INCOME TAX: Reconciliation between statutory and effective tax rates (Tables)
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12 Months Ended | |||||||||
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Dec. 31, 2012
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Tables/Schedules | ||||||||||
Reconciliation between statutory and effective tax rates |
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INCOME TAX: Reconciliation of income taxes (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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Tax at statutory rate (35%) | $ 1,931,714 | $ 1,864,386 |
Increase in valuation allowance: | $ (1,931,714) | $ (1,864,386) |
RELATED PARTY TRANSACTIONS (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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Due to consulting firm, related pary | $ 18,215 | $ 138,655 |
Accrued salary due, related pary | 72,000 | |
Fees paid to operate leases, related pary | $ 0 | $ 652 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: GOING CONCERN (Policies)
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12 Months Ended |
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Dec. 31, 2012
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Policies | |
GOING CONCERN | GOING CONCERN
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has incurred recurring losses, has used significant cash in support of its operating activities and, based upon current operating levels, requires additional capital or significant reconfiguration of its operations to sustain its operations for the foreseeable future. These factors, among others, may indicate that the Company will be unable to continue as a going concern.
The financial statements do not include any adjustments relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate sufficient cash flow to meet obligations on a timely basis and ultimately to attain profitability. The Company has obtained working capital through equity offerings and management plans to obtain additional funding through equity or debt financings in the future. There is no assurance that the Company will be successful in its efforts to raise additional working capital or achieve profitable operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: REVENUE RECOGNITION (Policies)
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12 Months Ended |
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Dec. 31, 2012
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Policies | |
REVENUE RECOGNITION | REVENUE RECOGNITION
Oil, gas and natural gas liquids revenues are recognized when the products are sold to a purchaser at a fixed or determinable price, delivery has occurred and title has transferred, and collection of the revenue is reasonably assured. |
INCOME TAX (Details) (USD $)
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Dec. 31, 2012
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Net operating loss carry forwards | $ 5,519,182 |
Valuation allowance for deferred tax assets | $ 5,519,182 |
NOTES PAYABLE - RELATED PARTY (Details)
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12 Months Ended |
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Dec. 31, 2011
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Stock issued to settle notes | 4,116,796 |
INCOME TAX: Deferred tax liabilities and assets (Tables)
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12 Months Ended | |||||||||||||||
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Dec. 31, 2012
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Tables/Schedules | ||||||||||||||||
Deferred tax liabilities and assets |
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INCOME TAX: Deferred tax liabilities and assets (Details) (USD $)
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Dec. 31, 2012
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Dec. 31, 2011
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Deferred tax assets, net operating loss carryforwards | $ 5,518,182 | $ 5,246,818 |
Deferred tax assets, stock issued for services | 1,000 | 80,000 |
Net deferred tax assets | $ 5,519,182 | $ 5,326,818 |
ACQUISITION AND DISPOSAL OF ASSETS
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12 Months Ended |
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Dec. 31, 2012
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Notes | |
ACQUISITION AND DISPOSAL OF ASSETS | NOTE 3 - ACQUISITION AND DISPOSAL OF ASSETS
During the year ended December 31, 2011:
In November 2011, the company sold 50% of its interest in the Phillips B. lease to a third party for $2,445. On the same date the company used the other 50% of its interest to settle $2,445 in debts to Bullfrog Management (an entity controlled by a prior officer).
On March 1, 2011 the company settled $150,361 in debt on the company books with oil interest held by the company in leases in Oklahoma.
On September 1, 2011 the Company settled $97,723 in debt on the company books with the companys interest in the West Burk lease and the Richard Lease. These leases had previously been written off and had no value on the companys books. The transaction was recorded as additional paid in capital contribution. |