0001520138-16-001091.txt : 20160815 0001520138-16-001091.hdr.sgml : 20160815 20160812185330 ACCESSION NUMBER: 0001520138-16-001091 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160815 DATE AS OF CHANGE: 20160812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Citadel Exploration, Inc. CENTRAL INDEX KEY: 0001482075 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 271550482 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54639 FILM NUMBER: 161829547 BUSINESS ADDRESS: STREET 1: 417 31ST STREET STREET 2: UNIT A CITY: NEWPORT BEACH STATE: CA ZIP: 92663 BUSINESS PHONE: 949-612-8040 MAIL ADDRESS: STREET 1: 417 31ST STREET STREET 2: UNIT A CITY: NEWPORT BEACH STATE: CA ZIP: 92663 FORMER COMPANY: FORMER CONFORMED NAME: Subprime Advantage, Inc. DATE OF NAME CHANGE: 20100126 10-Q 1 coil-20160630_10q.htm FORM 10-Q FOR PERIOD ENDED JUNE 30, 2016
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

___________________________________________________________________________________________

Form 10-Q

___________________________________________________________________________________________

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 000-54639

CITADEL EXPLORATION, INC.

(Exact name of registrant as specified in its charter)
     
Nevada   27-1550482
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)
     
417 31st Street, Unit A, Newport Beach, CA   92663
(Address of principal executive offices)   (Zip Code)
     
(949) 612-8040
(Registrant's telephone number, including area code)

 

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☐ Accelerated filer  ☐
Non-accelerated filer company ☐ Smaller reporting company  ☒
(Do not check if a smaller reporting company)     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares of Common Stock, $0.001 par value, outstanding on August 15, 2016 was 38,814,000 shares.

 
 

CITADEL EXPLORATION, INC.

QUARTERLY PERIOD ENDED JUNE 30, 2016

 

Index to Report on Form 10-Q

  

      Page No. 
    PART I - FINANCIAL INFORMATION  
       
Item 1.   Condensed Consolidated Financial Statements (Unaudited) 1
       
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations 10
       
Item 3.   Quantitative and Qualitative Disclosures About Market Risk 14
       
Item 4T.   Controls and Procedures 14
       
    PART II - OTHER INFORMATION  
       
Item 1.   Legal Proceedings 15
       
Item1A.   Risk Factors 15
       
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 15
       
Item 3.   Defaults Upon Senior Securities 16
       
Item 4.   Mine Safety Disclosures 16
       
Item 5.   Other Information 16
       
Item 6.   Exhibits 17
       
    Signature 18

 

 
 

PART I – FINANCIAL INFORMATION

 

Item 1. Unaudited Condensed Consolidated Financial Statements.

 
CITADEL EXPLORATION, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
   June 30,  December 31,
   2016  2015
ASSETS  (unaudited)   
       
Current assets:          
Cash  $38,425   $146,555 
Other receivable   1,209    19,342 
Prepaid expenses   91,663    29,870 
Product inventory   4,881    4,881 
Total current assets   136,178    200,648 
           
Deposits   9,900    9,900 
Restricted cash   245,000    245,000 
Oil and gas properties, successful efforts basis   5,579,945    4,173,307 
Fixed asset, net   10,119    13,860 
           
Total assets  $5,981,142   $4,642,715 
           
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Current liabilities:          
Accounts payable and accrued liabilities  $1,552,647   $1,047,169 
Accrued interest payable   349,589    227,945 
Notes payable, net   564,202    525,034 
Notes payable, related party, net   —      3,500,000 
Total current liabilities   2,466,438    5,300,148 
           
Asset retirement obligation   201,455    198,279 
Production payment liability   300,000    300,000 
           
Total liabilities   2,967,893    5,798,427 
           
Stockholders' equity (deficit):          
           
Common stock, $0.001 par value, 100,000,000 shares authorized, 38,814,000 and 38,814,000 shares issued outstanding as of June 30, 2016 and December 31, 2015, respectively   38,814    38,814 
    Series A Preferred stock   4,925,000    —   
Additional paid-in capital   5,690,560    5,690,560 
Accumulated deficit   (7,641,125)   (6,885,086)
Total stockholders' equity (deficit)   3,013,249    (1,155,712)
           
Total liabilities and stockholders' equity (deficit)  $5,981,142   $4,642,715 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

 -1-

CITADEL EXPLORATION, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited)

 

   For the three months  For the six months
   ended  ended
   June 30,  June 30,
   2016  2015  2016  2015
             
Revenue  $6,006   $40,112   $26,762   $60,141 
Operating expenses:                    
Lease operating expense   30,326    14,504    110,084    26,162 
General and administrative   61,673    131,828    131,057    187,714 
Depreciation, amortization and accretion   4,110    3,835    9,151    7,671 
Professional fees   91,639    6,357    138,259    18,236 
Executive compensation   125,652    162,088    261,699    324,177 
Total operating expenses   313,400    318,612    650,250    563,961 
Loss from operations   (307,394)   (278,500)   (623,488)   (503,820)
Other expenses:                    
Loss – Contingency   —      —      —      (87,000)
Loss - note payable settlement   —      —      —      (26,080)
Interest expense   (14,245)   (16,358)   (132,553)   (36,266)
Total other expenses   (14,245)   (16,358)   (132,553)   (149,316)
Loss before provision for income taxes   (321,639)   (294,858)   (756,039)   (653,136)
Provision for income taxes   —      —      —      —   
Net loss  $(321,639)  $(294,858)  $(756,039)  $(653,135)
Weighted average number of common shares - outstanding - basic and diluted   34,937,077    32,814,000    34,937,077    32,105,436 
Net loss per share – basic and diluted  $(0.01)  $(0.01)  $(0.02)  $(0.02)

 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

 

 -2-

CITADEL EXPLORATION, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

   For the six months
   Ended
   June 30,
   2016  2015
OPERATING ACTIVITIES      
Net loss  $(756,039)  $(653,135)
Adjustments to reconcile net loss          
to net cash used in operating activities:          
      Depreciation, amortization and accretion   9,151    7,778 
Amortization of debt discount   1,832    7,467 
Loss on settlement of note payable   —      26,080 
Stock based compensation expense   —      74,997 
Loss contingency   —      87,000 
Changes in operating assets and liabilities:          
Increase/(Decrease) in other receivable   18,133    1 
Increase in prepaid expenses   (61,793)   25,827 
Decrease in deposits   —      (105,000)
Increase in accounts payable and accrued payables   505,479    98,319 
Increase in accrued interest payable   121,644    67,163 
           
Net cash used in operating activities   (161,593)   (363,499)
           
INVESTING ACTIVITIES          
    Oil and gas properties   (1,408,873)   (176,762)
           
Net cash used in investing activities   (1,408,873)   (176,762)
           
FINANCING ACTIVITIES          
Proceeds from sale of common stock, net of costs   —      107,836 
Proceeds from sale of preferred stock, net of costs   1,425,000      
Proceeds from notes payable   68,736    200,000 
Repayments for notes payable   (31,400)   (10,230)
Net cash provided by financing activities   1,462,336    297,606 
           
NET DECREASE IN CASH   (108,130)   (242,655)
           
CASH AT BEGINNING OF YEAR   146,555    270,298 
           
CASH AT END OF PERIOD  $38,425   $27,641 
SUPPLEMENTAL INFORMATION:          
    Interest paid  $—     $(651)
    Income taxes paid  $—     $—   
           
NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Issuance of preferred stock for settlement of note payable – related party  $3,500,000      
Issuance of common stock for settlement of note payable and accrued interest  $—     $25,494 

 

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

 

 -3-

CITADEL EXPLORATION, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

The interim condensed consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim condensed consolidated financial statements be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto included in the Company’s 10-K annual report and all amendments. The Company follows the same accounting policies in the preparation of interim reports.

 

Results of operations for the interim period are not indicative of annual results.

