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0001165527-12-000818.txt : 20120810 0001165527-12-000818.hdr.sgml : 20120810 20120809184242 ACCESSION NUMBER: 0001165527-12-000818 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120810 DATE AS OF CHANGE: 20120809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHANCELLOR GROUP INC. CENTRAL INDEX KEY: 0000894544 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 870438647 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30219 FILM NUMBER: 121021983 BUSINESS ADDRESS: STREET 1: 216 SOUTH PRICE ROAD, CITY: PAMPA, STATE: TX ZIP: 79065 BUSINESS PHONE: 7027927479 MAIL ADDRESS: STREET 1: 216 SOUTH PRICE ROAD, CITY: PAMPA, STATE: TX ZIP: 79065 FORMER COMPANY: FORMER CONFORMED NAME: CHANCELLOR GROUP INC/ DATE OF NAME CHANGE: 19960520 FORMER COMPANY: FORMER CONFORMED NAME: NIGHTHAWK CAPITAL INC DATE OF NAME CHANGE: 19940426 10-Q 1 g6187.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: June 30, 2012 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File No. 000-30219 CHANCELLOR GROUP, INC. (Exact name of Registrant as Specified in Its Charter) Nevada 87-0438647 (State or other jurisdiction of (I.R.S. Employer Incorporation or organization) Identification No.) 500 Taylor Street, Plaza Two - Suite 200, Amarillo, TX 79101 (Address of principal executive offices, including zip code) (806) 322-2731 (Issuer's Telephone Number, Including Area Code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check One): Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] Number of shares of Common Stock outstanding as of August 9, 2012: 69,560,030 CHANCELLOR GROUP, INC. INDEX Page ---- PART I. FINANCIAL INFORMATION 3 Item 1. Financial Statements: 3 Consolidated Balance Sheets as of June 30, 2012 (unaudited) and as of December 31, 2011 4 Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2012 and 2011 (unaudited) 5 Consolidated Statements of Cash Flows for the Six months Ended June 30, 2012 and 2011 (unaudited) 6 Notes to Unaudited Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3. Quantitative and Qualitative Disclosures About Market Risk 16 Item 4. Controls and Procedures 16 PART II. OTHER INFORMATION 16 Item 1. Legal Proceedings 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 6. Exhibits 17 SIGNATURES 18 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America have been condensed or omitted from the following consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. It is suggested that the following consolidated financial statements be read in conjunction with the year-end consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. The results of operations for the three and six months ended June 30, 2012 and 2011 are not necessarily indicative of the results for the entire fiscal year or for any other period. 3 CHANCELLOR GROUP, INC. Consolidated Balance Sheets

See Notes to Unaudited Consolidated Financial Statements 4 CHANCELLOR GROUP, INC. Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2012 and 2011 (Unaudited)

---------- * Less than $0.01 per share See Notes to Unaudited Consolidated Financial Statements 5 CHANCELLOR GROUP, INC. Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2012 and 2011 (Unaudited)

See Notes to Unaudited Consolidated Financial Statements 6 CHANCELLOR GROUP, INC. Notes to Unaudited Consolidated Financial Statements June 30, 2012 NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Organization Chancellor Group, Inc. (the "Company", "our", "we" or "Chancellor") was incorporated in the state of Utah on May 2, 1986, and then, on December 30, 1993, dissolved as a Utah corporation and reincorporated as a Nevada corporation. The Company's primary business purpose is to engage in the acquisition, exploration and development of oil and gas production. On March 26, 1996, the Company's corporate name was changed from Nighthawk Capital, Inc. to Chancellor Group, Inc. The Company's corporate office was moved to Amarillo, Texas in early 2012. Operations The Company is licensed by the Texas Railroad Commission as an oil and gas producer and operator. The Company and its wholly-owned subsidiaries, Gryphon Production Company, LLC and Gryphon Field Services, LLC, own 5 wells in Gray County, Texas, of which 1 is a water disposal well. As of June 30, 2012, approximately 4 oil wells are actively producing. We produced a total of 139 barrels of oil in the three months ended June 30, 2012 and 530 barrels of oil in the six months ended June 30, 2012.. The oil is light sweet crude. Basis of Presentation The consolidated financial statements of Chancellor Group, Inc. have been prepared pursuant to the rules and regulations of the SEC for Quarterly Reports on Form 10-Q and in accordance with US GAAP. