Notes Payable - Related Party

12 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Note 3 - Notes Payable - Related Party

During the years ended June 30, 2015 and 2014, the Company borrowed $175,000 and $650,000, respectively, from a current shareholder. Interest on these notes accrues at 5% and is payable in full at maturity. The notes mature in February of 2016. The Company has accrued interest expense of $35,708 and $7,164 during the years ended June 30, 2015 and June 30, 2014, respectively, on these notes. The oil and gas properties in Southeast Texas serve as collateral on these notes.