XML 17 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated statements of cash flows - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities:    
Net loss for the period $ (280,668) $ (449,091)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 33,598 44,189
Changes in operating assets and liabilities:    
Receivables 489 2,641
Prepaid expenses and deposits (4,621) (16,200)
Accounts payable and accrued liabilities 146,333 (101,960)
Net cash used in operating activities (104,869) (520,421)
Investing activities:    
Issuance of note receivable (713) (38,570)
Oil and gas properties expenditures (31,366) (188,791)
Net cash used in investing activities (32,079) (227,361)
Financing activities:    
Proceeds from issuance of common stock / stock subscriptions received 75,000  
Proceeds from stockholder loan 17,500  
Net cash provided by financing activities 92,500  
Effect of exchange rate changes on cash and cash equivalents (93) 521
Change in cash (44,541) (747,261)
Cash, beginning of period 75,561 1,539,439
Cash, end of period 31,020 792,178
Non-cash investing and financing activities:    
Oil and gas expenditures included in accounts payable 47,816 16,444
Restricted stock issued for oil and gas properties 35,002 107,367
Stock issued for subscription receivable $ 425,000 $ 46,116