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by US GAAP for annual financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in the Chancellor Group, Inc. Annual Report on Form 10-K for the year ended December 31, 2011. The consolidated financial statements are unaudited, but, in management's opinion, include all adjustments (which, unless otherwise noted, include only normal recurring adjustments) necessary for a fair presentation of such financial statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the year ending December 31, 2012. Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Chancellor Group, Inc. and its wholly owned subsidiaries: Gryphon Production Company, LLC, and Gryphon Field Services, LLC. These entities are collectively hereinafter referred to as "the Company". Any inter-company accounts and transactions have been eliminated. Accounting Year The Company employs a calendar accounting year. The Company recognizes income and expenses based on the accrual method of accounting under US GAAP. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Products and Services, Geographic Areas and Major Customers The Company plans to operate its domestic oil and gas properties, located in Gray County in Texas, and possibly to acquire additional producing oil and gas properties. The Company currently sells 100% of its oil production to Plains Marketing and 100% of its gas production to DCP Midstream. 7 Net Loss per Share The net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents. Concentration of Credit Risk Some of the Company's operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of depositing institutions mitigates the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Company's consolidated financial position or results of operations. Restricted Cash Restricted cash totaled $25,000 and $250,000 at June 30, 2012 and December 31, 2011, respectively and includes a license bond with the Railroad Commission of Texas as required for its oil and gas activities. Additionally, at December 31, 2011, restricted cash included deposits which were held as collateral for a letter of credit issued to the Railroad Commission of Texas. Accounts Receivable The Company reviews accounts receivable periodically for collectibles, establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. An allowance for doubtful accounts was not considered necessary or recorded at June 30, 2012 and December 31, 2011. Prepaid Expenses Certain expenses, primarily insurance and consulting fees, have been prepaid and will be used within one year. The Company currently has prepaid consulting fees of $48,000 and prepaid insurance of $15,881 as of June 30, 2012. Property and Equipment Property and equipment are recorded at cost and depreciated under the straight line method over the estimated useful life of the equipment. The estimated useful life of leasehold costs, equipment and tools ranges from five to seven years. Oil and Gas Properties The Company follows the successful efforts method of accounting for its oil and gas activities. Under this accounting method, costs associated with the acquisition, drilling and equipping of successful exploratory and development wells are capitalized. Geological and geophysical costs, delay rentals and drilling costs of unsuccessful exploratory wells are charged to expense as incurred. The carrying value of mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. Undeveloped properties are periodically assessed for possible impairment due to un-recoverability of costs invested. Cash received for partial conveyances of property interests is treated as a recovery of cost and no gain or loss is recognized. Depletion The carrying value of the mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. Long-Lived Assets The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset is less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value. 8 Asset Retirement Obligations The Company has not recorded an asset retirement obligation (ARO) in accordance with ASC 410. Under ASC 410, a liability should be recorded for the fair value of an asset retirement obligation when there is a legal obligation associated with the retirement of a tangible long-lived asset, and the liability can be reasonably estimated. The associated asset retirement costs should also be capitalized and recorded as part of the carrying amount of the related oil and gas properties. Management believes that not recording an ARO liability and asset under ASC 410 is immaterial to the consolidated financial statements. Income Taxes Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Revenue Recognition The Company recognizes revenue when a product is sold to a customer or a service is performed for a customer, either for cash or as evidenced by an obligation on the part of the customer to pay. Fair Value Measurements and Disclosures The Company estimates fair values of assets and liabilities which require either recognition or disclosure in the financial statements in accordance with FASB ASC Topic 820 "FAIR VALUE MEASUREMENTS". Fair value measurements include the following levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities. Level 3: Unobservable inputs that are not corroborated by market data. Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities. Fair Value of Financial Instruments The carrying value of the Company's financial instruments, including cash, accounts receivable and accounts payable, as reported in the accompanying consolidated balance sheet, approximates fair values. Employee Stock-Based Compensation Compensation expense is recognized for performance-based stock awards if management deems it probable that the performance conditions are or will be met. Determining the amount of stock-based compensation expense requires us to develop estimates that are used in calculating the fair value of stock-based compensation, and also requires us to make estimates of assumptions including expected stock price volatility which is derived based upon our historical stock prices. Non-employee Stock Options and Warrants The Company accounts for non-employee stock options under FASB ASC Topic 505 "EQUITY-BASED PAYMENTS TO NON-EMPLOYEES", whereby options costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. 9 Business Combinations The Company accounts for business combinations in accordance with FASB ASC Topic 805 "BUSINESS COMBINATIONS". This standard modifies certain aspects of how the acquiring entity recognizes and measures the identifiable assets, the liabilities assumed and the goodwill acquired in a business combination. The Company did not enter into any business combinations during the three and six months ended June 30, 2012. Recent Accounting Pronouncements In June 2011, the FASB issued Accounting Standards Update ("ASU") 2011-5, "PRESENTATION OF COMPREHENSIVE INCOME." This update requires that all non-owner changes in stockholders' equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. These changes are effective for the first quarter filing of 2012. As the Company is not reporting any components of other comprehensive income, the adoption of this update is not considered material to the consolidated financial statements. In May 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-04, "FAIR VALUE MEASUREMENTS (TOPIC 820): AMENDMENTS TO ACHIEVE COMMON FAIR VALUE MEASUREMENT AND DISCLOSURE REQUIREMENTS IN U.S. GAAP AND IFRSS" ("ASU 2011-04"). ASU 2011-04 changes the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to ensure consistency between U.S. GAAP and IFRS. ASU 2011-04 also expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. This new guidance is to be applied prospectively. On January 1, 2012, the Company adopted ASU 2011-04 and does not anticipate that it will materially expand its consolidated financial statement footnote disclosures or have an impact on the Company's consolidated financial position, results of operations or cash flows. There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries, and are not expected to have a material impact on the Company's financial position, results of operations or cash flows. NOTE 2. INCOME TAXES At June 30, 2012, the Company had a federal net operating loss carry-forward of approximately $1,836,000. A deferred tax asset of approximately $367,000 has been partially offset by a valuation allowance of approximately $363,000 due to federal net operating loss carry-back and carry-forward limitations. At June 30, 2012, the Company also had approximately $4,000 in deferred income tax liability attributable to timing differences between federal income tax depreciation, depletion and book depreciation, which has been offset against the deferred tax asset related to the net operating loss carry-forward. Management evaluated the Company's tax positions under FASB ASC No. 740 "UNCERTAIN TAX POSITIONS," and concluded that the Company had taken no uncertain tax positions that require adjustment to the consolidated financial statements to comply with the provisions of this guidance. With few exceptions, the Company is no longer subject to income tax examinations by the U.S. federal, state or local tax authorities for years before 2009. NOTE 3. STOCKHOLDERS' EQUITY Preferred Stock The Company has authorized 250,000 shares, par value $1,000 per share, of convertible Preferred Series B stock ("Series B"). Each Series B share is convertible into 166.667 shares of the Company's common stock upon election by the stockholder, with dates and terms set by the Board. No shares of Series B preferred stock have been issued. Common Stock The Company has 250,000,000 authorized shares of common stock, par value $0.001, with 69,560,030 shares issued and outstanding as of June 30, 2012. Stock Based Compensation For the three and six months ending June 30, 2012, the Company recognized $0 and $13,600 in professional and consulting fees expense, respectively, and $29,000 and $29,000 in directors fees expense, respectively, related to stock issued, which is recorded in general and administrative expenses. 