 

Principles of consolidation

The condensed consolidated financial statements include the accounts of Citadel Exploration, Inc., Citadel Exploration, LLC and Citadel Kern Bluff, LLC, the Company’s wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated. Citadel Exploration, Inc., Citadel Exploration, LLC and Citadel Kern Bluff, LLC will be collectively referred herein to as the “Company”.

 

Nature of operations

Currently, the Company is focused on the acquisition and development of oil and gas properties in California.  

 

Revenue Recognition

Sales of oil are recognized when the product has been delivered to a custody transfer point, persuasive evidence of a sales arrangement exists, the rights and responsibility of ownership pass to the purchaser upon delivery, collection of revenue from the sale is reasonably assured, and the sales price is fixed or determinable.

 

Impairment

The Company evaluates the impairment of its proved oil and natural gas properties on a field-by-field basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The carrying values of proved properties are reduced to fair value when the expected undiscounted future cash flows are less than net book value. The fair values of proved properties are measured using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved properties include estimates of: (i) reserves; (ii) future operating and development costs; (iii) future commodity prices; and (iv) a market-based weighted average cost of capital rate.

 

 -4-

CITADEL EXPLORATION, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Use of estimates

The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.

 

Fair value of financial instruments

The carrying value of the Company’s financial instruments, including cash, due to shareholders/related parties and accounts and other payables approximate their fair values due to the immediate or short-term maturity of these instruments. It is management’s opinion that the Company is not exposed to significant interest, price or credit risks arising from these financial instruments.

 

Cash and cash equivalents

The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company had no cash equivalents as of June 30, 2016 and December 31, 2015.

 

Earnings per share

The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

 

Recent pronouncements

The Company has evaluated the recent accounting pronouncements through June 30, 2016 and believes that none of them will have a material effect on the company’s condensed consolidated financial statements.

 

NOTE 2 – GOING CONCERN

 

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring startup costs and expenses. As a result, the Company incurred an accumulated deficit in the amount of $7,641,125 as of June 30, 2016. In addition, the Company’s development activities since inception have been financially sustained through debt and equity financing.

 

The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

 

 -5-

CITADEL EXPLORATION, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

 

NOTE 3 – OIL AND GAS PROPERTIES

 

Oil and natural gas properties, buildings and equipment consist of the following: 

   June
30, 2016
(unaudited)		  December
31, 2015
(audited)
Oil and Natural Gas:          
    Proved properties  $2,598,757   $1,734,223 
    Unproved properties   2,988,945    2,444,608 
    5,587,702    4,178,831 
Less accumulated depreciation, depletion, and amortization   (7,757)   (5,524)
   $5,579,945   $4,173,307 

  

NOTE 4 – RESTRICTED CASH

 

Restricted cash consists of three bonds totaling $245,000. The bonds are required in the normal course of business in the oil and gas industry. The two bonds totaling $45,000 were purchased in November 2013. A third bond totaling $200,000 was purchased in August 2015 following the acquisition of the Kern Bluff Oil Field. This was a blanket bond, which will cover 50 wells. As such, the Company is in the process of releasing the first two bonds totaling $45,000.

 

NOTE 5 – DEPOSITS

 

The Company had deposits at December 31, 2015 and June 30, 2016 totaling $9,900.

 

NOTE 6 – NOTES PAYABLE

 

Notes payable consists of the following:

   June
30, 2016
(unaudited)		  December
31, 2015
(unaudited)
Note payable to an entity for the financing of insurance premiums, unsecured; 7.75% interest, due April 2017  $58,264   $17,263 
Two notes payable to investors, unsecured, 10% interest; due September 30, 2016  $500,000   $500,000 
Debt discount for 500,000 warrants issued relating to notes payable   5,938    7,771 
           
Notes Payable - Total  $564,202   $525,034 
           
Notes Payable, Related Party          
Term loan with a related party investor executed July 30, 2015, unsecured, 10% interest; due July 30, 2016  $—     $3,500,000 
Total – Notes Payable & Notes Payable, Related Party  $564,202   $3,970,869 

 

During the quarter ended March 31, 2016, the Company converted the $3,500,000 related party note payable with 175,000 of preferred shares valued at $3,500,000. Interest expense on the note payable was $91,300.

 

In March 2014, the Company closed on a $500,000 bridge loan from two individuals. These notes have a 180 day term and bear interest of 10%. The $500,000 of notes are due on October 31, 2015. Additionally, the investors received 500,000 warrants to purchase the Company’s stock at $0.34 per share for a term of two years. In December of 2015, the maturity date of this bridge loan was extended until September 30, 2016, in return the exercise price of the warrant was reduced to $0.20 and the term of the warrants also extended to until September 30, 2016.

 

 -6-

CITADEL EXPLORATION, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

 

NOTE 7 – STOCKHOLDERS’ EQUITY (DEFICIT)

 

The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock.

  

In March of 2015, the Company approved the issuance of 1,400,000 common stock shares for the conversion of a $100,000 promissory note, plus accrued interest of $2,164 and an additional capital investment of $107,836, all at $0.15 per share.

 

In March of 2015, the Company issued 25,000 shares of common stock to settle the stock payable of $2,250 recorded as of December 31, 2014.

 

In July of 2015, the Company issued 6,000,000 shares of common stock and paid $1,900,000 in cash for the Kern Bluff Oil Field. The Company had paid a $100,000 deposit on the property in May of 2015, upon execution of a letter of intent (LOI) on the field.

 

In March of 2016, the Company approved the issuance of up to 250,000 shares of Series A Convertible Participating Preferred Stock. The Company issued 175,000 shares of Series A Convertible Participating Preferred Stock to convert its $3,500,000 related party note payable to preferred stock. In addition, the Company has sold 21,250 shares of Series A Convertible Participating Preferred Stock for cash in the amount of $425,000 through March 31, 2016.

 

In June of 2016, the Company sold 55,000 shares of Series A Convertible Participating Preferred Stock for cash in the amount of $1,100,000.

NOTE 8 – STOCK OPTION PLAN

 

Under the Stock Option Plan approved by Board of Directors on September 1, 2012 (the “2012 Stock Option”), the Company issued $264,494 worth of stock based compensation, or a total of 4,800,000 shares of options through December 31, 2014 expense.

 

On July 29, 2015 as approved by the Board of Directors, the Company granted 4,700,000 stock options to three members of management and to one member of the Board of Directors.  These options vest over a three year period, at $0.15 per share for a term of seven years.  The total fair value of these options at the date of grant was estimated to be $376,490 and was determined using the Black Scholes option pricing model with an expected life of 7 years, risk free interest rate of 1.872%, dividend yield of 0%, and expected volatility of 333%. During the 3 month period ended September 30, 2015, $152,198 was recorded as a stock based compensation expense.

 

The following is a summary of the status of all of the Company’s stock options as of March 31, 2016 and changes during the period ended on that date:

 

   Number
of Options		  Weighted-Average
Exercise Price		  Weighted-Average
Remaining Life (Years)
 Outstanding at June 30, 2016    9,500,000   $0.20    4.76 
      —     $—      —   
 Exercised    —     $—      —   
 Cancelled    —     $—      —   
 Outstanding at June 30, 2016    9,500,000   $0.20    4.76 
 Exercisable at June 30, 2016    5,964,000   $0.21    4.05 

 

 -7-

CITADEL EXPLORATION, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

 

NOTE 9 – WARRANTS

 

In September of 2014, the 500,000 warrants issued on November 15, 2012 and 100,000 warrants issued in September 2013 were exercised early at a reduced price of $0.34 per share.

