XML 11 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Oil and Gas Leases
3 Months Ended
Sep. 30, 2011
Extractive Industries  
Oil and Gas Exploration and Production Industries Disclosures [Text Block]

NOTE 3 - OIL AND GAS LEASES



DURING THE NINE MONTHS ENDED SEPTEMBER 30, 2011:



On March 1, 2011 the company settled $150,361 in debt on the company books with oil interest held by the company in leases operated by H Petro R.



On September 1, 2011 the company settled $102,723 in debt on the company  books with  oil  interest  held by the company.  These leases were previously written off due to non production  which  resulted in an increase in paid in capital on the books of the company.



For the nine months ended September  30,  2011, the Company generated royalties on producing oil and gas properties in the  amount  of  $35,063.  For  the nine months  ended  September 30, 2010, the Company generated royalties on producing oil and gas properties in the amount of $164,963.



The depletion expense for the nine months ended September 30, 2011 and 2010 was $1,547 and $14,792, respectively, was calculated based on an estimate using the straight line method  over  the  estimated  lives of the proved interests until production studies have been completed on the oil and gas properties.