10 Warrants The Company currently has outstanding warrants expiring December 31, 2014 to purchase an aggregate of 6,000,000 shares of common stock; these warrants consist of warrants to purchase 2,000,000 shares at an exercise price of $0.025 per share, and warrants to purchase 4,000,000 shares at an exercise price of $0.02 per share. In July 2009, the Company issued additional warrants expiring June 30, 2014 to purchase an aggregate of 500,000 shares of common stock at an exercise price of $0.125 per share. In June 2010, the Company issued additional warrants expiring June 30, 2015 to purchase an aggregate of 168,000 shares of common stock at an exercise price of $0.125 per share. There were no warrants issued during the three and six months ended June 30, 2012. On June 30, 2012, the Company had the following outstanding warrants: Exercise Weighted Remaining Price times Average Exercise Number of Contractual Life Number of Exercise Price Shares (in years) Shares Price ----- ------ ---------- ------ ----- $0.025 2,000,000 2.5 $ 50,000 $0.020 4,000,000 2.5 $ 80,000 $0.125 500,000 2. $ 62,500 $0.125 168,000 3 $ 21,000 --------- -------- 6,668,000 $213,500 $0.032 ========= ======== NOTE 4. PROPERTY A summary of property at: Balance Balance December 31, June 30, 2011 Additions Deletions 2012 ---- --------- --------- ---- Leasehold Costs - Developed $47,740 $ -- $ -- $47,740 ------- ------- ---- ------- TOTAL PROPERTY $47,740 $ -- $ -- $47,740 ======= ======= ==== ======= Less: Accumulated Amortization $18,815 $ 2,387 $ -- $21,202 ------- ------- ---- ------- TOTAL PROPERTY, NET $28,925 $ 2,387 $ -- $26,538 ======= ======= ==== ======= NOTE 5. CONTINGENCIES Chancellor is from time to time involved in legal proceedings arising in the normal course of business. Other than proceedings incidental to Chancellor's business, and current proceedings against Gryphon (cases nos. 36433 and 37053 in the 223rd District Court in Gray County, Texas) which Gryphon believes have no merit and in which Gryphon has made a counterclaim for declaratory judgment, Chancellor is not a party to, nor is any of their property the subject of, any material legal proceedings. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of Chancellor's management, any such liability will not have a material adverse effect upon Chancellor's financial condition, results of operations or cash flows. NOTE 6. ACCUMULATED COMPENSATED ABSENCES It is the Company's policy to permit employees to accumulate a limited amount of earned but unused vacation, which will be paid to employees upon separation from the Company's service. The cost of vacation and sick leave is recognized when payments are made to employees. These amounts are immaterial and not accrued. 11 NOTE 7. RELATED PARTY TRANSACTIONS The Company has used the management and consulting services of a consulting company owned by the Chairman of the Board. For the three and six months ending June 30, 2012 the Company has paid $26,000 and $50,000, respectively for those services. During the three and six months ending June 30, 2011 the Company paid $24,000 and $48,000, respectively for those services NOTE 8. SUBSEQUENT EVENTS On July 3, 2012, the Company entered into a 6-month non-exclusive consultant agreement with NUWA Group, LLC, in connection with the Company's interest in creating a strategy for growing the core business, creating market awareness and providing general strategic corporate advice. 12 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS Throughout this report, we make statements that may be deemed "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events, outcomes and other matters that Chancellor plans, expects, intends, assumes, believes, budgets, predicts, forecasts, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. These forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements in this report. