Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'ROYALE ENERGY INC |
Document Type | '10-Q |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 14,942,728 |
Amendment Flag | 'false |
Entity Central Index Key | '0000864839 |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Filer Category | 'Smaller Reporting Company |
Entity Well-known Seasoned Issuer | 'No |
Document Period End Date | 30-Jun-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash and Cash Equivalents | $2,967,509 | $4,878,233 |
Accounts Receivable, net | 2,521,208 | 1,680,792 |
Prepaid Expenses | 580,019 | 684,848 |
Available for Sale Securities | 16,448 | 16,448 |
Inventory | 320,473 | 317,043 |
Total Current Assets | 6,405,657 | 7,577,364 |
Other Assets | 946 | 946 |
Oil and Gas Properties, at cost, (successful efforts basis), Equipment and Fixtures | 7,616,046 | 7,237,382 |
Total Assets | 14,022,649 | 14,815,692 |
Current Liabilities: | ' | ' |
Accounts Payable and Accrued Expenses | 5,625,338 | 5,332,323 |
Current Portion of Long-Term Debt | 28,196 | 22,916 |
Current Portion of Deferred Tax Liability | 1,775 | 1,775 |
Deferred Drilling Obligations | 5,606,951 | 6,125,933 |
Total Current Liabilities | 11,262,260 | 11,482,947 |
Noncurrent Liabilities: | ' | ' |
Asset Retirement Obligation | 835,346 | 862,369 |
Note Payable | 1,461,462 | 1,477,084 |
Total Noncurrent Liabilities | 2,296,808 | 2,339,453 |
Total Liabilities | 13,559,068 | 13,822,400 |
Stockholders' Equity: | ' | ' |
Common Stock, no par value, authorized 20,000,000 shares, 14,942,728 shares outstanding. | 37,996,866 | 37,996,866 |
Convertible preferred stock, Series AA, no par value, 147,500 shares authorized; 52,784 outstanding | 154,014 | 154,014 |
Accumulated (Deficit) | -38,001,099 | -37,471,388 |
Paid in Capital | 303,855 | 303,855 |
Accumulated Other Comprehensive Income | 9,945 | 9,945 |
Total Stockholders' Equity | 463,581 | 993,292 |
Total Liabilities and Stockholders' Equity | $14,022,649 | $14,815,692 |
BALANCE_SHEETS_Parentheticals
BALANCE SHEETS (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Common stock, no par value (in Dollars per share) | ' | ' |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common Stock, shares outstanding | 14,942,728 | 14,942,728 |
Convertible Preferred Stock, Series AA, no par value (in Dollars per share) | ' | ' |
Convertible Preferred Stock, Series AA, shares authorized | 147,500 | 147,500 |
Convertible preferred stock, Series AA, shares outstanding | 52,784 | 52,784 |
STATEMENTS_OF_COMPREHENSIVE_IN
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Sale of Oil and Gas | $744,410 | $457,101 | $1,569,966 | $787,996 |
Supervisory Fees and Other | 174,429 | 184,267 | 327,904 | 325,038 |
Total Revenues | 918,839 | 641,368 | 1,897,870 | 1,113,034 |
Costs and Expenses: | ' | ' | ' | ' |
General and Administrative | 587,070 | 696,201 | 1,422,131 | 1,556,214 |
Lease Operating | 267,826 | 239,928 | 721,362 | 507,137 |
Delay Rentals | 12,298 | 1,200 | 31,792 | 26,813 |
Legal and Accounting | 49,751 | 80,833 | 268,403 | 252,464 |
Marketing | 35,122 | 65,095 | 130,318 | 102,721 |
Depreciation, Depletion and Amortization | 88,309 | 63,030 | 178,135 | 126,311 |
Total Costs and Expenses | 1,040,376 | 1,146,287 | 2,752,141 | 2,571,660 |
Gain on Turnkey Drilling Programs | 415,487 | 321,831 | 396,454 | 241,932 |
Gain (Loss) on Sale of Assets | -34,601 | 2,294,920 | -34,601 | 2,294,920 |
