Information	Note 7 — Supplemental Oil and Gas Information
	Estimated Proved Oil and Gas Reserves (Unaudited)
	As of March 31, 2015 and December 31, 2014, the Company had no proved reserves. As such, there are no estimates of proved reserves to disclose, nor standardized measure of discounted future net cash flows relating to proved reserves.
	Costs Incurred in Oil and Gas Activities
	Costs incurred during the three months ended March 31, 2015 in connection with the Company’s oil and gas acquisition, exploration and development activities are shown below.
		Three
		months ended
		31-Mar-15
	Property acquisition costs:
	Proved	$	-
	Unproved
	Total property acquisition costs		-
	Development costs		-
	Exploration costs		13,893
	Total costs	$	13,893
	Exploration costs during the three months ended March 31, 2015 included $13,893 in area concession and training fees accrued to be paid to the Nicaraguan Government for 2015.
	Aggregate capitalized costs relating to the Company’s oil and gas producing activities, and related accumulated depreciation, depletion and amortization are as follows:
		31-Mar-15			31-Dec-14
	Proved oil and gas properties	$	-		$	-
	Unproved oil and gas properties		10,606,729			10,592,836
	Total		10,606,729			10,592,836
	Less amounts allocated to revenue sharing interest granted to Note holder for extension of maturity date (See Note 2)		(964,738	)		(964,738	)
	Less accumulated depreciation, depletion and amortization		-			-
	Net capitalized costs	$	9,641,991		$	9,628,098
	Costs Not Being Amortized
	Oil and gas property costs not being amortized at March 31, 2015, by year that the costs were incurred, are as follows:
	Year Ended December 31,
	2015 (through March 31, 2015)		$	13,893
	2014			115,622
	2013			6,051,411
	2012			581,723
	2011			731,347
	Prior			3,112,733
	Total costs not being amortized		$	10,606,729
	The above unevaluated costs relate to the Company’s approximate 1,400,000 acre Nicaraguan Concessions.
	The Company anticipates that these unproved costs in the table above will be reclassified to proved costs within the next five years.

Commitments_and_Contingencies

Commitments and Contingencies

3 Months Ended

Mar. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8 — Commitments and Contingencies

The Company has not maintained insurance coverage on its U.S domestic oil and gas properties for several years. The Company is not in compliance with Federal and State laws regarding the U.S. domestic oil and gas properties. The Company’s known compliance issues relate to the Texas Railroad Commission regarding administrative filings and renewal permits relative to its Texas oil and gas properties that were sold in 2012. The ultimate resolution of these compliance issues could have a material adverse impact on the Company’s financial statements.

Nicaraguan Concessions

The Company received notification of final approval of the environmental impact assessment (“EIA”) by the Nicaraguan government on April 13, 2013, which began Sub-Period 2 as defined in the Nicaraguan concessions. Therefore, the Company has progressed to Sub-Period 2 of the exploration phase of the 30-year Concession for both Perlas and Tyra as of March 31, 2015. In accordance with the Nicaraguan Concession agreements, the Company has previously provided the Ministry of Energy with the required letters of credit in the amounts of $443,100 for Perlas (expired March 2014) and $408,450 for Tyra (expired September 2014). The Company has also made all required expenditures related to the Nicaraguan Concessions for training programs and as “area fees,” for each respective year for 2010 through 2015.

The Company is currently negotiating the renewal and increase of the required letters of credit, which total $1,356,227 for the Perlas block and $278,450 for the Tyra block with the Nicaraguan Government and its lenders; however, there can be no assurance that the Company will be successful in that regard. The Company considers it is fully in compliance with the terms of the Nicaraguan Concessions agreements, except for the renewal and increase of the expired letters of credit. Refer to Note 10 - “Subsequent Events” for recent developments regarding these matters.

Minimum Work Program – Perlas

Block Perlas – Exploration Minimum Work Commitment and Relinquishments

Exploration Period

Duration

Work Commitment

Relinquishment

Irrevocable

(6 Years)

(Years)

Guarantee

Sub-Period 1

2

- Environmental Impact Study

26km2

$

443,100

- Acquisition & interpretation of

333km of new 2D seismic

- Acquisition, processing & interpretation

of 667km of new 2D seismic (or

equivalent in 3D)

Sub-Period 2 Optional

1

- Acquisition, processing & interpretation of 200km2 of 3D seismic

53km2

$

1,356,227

Sub-Period 3 Optional

1

- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is

80km2

$

10,220,168

Shallower

Sub-Period 4 Optional

2

- Drilling of one exploration well to the

All acreage

$

10,397,335

Cretaceous or 3,500m, whichever is

except

shallower

areas with

- Geochemical analysis

discoveries

Minimum Work Program - Tyra

Block Tyra – Exploration Minimum Work Commitment and Relinquishments

Exploration Period

Duration

Work Commitment

Relinquishment

Irrevocable

(6 Years)

(Years)

Guarantee

Sub-Period 1

1.5

- Environmental Impact Study

26km2

$

408,450

- Acquisition & interpretation of

667km of existing 2D seismic

- Acquisition of 667km of new 2D seismic

(or equivalent in 3D)

Sub-Period 2 Optional

0.5

- Processing & interpretation of the

40km2

$

278,450

667km 2D seismic (or equivalent in 3D)

acquired in the previous sub-period

Sub-Period 3 Optional

2

- Acquisition, processing & interpretation of 250km2 of new 3D seismic

160km2

$

1,818,667

Sub-Period 4 Optional

2

- Drilling of one exploration well to the

All acreage

$

10,418,667

Cretaceous or 3,500m, whichever is shallower

except

- Geochemical analysis

areas with discoveries

Contractual and Fiscal Terms

Training Program

US $50,000 per year, per block

Area Fee

Years 1-3

$

0.05/hectare

Years 4-7

$

0.10/hectare

Years 8 & forward

$

0.15/hectare

Royalties

Recovery Factor

Percentage

0 – 1.5

5

%

1.5 – 3.0

10

%

>3.0

15

%

Natural Gas Royalties

Market value at production

5

%

Corporate Tax

Rate no higher than 30%

Social Contribution

3% of the net profit (1.5% for each autonomous region)

Investment Protection

ICSID arbitration OPIC insurance

Sub-Period 2 of the exploration phase began April 13, 2013, when the Nicaraguan Government approved the environmental impact study. The Company believes that it has performed all work necessary as of March 31, 2015 to proceed to Sub-Period 3 for the Perlas Block as defined in the Nicaraguan concessions which requires the drilling of at least one exploratory well on the Perlas concession. The Nicaraguan Government has yet to accept the progression to Sub-Period 3 of the Perlas Block, however assuming that it does accept the progression, Infinity will be required to drill at least one exploratory well on the Perlas Block within one-year (estimated to be prior to May 2016). The minimum cash requirements to maintain and comply with the minimum work program as defined in the Nicaraguan Concessions for the next twelve month period will be approximately $5,500,000 for the Perlas Block, which includes all costs to prepare for and drill the initial exploratory well, and $280,000 for the Tyra Block. In addition to the minimum cash requirements related to the Nicaraguan Concessions, the Company estimates that it will require approximately $330,000 of working capital to maintain corporate operations for the next 12 months, but not including approximately $1,150,000 principal amount of short-term promissory notes due in April 2015, plus accrued interest, and other obligations owed to third parties. Refer to Note 10 - “Subsequent Events” for recent developments regarding these matters.

Revenue Sharing Commitments

On March 23, 2009, the Company entered into a Securities Purchase Agreement, dated effective as of March 23, 2009, with Off-Shore, an accredited investor, to issue a subordinated secured promissory note in the aggregate principal amount of up to $1,275,000 and a one percent (1%) revenue sharing interest in the Nicaraguan Concessions. Off-Shore funded a total of $1,275,000 and subsequently converted the subordinated secured promissory note to common stock.

Under the Revenue Sharing Agreement (the “Revenue Agreement”), Infinity assigned to Off-Shore a monthly payment (the “RSP”) equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP will be paid to Off-Shore by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for Off-Shore. In connection with its dissolution Off-Shore assigned its RSP to its individual members.

On June 6, 2009 the Company entered into a Revenue Sharing Agreement with the officers and directors for services provided. Infinity assigned to officers and directors a monthly payment equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for officers and directors.

