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Condensed Consolidated Statements of Cash Flows
3 Months Ended 124 Months Ended
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Dec. 31, 2013
USD ($)
Operating Activities      
Net income (loss) $ (460,630) $ 14,295 $ (17,198,736)
Items not affecting cash:      
Share based compensation 156,374 13,963 1,607,560
Bad debts    (267,962) 249,966
Depreciation and accretion 24,514 28,500 807,278
Forgiveness of loan payable and accounts payable       (53,004)
Settlement of lawsuit       447,823
Commissions withheld from loans proceeds       121,000
Loss on disposal of assets       226
Net changes in non-cash working capital (Note 13) (2,723,032) 171,472 (3,100,213)
Net Cash (Used) in Operating Activities (3,002,774) (39,732) (17,118,100)
Investing Activities      
Purchase of property and equipment (407)    (904,876)
Investment in oil and gas properties (25,355) (2,543,465) (11,202,599)
Long term investments 826 (7,694) (304,537)
Cash from acquisition of subsidiary       11,141
Return of costs from Farmout Agreement       961,426
Net Cash (Used) in Investing Activities (24,936) (2,551,159) (11,439,445)
Financing Activities      
Proceeds from Loan payable       275,852
Payments on Loan payable - related parties (189,500)    (741,246)
Note payable repayment       (111,306)
Debenture repayment       (1,004,890)
Deposit on stock subscription       300,000
Proceeds from issuance of common stock    2,700,000 46,270,999
Proceeds from debenture net of commissions       879,000
Return of capital distribution       (12,895,065)
Net Cash Provided by Financing Activities (189,500) 2,700,000 32,973,344
Increase (decrease) in cash and cash equivalents (3,217,210) 109,109 4,415,799
Cash and cash equivalents, beginning of period 7,633,009 244,191   
Cash and cash equivalents, end of period 4,415,799 353,300 4,415,799
Supplemental Cash Flow Information:      
Cash paid for interest       $ 202,159