Restatement of Financials

3 Months Ended

Jun. 30, 2011

Accounting Policies

Reclassifications [Text Block]

NOTE 2 - RESTATEMENT OF FINANCIALS

In March 2011, the Company determined, as well as hindsight lends to confirm, that the assets purchased during 2008 should have been impaired and/or recorded in 2008 and then subsequently written down in 2009 and 2010. The assets were originally recorded at the historical cost of the seller; however, the production and collectability from the operator in Oklahoma have all proven to be less than expected.

The following is a summary of the restatements for June 30, 2010:

	Increase (Decrease) in Account/Amount
Total Assets		(1,794,140	)
Total Stockholders Equity		(1,790,642	)
Net Income (Loss)		(1,559	)
Net Income (Loss) per share		(0.01	)

The effect on the company's previously issued June 30, 2010 financial statements is summarized as follows:

Balance Sheet as of June 30, 2010

	Previously		Increase
	Reported		(Decrease)			Restated
Current Assets		587,457		(482,045	)		105,412
Other Assets		1,793,049		(1,312,095	)		480,954
				-
Total Assets		2,380,506		(1,794,140	)		586,366
				-
Current Liabilities		781,025		(3,500	)		777,526
Other Liabilities		392,684		-			392,684
				-
Total Liabilities		1,173,709		(3,500	)		1,170,209
Stockholders' Equity		1,206,798		(1,790,642	)		(583,844	)
				-
Total Liabilities and Stockholders' Deficit		2,380,507		(1,794,142	)		586,366

Statement of Operations for quarter ended June 30, 2010

	Previously			Increase
	Reported			(Decrease)			Restated
Net Sales		136,572			-			136,572
Operating Expenses		432,110			(13,100	)		419,010
					-
Income (Loss) from Operations		(295,538	)		(13,100	)		(282,438	)
Other income (expenses)		(186,451	)		11,541			(197,992	)
					-
Net Income (Loss)		(481,989	)		(1,559	)		(480,430	)