Income (Loss) From Operations | 259,349 | 2,111,832 | -492,418 | 1,078,226 |
Other Income (Expense): | ' | ' | ' | ' |
Interest Expense | -21,955 | -102,499 | -37,293 | -303,367 |
Income (Loss) Before Income Tax Expense (Benefit) | 237,394 | 2,009,333 | -529,711 | 774,859 |
Net Income (Loss) | 237,394 | 2,009,333 | -529,711 | 774,859 |
Basic Earnings (Loss) Per Share (in Dollars per share) | $0.02 | $0.15 | ($0.04) | $0.06 |
Diluted Earnings (Loss) Per Share (in Dollars per share) | $0.02 | $0.15 | ($0.04) | $0.06 |
Other Comprehensive Income | ' | ' | ' | ' |
Unrealized Gain on Equity Securities | 0 | 0 | 0 | 0 |
Other Comprehensive Income, before tax | 0 | 0 | 0 | 0 |
Income Tax Expense Related to Items of Other Comprehensive Income | 0 | 0 | 0 | 0 |
Other Comprehensive Income, net of tax | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss) | $237,394 | $2,009,333 | ($529,711) | $774,859 |
STATEMENTS_OF_CASH_FLOWS_Unaud
STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net Income (Loss) | ($529,711) | $774,859 |
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities: | ' | ' |
Depreciation, Depletion and Amortization | 178,135 | 126,311 |
(Gain) Loss on Sale of Assets | 34,601 | -2,294,920 |
(Gain) on Turnkey Drilling Programs | -396,454 | -241,932 |
Debt Discount Amortization, net of adjustments | 0 | 280,583 |
Decrease (Increase) in: | ' | ' |
Accounts Receivable | -840,416 | 426,047 |
Prepaid Expenses and Other Assets | 101,399 | -119,584 |
Increase (Decrease) in: | ' | ' |
Accounts Payable and Accrued expenses | 265,992 | -452,057 |
Deferred Drilling Obligations | -518,982 | -118,118 |
Net Cash Used in Operating Activities | -1,705,436 | -1,618,811 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Expenditures for Oil and Gas Properties and Other Capital Expenditures | -2,495,777 | -1,156,458 |
Proceeds from Turnkey Drilling Programs | 2,300,831 | 893,667 |
Proceeds from Sale of Assets | 0 | 3,413,155 |
Net Cash Provided (Used) by Investing Activities | -194,946 | 3,150,364 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Principal Payments on Long-Term Debt | -10,342 | -1,183,333 |
Proceeds from Stock Option and Warrant Exercises | 0 | 639,671 |
Proceeds from Sale of Common Stock | 0 | 1,021,668 |
Net Cash Provided (Used) by Financing Activities | -10,342 | 478,006 |
Net Increase (Decrease) in Cash and Cash Equivalents | -1,910,724 | 2,009,559 |
Cash at Beginning of Year | 4,878,233 | 1,489,930 |
Cash at End of Period | 2,967,509 | 3,499,489 |
Cash Paid for Interest | 37,293 | 22,785 |
Cash Paid for Taxes | 1,900 | 800 |
Non-Cash Investing and Financing Transactions | ' | ' |
Conversion of Debt to Common Stock | $0 | $954,547 |
NOTE_1
NOTE 1 | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1 – In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting only of normally recurring adjustments, necessary to present fairly the Company’s financial position and the results of its operations and cash flows for the periods presented. The results of operations for the six month period are not, in management’s opinion, indicative of the results to be expected for a full year of operations. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report. | |
NOTE_2_EARNINGS_LOSS_PER_SHARE
NOTE 2 - EARNINGS (LOSS) PER SHARE | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