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, many of which are beyond our control, incident to the exploration for and development, production and sale of oil and gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of goods and services, environmental risks, operating risks, regulatory changes, the uncertainty inherent in estimating proved oil and natural gas reserves and in projecting future rates of production and timing of development expenditures and other risks described herein, the effects of existing or continued deterioration in economic conditions in the United States or the markets in which we operate, and acts of war or terrorism inside the United States or abroad. BACKGROUND In April 2007 we commenced operations with what were 84 actually producing wells in Gray and Carson counties, Texas. On July 22, 2008, we had entered into an Agreement, effective as of June 1, 2008 with Legacy Reserves Operating LP ("Legacy") for the sale of our oil and gas wells in Carson County, Texas, representing for approximately 84% of our oil and gas production at that time. In 2010, the Company acquired three additional properties in Hutchinson County including approximately 16 wells for a purchase price of approximately $150,000. In 2011, the Company continued its operational and restoration programs and the production capacity from its 67 actively producing wells in Gray and Hutchinson counties. Pursuant to the terms of the Purchase and Sale Agreement dated October 18, 2011, LCB Resources ("LCB") purchased all of Gryphon's right, title and interest in certain leases, wells, equipment, contracts, data and other designated property, effective December 31, 2011. The assets sold to LCB approximated 82% of the Company's consolidated total assets as of September 30, 2011 and contributed approximately 95% and 77%, respectively, of the Company's consolidated gross revenues and total expenses for the nine months then ended September 30, 2011. Under the terms of the Purchase and Sale Agreement (the "Agreement"), LCB paid Gryphon $2,050,000 in cash, subject to certain adjustments as set forth in the Agreement. The Company has continued to maintain a total of four (4) producing wells and one (1) water disposal well. Gryphon will also retain an operator's license with the Texas Railroad Commission and continue to operate the Hood Leases itself. The proceeds from the asset sale will be used to provide working capital to Gryphon and for future corporate purposes including, but not limited to, possible acquisitions and other corporate programs and purposes that have yet to be identified. The Company has also opened a new division to explore business opportunities into commercial internet sites such as social network sites or related sites involved in internet e-commerce. This would be in addition to the Company's committed interest in seeking new oil and/or gas projects. Activity related to this division has not been material through June 30, 2012. Our common stock is quoted on the Over-The-Counter market and trades under the symbol CHAG.OB. As of August 9, 2012, there were 69,560,030 shares of our common stock issued and outstanding. RESULTS OF OPERATIONS Three Months Ended June 30, 2012 Compared to Three Months Ended June 30, 2011. PRODUCTION: During the three months ended June 30, 2012, we produced and sold 72 barrels of oil, generating $6,376 in gross revenues net of royalties paid, with a one month lag in receipt of revenues for the prior months sales, as compared with 1,963 barrels of oil and 1,214 mcf of gas, generating $195,336 in gross revenues net of royalties paid during the same period in 2011. The Company also recorded revenue from the sale of approximately 67 barrels of oil which was in tanks at the date of the sale to LCB, resulting in approximately $6,030 in revenues. We had 4 wells actually producing oil and none producing gas at June 30, 2012 and had 60 wells actually producing oil and 2 producing gas at June 30, 2011. Pursuant to the terms of the Agreement dated October 18, 2011, LCB purchased effective December 1, 2011 all of Gryphon's right, title and interest in certain leases, wells, equipment, contracts, data and other designated property. The assets sold to LCB approximated 82% of the Company's consolidated assets as of September 30, 2011 and contributed approximately 95% and 77%, 13 respectively, of the Company's consolidated gross revenues and total expenses for the nine months then ended September 30, 2011. Under the terms of the Agreement, LCB paid Gryphon $2,050,000 in cash, subject to certain adjustments as set forth in the Agreement. The Company has continued to maintain a total of four (4) producing wells and one (1) water disposal well. Gryphon will also retain an operator's license with the Texas Railroad Commission and continue to operate the Hood Leases itself. The proceeds from the asset sale will be used to provide working capital to Gryphon and for future corporate purposes including, but not limited to, possible acquisitions and other corporate programs and purposes that have yet to be identified. The following table summarizes our production volumes and average sales prices for the three months ended June 30: 2012 2011 ---- ---- Oil and Gas Sales: Oil Sales (Bbl) 139 1,963 Natural Gas Sales (Mcf) -- 1,214 Average Sales Price: Oil, per Bbl $ 89.00 $ 95.96 Gas, per McF $ n/a $ .70 The decrease in revenues from both oil and natural gas during the three months ended June 30, 2012 (as compared to the three months ended June 30, 2011) resulted in primarily from the sale of substantially all of our producing wells effective December 1, 2011 to LCB. DEPRECIATION AND AMORTIZATION: Expense recognized for depreciation and amortization of property decreased $66,033, or approximately 98% in the three months ended June 30, 2012 compared to the same period in 2011. This decrease was primarily attributable to the sale of substantially all of our producing wells effective December 1, 2011 to LCB. OPERATING EXPENSES AND ADMINISTRATIVE EXPENSES: During the three months ended June 30, 2012, our operating expenses decreased $127,233, or approximately 98%, primarily due to the sale of substantially all of our producing wells effective December 1, 2011. During the three months ended June 30, 2012, our administrative expenses increased $42,689, or approximately 38% compared to same period in 2011. Significant components of these expenses include salaries, professional fees, and insurance. Salaries (included in both administrative expenses and operating costs) decreased approximately $91,000, or 100%, during 2012, primarily the result of complete staff reductions due to the sale of substantially all of our producing wells effective December 1, 2011 to LCB. Professional fees increased $51,290, approximately 300% during the three months ending June 30, 2012 compared to the same period in 2011, primarily the result of increased consultation costs with third parties. Insurance decreased approximately 74% during the three months ending June 30, 2012 compared to the same period in 2011 due primarily to the sale of substantially all of our producing wells effective December 1, 2011 to LCB. Six Months Ended June 30, 2012 Compared to Six Months Ended June 30, 2011. PRODUCTION: During the six months ended June 30, 2012, we produced and sold 163 barrels of oil, generating $13,697 in gross revenues net of royalties paid, with a one month lag in receipt of revenues for the prior months sales, as compared with 4,021 barrels of oil and 2,490 mcf of gas, generating $389,995 in gross revenues net of royalties paid during the same period in 2011. The Company also recorded revenue from the sale of approximately 382 barrels of oil which was in tanks at the date of the sale to LCB, resulting in approximately $30,650 in revenues. We had 4 wells actually producing oil and none producing gas at June 30, 2012 and had 60 wells actually producing oil and 2 producing gas at June 30, 2011. Pursuant to the terms of the Agreement dated October 18, 2011, LCB purchased effective December 1, 2011 all of Gryphon's right, title and interest in certain leases, wells, equipment, contracts, data and other designated property. The assets sold to LCB approximated 82% of the Company's consolidated assets as of September 30, 2011 and contributed approximately 95% and 77%, respectively, of the Company's consolidated gross revenues and total expenses for the nine months then ended September 30, 2011. Under the terms of the Agreement, LCB paid Gryphon $2,050,000 in cash, subject to certain adjustments as set forth in the Agreement. Pursuant to the transition services agreement related to the asset sale to LCB, the Company recorded $18,750 in other income for operating the wells sold to LCB through February 15, 2012. The Company has continued to maintain a total of four (4) producing wells and one (1) water disposal well. Gryphon will also retain an operator's license with the Texas Railroad Commission and continue to operate the Hood Leases itself. The proceeds from the asset sale will be used to provide working capital to Gryphon and for future corporate purposes including, but not limited to, possible acquisitions and other corporate programs and purposes that have yet to be identified. The following table summarizes our production volumes and average sales prices for the six months ended June 30: 14 2012 2011 ---- ---- Oil and Gas Sales: Oil Sales (Bbl) 530 4,021 Natural Gas Sales (Mcf) -- 2,490 Average Sales Price: Oil, per Bbl $ 83.73 $ 92.91 Gas, per McF $ n/a $ 6.66 The decrease in revenues of both oil and natural gas during the six months ended June 30, 2012 (as compared to the period ended June 30, 2011) resulted in primarily from the sale of substantially all of our producing wells effective December 1, 2011 to LCB. DEPRECIATION AND AMORTIZATION: Expense recognized for depreciation and amortization of property and equipment decreased $132,227, or approximately 98% in the six months ended June 30, 2012 compared to the same period in 2011. This decrease was primarily attributable