 

The following is a summary of the status of all of the Company’s stock warrants as of March 31, 2016 and changes during the period ended on that date:

 

   Number
of Warrants		  Weighted-Average
Exercise Price		  Weighted-Average
Remaining Life (Years)
 Outstanding at March 31, 2016    500,000   $0.20    0.25 
 Granted    —     $0.00    —   
 Exercised    —     $0.00    —   
 Cancelled    —     $0.00    —   
 Total Outstanding at March 31, 2016    500,000   $0.20    0.25 
 Exercisable at March 31, 2016    500,000   $0.20    0.25 

 

 -8-

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements and involves risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows, and business prospects. These statements include, among other things, statements regarding:

 

o    exploration risks such as drilling unsuccessful wells;

o    our ability to operate profitably;

o    our ability to efficiently and effectively finance our operations;

o    inability to achieve future sales levels or other operating results;

o    inability to raise additional financing for working capital;

o    inability to efficiently manage our operations;

o    inability to hire or retain sufficient qualified operating field personnel;

o    the inability of management to effectively implement our strategies and business plans;

o    the unavailability of funds for capital expenditures and/or general working capital;

o    deterioration in general or regional economic conditions;

o    the fact that our accounting policies and methods are fundamental to how we report our financial condition and results of operations, and they may require management to make estimates about matters that are inherently uncertain;

o    changes in U.S. GAAP or in the legal, regulatory and legislative environments in the markets in which we operate;

o    adverse state or federal legislation or regulation that increases the costs of compliance, or adverse findings by a regulator with respect to existing operations;

 

As well as other statements regarding our future operations, financial condition and prospects, and business strategies. These forward-looking statements are subject to certain risks and uncertainties that could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this Quarterly Report on Form 10-Q, and in particular, the risks discussed under the heading “Risk Factors” in Part II, Item 1A and those discussed in other documents we file with the Securities and Exchange Commission. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

 

References in the following discussion and throughout this quarterly report to “we”, “our”, “us”, “Citadel”, “the Company”, and similar terms refer to Citadel Exploration, Inc. and its subsidiary, unless otherwise expressly stated or the context otherwise requires.

 

AVAILABLE INFORMATION

 

We file annual, quarterly and other reports and other information with the SEC. You can read these SEC filings and reports over the Internet at the SEC's website at www.sec.gov or on our website at www.citadelexploration.com. You can also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, NE, Washington, DC 20549 on official business days between the hours of 10:00 am and 3:00 pm. Please call the SEC at (800) SEC-0330 for further information on the operations of the public reference facilities. We will provide a copy of our annual report to security holders, including audited financial statements, at no charge upon receipt to of a written request to us at Citadel Exploration, Inc., 417 31st Street, Unit A, Newport Beach, California 92663.

 

 -9-

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

Overview

 

Citadel is an energy company engaged in the exploration and development of oil and natural gas properties. Our properties are located in the San Joaquin Basin of California. Subject to availability of capital, we strive to implement an accelerated development program utilizing capital resources, a regional operating focus, an experienced management and technical team, and enhanced recovery technologies to attempt to increase production and increase returns for our stockholders. Our corporate strategy is to build value in the Company through the acquisition of oil and gas leases with significant upside potential, successful exploration and exploitation and the efficient development of these assets.

 

Our revenues, profitability and future growth depend substantially on prevailing prices for oil and natural gas and our ability to find, develop and acquire oil and gas reserves that are economically recoverable.

 

Our Operations

Our principal strategy is to focus on the acquisition of oil and natural gas mineral leases that have known hydrocarbons or are in close proximity to known hydrocarbons that have been underdeveloped. Once acquired, we strive to implement an accelerated development program utilizing capital resources, a regional operating focus, an experienced management and technical team, and enhanced recovery technologies to attempt to increase production and increase returns for our stockholders. Our oil and natural gas acquisition and development activities are currently focused in the State of California. 

In December of 2014, Citadel began a work-over on the Yowlumne #2-26 well including installation of a new pump in February of 2015. The well has been producing approximately 20- 25 barrels per day (32 degree API quality) since the beginning of March. In June the well’s pump had a mechanical issue, the company performed well maintenance in August returning the well to its previous production level. During December of 2015, extremely cold weather forced the shut-down of the #2-26 well. Citadel plans to return the well to production in the fourth quarter of 2016. Citadel is in the final stages of the CEQA process to permit two additional exploration wells on the Yowlumne acreage. Recent regulatory changes, including SB4 the State of California’s bill on fracking have delayed the final approval of our CEQA application. As such we do not expect to have these prospects permitted until the end of 2016, at which time we will determine when to drill. Both of these exploration wells will be targeting the Stephens Sands at a depth of 12,000 to 15,000 feet. Citadel currently has a 75% working interest in these exploration prospects and is the operator.

 

On July 31, 2015 Citadel acquired approximately 1,100 acres of leases, production facilities and equipment that encompassed the Kern Bluff Oil Field. As consideration for this acquisition Citadel issued 6,000,000 shares of common stock and paid $2,000,000 in cash. The transaction was financed via a $3,500,000 one year term loan from Cibolo Creek Partners, of Midland Texas. In March of 2016, Cibolo Creek Partners converted the $3,500,000 term loan into Series A Participating Preferred Stock.

 

In December of 2015, Citadel shifted its CAPEX focus to remediation of the existing acquired facilities. At the time of purchase, the oil at Kern Bluff was being processed by temporary facilities installed by the previous owner. As production increased in September, it quickly became apparent that these facilities were not capable of processing the additional volumes of oil and water being produced. The existing permanent facilities were built in the 1970’s by Gulf Oil and require extensive remediation including new pipe, valves, flanges and tank repair. In order to facilitate the remediation, Citadel elected to shut down the eight producing wells in early January.

 

 -10-

In June of 2016, Citadel completed its facility upgrades; the new facilities have production capacity of 500-700 BOPD. Citadel began drilling three wells in June and returned to production 9 idle wells. Production from the new wells continues to increase as the wells clean up. As of August 15, 2016 the Company was producing approximately 50 barrels of oil per day. The Company is currently working on purchasing and installing a steam generator, to begin cyclic steaming operations in the 4th quarter of 2016.

 

Going Concern

 

The condensed consolidated financial statements included in this filing have been prepared in conformity with generally accepted accounting principles that contemplate the continuance of the Company as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company is in the exploration stage and, accordingly, has not generated revenues from operations. As shown on the accompanying condensed consolidated financial statements, the Company has incurred an accumulated deficit in the amount of $7,641,125 as of June 30, 2016. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development of its oil and gas business opportunities.

 

RESULTS OF OPERATIONS

 

Results of Operations for the Six Months Ended June 30, 2016 and June 30, 2015

 

During the six month period ended June 30, 2016 we generated $26,762 from the sale of oil. During the six month period ended June 30, 2015 we generated $60,141 from the sale of oil.

 

Operating expenses totaled $650,250 during the six month period ended June 30, 2016 which was an increase over the period ended June 30, 2015. Operating expenses consisted of lease operating expense, general and administrative costs, amortization and depreciation, professional fees, and executive compensation. The increase consisted primarily of an increase in lease operating expenses and professional fees, while general and administrative costs decreased. During the period ended June 30, 2015 the Company's operating expense totaled $563,961.

 

General and administrative fees decreased from $187,714 to $131,057 from the six month period ended June 30, 2015 to the six month period ended June 30, 2016. This decrease was primarily due to insurance, marketing and meals and entertainment expenses.

 

Professional fees increased from $18,236 to $138,259 from the six month period ended June 30, 2015 to the six month period ended June 30, 2016. The increase was primarily due to services provided to the Company for accounting, consulting and legal.

 

Executive compensation decreased from $324,177 to $261,699 from the six month period ended June 30, 2015 to the six month period ended June 30, 2016. The decrease was primarily due to the stock options that fully vested in 2015.

 

Liquidity and Capital Resources

 

The Company has established a capital budget for 2016 of $4,000,000 to complete facility remediation, return to production up to 20 wells and drill up to 5 vertical wells and 1 horizontal well. Given the current state of depressed oil prices, the Company’s ability to complete this capital budget will be highly dependent on higher oil prices and access to capital.

 

 -11-

As of June 30, 2016, the Company had $136,178 of current assets; of this amount $38,425 was cash. The following table provides detailed information about the net cash flow for the quarters ended June 30, 2016 and June 30, 2015 as presented in this quarterly report. To date, we have financed our operations through the issuance of stock and borrowings from related parties and an unrelated third party.

