|
Statements of Cash Flows (USD $)
|
3 Months Ended |
39 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net (loss) in the development stage |
$ (199,756) |
$ (61,020) |
$ (1,828,942) |
| Net (loss) in the pre-development stage |
|
|
(123,849) |
| Adjustments to reconcile net loss to net cash used by operating activities: |
|
|
|
| Donated Expenses, retirement of debt |
|
|
33,544 |
| Donated Services |
|
|
19,250 |
| Depreciation |
49 |
223 |
737 |
| Change in operating assets and liabilities |
|
|
127,845 |
| Accounts payable |
20,000 |
20,600 |
369,000 |
| Net cash (used by) operating activities |
(179,707) |
(40,197) |
(1,402,415) |
| Cash flows from investing activities |
|
|
|
| Purchase of fixed assets |
|
|
(737) |
| Purchase of oil & gas properties |
|
|
(11,937,334) |
| Net cash (used by) investing activities |
|
|
(11,938,071) |
| Cash flows from financing activities: |
|
|
|
| Proceeds (repayment) of stockholders' loan |
35,000 |
(22,600) |
154,725 |
| Common stock issued for cash |
|
|
948,200 |
| Proceeds of Notes Payable |
83,730 |
57,000 |
145,221 |
| Non-cash issue of stock to finance purchase of acquisition of oil and gas properties |
|
|
7,430,900 |
| Preferred stock issued to finance purchase of acquisition of oil and gas properties |
|
|
4,152,000 |
| Non-cash excess of purchase over cost |
|
|
(220,000) |
| Non-cash issue of stock to retire debt |
|
|
448,022 |
| Non-cash issue of stock for debt terms |
10,000 |
|
10,000 |
| Common stock issued to finance services |
40,141 |
|
281,854 |
| Net cash provided by financing activities |
168,871 |
34,400 |
13,350,922 |
| Effect of exchange rates on cash |
|
(223) |
4,144 |
| Net increase (decrease) in cash |
(10,836) |
(5,797) |
14,580 |
| Cash, beginning of the period |
25,416 |
15,010 |
|
| Cash, end of the period |
14,580 |
8,990 |
14,580 |
| Supplemental disclosure of non-cash investing and financing activities |
|
|
|
| Forgiveness of accounts payable-related parties |
|
7,382 |
7,382 |
| Forgiveness of shareholder's loan |
|
$ 27,500 |
$ 27,500 |