The Company intends to seek joint venture or working interest partners (the “Farmout”) prior to the commencement of any exploratory drilling operations on the Nicaraguan Concessions. On September 8, 2009 the Company entered into a Revenue Sharing Agreement with Jeff Roberts to assist the Company with its technical studies of gas and oil holdings in Nicaragua and managing and assisting in the Farmout. Infinity assigned to Jeff Roberts a monthly payment equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid to Jeff Roberts by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for Jeff Roberts.

In connection with the extension of the Note with a $1,050,000 principal balance issued in December 2013, the Company entered into a Revenue Sharing Agreement in May 2014. Infinity assigned to the note holder a monthly payment equal to the revenue derived from one percent (1%) of 8/8ths of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions and any other oil and gas concessions that the Company and its affiliates may acquire in the future. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions, and does not create any rights in the Nicaraguan Concessions for officers and directors.

Letter of Intent to enter Exploration Services Agreement

On October 13, 2014 the Company announced that it had entered into a Letter of Intent (“LOI”) with Granada Exploration, LLC, which has agreed to join with the Company to explore for potential hydrocarbons beneath Infinity’s 1.4 million-acre oil and gas concessions in the Caribbean Sea offshore Nicaragua. Under the terms of the LOI, Granada Exploration will provide its services in exchange for a working interest in the Nicaraguan Concessions. The scope of such services will be more specifically described in a mutually acceptable Exploration Services Agreement (“ESA”), which is currently being negotiated. The ESA is anticipated to provide that Granada will earn an assignment from Infinity of an undivided 30% working interest in the Concessions, based on an 80% net revenue interest. Granada and Infinity are also anticipated to enter into a Joint Operating Agreement. Granada may, at its discretion, participate in an initial exploratory well for up to an additional undivided 20% working interest, on a prospect-by-prospect basis, with such additional interest to be based on an 80% net revenue interest.

The LOI is subject to Granada’s normal and customary due diligence, including the evaluation of the Company’s Form 10-K and 10-Q filings, documents showing that the Company is in good standing regarding the Nicaraguan Concessions and with the Nicaraguan government; negotiation and approval of mutually acceptable formal agreements; and final approval by a majority of the partners that comprise Granada Exploration, LLC. The parties continue to negotiate the terms of the ESA, but have not entered into definitive agreements and Granada has not completed its normal and customary due diligence.

Lack of Compliance with Law Regarding Domestic Properties

Infinity has not been in compliance with existing federal, state and local laws, rules and regulations for its previously owned domestic oil and gas properties and this could have a material or significantly adverse effect upon the liquidity, capital expenditures, earnings or competitive position of Infinity. All domestic oil and gas properties held by Infinity – Wyoming and Infinity-Texas have been disposed of as of March 31, 2015; however, the Company may remain liable for certain asset retirement costs should the new owners not complete their obligations. Management believes the total asset retirement obligations recorded of $1,716,003 as of March 31, 2015 and December 31, 2014 is sufficient to cover any potential noncompliance liabilities relative to the to the plugging of abandoned wells, the removal of facilities and equipment, and site restoration on oil and gas properties for its former oil and gas properties. The Company has not maintained insurance on the domestic properties for a number of years.

Litigation

The Company is subject to numerous claims and legal actions in which vendors are claiming breach of contract due to the Company’s failure to pay amounts due. The Company believes that it has made adequate provision for these claims in the accompanying financial statements.

The Company is currently involved in litigation as follows:

●

Exterran Energy Solutions, L.P., f/k/a Hanover Compression Limited Partnership, who filed an action in the District Court of Erath County, Texas, number CV30512, on March 31, 2010 against Infinity Oil and Gas of Texas, Inc., Infinity Energy Resources, Inc., Longhorn Properties, LLC, and Forest Oil Corporation. Exterran Energy Solutions, L.P. provided certain gas compressor and related equipment pursuant to a Gas Compressor/Production Equipment Master Rental & Servicing Agreement with Infinity dated January 3, 2005 in Erath County, Texas and has claiming breach of contract for failure to pay amounts due. On October 13, 2011, a default judgment was entered against the Company in the amount of $445,521 plus interest and attorney fees. The Company has included the impacts of this litigation as liabilities in its accounts payable. The Company will seek to settle the default judgment when it has the financial resources to do so.

●

In October 2012 the State of Texas filed a lawsuit naming Infinity-Texas, the Company and the corporate officers of Infinity-Texas, seeking $30,000 of reclamation costs associated with a single well, in addition to administrative expenses and penalties. The Company has engaged in negotiations with the State of Texas in late 2012 and early 2013 and has reached a settlement agreement that would reduce the aggregate liability, in this action and any extension of this to other Texas wells, to $45,103, which amount has been paid. Certain performance obligations remain which must be satisfied in order to finally settle and dismiss the matter.

Pending satisfactory performance of the performance obligations and their acceptance by the State of Texas, the officers retain potential liability on the above matter, and the officers are held personally harmless by indemnification provisions of the Company. Therefore these liabilities, to the extent they might become actual, are the obligations of the Company. Management estimates that the liabilities associated with this matter will not exceed $780,000, calculated as $30,000 for each of the 26 Infinity-Texas operated wells. This related liability, less the payment made to the State of Texas in 2012 in the amount of $45,103, is classified as an asset retirement obligation on the balance sheets.

●

Cambrian Consultants America, Inc. (“Cambrian”) filed an action in the District Court of Harris County, Texas, number CV2014-55719, on September 26, 2014 against Infinity Energy Resources, Inc. resulting from certain professional consulting services provided for quality control and management of seismic operations during November and December 2013 on the Company’s offshore Nicaraguan Concessions. Cambrian provided these services pursuant to a Master Consulting Agreement with Infinity dated November 20, 2013 and is claiming breach of contract for failure to pay amounts due. On December 8, 2014, a default judgment was entered against the Company in the amount of $96,877 plus interest and attorney fees. The Company has included the impact of this litigation as a liability in its accounts payable. The Company will seek to settle the default judgment when it has the financial resources to do so.