NOTE 2 – EARNINGS (LOSS) PER SHARE | |||||||||||||||||
Basic and diluted earnings (loss) per share are calculated as follows: | |||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net Income | $ | 237,394 | $ | 237,394 | $ | 2,009,333 | $ | 2,009,333 | |||||||||
Weighted average common shares outstanding | 14,942,728 | 14,942,728 | 13,211,602 | 13,211,602 | |||||||||||||
Effect of dilutive securities | -- | 167,477 | -- | 77,201 | |||||||||||||
Weighted average common shares, including | |||||||||||||||||
Dilutive effect | 14,942,728 | 15,110,205 | 13,211,602 | 13,288,803 | |||||||||||||
Per share: | |||||||||||||||||
Net income | $ | 0.02 | $ | 0.02 | $ | 0.15 | $ | 0.15 | |||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net Income (Loss) | $ | (529,711 | ) | $ | (529,711 | ) | $ | 774,859 | $ | 774,859 | |||||||
Weighted average common shares outstanding | 14,942,728 | 14,942,728 | 13,211,602 | 13,211,602 | |||||||||||||
Effect of dilutive securities | -- | 157,472 | -- | 70,097 | |||||||||||||
Weighted average common shares, including | |||||||||||||||||
Dilutive effect | 14,942,728 | 15,100,200 | 13,211,602 | 13,281,699 | |||||||||||||
Per share: | |||||||||||||||||
Net income | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.06 | $ | 0.06 | |||||||
For the six months ended June 30, 2014, Royale Energy had dilutive securities of 157,472. These securities were not included in the dilutive loss per share due to their antidilutive nature. | |||||||||||||||||
NOTE_3_OIL_AND_GAS_PROPERTIES_
NOTE 3 - OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ' | ||||||||
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | ' | ||||||||
NOTE 3 – OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES | |||||||||
Oil and gas properties, equipment and fixtures consist of the following: | |||||||||
June 30, 2014 | 31-Dec-13 | ||||||||
(Unaudited) | (Audited) | ||||||||
Oil and Gas | |||||||||
Producing properties, including drilling costs | $ | 5,356,543 | $ | 4,862,657 | |||||
Undeveloped properties | 2,770,482 | 2,779,672 | |||||||
Lease and well equipment | 4,178,242 | 4,075,320 | |||||||
12,305,267 | 11,717,649 | ||||||||
Accumulated depletion, depreciation & amortization | (7,190,812 | ) | (7,065,362 | ) | |||||
5,114,455 | 4,652,287 | ||||||||
Commercial and Other | |||||||||
Real estate, including furniture and fixtures | $ | 2,503,803 | $ | 2,503,803 | |||||
Vehicles | 120,314 | 120,314 | |||||||
Furniture and equipment | 1,055,187 | 1,300,523 | |||||||
3,679,304 | 3,924,640 | ||||||||
Accumulated depreciation | (1,177,713 | ) | (1,339,545 | ) | |||||
2,501,591 | 2,585,095 | ||||||||
$ | 7,616,046 | $ | 7,237,382 | ||||||
The guidance set forth in the Continued Capitalization of Exploratory Well Costs paragraph of the Extractive Activities Topic of the FASB Accounting Standards Codification requires that we evaluate all existing capitalized exploratory well costs and disclose the extent to which any such capitalized costs have become impaired and are expensed or reclassified during a fiscal period. We did not make any additions to capitalized exploratory well costs pending a determination of proved reserves during the periods in 2014 or 2013. | |||||||||
NOTE_4_RESTATEMENT_TO_REFLECT_
NOTE 4 - RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||
Accounting Changes and Error Corrections [Text Block] | ' | ||||||||
