Stockholders' Equity

3 Months Ended

Sep. 30, 2011

Equity

Stockholders' Equity Note Disclosure [Text Block]

NOTE 5 - STOCKHOLDERS' EQUITY

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

DURING  THE  NINE  MONTHS  ENDED SEPTEMBER 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.

The  company did not issue any common or preferred  stock  during  the  quarter ended September 30, 2011.

The company settled $102,723 of debts on the companies books to related parties with written  off  non-performing  assets,  which  resulted  in  an increase in additional paid in capital on the books of the company.