●

Torrey Hills Capital, Inc. (“Torrey”) notified the Company by letter dated August 15, 2014 of its demand for the payment of $56,000, which it alleged was unpaid and owed under a consulting agreement dated October 18, 2013. The parties entered into a consulting agreement under which Torrey agreed to provide investor relations services in exchange for payment of $7,000 per month and the issuance of 15,000 shares of common stock. The agreement was for an initial three month-term with automatic renewals unless terminated upon 30 days written notice by either party. The Company made payments totaling $14,000 and issued 15,000 shares of common stock during 2013. The Company contends that Torrey breached the agreement by not performing the required services and that it had provided proper notice of termination to Torrey. Furthermore, the Company contends that the parties agreed to settle the dispute on or around June 19, 2014 under which it would issue 28,000 shares of common stock in full settlement of any balance then owed and final termination of the agreement. Torrey disputes the Company’s contentions and has submitted the dispute to binding arbitration. The Company has accrued $49,000 in accounts payable as of March 31, 2015 and December 31, 2014, which management believes is sufficient to provide for the ultimate resolution of this dispute.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 9 – Related Party Transactions
	The Company currently does not have any employees other than the CEO and CFO. In previous years, certain general and administrative services (for which payment is deferred) had been provided by the CFO’s accounting firm at its standard billing rates plus out-of-pocket expenses and consist primarily of accounting, tax and other administrative fees. For the years ended December 31, 2014 and 2013, the Company was billed $0 for such services. The amount due to the CFO’s firm for services provided was $767,407 at March 31, 2015 and December 31, 2014, and is included in accrued liabilities at both dates.
	On June 6, 2009 the Company entered into a Revenue Sharing Agreement with the officers and directors for services provided. Infinity assigned to officers and directors a monthly payment equal to the revenue derived from one percent (1%) of Infinity’s share of the hydrocarbons produced at the wellhead from the Nicaraguan Concessions. The RSP will bear its proportionate share of all costs incurred to deliver the hydrocarbons to the point of sale to an unaffiliated purchaser, including its share of production, severance and similar taxes, and certain additional costs. The RSP shall be paid by the last day of each month based on the revenue received by Infinity from the purchaser of the production during the previous month from the Nicaraguan Concessions. The Revenue Agreement does not create any obligation for Infinity to maintain or develop the Nicaraguan Concessions and does not create any rights in the Nicaraguan Concessions for officers and directors.
	The Company entered into a subordinated loan with Off-Shore in the aggregate amount of $1,275,000 for funds used to maintain the Nicaraguan Concessions. This note was satisfied by the Company’s issuance of shares of Series B redeemable convertible preferred stock effective April 13, 2012 to Off-Shore and the conversion of the Series B redeemable convertible preferred stock to common stock effective February 28, 2014. The managing partner of Off-Shore and the CFO are partners in the accounting firm which the Company uses for general corporate purposes. In the February 2014 transaction, Offshore exchanged all of its 15,016 shares of Series B preferred stock for 375,400 shares of common stock. Each share of Series B preferred had a liquidation and par value of $100. The Company also issued Offshore an additional 45,048 shares of common stock for $180,192, the amount of the accrued and unpaid dividends on the Series B preferred stock as of the effective date of the transaction. As a result, the Company issued a total of 420,448 shares of common stock valued at $4.00 per share for a total of $1,681,792, which has been reflected as common stock and additional paid in capital.
	In connection with its subordinated loan, Off-Shore was granted a one percent (1%) revenue sharing interest in the Nicaraguan Concessions. The managing partner of Off-Shore and the CFO are partners in the accounting firm which the Company uses for general corporate purposes. The revenue sharing interest remains in effect after the conversion of the subordinated promissory note to Series A preferred stock and subsequently to common stock. In connection with its dissolution Off-Shore assigned its RSP to its individual members, which includes the former managing partner of Offshore.
	As of March 31, 2015 and December 31, 2014, the Company had accrued compensation to its officers and directors of $1,246,208 and $1,187,208, respectively.
	The Company entered into a line-of-credit facility on September 23, 2013 that provides it with borrowing capacity on a revolving basis up to a maximum of $50,000, which was increased to $100,000 at March 31, 2015 with an initial maturity of November 23, 2013. The entity providing the credit facility is owned by an officer of another corporation for which Infinity’s president and chairman of the board serves as president and chairman of the board. The facility is unsecured, bears interest at 8% per annum, and was renewed at its maturity in January 2014, April 2014 and February 2015. Its current maturity date is May 28, 2015. In consideration for the origination of the line of credit facility and the various renewals, the Company granted the lender common stock purchase warrants exercisable to purchase an aggregate of 450,000 shares of common stock at an exercise price of $1.50 per share (as amended on January 23, 2014), which warrants were immediately exercisable and expired on various dates from September 23, 2018 to October 23, 2019 (as amended). The parties agreed as a condition to the renewal of the facility in January 2014 that all warrants would be extended to a five-year term and the exercise price reduced to $1.50 per share. The Company estimated the fair value of the warrants at $60,290 as of the original grant date in 2013, which amount was recorded as debt issuance costs and classified in prepaid expenses in the accompanying balance sheets. The Company estimated the fair value of the new warrants exercisable to purchase 400,000 shares issued to extend the facility during 2014 and the increased value of the amended warrants to be $603,966, which has been recorded as additional debt issuance costs and classified in prepaid expenses in the accompanying balance sheets.
	On February 28, 2015, the line-of-credit facility matured and the Company was unable to repay the principal and interest. The Company negotiated an extension to May 28, 2015 and granted the lender common stock purchase warrants exercisable to purchase an aggregate of 100,000 shares of common stock at an exercise price of $0.50 per share, which warrants were immediately exercisable and expire on February 28, 2020. The parties agreed as a condition to the renewal of the facility in February 2015 that all previously issued warrants to the lender totaling 890,625 shares would be extended to a five-year term and the exercise price reduced to $0.50 per share. The total value of the 100,000 newly issued warrants totaled $28,507 which is being amortized over the extension period. The increased value of the amended warrants totaled $149,517 which was immediately expensed.
	On March 26, 2015, the Company negotiated an additional amendment to the line-of-credit facility, which increased the maximum amount from $50,000 to $100,000. In consideration, the Company granted the lender common stock purchase warrants exercisable to purchase an aggregate of 100,000 shares of common stock at an exercise price of $0.50 per share, which warrants were immediately exercisable and expire on March 26, 2020. The parties agreed as a condition to the amendment of the facility on March 26, 2015 that the line-of-credit will become convertible to common stock at an exchange rate of $0.50 per share. The total value of the 100,000 newly issued warrants totaled $30,288 which is being amortized over the extension period.
	On March 7, 2014 the Company borrowed $10,000 from an individual who is related to Infinity’s Chairman and President. The note was due on demand and bore interest at 8% per annum. This demand note was repaid in full during April 2014.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 10 — Subsequent Events
	On May 7, 2015 the Company completed the private placement of $12.0 million principal amount Senior Secured Convertible Note (the “Note”) and a Warrant to purchase 18,000,000 shares of the Company’s common stock (the “Warrant”) with an institutional investor.
	At the closing on May 7, 2015, the investor acquired the Note by paying $450,000 in cash and issuing a promissory note, secured by cash, with a principal amount of $9,550,000 (the “Investor Note”). Assuming all amounts payable to the Company under the Investor Note are paid, the private placement will result in gross proceeds of $10.0 million before placement agent fees and other expenses associated with the transaction, subject to the satisfaction of certain conditions. The Company used the initial proceeds from the closing to retire certain outstanding obligations, including the 2015 area and training fees of approximately $155,000 owed to the Nicaraguan government relating to its Nicaragua Concessions, and to provide additional working capital.
	The Company will receive the remaining cash proceeds upon each voluntary or mandatory prepayment of the Investor Note. The investor may, at its option and at any time, voluntarily prepay the Investor Note, in whole or in part.
	The investor must prepay the Investor Note, in whole or in part, upon the occurrence of one or more mandatory prepayment events. These include (i) the investor’s conversion of the Note into shares of common stock upon which the investor will be required to prepay the Investor Note, on a dollar-for-dollar basis, for each subsequent conversion of the Note and (ii) the Company’s delivering a mandatory prepayment notice to the investor after it has received governmental authorizations from the Nicaraguan authorities necessary to commence drilling on at least five sites within the Nicaraguan Concessions, among other conditions.
	The Note matures on the three-year anniversary of its issuance, bears interest at 8% per annum, and is convertible at any time at the option of the holder into shares of the Company’s common stock at $0.50 per share (the “Conversion Price”). As a part of the private placement, the Company issued a Warrant to the investor giving it the right to purchase up to an aggregate of 18,000,000 shares of the Company’s common stock at an exercise price of $0.50 per share. The Warrant is exercisable commencing six months from the date of issuance for a period of seven years from the date of issuance.
	If the Company issues or sells shares of its common stock, rights to purchase shares of its common stock, or securities convertible into shares of its common stock for a price per share that is less than the Conversion Price or Warrant exercise price then in effect, the then current Conversion Price and Warrant exercise prices will be decreased to equal such lower price.
	The investor has no right to convert the Note or exercise the Warrant to the extent that such conversion or exercise would result in the investor being the beneficial owner of in excess of 9.99% of the Company’s common stock.
	The Note ranks senior to the Company’s existing and future indebtedness and is secured by all of the assets of the Company, excluding the Nicaraguan Concessions.
	The Company used a portion of the funds from this credit facility to resolve the contingency related to the delinquent payment of 2015 training and area fees and the expired letters of credit for its Nicaraguan concessions (See Note 8). The Company continues to negotiate the renewal of the letters of credit with the Nicaraguan Government and its lenders; however, there can be no assurance that the Company will be successful in that regard.
	WestPark Capital acted as placement agent for the Company in the transaction and will receive a fee of 6% of cash proceeds, or $600,000, if and when the Company receives the full cash proceeds. It received $27,000 of such amount at the closing. The Company also issued WestPark a warrant exercisable to purchase 1,800,000 shares of common stock at a price of $0.50 per share. The warrant is exercisable commencing six months from the date of issuance for a period of seven years from the date of issuance.
	On December 27, 2013 the Company borrowed $1,050,000 under an unsecured credit facility with a private, third-party lender. The facility is represented by a promissory note (the “Note”). Effective April 7, 2015 the Company and the lender agreed to extend the maturity date of the Note from April 7, 2015 to the earlier of (i) April 7, 2016 or (ii) the payment in full of the Investor Note issued to the Company by Hudson Bay Master Fund, Ltd. in the principal amount of $9,550,000 (the “New Maturity Date”). All other terms of the Note remain the same. The extension to the New Maturity Date closed on May 8, 2015.
	The Note may be prepaid without penalty at any time. The Note is subordinated to all existing and future senior indebtedness, as such terms are defined in the Note.
	In connection with the loan, the Company granted the lender a warrant exercisable to purchase 1,000,000 shares of its common stock at an exercise price of $1.00 per share. In connection with the extension of the maturity date of the Note to the New Maturity Date, the Company (i) issued the lender 200,000 shares of restricted common stock; (ii) decreased the exercise price of the warrant to $0.50 per share and extended the term of the warrant to a period commencing on the New Maturity Date and expiring on the third anniversary of such date; and (iii) paid $50,000 toward amounts due under the Note. The Company issued no additional warrants to the lender in connection with the extension of the Note to the New Maturity Date. If the Company fails to pay the Note on or before its New Maturity Date, the number of shares issuable under the Warrant increases to 13,333,333 and the exercise price drops to $0.075 per share. All other terms of the warrant remain the same.