NOTE 4 – RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY | |||||||||
The Company has restated its previously issued 2013 financial statements for the correction of an error in the method of revenue recognition. The effect on the Company’s issued June 30, 2013 financial statements is summarized below: | |||||||||
As Previously | |||||||||
Reported | As Restated | ||||||||
Statement of Operations for the period ended June 30, 2013: | |||||||||
Revenues: | |||||||||
Turnkey Drilling | 893,667 | 0 | |||||||
Total Revenues | 2,006,701 | 1,113,034 | |||||||
Costs and Expenses: | |||||||||
Turnkey Drilling and Development Expense | 541,843 | 0 | |||||||
Lease Operating Expense | 533,950 | 507,137 | |||||||
Delay Rentals Expense | 0 | 26,813 | |||||||
Depreciation, Depletion and Amortization Expense | 461,264 | 126,311 | |||||||
Total Costs and Expenses | 3,448,456 | 2,571,660 | |||||||
Net Income | 549,798 | 774,859 | |||||||
NOTE_5_SUBSEQUENT_EVENTS
NOTE 5 - SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 5 – SUBSEQUENT EVENTS | |
On July 29, 2014, Royale Energy, Inc. notified Kuukpik Drill that Royale was terminating its contract for drilling two wells on Royale’s block on the North Slope in Alaska, during the 2014-2015 drilling season. Royale elected to terminate the contract after Rampart Energy, Ltd., notified Royale that Rampart would not fund the initial payment due to Kuupik Drill under the drilling contract. The decision was made to avoid incurring penalty fees that would have become due to Kuupik Drill for failure to make timely payment. Royale believes that the drilling contract could be reinstated for the 2014-2015 season if new arrangements can be made to fund the drilling commitment. | |
NOTE_2_EARNINGS_LOSS_PER_SHARE1
NOTE 2 - EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 'Basic and diluted earnings (loss) per share are calculated as follows: | ||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net Income | $ | 237,394 | $ | 237,394 | $ | 2,009,333 | $ | 2,009,333 | |||||||||
Weighted average common shares outstanding | 14,942,728 | 14,942,728 | 13,211,602 | 13,211,602 | |||||||||||||
Effect of dilutive securities | -- | 167,477 | -- | 77,201 | |||||||||||||
Weighted average common shares, including | |||||||||||||||||
Dilutive effect | 14,942,728 | 15,110,205 | 13,211,602 | 13,288,803 | |||||||||||||
Per share: | |||||||||||||||||
Net income | $ | 0.02 | $ | 0.02 | $ | 0.15 | $ | 0.15 | |||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Basic | Diluted | Basic | Diluted | ||||||||||||||
Net Income (Loss) | $ | (529,711 | ) | $ | (529,711 | ) | $ | 774,859 | $ | 774,859 | |||||||
Weighted average common shares outstanding | 14,942,728 | 14,942,728 | 13,211,602 | 13,211,602 | |||||||||||||
Effect of dilutive securities | -- | 157,472 | -- | 70,097 | |||||||||||||
Weighted average common shares, including | |||||||||||||||||
Dilutive effect | 14,942,728 | 15,100,200 | 13,211,602 | 13,281,699 | |||||||||||||
Per share: | |||||||||||||||||
Net income | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.06 | $ | 0.06 |
NOTE_3_OIL_AND_GAS_PROPERTIES_1
NOTE 3 - OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Oil and Gas Exploration and Production Industries Disclosures [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | 'Oil and gas properties, equipment and fixtures consist of the following: | ||||||||