 

The following table sets forth a summary of our cash flows for the three months ended June 30, 2016 and 2015:

 

  

Six Months Ended

June 30,

   2016  2015
Net cash used in operating activities  $(161,593)  $(363,499)
Net cash used in investing activities   (1,408,873)   (176,762)
Net cash provided by financing activities   1,462,336    297,606 
Net change in cash   (108,130)   (242,655)
Cash, beginning of period   146,555    270,298 
Cash, end of period  $38,425   $27,641 

 

Operating activities

 

The net loss in the period was greater than the non-cash adjustments to reconcile the changes in the balance sheet and statement of operations, which is the reason cash used in operating activities was negative.

 

Investing activities

 

The net cash used in investing activities consisted of drilling expenses and facility upgrades on oil and gas properties of $1,408,873 on the Company’s properties.

 

Financing activities

 

The net cash provided by financing activities consisted of proceeds from the preferred stock offering, net of offering costs, totaling $1,425,000, a note payable totaling 68,736 and note repayments totaling $31,400.

 

As of March 31, 2016, we continue to use traditional and/or debt financing as well as through the issuance of stock to provide the capital we need to run our business.

 

Without cash flow from operations we will require additional cash resources, including the sale of equity or debt securities, to meet our planned capital expenditures and working capital requirements for the next 12 months. We will require additional cash resources due to changed business conditions, implementation of our strategy to successfully develop our Kern Bluff Oil Field, exploration drilling at Yowlumne and or acquisitions we may decide to pursue. If our own financial resources and then current cash-flows from operations are insufficient to satisfy our capital requirements, we may seek to sell additional equity or debt securities or obtain a credit facility. The sale of additional equity securities will result in dilution to our stockholders. The incurrence of indebtedness will result in increased debt service obligations and could require us to agree to operating and financial covenants that could restrict our operations or modify our plans to grow the business. Financing may not be available in amounts or on terms acceptable to us, if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, will limit our ability to expand our business operations and could harm our overall business prospects.

 

 -12-

Our ability to obtain additional capital through additional equity and/or debt financing, and Joint Venture or Working Interest partnerships will also be important to our expansion plans. In the event we experience any significant problems assimilating acquired assets into our operations or cannot obtain the necessary capital to pursue our strategic plan, we may have to reduce the growth of our operations. This may materially impact our ability to increase revenue and develop our assets.

 

Contractual Obligations

 

An operating lease for rental office space was entered into beginning March 1, 2013 for two years at $2,150 per month. The original lease was amended to include additional space at a price of $1,100 per month for the same term.  The original term of the lease expired on March 1, 2015. As such our office lease is now on a month to month basis at a rate of $3,000 per month.

 

Off-Balance Sheet Arrangements

 

As of the date of this report, we did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

 

Operation Plan

 

Our plan is to focus on the acquisition and drilling of prospective oil and natural gas mineral leases. Once we have tested a prospect as productive, subject to availability of capital, we will implement a development program with a regional operating focus in order to increase production and increase returns for our stockholders. Exploration, acquisition and development activities are currently focused in California. Depending on availability of capital, and other constraints, our goal is to increase stockholder value by finding and developing oil and natural gas reserves at costs that provide an attractive rate of return on our investments.

 

We expect to achieve these results by:

 

  • Investing capital in exploration and development drilling and in secondary and tertiary recovery of oil as well as natural gas;

 

  • Using the latest technologies available to the oil and natural gas industry in our operations;

 

  • Finding additional oil and natural gas reserves on the properties we acquire.

 

In addition to raising additional capital we plan to take on Joint Venture (JV) or Working Interest (WI) partners who may contribute to the capital costs of drilling and completion and then share in revenues derived from production. This economic strategy may allow us to utilize our own financial assets toward the growth of our leased acreage holdings, pursue the acquisition of strategic oil and gas producing properties or companies and generally expand our existing operations.

 

Our future financial results will depend primarily on: (i) the ability to continue to source and screen potential projects; (ii) the ability to discover commercial quantities of natural gas and oil; (iii) the market price for oil and natural gas; and (iv) the ability to fully implement our exploration and development program, which is dependent on the availability of capital resources. There can be no assurance that we will be successful in any of these respects, that the prices of oil and gas prevailing at the time of production will be at a level allowing for profitable production, or that we will be able to obtain additional funding to increase our currently limited capital resources.

 

 -13-

Item 3. Quantitative and Qualitative Disclosure About Market Risk

 

This item in not applicable as we are currently considered a smaller reporting company.

 

Item 4T. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer, Armen Nahabedian, and our Chief Financial Officer, Philip McPherson evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this Report. Based on that evaluation and assessment, Mr. Armen Nahabedian and Mr. Philip McPherson concluded that our disclosure controls and procedures are not designed at a reasonable assurance level and are not effective to provide reasonable assurance that information we are required to disclose in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control Over Financial Reporting

 

There were no changes in our internal control over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Limitations on Effectiveness of Controls and Procedures

 

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

 

 -14-

PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We received notice on or about July 10, 2013 that the Center for Biological Diversity (“CBD”) had filed a law suit against the County of San Benito regarding the approval of Project Indian which is described more fully, above, as the “Case”. The Board of Supervisors voted 5-0 in favor of our application to drill 15 exploration wells on our Project Indian lease. The Court approved the petition in a judgment entered on September 4, 2014, and ruled that Citadel was required to obtain an environmental impact report before commencing Project Indian. Thereafter, the Court awarded the petitioner $347,969 as attorney’s fees and costs against the County of San Benito and Citadel, jointly and severally. The Company has requested a dismissal of its appeal of this decision which was granted as the Court required the Company to post a bond in which it was unable to qualify for. In October of 2015, the company paid $92,693 to the Center for Biological Diversity for a share of the attorney’s fees and costs outstanding which satisfied the judgment for attorney’s fees and costs in full. Currently, the County of San Benito and Company are engaged in litigation concerning the responsibility for the full-amount of the judgment for attorney’s fees and costs.  

 

On November 4, 2014 voters in the County of San Benito passed Measure J which bans hydraulic fracturing and other stimulation techniques defined as “high intensity petroleum operations” by the Measure, including steam injection. The initiative was passed by a count of 8,034 to 5,605. In advance of the initiative passing, the County preemptively passed an ordinance allowing for exemptions from the application of the Measure in the event the Measure would result in a taking. A regulatory taking is a situation in which a government regulation limits the uses of private property to such a degree that the regulation effectively deprives the property owners of economically reasonable use or value of their property right to such an extent that it deprives them of utility or value of that property right, even though the regulation does not formally divest them of title to it. Accordingly, Citadel Exploration Inc. will provide the County of San Benito the ability to compensate the company for the diminished value at the Indian Oil Field based on the reasonable Unrisked Resource Potential the property would ultimately yield, or allow Citadel to proceed with full field development and steam injection under the exemption ordinance.  At this time Citadel has reserved its rights, with respect to the Indian Oil Field, including claims for inverse condemnation.

 

Item 1A. Risk Factors.

 

Our significant business risks are described in Item 1A. to Part I of Form 10-K for the year ended December 31, 2015 (filed April 15, 2016) to which reference is made herein.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

Stock Issuances pursuant to Subscription Agreements

 

In December 2014, the Company approved the issuance of 500,000 common stock shares for engineering, legal, accounting and marketing services performed in the fourth quarter of 2014.

 

In March of 2015, the Company approved the issuance of 1,400,000 common stock shares and issued 25,000 shares recorded as a stock payable at December 31, 2014, for the conversion of a $100,000 promissory note, plus accrued interest of $2,164 and an additional capital investment of $107,835, all at $0.15 per share.

 

 -15-

In July of 2015, the Company approved the issuance of 6,000,000 common stock shares as partial consideration for the purchase of the Kern Bluff Oil Field.