Nature_of_Operations_Basis_of_1

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information
	Infinity Energy Resources, Inc. (collectively, “we,” “ours,” “us,” “Infinity” or the “Company”) has prepared the accompanying financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These financial statements are unaudited and, in our opinion, include all adjustments consisting of normal recurring adjustments and accruals necessary for a fair presentation of our balance sheets, statements of operations, and cash flows for the periods presented. Operating results for the periods presented are not necessarily indicative of the results that may be expected for 2015 due to various factors. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. These financial statements should be read in conjunction with the audited financial statements and accompanying notes in Item 8, “Financial Statements and Supplementary Data,” of our Annual Report on Form 10-K, filed with the SEC.
Nature of Operations	Nature of Operations
	The Company is engaged in the exploration of potential oil and gas resources in the Perlas and Tyra concession blocks offshore Nicaragua in the Caribbean Sea (the “Nicaraguan Concessions” or “Concessions”) which contains a total of approximately 1.4 million acres. The Company sold its wholly-owned subsidiary Infinity Oil and Gas of Texas, Inc. in 2012 and its wholly-owned subsidiary, Infinity Oil and Gas of Wyoming, Inc., was dissolved in 2009.
	The Company has been actively pursuing exploration and development of the Nicaraguan Concessions, which represents its principal asset and only exploration and development project. On March 5, 2009 Infinity signed the contracts relating to its Nicaraguan Concessions. Infinity has been conducting activities to develop geological information from the processing and evaluation of newly acquired and existing 2-D and 3-D seismic data that was acquired for the Nicaraguan Concessions. The Company has progressed to a stage on the Nicaraguan Concessions that it has identified multiple sites for exploratory drilling and is planning the initial exploratory wells in order to determine the existence of commercial hydrocarbon reserves, subject to receipt from the Nicaraguan government of authorizations for the drilling of up to five wells. In order to meet its obligations under the Perlas Block of the Nicaraguan Concession, the Company has until May 2016 to drill its initial exploratory well or risk being in default and potentially losing its rights under the Nicaraguan Concessions. In that regard, Infinity is seeking capital from various sources to continue the geological and exploration activities of the Nicaraguan Concessions. It is seeking offers from industry operators and other third parties for interests in the acreage in the Nicaraguan Concessions in exchange for cash and a carried interest in exploration and development operations or other joint venture arrangement.
Basis of Presentation	Basis of Presentation
	The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States.
Going Concern	Going Concern
	As reflected in the accompanying statements of operations, the Company has had a history of losses. In addition, the Company has a significant working capital deficit and is currently experiencing substantial liquidity issues.
	The Company has relied on raising outside debt and equity capital in recent years in order to fund its ongoing maintenance/expenditure obligations under the Nicaraguan Concession, for its day-to-day operations and its corporate overhead since it has generated no operating revenues in recent history.
	Currently, the Company is in technical default of the Nicaraguan Concession as it has not provided the required letters of credit to the Nicaraguan Government, which total $1,356,227 for the Perlas block and $278,450 for the Tyra block. In addition, the Company was delinquent in the payment of approximately $155,500 in annual maintenance payments required by the Nicaraguan Concession, but it made such payments in early May 2015. The Company is in negotiations with the Nicaraguan Government and its lenders to renew the letters of credit, although there is no assurance that it will be successful in that regard. The Company must raise substantial amounts of debt and equity capital in the immediate future in order to fund: (1) the required letters of credit to the Nicaraguan Government; (2) the drilling of at least one exploratory well on the Perlas Block of the Nicaraguan Concessions prior to May 2016; (3) the payment of normal day-to-day operations and corporate overhead and (4) the payment of outstanding debt and other financial obligations as they become due. These are substantial operational and financial issues that must be successfully mitigated during 2015 or the Company’s ability to satisfy the conditions necessary to maintain its Nicaragua Concessions will be in significant doubt. The Company is actively seeking new outside sources of debt and equity capital in order fund the substantial needs enumerated above, however, there can be no assurance that we will be able to obtain such capital or obtain it on favorable terms or within the timeframe necessary to cure the technical defaults existing on the Nicaraguan Concessions or to meet its ongoing requirements relative to drilling the exploratory wells. Refer to Note 10 - “Subsequent Events” for recent developments regarding these matters.
	Due to the uncertainties related to these matters, there exists substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.
Management Estimates	Management Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates with regard to the financial statements include the estimated carrying value of unproved properties, the estimated fair value of derivative liabilities, stock-based awards and overriding royalty interests, and the realization of deferred tax assets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	The carrying values of the Company’s accounts receivable, accounts payable and accrued liabilities and short term notes represent the estimated fair value due to the short-term nature of the accounts.
	The carrying value of the Company’s debt under its line-of-credit with related party represents its estimated fair value due to its short-term nature, its rate of interest, associated fees and expenses and initially recorded discount.
	In accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC 820”), the Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities or a group of assets or liabilities, such as a business.
	ASC 820 utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
		●	Level 1 — Quoted prices in active markets for identical assets and liabilities.
		●	Level 2 — Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities).
		●	Level 3 — Significant unobservable inputs (including the Company’s own assumptions in determining the fair value.
	The estimated fair value of the Company’s derivative liabilities, all of which are related to detachable warrants issued and the conversion feature granted in connection with notes payable, were estimated using a closed-ended option pricing model utilizing assumptions related to the contractual term of the instruments, estimated volatility of the price of the Company’s common stock, interest rates, the probability of both the downward adjustment of the exercise price and the upward adjustment to the number of warrants as provided by the warrant agreement terms and non-performance risk factors, among other items . The fair values for the warrant derivatives as of March 31, 2015 and December 31, 2014 were classified under the fair value hierarchy as Level 3.
	The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:
	31-Mar-15		Level 1		Level 2		Level 3		Total
	Liabilities
	Derivative liabilities		$	-	$	-	$	164,060	$	164,060
	31-Dec-14			Level 1		Level 2		Level 3		Total
	Liabilities
	Derivative liabilities		$	-	$	-	$	701,214	$	701,214
	There were no changes in valuation techniques or reclassifications of fair value measurements between Levels 1, 2 or 3 during the three months ended March 31, 2015 and 2014.
Reclassifications	Reclassifications
	Certain amounts in the prior period were reclassified to conform with the current period’s financial statement presentation. These reclassifications had no effect on previously reported net loss or accumulated deficit.