June 30, 2014 | 31-Dec-13 | ||||||||
(Unaudited) | (Audited) | ||||||||
Oil and Gas | |||||||||
Producing properties, including drilling costs | $ | 5,356,543 | $ | 4,862,657 | |||||
Undeveloped properties | 2,770,482 | 2,779,672 | |||||||
Lease and well equipment | 4,178,242 | 4,075,320 | |||||||
12,305,267 | 11,717,649 | ||||||||
Accumulated depletion, depreciation & amortization | (7,190,812 | ) | (7,065,362 | ) | |||||
5,114,455 | 4,652,287 | ||||||||
Commercial and Other | |||||||||
Real estate, including furniture and fixtures | $ | 2,503,803 | $ | 2,503,803 | |||||
Vehicles | 120,314 | 120,314 | |||||||
Furniture and equipment | 1,055,187 | 1,300,523 | |||||||
3,679,304 | 3,924,640 | ||||||||
Accumulated depreciation | (1,177,713 | ) | (1,339,545 | ) | |||||
2,501,591 | 2,585,095 | ||||||||
$ | 7,616,046 | $ | 7,237,382 |
NOTE_4_RESTATEMENT_TO_REFLECT_1
NOTE 4 - RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | 'The Company has restated its previously issued 2013 financial statements for the correction of an error in the method of revenue recognition. The effect on the Company’s issued June 30, 2013 financial statements is summarized below: | ||||||||
As Previously | |||||||||
Reported | As Restated | ||||||||
Statement of Operations for the period ended June 30, 2013: | |||||||||
Revenues: | |||||||||
Turnkey Drilling | 893,667 | 0 | |||||||
Total Revenues | 2,006,701 | 1,113,034 | |||||||
Costs and Expenses: | |||||||||
Turnkey Drilling and Development Expense | 541,843 | 0 | |||||||
Lease Operating Expense | 533,950 | 507,137 | |||||||
Delay Rentals Expense | 0 | 26,813 | |||||||
Depreciation, Depletion and Amortization Expense | 461,264 | 126,311 | |||||||
Total Costs and Expenses | 3,448,456 | 2,571,660 | |||||||
Net Income | 549,798 | 774,859 |
NOTE_2_EARNINGS_LOSS_PER_SHARE2
NOTE 2 - EARNINGS (LOSS) PER SHARE (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 157,472 |
NOTE_2_EARNINGS_LOSS_PER_SHARE3
NOTE 2 - EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Per share: | ' | ' | ' | ' |
Net income (in Dollars per share) | $0.02 | $0.15 | ($0.04) | $0.06 |
Net income (in Dollars per share) | $0.02 | $0.15 | ($0.04) | $0.06 |
EPS, Basic [Member] | ' | ' | ' | ' |
NOTE 2 - EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Net Income (in Dollars) | $237,394 | $2,009,333 | ($529,711) | $774,859 |
Weighted average common shares outstanding | 14,942,728 | 13,211,602 | 14,942,728 | 13,211,602 |
Weighted average common shares outstanding | 14,942,728 | 13,211,602 | 14,942,728 | 13,211,602 |
Weighted average common shares, including | ' | ' | ' | ' |
Dilutive effect | 14,942,728 | 13,211,602 | 14,942,728 | 13,211,602 |
Per share: | ' | ' | ' | ' |
Net income (in Dollars per share) | $0.02 | $0.15 | ($0.04) | $0.06 |
EPS, Diluted [Member] | ' | ' | ' | ' |
NOTE 2 - EARNINGS (LOSS) PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ' | ' | ' | ' |
Net Income (in Dollars) | $237,394 | $2,009,333 | ($529,711) | $774,859 |
Weighted average common shares outstanding | 14,942,728 | 13,211,602 | 14,942,728 | 13,211,602 |
Weighted average common shares outstanding | 14,942,728 | 13,211,602 | 14,942,728 | 13,211,602 |
Effect of dilutive securities | 167,477 | 77,201 | 157,472 | 70,097 |
Weighted average common shares, including | ' | ' | ' | ' |
Dilutive effect | 14,942,728 | 13,211,602 | 14,942,728 | 13,211,602 |