 

In March of 2016, the Company approved the issuance of up to 250,000 Series A Participating Preferred Stock. The Series A Participating Preferred Stock has a 3 year term, with a 10% coupon. Each share of Series A converts into 100 shares of the Company’s common stock, equaling a conversion price of $0.20 a share. Additionally the Series A Participating Preferred Stock has a 2% overriding royalty (ORRI) on the Kern Bluff Oil Field, until conversion, at which time the ORRI is reduced to 1% in perpetuity. The company issued 38,750 shares to investors for cash proceeds of $775,000. Additionally the Company converted the $3,500,000 term loan with Cibolo Creek Partners into 175,000 shares of Series A Participating Preferred Stock. Cibolo Creek also subscribed for an additional 5,000 shares of Series A Participating Preferred Stock for cash proceeds of $100,000.

 

In June of 2016, the Company issued 32,500 shares to investors for cash proceeds of $650,000.

 

We believe that the issuance and sale of the above securities were exempt from the registration and prospectus delivery requirements of the Securities Act of 1933 by virtue of Section 4(2), Regulation D and/or Regulation S. The securities were issued directly by us and did not involve a public offering or general solicitation. The recipient of the securities was afforded an opportunity for effective access to files and records of our company that contained the relevant information needed to make her investment decision, including our financial statements and 34 Act reports. We reasonably believed that the recipient, immediately prior to issuing the securities, had such knowledge and experience in our financial and business matters that she was capable of evaluating the merits and risks of its investment. The recipient had the opportunity to speak with our management on several occasions prior to her investment decision. There were no commissions paid on the issuance and sale of the shares.

 

Option Grants

 

Our option grants are described in Form 10-K for the year ended December 31, 2015 (filed April 15, 2016) to which reference is made herein.

 

Subsequent Stock Issuances

 

None.

 

Issuer Purchases of Equity Securities

 

We did not repurchase any of our equity securities from the time of our inception on November 6, 2006 through the period ended June 30, 2016.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

2012 Stock Incentive Plan

 

On September 1, 2012, we adopted the 2012 Stock Incentive Plan. We have reserved for issuance an aggregate of 10,000,000 shares of common stock under our 2012 Stock Incentive Plan. To date 9,500,000 options and no shares of common stock have been granted under this plan.

 

Our employment agreements with executive officers are described in Form 10-K for the year ended December 31, 2015 (filed April 15, 2016) to which reference is made herein.

 

 -16-

Item 6. Exhibits.

 

Exhibit No.   Description
10.4   2012 Stock Incentive Plan
     
31.1   Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2   Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
32.1   Certifications of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
32.2   Certifications of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS*   XBRL Instance Document
     
101.SCH*   XBRL Taxonomy Extension Schema
     
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase
     
101.DEF*   XBRL Taxonomy Extension Definition Linkbase
     
101.LAB*   XBRL Taxonomy Extension Label Linkbase
     
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase

 

*XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 -17-

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    CITADEL EXPLORATION, INC.
       
       
Date: August 15, 2016   By: /S/ Armen Nahabedian
      Armen Nahabedian
      Chief Executive Officer
      (Principal Executive Officer and duly authorized signatory)

 

   
   
   
   

 

 -18-

 EX-31.1 2 coil-20160630_10qex31z1.htm EXHIBIT 31.1

EXHIBIT 31.1

 

CERTIFICATION

 

I, Armen Nahabedian, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Citadel Exploration, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 15, 2016

 

    /S/ Armen Nahabedian
    Armen Nahabedian
    Chief Executive Officer
    (Principal Executive Officer)
 EX-31.2 3 coil-20160630_10qex31z2.htm EXHIBIT 31.2

EXHIBIT 31.2

 

CERTIFICATION

 

I, Philip McPherson, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Citadel Exploration, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented ire this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 15, 2016

 

    /S/ Philip McPherson
    Philip McPherson
    Chief Financial Officer
    (Principal Financial Officer)

 EX-32.1 4 coil-20160630_10qex32z1.htm EXHIBIT 32.1

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Citadel Exploration, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Armen Nahabedian, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: August 15, 2016  
  /S/ Armen Nahabedian
  Armen Nahabedian
  Chief Executive Officer
  (Principal Executive Officer)
 EX-32.2 5 coil-20160630_10qex32z2.htm EXHIBIT 32.2

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Citadel Exploration, Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Philip McPherson, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: August 15, 2016  
  /S/ Philip McPherson
  Philip McPherson
  Chief Financial Officer
  (Principal Financial Officer)