Nature_of_Operations_Basic_of_

Nature of Operations, Basic of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Nature Of Operations Basic Of Presentation And Summary Of Significant Accounting Policies Tables
Schedule of Aseets and Liabilities Measured At Fair Value on Recurring Basis	The following table represents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:
	31-Mar-15	Level 1		Level 2		Level 3		Total
	Liabilities
	Derivative liabilities	$	-	$	-	$	164,060	$	164,060
	31-Dec-14		Level 1		Level 2		Level 3		Total
	Liabilities
	Derivative liabilities	$	-	$	-	$	701,214	$	701,214

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	Debt consists of the following at March 31, 2015 and December 31, 2014:
		31-Mar-15		December 31, 2014
	Line-of-credit with related party	$	46,225	$	33,807
	Notes payable, short term:
	Note payable, net of unamortized discount of $2,959 and $41,011, of March 31, 2015 and December 31, 2014	$	1,047,041	$	1,008,989
	Note payable, net of unamortized discount of $-0- and $822, as of March 31, 2015 and December 31, 2014, respectively		-		24,178
	Note payable, net of unamortized discount of $-0- and $27,712, as of March, 2015 and December 31, 2014, respectively		-		72,288
	Notes payable, net of unamortized discount of $-0- and $175,248, as of March, 2015 and December 31, 2014, respectively		100,000		124,752
	Notes payable, net of unamortized discount of $-0- and $39,452, as of March, 2015 and December 31, 2014, respectively		-		110,548
	Total notes payable, short-term	$	1,147,041	$	1,340,755

Stock_Options_Tables

Stock Options (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the three months ended March 31, 2015:
		Number of			Weighted		Weighted		Aggregate
		Options			Average		Average		Intrinsic
					Exercise		Remaining		Value
					Price Per		Contractual
					Share		Term
	Outstanding at December 31, 2014		4,204,500		$	3.89		6.3 years	$	90,335
	Granted		--			--
	Exercised		--			--
	Forfeited		(30,000	)		8.5
	Outstanding at March 31, 2015		4,174,500		$	3.86		6.1 years	$	34,265
	Outstanding and exercisable at March 31, 2015		3,854,500		$	3.93		5.9 years	$	34,265

Derivative_Instruments_Tables

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Derivative Instruments
Schedule of Estimated Fair Value of Derivative Liabilities	A comparison of the assumptions used in calculating estimated fair value of derivative liabilities at the issue date and as of the date of the transition from liability to equity during the three months ended March 31, 2015 is as follows:
		Upon Issuance			As of date of			As of
					transition to			31-Mar-15
					equity
	Volatility – range		104	%		104	%		102	%
	Contractual term		5.0 years			5.0 years			3.1 years
	Exercise price	$	0.5		$	0.5		$	1
	Number of warrants in aggregate		25,000			1,325,000			1,000,000
Summary of Changes In Fair Value Derivative Financial Instruments	The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs for both open and closed derivatives:
		Amount
	Balance at December 31, 2014	$	701,214
	Fair value of warrant derivative at issuance date		57,961
	Unrealized derivative gains included in other expense		(265,267	)
	Transition of derivative liability to equity		(329,849	)
	Balance at March 31, 2015	$	164,069

Warrants_Tables

Warrants (Tables)	3 Months Ended
	Mar. 31, 2015
Warrants and Rights Note Disclosure [Abstract]
Summary of Warrant Activity	The following table summarizes warrant activity for the three months ended March 31, 2015:
		Number of		Weighted Average
		Warrants		Exercise Price
				Per Share
	Outstanding and exercisable at December 31, 2014		3,662,710	$	1.59
	Issued in conjunction with notes payable (Note 2)		25,000		0.5
	Issued in conjunction with line-of-credit (Note 2)		200,000		0.5
	Exercised		-		-
	Outstanding and exercisable at March 31, 2015		3,887,710	$	0.86

Supplemental_Oil_and_Gas_Infor1

Supplemental Oil and Gas Information (Tables)	3 Months Ended
	Mar. 31, 2015
Oil and Gas Property [Abstract]
Schedule of Costs Incurred In Connection With Oil and Gas Acquisition, Exploration and Development Activities	Costs incurred during the three months ended March 31, 2015 in connection with the Company’s oil and gas acquisition, exploration and development activities are shown below.
		Three
		months ended
		31-Mar-15
	Property acquisition costs:
	Proved	$	-
	Unproved
	Total property acquisition costs		-
	Development costs		-
	Exploration costs		13,893
	Total costs	$	13,893
Schedule of Aggregate Capitalized Costs Relating To Oil and Gas Producing Activities, And Related Accumulated Depreciation, Depletion, Amortization and Ceiling Write-Downs	Aggregate capitalized costs relating to the Company’s oil and gas producing activities, and related accumulated depreciation, depletion and amortization are as follows:
		31-Mar-15			31-Dec-14
	Proved oil and gas properties	$	-		$	-
	Unproved oil and gas properties		10,606,729			10,592,836
	Total		10,606,729			10,592,836
	Less amounts allocated to revenue sharing interest granted to Note holder for extension of maturity date (See Note 2)		(964,738	)		(964,738	)
	Less accumulated depreciation, depletion and amortization		-			-
	Net capitalized costs	$	9,641,991		$	9,628,098
Schedule of Oil And Gas Property Costs Not Being Amortized	Oil and gas property costs not being amortized at March 31, 2015, by year that the costs were incurred, are as follows:
	Year Ended December 31,
	2015 (through March 31, 2015)		$	13,893
	2014			115,622
	2013			6,051,411
	2012			581,723
	2011			731,347
	Prior			3,112,733
	Total costs not being amortized		$	10,606,729

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Exploration Work Commitment and Relinquishments by Individual Blocks
	Minimum Work Program – Perlas
	Block Perlas – Exploration Minimum Work Commitment and Relinquishments
	Exploration Period		Duration				Work Commitment	Relinquishment		Irrevocable
	(6 Years)		(Years)							Guarantee
	Sub-Period 1			2			- Environmental Impact Study		26km2	$	443,100
							- Acquisition & interpretation of
							333km of new 2D seismic
							- Acquisition, processing & interpretation
							of 667km of new 2D seismic (or
							equivalent in 3D)
	Sub-Period 2 Optional			1			- Acquisition, processing & interpretation of 200km2 of 3D seismic		53km2	$	1,356,227
	Sub-Period 3 Optional			1			- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is		80km2	$	10,220,168
							Shallower
	Sub-Period 4 Optional			2			- Drilling of one exploration well to the		All acreage	$	10,397,335
							Cretaceous or 3,500m, whichever is		except
							shallower		areas with
							- Geochemical analysis		discoveries
	Minimum Work Program - Tyra
	Block Tyra – Exploration Minimum Work Commitment and Relinquishments
	Exploration Period		Duration				Work Commitment	Relinquishment		Irrevocable
	(6 Years)		(Years)							Guarantee
	Sub-Period 1			1.5			- Environmental Impact Study		26km2	$	408,450
							- Acquisition & interpretation of
							667km of existing 2D seismic
							- Acquisition of 667km of new 2D seismic
							(or equivalent in 3D)
	Sub-Period 2 Optional			0.5			- Processing & interpretation of the		40km2	$	278,450
							667km 2D seismic (or equivalent in 3D)
							acquired in the previous sub-period
	Sub-Period 3 Optional			2			- Acquisition, processing & interpretation of 250km2 of new 3D seismic		160km2	$	1,818,667
	Sub-Period 4 Optional			2			- Drilling of one exploration well to the		All acreage	$	10,418,667
							Cretaceous or 3,500m, whichever is shallower		except
							- Geochemical analysis		areas with discoveries
Schedule of Contractual and Fiscal Terms	Contractual and Fiscal Terms
	Training Program	US $50,000 per year, per block
	Area Fee	Years 1-3		$	0.05/hectare
		Years 4-7		$	0.10/hectare
		Years 8 & forward		$	0.15/hectare
	Royalties	Recovery Factor			Percentage
		0 – 1.5			5	%
		1.5 – 3.0			10	%
		>3.0			15	%
	Natural Gas Royalties	Market value at production			5	%
	Corporate Tax	Rate no higher than 30%
	Social Contribution	3% of the net profit (1.5% for each autonomous region)
	Investment Protection	ICSID arbitration OPIC insurance

Nature_of_Operations_Basis_of_2

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) (USD $)	Dec. 31, 2014	Mar. 31, 2015
Letters of credit	$851,550
Block Perlas [Member]
Letters of credit		1,356,227
Block Tyra [Member]
Letters of credit		278,450
Nicaraguan Concession [Member]
Nature of operations oil and gas resources acres		1,400,000
Annual maintenance payments		$155,500

