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Notes Payable
3 Months Ended
Sep. 30, 2011
Debt  
Debt Disclosure [Text Block]

NOTE 4 - NOTES PAYABLE



As of December 31, 2010, the Company had issued three notes payable for a total of $373,365 as part of the purchase of certain  lease  oil,  gas,  and  mineral interests.  The obligations were to be paid monthly for a period of five  years with interest of seven percent (7%) accruing on the outstanding balance.

 

As  of September 30, 2011, the company settled all of the principle amounts  on these notes leaving only the accrued interest in the amount of $38,036.



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.  The CEO of the company  settled  $24,000  of  monies owed to him for a minority interest in the West Burke lease.