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current assets: Cash Other receivable Prepaid expenses Product inventory Total current assets Deposits Restricted cash Oil and gas properties, successful efforts basis Fixed asset, net Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued payables Accrued interest payable Notes payable, net Notes payable, related party, net Total current liabilities Asset retirement obligation Production payment liability Total liabilities Stockholders' equity: Common stock, $0.001 par value, 100,000,000 shares authorized, 38,814,000 and 38,814,000 shares issued outstanding as of June 30, 2016 and December 31, 2015, respectively Series A Preferred stock Additional paid-in capital Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity Common stock, par value Common stock, shares authorized Common stock, issued Common stock, outstanding Income Statement [Abstract] Revenue Operating expenses: Lease operating expense General and administrative Depreciation, depletion and amortization Professional fees Executive compensation Total operating expenses Loss from operations Other expenses: Loss - contingency Loss - note payable settlement Interest expense Total other expenses Loss before provision for income taxes Provision for income taxes Net loss Weighted average number of common shares - outstanding - basic and diluted Net loss per share - basic and diluted Statement of Cash Flows [Abstract] OPERATING ACTIVITIES Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, amortization and accretion Amortization of debt discount Loss on settlement of note payable Stock based compensation expense Loss contingency Changes in operating assets and liabilities: Increase/(Decrease) in other receivable Decrease in prepaid expenses Increase in deposits Increase in accounts payable and accrued payables Increase in accrued interest payable Net cash used in operating activities INVESTING ACTIVITIES Oil and gas properties Net cash used in investing activities FINANCING ACTIVITIES Proceeds from sale of common stock, net of costs Proceeds from sale of preferred stock, net of costs Proceeds from notes payable Repayments of notes payable Net cash provided by financing activities NET CHANGE IN CASH CASH AT BEGINNING OF YEAR CASH AT END OF YEAR SUPPLEMENTAL INFORMATION: Interest paid Income taxes paid NON-CASH INVESTING AND FINANCING ACTIVITIES: Issuance of preferred stock for settlement of note payable - related party Issuance of common stock for settlement of notes payable and accrued interest Accounting Policies [Abstract] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Notes to Financial Statements GOING CONCERN Extractive Industries [Abstract] OIL AND GAS PROPERTIES, BUILDINGS AND EQUIPMENT Receivables [Abstract] RESTRICTED CASH Banking and Thrift [Abstract] DEPOSITS NOTES PAYABLE STOCKHOLDERS' EQUITY (DEFICIT) STOCK OPTION PLAN WARRANTS Basis of presentation Principles of consolidation Nature of operations Revenue recognition Impairment Use of estimates Fair value of financial instruments Cash and Cash Equivalents Earnings per share Recent pronouncements The costs capitalized in oil and gas properties Notes payable consists of the following at: Summary of the status of all of the Company's stock options Summary of the status of all of the Company's stock warrants Oil And Gas Properties Buildings And Equipment Details Oil and Natural Gas: Proved properties Unproved properties Oil and Natural Gas Total Less accumulated depreciation, depletion, and amortization Oil and Natural Gas, Net Company Deposit Notes Payable Details Narrative Note payable to an entity for the financing of insurance premiums, unsecured; 7.75% interest, due April 2017 Two notes payable to investors, unsecured, 10% interest; due September 30, 2016 Debt discount for 500,000 warrants issued relating to notes payable Notes payable Total - Notes Payable & Notes Payable, Related Party Number of Options Outstanding at January 1 Granted Exercised Cancelled Outstanding at June 30 Exercisable at June 30 Weighted-Average Exercise Price Outstanding at January 1 Granted Exercised Cancelled Outstanding at June 30 Exercisable at June 30 Weighted-Average Remaining Life (Years) Outstanding at January 1 Granted Exercised Cancelled Outstanding at June 30 Exercisable at June 30 Statement [Table] Statement [Line Items] Debt discount for warrants issued. Going Concern Text Block Issuance of common stock as part of oil and gas property acquisition Issuance of common stock for settlement of notes payable and accrued interest Note payable to an entity for the financing of insurance premiums, unsecured Notes payable consists of the following at: Notes payable to investors, unsecured Other Receivable Production Payment Liability Refers to weighted average remaining contractual term. Refers to grabted weighted average remaining contractual term. Refers to excersied weighted average remaining contractual term. Refers to cancelled weighted average remaining contractual term. Refers to weighted average remaining contractual term. Refers to exercisable weighted average remaining contractual term. 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Document and Entity Information - USD ($)
 6 Months Ended
Jun. 30, 2016
Aug. 15, 2016
Document And Entity Information    
Entity Registrant Name Citadel Exploration, Inc.  
Entity Central Index Key 0001482075  
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 0
Entity Common Stock, Shares Outstanding   38,814,000
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2016  
XML 14 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash $ 38,425 $ 146,555
Other receivable 1,209 19,342
Prepaid expenses 91,663 29,870
Product inventory 4,881 4,881
Total current assets 136,178 200,648
Deposits 9,900 9,900
Restricted cash 245,000 245,000
Oil and gas properties, successful efforts basis 5,579,945 4,173,307
Fixed asset, net 10,119 13,860
Total assets 5,981,142 4,642,715
Current liabilities:    
Accounts payable and accrued payables 1,552,647 1,047,169
Accrued interest payable 349,589 227,945
Notes payable, net 564,202 525,034
Notes payable, related party, net 3,500,000
Total current liabilities 2,466,438 5,300,148
Asset retirement obligation 201,455 198,279
Production payment liability 300,000 300,000
Total liabilities 2,967,893 5,798,427
Stockholders' equity:    
Common stock, $0.001 par value, 100,000,000 shares authorized, 38,814,000 and 38,814,000 shares issued outstanding as of June 30, 2016 and December 31, 2015, respectively 38,814 38,814
Series A Preferred stock 4,925,000
Additional paid-in capital 5,690,560 5,690,560
Accumulated deficit (7,641,125) (6,885,086)
Total stockholders' equity 3,013,249 (1,155,712)
Total liabilities and stockholders' equity $ 5,981,142 $ 4,642,715
XML 15 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, issued 38,814,000 38,814,000
Common stock, outstanding 38,814,000 38,814,000
XML 16 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]        
Revenue $ 6,006 $ 40,112 $ 26,762 $ 60,141
Operating expenses:        
Lease operating expense 30,326 14,504 110,084 26,162
General and administrative 61,673 131,828 131,057 187,714
Depreciation, depletion and amortization 4,110 3,835 9,151 7,778
Professional fees 91,639 6,357 138,259 18,236
Executive compensation 125,652 162,088 261,699 324,177
Total operating expenses 313,400 318,612 650,250 563,961
Loss from operations (307,394) (278,500) (623,488) (503,820)
Other expenses:        
Loss - contingency (87,000)
Loss - note payable settlement (26,080)
Interest expense (14,245) (16,358) (132,553) (36,266)
Total other expenses (14,245) (16,358) (132,553) (149,316)
Loss before provision for income taxes (321,639) (294,858) (756,039) (653,136)
Provision for income taxes
Net loss $ (321,639) $ (294,858) $ (756,039) $ (653,135)
Weighted average number of common shares - outstanding - basic and diluted 34,937,077 32,814,000 34,937,077 32,105,436
Net loss per share - basic and diluted $ (0.01) $ (0.01) $ (0.02) $ (0.02)
XML 17 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES    
Net loss $ (756,039) $ (653,135)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, amortization and accretion 9,151 7,778
Amortization of debt discount 1,832 7,467
Loss on settlement of note payable 26,080
Stock based compensation expense 74,997
Loss contingency 87,000
Changes in operating assets and liabilities:    
Increase/(Decrease) in other receivable 18,133 1
Decrease in prepaid expenses (61,793) 25,827
Increase in deposits (105,000)
Increase in accounts payable and accrued payables 505,479 98,319
Increase in accrued interest payable 121,644 67,163
Net cash used in operating activities (161,593) (363,499)
INVESTING ACTIVITIES    
Oil and gas properties (1,408,873) (176,762)
Net cash used in investing activities (1,408,873) (176,762)
FINANCING ACTIVITIES    
Proceeds from sale of common stock, net of costs 107,836
Proceeds from sale of preferred stock, net of costs 1,425,000
Proceeds from notes payable 68,736 200,000
Repayments of notes payable (31,400) (10,230)
Net cash provided by financing activities 1,462,336 297,606
NET CHANGE IN CASH (108,130) (242,655)
CASH AT BEGINNING OF YEAR 146,555 270,298
CASH AT END OF YEAR 38,425 27,641
SUPPLEMENTAL INFORMATION:    
Interest paid (651)
Income taxes paid
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of preferred stock for settlement of note payable - related party 3,500,000
Issuance of common stock for settlement of notes payable and accrued interest $ 25,494
XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

The interim condensed consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim condensed consolidated financial statements be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto included in the Company’s 10-K annual report and all amendments. The Company follows the same accounting policies in the preparation of interim reports.

 

Results of operations for the interim period are not indicative of annual results.

 

Principles of consolidation

The condensed consolidated financial statements include the accounts of Citadel Exploration, Inc., Citadel Exploration, LLC and Citadel Kern Bluff, LLC, the Company’s wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated. Citadel Exploration, Inc., Citadel Exploration, LLC and Citadel Kern Bluff, LLC will be collectively referred herein to as the “Company”.

 

Nature of operations

Currently, the Company is focused on the acquisition and development of oil and gas properties in California.  

 

Revenue Recognition

Sales of oil are recognized when the product has been delivered to a custody transfer point, persuasive evidence of a sales arrangement exists, the rights and responsibility of ownership pass to the purchaser upon delivery, collection of revenue from the sale is reasonably assured, and the sales price is fixed or determinable.

 

Impairment

The Company evaluates the impairment of its proved oil and natural gas properties on a field-by-field basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The carrying values of proved properties are reduced to fair value when the expected undiscounted future cash flows are less than net book value. The fair values of proved properties are measured using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved properties include estimates of: (i) reserves; (ii) future operating and development costs; (iii) future commodity prices; and (iv) a market-based weighted average cost of capital rate.

 

Use of estimates

The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.

 

Fair value of financial instruments

The carrying value of the Company’s financial instruments, including cash, due to shareholders/related parties and accounts and other payables approximate their fair values due to the immediate or short-term maturity of these instruments. It is management’s opinion that the Company is not exposed to significant interest, price or credit risks arising from these financial instruments.

 

Cash and cash equivalents

The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company had no cash equivalents as of June 30, 2016 and December 31, 2015.

 

Earnings per share

The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

 

Recent pronouncements

The Company has evaluated the recent accounting pronouncements through June 30, 2016 and believes that none of them will have a material effect on the company’s condensed consolidated financial statements.
XML 19 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
GOING CONCERN
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
GOING CONCERN

NOTE 2 – GOING CONCERN

 

The accompanying unaudited condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring startup costs and expenses. As a result, the Company incurred an accumulated deficit in the amount of $7,641,125 as of June 30, 2016. In addition, the Company’s development activities since inception have been financially sustained through debt and equity financing.