Nature_of_Operations_Basis_of_3

Nature of Operations, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Aseets and Liabilities Measured At Fair Value on Recurring Basis (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Derivative liabilities	$164,060	$701,214
Level 1 [Member]
Derivative liabilities
Level 2 [Member]
Derivative liabilities
Level 3 [Member]
Derivative liabilities	$164,060	$701,214

Debt_Details_Narrative

Debt (Details Narrative) (USD $)	0 Months Ended						3 Months Ended		12 Months Ended	0 Months Ended
	Mar. 26, 2015	Feb. 28, 2015	Dec. 27, 2013	Sep. 23, 2013	Sep. 23, 2013	Aug. 28, 2012	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Feb. 28, 2015	Jan. 07, 2014	Mar. 31, 2014
Line of credit facility maximum borrowing capacity	$50,000			$50,000	$50,000		$100,000
Percentage of loan agreement, bearing interest rate				8.00%	8.00%
Debt maturity date					23-Nov-13	28-Feb-13
Fair value of warrants recorded as debt issuance cost							551,750		641,210
Amortized debt issuance costs							182,133
Issuance of warrants common stock purchase price per share	$0.50	$0.50		$1.50	$1.50	$2.50			$1.50	$0.50
Warrant exercisable and expire term	26-Mar-10	28-Feb-20				31-Aug-17
Warrant extended term		5 years		5 years
Fair value of warrants	30,288	28,507
Common stock purchase warrants issued for debt issuance costs		149,517					207,952
Line of credit									47,568
Unamortized line of credit							48,865		23,046
Remaining unamortized balance							11,666
Proceeds from unsecured credit facility			1,050,000
Debt interest rate			8.00%
Percentage of gross revenue			1.00%
Legal expenses			25,000
Revenue sharing agreement extension maturity date			7-Dec-14
Short term notes described							1,050,000
Proceeds from borrowings							485,000
Amortization of debt discount			890,103				523,784	1,202,516
Issuance of warrants to purchase of common stock	100,000	100,000	1,000,000		450,000
Common stock at an exercise price			$1.50
Warrants expiration date			7-Dec-14
Discount on note payable			964,738
Estimated fair value of conversion feature and warrants		28,507		603,966			57,961	60,290
Principal balance amount			9,550,000				475,000
Convertible notes payable conversion price	$0.50	$0.50					$0.50			$0.50
Warrants exercise price reduced	$0.50			$1.50
Accrued liabilities							304,878
Interest expenses							573,083	1,246,134
Number of shares issued for note converstion		1,007,260
Proceeds from Issuance of Private Placement
Common stock purchase warrants exercise price, per share		$0.50
Note Payable - Short-term [Member]
Remaining unamortized balance							2,959		41,011
Amortization of debt discount							38,052	800,554
Convertible Notes Payable [Member]
Warrant extended term								5 years			5 years
Remaining unamortized balance							0		822
Debt interest rate								8.00%			8.00%	8.00%
Amortization of debt discount										30,336
Issuance of warrants to purchase of common stock							58,783	18,008			25,000
Common stock at an exercise price								$1.50			$1.50
Estimated fair value of conversion feature and warrants								214,426			57,961
Discount amortized of note and interest expense										2,285
Principal balance amount		25,000								25,000	25,000
Borrowing total								100,000			25,000	100,000
Convertible notes payable conversion price								$1.50			$1.50	$1.50
Convertible note payable term								180 days			1 year
Warrants exercise price reduced								$0.50		$0.50	$0.50
Debt discount on notes payable								143,502			37,323	143,502
Number of shares issued for note converstion										54,570
Paid holder fee										2,729
Maximum [Member]
Warrant exercisable and expire term				23-Jul-19
Percentage of gross revenue			2.00%
Issuance of warrants to purchase of common stock			13,333,333
Common stock at an exercise price			$0.08
Minimum [Member]
Warrant exercisable and expire term				23-Sep-18
Percentage of gross revenue			1.00%
Warrant [Member]
Warrant extended term							5 years
Fair value of warrants							60,290
Common stock purchase warrants issued for debt issuance costs							603,966
Issuance of warrants to purchase of common stock							400,000
Warrants exercise price reduced							$1.50
Warrant [Member] | Maximum [Member]
Warrant exercisable and expire term							23-Sep-18
Warrant [Member] | Minimum [Member]
Warrant exercisable and expire term							23-Oct-19
Convertible Notes Payable One [Member]
Fair value of warrants recorded as debt issuance cost												143,502
Fair value of warrants												70,924
Remaining unamortized balance							0		27,212
Debt interest rate								8.00%				8.00%
Amortization of debt discount							27,712	43,502
Issuance of warrants to purchase of common stock												100,000
Common stock at an exercise price												$1.50
Estimated fair value of conversion feature and warrants										55,942
Principal balance amount		100,000						100,000		100,000		100,000
Convertible notes payable conversion price								$1.50				$1.50
Warrants exercise price reduced								$0.50		$0.50
Accrued interest										9,260
Number of shares issued for note converstion										218,520
Paid holder fee										10,926
Common stock purchase warrants exercise price, per share								$1
Two Convertible Notes Payable [Member] | April 4, 2014 And June 7, 2014 [Member]
Remaining unamortized balance							0
Debt interest rate							8.00%
Borrowing total							250,000
Convertible notes payable conversion price							$1.50
Debt discount on notes payable							278,585
Convertible Notes Payable [Member] | individual [Member]
Debt maturity date							30-Apr-14
Common stock purchase warrants issued for debt issuance costs							100,000
Remaining unamortized balance
Debt interest rate							8.00%
Amortization of debt discount							39,452
Issuance of warrants to purchase of common stock							150,000
Estimated fair value of conversion feature and warrants							50,000
Borrowing total							10,000
Convertible Notes Payable [Member] | April 4, 2014 And June 7, 2014 [Member]
Warrant extended term							5 years
Fair value of warrants							278,585
Common stock purchase warrants issued for debt issuance costs							436,366
Issuance of warrants to purchase of common stock							250,000
Common stock at an exercise price							$1.50
Additional warrants granted							350,000
Discount amortized of note and interest expense							50,000
Convertible note payable term							180 days
Warrants exercise price reduced							$0.50
Common stock purchase warrants exercise price, per share							$1
Convertible Notes Payable [Member] | April 14, 2014 [Member]
Debt interest rate							8.00%
Borrowing total							100,000
Convertible notes payable conversion price							$1.50
Debt discount on notes payable							50,000
Convertible Notes Payable Three [Member]
Remaining unamortized balance									175,248
Amortization of debt discount							175,248	0
Issuance of warrants to purchase of common stock		600,000
Estimated fair value of conversion feature and warrants		55,942
Principal balance amount		200,000					100,000			200,000
Warrants exercise price reduced		$0.50
Accrued interest		17,085
Number of shares issued for note converstion		317,490
Paid holder fee		10,926
Convertible Notes Payable Four [Member]
Remaining unamortized balance									39,452
Amortization of debt discount
Additional warrants granted		71,268
Principal balance amount		150,000								150,000
Warrants exercise price reduced		$0.50
Number of shares issued for note converstion		300,000
Paid holder fee		$15,000
Debt conversion of accrued interest									350,000

Debt_Schedule_of_Debt_Outstand

Debt - Schedule of Debt Outstanding (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Aug. 28, 2012
Line-of-credit with related party	$46,225	$33,807
Note payable to related party, net of discount, short-term	1,147,041	1,340,755	250,000
Notes Payable One [Member]
Note payable to related party, net of discount, short-term	1,047,041	1,008,989
Notes Payable Two [Member]
Note payable to related party, net of discount, short-term		24,178
Notes Payable Three [Member]
Note payable to related party, net of discount, short-term		72,288
Notes Payable Four [Member]
Note payable to related party, net of discount, short-term	100,000	124,752
Notes Payable Five [Member]
Note payable to related party, net of discount, short-term		$110,548

