Notes Payable - Related Party

12 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Note 3 - Notes Payable - Related Party

During the years ended June 30, 2016 and 2015, the Company borrowed $650,000 and $175,000, 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 2020. The Company has accrued interest expense of $62,366 and $35,708 during the years ended June 30, 2016 and June 30, 2015, respectively, on these notes. The oil and gas properties in Southeast Texas serve as collateral on these notes.