Stockholders' Equity

3 Months Ended

Jun. 30, 2011

Equity

Stockholders' Equity Note Disclosure [Text Block]

NOTE 5 - STOCKHOLDERS' EQUITY

As of June 30, 2011, there were 20,555,547 shares of common stock outstanding and 500,000 preferred shares outstanding.

During the six months ended June 30, 2011, the Company issued common stock as follows:

During the quarter ended March 31, 2011, the company issued 5,141,216 shares of common stock to settle $446,880 in debts on the company books.

During the quarter ended March 31, 2011, the company issued 1,000,000 shares of common stock to a consultant for services rendered and valued at $70,000.

During the quarter ended March 31, 2011, the company issued 69,277 shares of common stock for oil interest previously purchased in 2009. These shares should have been issued by our previous transfer agent but upon review the company realized that they never were issued.

During the quarter ended June 30, 2011, the company entered into a settlement agreement with Granite Energy, Inc. for the return of 8,500,000 shares of the company’s common stock. These shares were returned to the company’s treasury and our outstanding shares decreased.