 

The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.
XML 20 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
OIL AND GAS PROPERTIES, BUILDINGS AND EQUIPMENT
 6 Months Ended
Jun. 30, 2016
Extractive Industries [Abstract]  
OIL AND GAS PROPERTIES, BUILDINGS AND EQUIPMENT

NOTE 3 – OIL AND GAS PROPERTIES

 

Oil and natural gas properties, buildings and equipment consist of the following: 

    June
30, 2016
(unaudited)		   December
31, 2015
(audited)
Oil and Natural Gas:                
    Proved properties   $ 2,598,757     $ 1,734,223  
    Unproved properties     2,988,945       2,444,608  
      5,587,702       4,178,831  
Less accumulated depreciation, depletion, and amortization     (7,757 )     (5,524 )
    $ 5,579,945     $ 4,173,307  
XML 21 R9.htm IDEA: XBRL DOCUMENT v3.5.0.2
RESTRICTED CASH
 6 Months Ended
Jun. 30, 2016
Receivables [Abstract]  
RESTRICTED CASH

NOTE 4 – RESTRICTED CASH

 

Restricted cash consists of three bonds totaling $245,000. The bonds are required in the normal course of business in the oil and gas industry. The two bonds totaling $45,000 were purchased in November 2013. A third bond totaling $200,000 was purchased in August 2015 following the acquisition of the Kern Bluff Oil Field. This was a blanket bond, which will cover 50 wells. As such, the Company is in the process of releasing the first two bonds totaling $45,000.
XML 22 R10.htm IDEA: XBRL DOCUMENT v3.5.0.2
DEPOSITS
 6 Months Ended
Jun. 30, 2016
Banking and Thrift [Abstract]  
DEPOSITS

NOTE 5 – DEPOSITS

 

The Company had deposits at December 31, 2015 and June 30, 2016 totaling $9,900.
XML 23 R11.htm IDEA: XBRL DOCUMENT v3.5.0.2
NOTES PAYABLE
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
NOTES PAYABLE

NOTE 6 – NOTES PAYABLE

 

Notes payable consists of the following:

    June
30, 2016
(unaudited)		   December
31, 2015
(unaudited)
Note payable to an entity for the financing of insurance premiums, unsecured; 7.75% interest, due April 2017   $ 58,264     $ 17,263  
Two notes payable to investors, unsecured, 10% interest; due September 30, 2016   $ 500,000     $ 500,000  
Debt discount for 500,000 warrants issued relating to notes payable     5,938       7,771  
                 
Notes Payable - Total   $ 564,202     $ 525,034  
                 
Notes Payable, Related Party                
Term loan with a related party investor executed July 30, 2015, unsecured, 10% interest; due July 30, 2016   $ —       $ 3,500,000  
Total – Notes Payable & Notes Payable, Related Party   $ 564,202     $ 3,970,869  

 

During the quarter ended March 31, 2016, the Company converted the $3,500,000 related party note payable with 175,000 of preferred shares valued at $3,500,000. Interest expense on the note payable was $91,300.

 

In March 2014, the Company closed on a $500,000 bridge loan from two individuals. These notes have a 180 day term and bear interest of 10%. The $500,000 of notes are due on October 31, 2015. Additionally, the investors received 500,000 warrants to purchase the Company’s stock at $0.34 per share for a term of two years. In December of 2015, the maturity date of this bridge loan was extended until September 30, 2016, in return the exercise price of the warrant was reduced to $0.20 and the term of the warrants also extended to until September 30, 2016.
XML 24 R12.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCKHOLDERS' EQUITY (DEFICIT)
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
STOCKHOLDERS' EQUITY (DEFICIT)

NOTE 7 – STOCKHOLDERS’ EQUITY (DEFICIT)

 

The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock.

  

In March of 2015, the Company approved the issuance of 1,400,000 common stock shares for the conversion of a $100,000 promissory note, plus accrued interest of $2,164 and an additional capital investment of $107,836, all at $0.15 per share.

 

In March of 2015, the Company issued 25,000 shares of common stock to settle the stock payable of $2,250 recorded as of December 31, 2014.

 

In July of 2015, the Company issued 6,000,000 shares of common stock and paid $1,900,000 in cash for the Kern Bluff Oil Field. The Company had paid a $100,000 deposit on the property in May of 2015, upon execution of a letter of intent (LOI) on the field.

 

In March of 2016, the Company approved the issuance of up to 250,000 shares of Series A Convertible Participating Preferred Stock. The Company issued 175,000 shares of Series A Convertible Participating Preferred Stock to convert its $3,500,000 related party note payable to preferred stock. In addition, the Company has sold 21,250 shares of Series A Convertible Participating Preferred Stock for cash in the amount of $425,000 through March 31, 2016.

 

In June of 2016, the Company sold 55,000 shares of Series A Convertible Participating Preferred Stock for cash in the amount of $1,100,000.
XML 25 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK OPTION PLAN
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
STOCK OPTION PLAN

NOTE 8 – STOCK OPTION PLAN

 

Under the Stock Option Plan approved by Board of Directors on September 1, 2012 (the “2012 Stock Option”), the Company issued $264,494 worth of stock based compensation, or a total of 4,800,000 shares of options through December 31, 2014 expense.

 

On July 29, 2015 as approved by the Board of Directors, the Company granted 4,700,000 stock options to three members of management and to one member of the Board of Directors.  These options vest over a three year period, at $0.15 per share for a term of seven years.  The total fair value of these options at the date of grant was estimated to be $376,490 and was determined using the Black Scholes option pricing model with an expected life of 7 years, risk free interest rate of 1.872%, dividend yield of 0%, and expected volatility of 333%. During the 3 month period ended September 30, 2015, $152,198 was recorded as a stock based compensation expense.

 

The following is a summary of the status of all of the Company’s stock options as of March 31, 2016 and changes during the period ended on that date:

 

    Number
of Options		   Weighted-Average
Exercise Price		   Weighted-Average
Remaining Life (Years)
  Outstanding at June 30, 2016       9,500,000     $ 0.20       4.76  
          —       $ —         —    
  Exercised       —       $ —         —    
  Cancelled       —       $ —         —    
  Outstanding at June 30, 2016       9,500,000     $ 0.20       4.76  
  Exercisable at June 30, 2016       5,964,000     $ 0.21       4.05  
XML 26 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
WARRANTS
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
WARRANTS

NOTE 9 – WARRANTS

 

In September of 2014, the 500,000 warrants issued on November 15, 2012 and 100,000 warrants issued in September 2013 were exercised early at a reduced price of $0.34 per share.

 

The following is a summary of the status of all of the Company’s stock warrants as of March 31, 2016 and changes during the period ended on that date:

 

    Number
of Warrants		   Weighted-Average
Exercise Price		   Weighted-Average
Remaining Life (Years)
  Outstanding at March 31, 2016       500,000     $ 0.20       0.25  
  Granted       —       $ 0.00       —    
  Exercised       —       $ 0.00       —    
  Cancelled       —       $ 0.00       —    
  Total Outstanding at March 31, 2016       500,000     $ 0.20       0.25  
  Exercisable at March 31, 2016       500,000     $ 0.20       0.25  
XML 27 R15.htm IDEA: XBRL DOCUMENT v3.5.0.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2016
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

The interim condensed consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.

 

These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim condensed consolidated financial statements be read in conjunction with the financial statements of the Company for the year ended December 31, 2015 and notes thereto included in the Company’s 10-K annual report and all amendments. The Company follows the same accounting policies in the preparation of interim reports.