Debt_Schedule_of_Debt_Outstand1

Debt - Schedule of Debt Outstanding (Details) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Notes Payable One [Member]
Discount unamortized net	$2,959	$410,111
Notes Payable Two [Member]
Discount unamortized net	0	822
Notes Payable Three [Member]
Discount unamortized net	0	27,712
Notes Payable Four [Member]
Discount unamortized net	0	175,248
Notes Payable Five [Member]
Discount unamortized net	$0	$39,452

Common_Stock_Details_Narrative

Common Stock (Details Narrative) (USD $)	0 Months Ended	3 Months Ended
	Feb. 28, 2015	Mar. 31, 2015	Mar. 31, 2014	Mar. 26, 2015
Common Stock Details Narrative
Conversion of note payables and accrued interest to common stock	$475,000	$503,630
Conversion of note payables and accrued interest to common stock, shares	1,007,260
Accrued interest	28,630
Conversion exchange rate per share	$0.50	$0.50		$0.50
Conversion of line-of-credit to common stock		$50,000
Conversion of line-of-credit to common stock, shares		100,000

Stock_Options_Details_Narrativ

Stock Options (Details Narrative) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Stock date of granted expiration period	10 years
Stock-based compensation expense in connection with vesting of options granted	$58,360	$559,962
Unrecognized compensation cost related to unvested stock options	$141,385
2006 Equity Incentive Plan [Member]
Issuance of reserved common stock, shares	470,000
Aggregate number of stock reserved issuance	475,000
Stock date of granted expiration period	10 years
All Plan [Member]
Shares available for future grants under all plans	136,500		136,500

Stock_Options_Summary_of_Stock

Stock Options - Summary of Stock Option Activity (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options Outstanding, Beginning	4,204,500
Granted
Exercised
Forfeited	-30,000
Number of Options Outstanding, Ending	4,174,500	4,204,500
Number of Options Outstanding and exercisable	3,854,500
Weighted Average Exercise Price Per Share, Outstanding, Beginning	$3.89
Granted
Exercised
Forfeited	$8.50
Weighted Average Exercise Price Per Share, Outstanding, Ending	$3.86	$3.89
Weighted Average Exercise Price Per Share, Outstanding and exercisable	$3.93
Weighted Average Remaining Contractual Term Outstanding	6 years 1 month 6 days	6 years 3 months 18 days
Outstanding and exercisable, Weighted Average Remaining Contractual Term	5 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding, Beginning	$90,335
Aggregate Intrinsic Value, Outstanding, Ending	34,265	90,335
Outstanding and exercisable, Aggregate Intrinsic Value	$34,265

Derivative_Instruments_Details

Derivative Instruments (Details Narrative) (USD $)	Mar. 31, 2015	Dec. 27, 2013
Derivative Instruments Details Narrative
Notes payable principal balance	$475,000	$9,550,000

Derivative_Instruments_Schedul

Derivative Instruments - Schedule of Estimated Fair Value of Derivative Liabilities (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Volatility - range	102.00%
Contractual term	3 years 1 month 6 days
Exercise price	$1
Number of warrants in aggragate	1,000,000
Upon Issuance [Member]
Volatility - range	104.00%
Contractual term	5 years
Exercise price	$0.50
Number of warrants in aggragate	25,000
As of Date of Transition To Equity [Member]
Volatility - range	104.00%
Contractual term	5 years
Exercise price	$0.50
Number of warrants in aggragate	1,325,000

Derivative_Instruments_Summary

Derivative Instruments - Summary of Changes In Fair Value Derivative Financial Instruments (Details) (USD $)	0 Months Ended		3 Months Ended
	Feb. 28, 2015	Sep. 23, 2013	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments
Beginning balance			$701,214
Fair value of warrant derivative at issuance date	28,507	603,966	57,961	60,290
Unrealized derivative gains included in other expense			-265,267
Transition of derivative liability to equity			-329,849
Ending balance			$164,069

Warrants_Details_Narrative

Warrants (Details Narrative) (USD $)	3 Months Ended
	Mar. 31, 2015
Warrants and Rights Note Disclosure [Abstract]
Weigted average of purchase warrants term	3 years 11 months 23 days
Common stock purchase warrants and intrinsic value	$0

Warrants_Summary_of_Warrant_Ac

Warrants - Summary of Warrant Activity (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Warrants and Rights Note Disclosure [Abstract]
Outstanding and exercisable, Number of Warrants, Beginning balance	3,662,710
Number of Warrants, Issued in conjunction with notes payable	25,000
Number of Warrants, Issued in conjunction with line-of-credit	200,000
Number of Warrants Exercised
Outstanding and exercisable, Number of Warrants, Ending balance	3,887,710
Outstanding and exercisable, Weighted Average Exercise Price Per Share	$1.59
Weighted Average Exercise Price Per Share, Issued in conjunction with notes payable	$0.50
Weighted Average Exercise Price Per Share, Issued in conjunction with line-of-credit	$0.50
Weighted Average Exercise Price Per Share, Exercised
Outstanding and exercisable, Weighted Average Exercise Price Per Share	$0.86

Supplemental_Oil_and_Gas_Infor2

Supplemental Oil and Gas Information (Details Narrative) (Nicaraguan Concessions [Member], USD $)	Mar. 31, 2015
	acre
Nicaraguan Concessions [Member]
Concession and training fees accrued	$13,893
Unevaluated costs, acre of land	1,400,000

Supplemental_Oil_and_Gas_Infor3

Supplemental Oil and Gas Information - Schedule of Costs Incurred In Connection With Oil and Gas Acquisition, Exploration and Development Activities (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Oil and Gas Property [Abstract]
Proved
Unproved
Total property acquisition costs
Development costs
Exploration costs	13,893
Total costs	$13,893

Supplemental_Oil_and_Gas_Infor4

Supplemental Oil and Gas Information - Schedule of Aggregate Capitalized Costs Relating To Oil and Gas Producing Activities, And Related Accumulated Depreciation, Depletion, Amortization and Ceiling Write-Downs (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Oil and Gas Property [Abstract]
Proved oil and gas properties
Unproved oil and gas properties	10,606,729	10,592,836
Total	10,606,729	10,592,836
Less amount allocated to revenue sharing interest granted to Note holder for extension of maturity date (See Note 2)	-964,738	-964,738
Less accumulated depreciation, depletion, amortization and ceiling write-downs
Net capitalized costs	$9,641,991	$9,628,098

Supplemental_Oil_and_Gas_Infor5

Supplemental Oil and Gas Information - Schedule of Oil And Gas Property Costs Not Being Amortized (Details) (USD $)	Mar. 31, 2015
Oil and Gas Property [Abstract]
2015 (through March 31, 2015)	$13,893
2014	115,622
2013	6,051,411
2012	581,723
2011	731,347
Prior	3,112,733
Total costs not being amortized	$10,606,729

Commitments_and_Contingencies_1

Commitments and Contingencies (Details Narrative) (USD $)	0 Months Ended					3 Months Ended
	Aug. 15, 2014	Sep. 23, 2013	Oct. 13, 2011	Jun. 06, 2009	Mar. 23, 2009	Mar. 31, 2015	Dec. 31, 2014	Oct. 31, 2012	Dec. 31, 2009
Letters of credit							$851,550
Letters of credit expiration date		31-Jan-14
Minimum cash requirements after approval						5,500,000
Minimum cash requirements after approval relating to training and area fees						280,000
Minimum cash requirements related esitmate require approximately						330,000
Minimum working capital requirements						315,000
Secured subordinated promissory notes					1,275,000
Percentage of revenue sharing Interest					1.00%
Amount funded by Off-Shore									1,275,000
Percentage of payment of revenue to Off-Shore						1.00%
Percentage of payment of revenue to officers and directors				1.00%
Notes payable principal balance						1,050,000
Asset retirement obligations						1,716,003	1,716,003
Default judgment granted against the company			445,521			125,000
Estimated liability relating each operating well						30,000		45,103
Total estimated liability relating to all operating wells						780,000
Payment for demand	56,000
Payement for investor relations serivces	7,000
Number of shares issuance of common stock to investor	15,000
Payments made for new issud common stock	14,000
Number of shares issued during period settlement of final termination agreement	28,000
Accounts payable						49,000	49,000
Cambrian Consultants America, Inc [Member]
Default judgment granted against the company						96,877
Perlas [Member]
Exploration concession term						30 years
Letters of credit						443,100
Letters of credit expiration date						31-Mar-14
Increase letter of credit						1,356,227
Tyra [Member]
Exploration concession term						30 years
Letters of credit						408,450
Letters of credit expiration date						30-Sep-14
Increase letter of credit						$278,450