Dilutive effect | 15,110,205 | 13,288,803 | 15,100,200 | 13,281,699 |
Per share: | ' | ' | ' | ' |
Net income (in Dollars per share) | $0.02 | $0.15 | ($0.04) | $0.06 |
NOTE_3_OIL_AND_GAS_PROPERTIES_2
NOTE 3 - OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES (Details) - Schedule of Property, Plant and Equipment (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Oil and Gas | ' | ' |
Producing properties, including drilling costs | $5,356,543 | $4,862,657 |
Undeveloped properties | 2,770,482 | 2,779,672 |
Lease and well equipment | 4,178,242 | 4,075,320 |
12,305,267 | 11,717,649 | |
Accumulated depletion, depreciation & amortization | -7,190,812 | -7,065,362 |
5,114,455 | 4,652,287 | |
Commercial and Other Property and Equipment, Gross | 3,679,304 | 3,924,640 |
Accumulated depreciation | -1,177,713 | -1,339,545 |
2,501,591 | 2,585,095 | |
7,616,046 | 7,237,382 | |
Real Estate, Including Furniture and Fixtures [Member] | ' | ' |
Oil and Gas | ' | ' |
Commercial and Other Property and Equipment, Gross | 2,503,803 | 2,503,803 |
Vehicles [Member] | ' | ' |
Oil and Gas | ' | ' |
Commercial and Other Property and Equipment, Gross | 120,314 | 120,314 |
Furniture and Fixtures [Member] | ' | ' |
Oil and Gas | ' | ' |
Commercial and Other Property and Equipment, Gross | $1,055,187 | $1,300,523 |
NOTE_4_RESTATEMENT_TO_REFLECT_2
NOTE 4 - RESTATEMENT TO REFLECT CHANGE IN REVENUE RECOGNITION POLICY (Details) - Schedule of Error Corrections and Prior Period Adjustments (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Total Revenues | $918,839 | $641,368 | $1,897,870 | $1,113,034 |
Costs and Expenses: | ' | ' | ' | ' |
Lease Operating Expense | 267,826 | 239,928 | 721,362 | 507,137 |
Delay Rentals Expense | 12,298 | 1,200 | 31,792 | 26,813 |
Depreciation, Depletion and Amortization Expense | 88,309 | 63,030 | 178,135 | 126,311 |
Total Costs and Expenses | 1,040,376 | 1,146,287 | 2,752,141 | 2,571,660 |
Net Income | 237,394 | 2,009,333 | -529,711 | 774,859 |
Scenario, Previously Reported [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Turnkey Drilling | ' | ' | ' | 893,667 |
Total Revenues | ' | ' | ' | 2,006,701 |
Costs and Expenses: | ' | ' | ' | ' |
Turnkey Drilling and Development Expense | ' | ' | ' | 541,843 |
Lease Operating Expense | ' | ' | ' | 533,950 |
Delay Rentals Expense | ' | ' | ' | 0 |
Depreciation, Depletion and Amortization Expense | ' | ' | ' | 461,264 |
Total Costs and Expenses | ' | ' | ' | 3,448,456 |
Net Income | ' | ' | ' | 549,798 |
Scenario, Adjustment [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Turnkey Drilling | ' | ' | ' | 0 |
Total Revenues | ' | ' | ' | 1,113,034 |
Costs and Expenses: | ' | ' | ' | ' |
Turnkey Drilling and Development Expense | ' | ' | ' | 0 |
Lease Operating Expense | ' | ' | ' | 507,137 |
Delay Rentals Expense | ' | ' | ' | 26,813 |
Depreciation, Depletion and Amortization Expense | ' | ' | ' | 126,311 |
Total Costs and Expenses | ' | ' | ' | 2,571,660 |
Net Income | ' | ' | ' | $774,859 |
NOTE_5_SUBSEQUENT_EVENTS_Detai
NOTE 5 - SUBSEQUENT EVENTS (Details) (Subsequent Event [Member]) | 0 Months Ended |
Jul. 29, 2014 | |
Subsequent Event [Member] | ' |
NOTE 5 - SUBSEQUENT EVENTS (Details) [Line Items] | ' |
Subsequent Event, Description | 'terminating its contract for drilling two wells on Royale's block on the North Slope in Alaska, during the 2014-2015 drilling season |