 

Results of operations for the interim period are not indicative of annual results.
Principles of consolidation

Principles of consolidation

The condensed consolidated financial statements include the accounts of Citadel Exploration, Inc., Citadel Exploration, LLC and Citadel Kern Bluff, LLC, the Company’s wholly owned subsidiaries.  All significant intercompany balances and transactions have been eliminated. Citadel Exploration, Inc., Citadel Exploration, LLC and Citadel Kern Bluff, LLC will be collectively referred herein to as the “Company”.
Nature of operations

Nature of operations

Currently, the Company is focused on the acquisition and development of oil and gas properties in California.  
Revenue recognition

Revenue Recognition

Sales of oil are recognized when the product has been delivered to a custody transfer point, persuasive evidence of a sales arrangement exists, the rights and responsibility of ownership pass to the purchaser upon delivery, collection of revenue from the sale is reasonably assured, and the sales price is fixed or determinable.
Impairment

Impairment

The Company evaluates the impairment of its proved oil and natural gas properties on a field-by-field basis whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The carrying values of proved properties are reduced to fair value when the expected undiscounted future cash flows are less than net book value. The fair values of proved properties are measured using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved properties include estimates of: (i) reserves; (ii) future operating and development costs; (iii) future commodity prices; and (iv) a market-based weighted average cost of capital rate.
Use of estimates

Use of estimates

The preparation of condensed consolidated financial statements in conformity with generally accepted accounting principles 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 condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates.
Fair value of financial instruments

Fair value of financial instruments

The carrying value of the Company’s financial instruments, including cash, due to shareholders/related parties and accounts and other payables approximate their fair values due to the immediate or short-term maturity of these instruments. It is management’s opinion that the Company is not exposed to significant interest, price or credit risks arising from these financial instruments.
Cash and Cash Equivalents

Cash and cash equivalents

The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company had no cash equivalents as of June 30, 2016 and December 31, 2015.
Earnings per share

Earnings per share

The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.
Recent pronouncements

Recent pronouncements

The Company has evaluated the recent accounting pronouncements through June 30, 2016 and believes that none of them will have a material effect on the company’s condensed consolidated financial statements.
XML 28 R16.htm IDEA: XBRL DOCUMENT v3.5.0.2
OIL AND GAS PROPERTIES, BUILDINGS AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2016
Extractive Industries [Abstract]  
The costs capitalized in oil and gas properties

Oil and natural gas properties, buildings and equipment consist of the following: 

    June
30, 2016
(unaudited)		   December
31, 2015
(audited)
Oil and Natural Gas:                
    Proved properties   $ 2,403,287     $ 1,734,223  
    Unproved properties     3,184,415       2,444,608  
      5,587,702       4,178,831  
Less accumulated depreciation, depletion, and amortization     (7,757 )     (5,524 )
    $ 5,579,945     $ 4,173,307  
XML 29 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
NOTES PAYABLE (Tables)
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Notes payable consists of the following at:

Notes payable consists of the following:

    June
30, 2016
(unaudited)		   December
31, 2015
(unaudited)
Note payable to an entity for the financing of insurance premiums, unsecured; 7.75% interest, due April 2017   $ 58,264     $ 17,263  
Two notes payable to investors, unsecured, 10% interest; due September 30, 2016   $ 500,000     $ 500,000  
Debt discount for 500,000 warrants issued relating to notes payable     5,938       7,771  
                 
Notes Payable - Total   $ 564,202     $ 525,034  
                 
Notes Payable, Related Party                
Term loan with a related party investor executed July 30, 2015, unsecured, 10% interest; due July 30, 2016   $ —       $ 3,500,000  
Total – Notes Payable & Notes Payable, Related Party   $ 564,202     $ 3,970,869  
XML 30 R18.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK OPTION PLAN (Tables)
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Summary of the status of all of the Company's stock options

The following is a summary of the status of all of the Company’s stock options as of March 31, 2016 and changes during the period ended on that date:

 

    Number
of Options		   Weighted-Average
Exercise Price		   Weighted-Average
Remaining Life (Years)
  Outstanding at June 30, 2016       9,500,000     $ 0.20       4.76  
          —       $ —         —    
  Exercised       —       $ —         —    
  Cancelled       —       $ —         —    
  Outstanding at June 30, 2016       9,500,000     $ 0.20       4.76  
  Exercisable at June 30, 2016       5,964,000     $ 0.21       4.05  
XML 31 R19.htm IDEA: XBRL DOCUMENT v3.5.0.2
WARRANTS (Tables)
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Summary of the status of all of the Company's stock warrants

The following is a summary of the status of all of the Company’s stock warrants as of March 31, 2016 and changes during the period ended on that date:

 

    Number
of Warrants		   Weighted-Average
Exercise Price		   Weighted-Average
Remaining Life (Years)
  Outstanding at March 31, 2016       500,000     $ 0.20       0.25  
  Granted       —       $ 0.00       —    
  Exercised       —       $ 0.00       —    
  Cancelled       —       $ 0.00       —    
  Total Outstanding at March 31, 2016       500,000     $ 0.20       0.25  
  Exercisable at March 31, 2016       500,000     $ 0.20       0.25  
XML 32 R20.htm IDEA: XBRL DOCUMENT v3.5.0.2
OIL AND GAS PROPERTIES, BUILDINGS AND EQUIPMENT (Details) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Oil and Natural Gas:    
Proved properties $ 2,598,757 $ 1,734,223
Unproved properties 2,988,945 2,444,608
Oil and Natural Gas Total 5,587,702 4,178,831
Less accumulated depreciation, depletion, and amortization (7,757) (5,524)
Oil and Natural Gas, Net $ 5,579,945 $ 4,173,307
XML 33 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
DEPOSITS (Details Narrative) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Banking and Thrift [Abstract]    
Company Deposit $ 9,900 $ 9,900
XML 34 R22.htm IDEA: XBRL DOCUMENT v3.5.0.2
NOTES PAYABLE (Details Narrative) - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Notes Payable Details Narrative    
Note payable to an entity for the financing of insurance premiums, unsecured; 7.75% interest, due April 2017 $ 58,264 $ 17,263
Two notes payable to investors, unsecured, 10% interest; due September 30, 2016 500,000 500,000
Debt discount for 500,000 warrants issued relating to notes payable 5,938 7,771
Notes payable 564,202 525,034
Notes payable, related party, net 3,500,000
Total - Notes Payable & Notes Payable, Related Party $ 564,202 $ 3,970,869
XML 35 R23.htm IDEA: XBRL DOCUMENT v3.5.0.2
STOCK OPTION PLAN (Details)
 6 Months Ended
Jun. 30, 2016
$ / shares
shares
Number of Options  
Outstanding at January 1 | shares 9,500,000
Granted | shares
Exercised | shares
Cancelled | shares
Outstanding at June 30 | shares 9,500,000
Exercisable at June 30 | shares 5,964,000
Weighted-Average Exercise Price  
Outstanding at January 1 | $ / shares $ 0.20
Granted | $ / shares 0.20
Exercised | $ / shares 0.20
Cancelled | $ / shares 0.20
Outstanding at June 30 | $ / shares 0.20
Exercisable at June 30 | $ / shares $ 0.21
Weighted-Average Remaining Life (Years)  
Outstanding at January 1 4 years 9 months 4 days
Outstanding at June 30 4 years 9 months 4 days
Exercisable at June 30 4 years 18 days
XML 36 R24.htm IDEA: XBRL DOCUMENT v3.5.0.2
WARRANTS (Details)
 6 Months Ended
Jun. 30, 2016
$ / shares
shares
Number of Options  
Outstanding at January 1 | shares 9,500,000
Granted | shares
Exercised | shares
Cancelled | shares
Outstanding at June 30 | shares 9,500,000
Exercisable at June 30 | shares 5,964,000
Weighted-Average Exercise Price  
Outstanding at January 1 | $ / shares $ 0.20
Granted | $ / shares 0.20
Exercised | $ / shares 0.20
Cancelled | $ / shares 0.20
Outstanding at June 30 | $ / shares 0.20
Exercisable at June 30 | $ / shares $ 0.21
Weighted-Average Remaining Life (Years)  
Outstanding at January 1 4 years 9 months 4 days
Outstanding at June 30 4 years 9 months 4 days
Exercisable at June 30 4 years 18 days
Warrant [Member]  
Number of Options  
Outstanding at January 1 | shares 500,000
Granted | shares
Exercised | shares
Cancelled | shares
Outstanding at June 30 | shares 500,000
Exercisable at June 30 | shares 500,000
Weighted-Average Exercise Price  
Outstanding at January 1 | $ / shares $ 0.20
Granted | $ / shares
Exercised | $ / shares
Cancelled | $ / shares 0.00
Outstanding at June 30 | $ / shares 0.20
Exercisable at June 30 | $ / shares $ 0.20
Weighted-Average Remaining Life (Years)  
Outstanding at January 1 3 months
Outstanding at June 30 3 months
Exercisable at June 30 3 months
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