Commitments_and_Contingencies_2

Commitments and Contingencies - Schedule of Minimum Exploration Work Commitment and Relinquishments by Individual Blocks (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Sub-Period1 [Member] | Block Perlas [Member]
Duration	2 years
Minimum Work Commitment	- Environmental Impact Study
	- Acquisition & interpretation of 333km of new 2D seismic
	- Acquisition, processing & interpretation of 667km of new 2D seismic (or equivalent in 3D)
Minimum Relinquishments	26km2
Irrevocable Guarantee	$443,100
Sub-Period1 [Member] | Block Tyra [Member]
Duration	1 year 6 months
Minimum Work Commitment	- Environmental Impact Study
	- Acquisition & interpretation of 667km of existing 2D seismic
	- Acquisition of 667km of new 2D seismic (or equivalent in 3D)
Minimum Relinquishments	26 km2
Irrevocable Guarantee	408,450
Sub-Period 2 Optional [Member] | Block Perlas [Member]
Duration	1 year
Minimum Work Commitment	- Acquisition, processing & interpretation of 200km2 of 3D seismic
Minimum Relinquishments	53 km2
Irrevocable Guarantee	1,356,227
Sub-Period 2 Optional [Member] | Block Tyra [Member]
Duration	6 months
Minimum Work Commitment	- Processing & interpretation of the 667km 2D seismic (or equivalent in 3D) acquired in the previous sub-period
Minimum Relinquishments	40 km2
Irrevocable Guarantee	278,450
Sub-Period 3 Optional [Member] | Block Perlas [Member]
Duration	1 year
Minimum Work Commitment	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower
Minimum Relinquishments	80 km2
Irrevocable Guarantee	10,220,168
Sub-Period 3 Optional [Member] | Block Tyra [Member]
Duration	2 years
Minimum Work Commitment	- Acquisition, processing & interpretation of 250km2 of new 3D seismic
Minimum Relinquishments	160 km2
Irrevocable Guarantee	1,818,667
Sub-Period 4 Optional [Member] | Block Perlas [Member]
Duration	2 years
Minimum Work Commitment	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower
	- Geochemical analysis
Minimum Relinquishments	All acreage except areas with discoveries
Irrevocable Guarantee	10,397,335
Sub-Period 4 Optional [Member] | Block Tyra [Member]
Duration	2 years
Minimum Work Commitment	- Drilling of one exploration well to the Cretaceous or 3,500m, whichever is shallower
	- Geochemical analysis
Minimum Relinquishments	All acreage except areas with discoveries
Irrevocable Guarantee	$10,418,667

Commitments_and_Contingencies_3

Commitments and Contingencies - Schedule of Contractual and Fiscal Terms (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Amount of contract per year, per block	$50,000
Natural Gas Royalties	Market value at production
Percentage of Natural Gas Royalties	5.00%
Corporate Tax	30.00%
Percentage of social contribution of net profit	3.00%
Percentage of social contribution of net profit for each autonomous region	1.50%
Investment Protection	ICSID arbitration
	OPIC insurance
Factor One [Member]
Royalties recovery factor, minimum	0
Royalties recovery factor, maximum	1.5
Percentage of royalties	5.00%
Factor Two [Member]
Royalties recovery factor, minimum	1.5
Royalties recovery factor, maximum	3
Percentage of royalties	10.00%
Factor Three [Member]
Royalties recovery factor, maximum	3
Percentage of royalties	15.00%
Period One [Member]
Period of area fee per hectare, minimum	1 year
Period of area fee per hectare, maximum	3 years
Area fee per hectare	$0.05
Period Two [Member]
Period of area fee per hectare, minimum	4 years
Period of area fee per hectare, maximum	7 years
Area fee per hectare	$0.10
Period Three [Member]
Period of area fee per hectare, maximum	8 years
Area fee per hectare	$0.15

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	0 Months Ended						3 Months Ended		0 Months Ended
	Mar. 26, 2015	Feb. 28, 2015	Feb. 28, 2014	Sep. 23, 2013	Sep. 23, 2013	Aug. 28, 2012	Mar. 31, 2015	Mar. 31, 2014	15-May-15	Feb. 28, 2014	Dec. 31, 2014	Apr. 13, 2012
Billing for CFO staff for consideration of office services							$0	$0
Aggregate amount of off-shore subordinated loan												1,275,000
Exchange of shares owned			375,400
Additional shares issued			420,448
Value of additional shares issued			1,681,792
Issuance price per share			$4
Accrued compensation to related parties							1,246,208				1,187,208
Company borrowed amount by issued a short-term note payable						250,000	1,147,041				1,340,755
Percentage of ownership held by board member						49.00%
Debt instrument, interest rate						8.00%
Notes maturity date					23-Nov-13	28-Feb-13
Issuance of warrants to purchase common stock	100,000	100,000		350,000		120,000
Issuance of warrants common stock purchase price per share	$0.50	$0.50		$1.50	$1.50	$2.50					$1.50
Warrants expiration date	26-Mar-10	28-Feb-20				31-Aug-17
Number of issued warrants lender		890,625
Line of credit facility, borrowing capacity	100,000			50,000	50,000						100,000
Line of credit facility, interest rate				8.00%	8.00%
Line of credit facility, expiration date				31-Jan-14
Fair value of warrants		28,507		603,966			57,961	60,290
Warrant extended term		5 years		5 years
Warrants exercise price reduced	$0.50			$1.50
Increased value of amended warrants	30,288	149,517
Borrowed	100,000
January 23, 2014 [Member]
Issuance of warrants to purchase common stock									400,000
Line of credit facility, borrowing capacity							450,000
Fair value of warrants									60,290
Warrants exercise price reduced									$1.50
Minimum [Member]
Warrants expiration date				23-Sep-18
Maximum [Member]
Warrants expiration date				23-Jul-19
Series B Redeemable Convertible Preferred Stock [Member]
Exchange of shares owned										15,016
Preferred stock liquidation and par value			100							100
Additional shares issued										45,048
Value of additional shares issued										180,192
CFO's Firm [Member]
Due to related party for consideration of services							$767,407				$767,407

Subsequent_Events_Details_Narr

Subsequent Events (Details Narrative) (USD $)	0 Months Ended	3 Months Ended	0 Months Ended
	Dec. 27, 2013	Mar. 31, 2015	7-May-15	7-May-15	Mar. 26, 2015	Feb. 28, 2015
Principal amount of senior secured convertible notes	$9,550,000	$475,000
Proceeds from private placement
Percentage of bears interest	8.00%
Conversion price per share		$0.50			$0.50	$0.50
Unsecured credit maturity date	7-Apr-16
Subsequent Event [Member] | Warrant [Member]
Warrant to purchase shares of common stock		1,000,000
Common stock exercise price per share		$1
Number of shares issued lender of restricted common stock		200,000
Amount paid under note payable		50,000
Number of shares issuable under the Warrant increases		13,333,333
Warrant exercise price per share		$0.08
Subsequent Event [Member] | Westpark Capital [Member]
Warrant investor purchase aggregate shares		18,000,000
Common stock exercise price per share		$0.50
Percentage of receive a fee cash proceeds		6.00%
Cash proceeds received from amount closing		27,000
Unsecured credit		1,050,000
Senior Secured Convertible Note [Member] | Subsequent Event [Member]
Principal amount of senior secured convertible notes			12,000,000	12,000,000
Warrant to purchase shares of common stock			18,000,000
Investor Promissory Note [Member] | Subsequent Event [Member]
Principal amount of senior secured convertible notes			9,550,000	9,550,000
Note payments for cahs and issuing promissory note				450,000
Proceeds from private placement				10,000,000
Area training fee				$155,000
Promissory Note [Member] | Subsequent Event [Member]
Percentage of bears interest		8.00%
Conversion price per share		$0.50
Warrant investor purchase aggregate shares		18,000,000
Common stock exercise price per share		$0.50
Percentage of beneficial owner of excess		9.99%