to the sale of substantially all of our producing wells effective December 1, 2011 to LCB. OPERATING EXPENSES AND ADMINISTRATIVE EXPENSES: During the six months ended June 30, 2012, our operating expenses decreased $221,099, or approximately 89%, primarily due to the sale of substantially all of our producing wells effective December 1, 2011. Administrative expenses decreased $25,690, or approximately 9% compared to same period in 2011. Significant components of these expenses include salaries, professional fees, and insurance. Salaries (included in both administrative expenses and operating costs) decreased $171,005, or approximately 100%, during the six months ended June 30, 2012 compared to the same period in 2011, primarily the result of complete staff reductions due to the sale of substantially all of our producing wells effective December 1, 2011 to LCB. Professional fees remained flat during the six months ending June 30, 2012 compared to the same period in 2011. Insurance decreased $15,134, or approximately 13% during the six months ending June 30, 2012 compared to the same period in 2011 primarily due to the sale of substantially all of our producing wells effective December 1, 2011. Directors fees expense increased $42,500 during the six months ended June 30, 2012 compared to the same period in 2011, primarily due to stock issued in April 2012. Travel expense decreased approximately $25,000 during the six months ended June 30, 2012 compared to the same period in 2011 primarily due to decreased travel requirements primarily due to the sale of substantially all of our producing wells effective December 1, 2011. OVERALL: Effective December 1, 2011, pursuant to the terms of the Purchase and Sale Agreement dated October 18, 2011, LCB purchased all of Gryphon's right, title and interest in certain leases, wells, equipment, contracts, data and other designated property. The assets sold to LCB approximated 82% of the Company's consolidated assets as of September 30, 2011 and contributed approximately 95% and 77%, respectively, of the Company's consolidated gross revenues and total expenses for the nine months then ended September 30, 2011. Under the terms of the Purchase and Sale Agreement, LCB paid Gryphon $2,050,000 in cash, subject to certain adjustments as set forth in the Purchase and Sale Agreement. Pursuant to the transition services agreement related to the asset sale to LCB, the Company recorded $18,750 in other income to operate the wells sold to LCB through February 15, 2012, at which date it ceased operating these wells. It continues to operate the 4 remaining producing wells. LIQUIDITY AND CAPITAL RESOURCES OVERVIEW: The following table highlights certain information relation to our liquidity and capital resources at: June 30, 2012 December 31, 2011 ------------- ----------------- Working Capital $2,030,483 $2,253,170 Current Assets 2,066,116 2,424,020 Current Liabilities 35,633 170,850 Stockholders' Equity $2,057,271 $2,284,463 Our working capital at June 30, 2012 decreased by $222,687, or approximately 10%, from December 31, 2011, primarily from the loss from operations during first six months of 2012. Current assets decreased by decreased by $357,904 or approximately 15%, while current liabilities decreased $135,217, or approximately 80%, primarily as a result of reduced operations related to the sale of a majority of the Company's assets to LCB. Our capital resources consist primarily of cash from operations and permanent financing, in the form of capital contributions from our stockholders. As of June 30, 2012 the Company had $1,916,002 of unrestricted cash on hand. CASH FLOW: Net cash used during the six months ended June 30, 2012 was $395,775, compared to net cash used of $163,921 during same period in 2011. The most significant factor causing the increase in net cash used during 2012 relates to the reduction in revenues due to the sale of substantially all of our producing 15 wells effective December 1, 2011 to LCB, offset in part from the related reduction in operating expenses. Cash used for operations increased by $248,472, or approximately 168% during the first six months of 2012, compared to the same period in 2011. EQUITY FINANCING: As of June 30, 2012, our stockholders have contributed $3,608,613 in total equity financing to date. We do not anticipate that significant equity financing will take place in the foreseeable future. CRITICAL ACCOUNTING POLICIES There have been no material changes in our critical accounting policies since December 31, 2011. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Interest Rate Risk - Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates. Investments that are classified as cash and cash equivalents have original maturities of three months or less. Our interest income is sensitive to changes in the general level of U.S. interest rates. Due to the short-term nature of our investments, we believe that there is not a material risk exposure. Credit Risk - Our accounts receivables are subject, in the normal course of business, to collection risks. We regularly assess these risks and have established policies and business practices to protect against the adverse effects of collection risks. As a result we do not anticipate any material losses in this area. Commodity Price Risk - We are exposed to market risks related to price volatility of crude oil and natural gas. The prices of crude oil and natural gas affect our revenues, since sales of crude oil and natural gas comprise all of the components of our revenues. A decline in crude oil and natural gas prices will likely reduce our revenues, unless we implement offsetting production increases. We do not use derivative commodity instruments for trading purposes. The prices of the commodities that the Company produces are unsettled at this time. At times the prices seem to be drift down and then either increase or stabilize for a few days. Current price movement seems to be slightly up but with the prices of the traditionally marketed products (gasoline, diesel, and natural gas as feed stocks for various industries, power generation, and heating) are not showing material increases. Although prices are difficult to predict in the current environment, the Company maintains the expectation that demand for its products will continue to increase for the foreseeable future due to the underlying factors that oil and natural gas based commodities are both sources of raw energy and are fuels that are easily portable. ITEM 4. CONTROLS AND PROCEDURES As supervised by our Board of Directors and our principal executive and principal financial officer, management has established a system of disclosure controls and procedures and has evaluated the effectiveness of that system. The system and its evaluation are reported on in the below Management's Annual Report on Internal Control over Financial Reporting. Based on the evaluation of our controls and procedures (as defined in Rule 13a-15(e) under the 1934 Securities Exchange Act, as amended (the "Exchange Act")) required by paragraph (b) of Rule 13a-15, our principal executive and financial officer has concluded that our disclosure controls and procedures as of June 30, 2012, are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (x) accumulated and communicated to management, including our principal executive and financial officer, as appropriate to show timely decisions regarding required disclosure and (y) recorded, processed, summarized and reported within the time periods specified by the SEC's rules and forms. There have been no significant changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the period ended June 30, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Chancellor is from time to time involved in legal proceedings arising in the normal course of business. Other than proceedings incidental to Chancellor's business, and current proceedings against Gryphon (cases nos. 36433 and 37053 in the 223rd District Court in Gray County, Texas) which Gryphon believes have no merit and in which Gryphon has made a counterclaim for declaratory judgment, Chancellor is not a party to, nor is any of their property the subject of, any material legal proceedings. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of Chancellor's 16 management, any such liability will not have a material adverse effect upon Chancellor's financial condition, results of operations or cash flows. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS The following table sets forth the sales of unregistered securities since the Company's last report filed under this item.

---------- (1) The issuances to advisors are viewed by the Company as exempt from registration under the Securities Act of 1933, as amended ("Securities Act"), alternatively, as transactions either not involving any public offering, or as exempt under the provisions of Regulation D promulgated by the SEC under the Securities Act. ITEM 6. EXHIBITS 31 Certification of Chief Executive Officer and Principal Financial Officer Pursuant to Section 302 of The Sarbanes Oxley Act of 2002.* 32 Certification of Chief Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** SEC Ref.No. Title of Document ------- ----------------- 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document 101.LAB XBRL Taxonomy Label Linkbase Document 101.PRE XBRL Taxonomy Presentation Linkbase Document ---------- * Filed herewith. ** Furnished herewith. 17 SIGNATURES Pursuant to the requirements of Section 12(g) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized, on August 9, 2012. CHANCELLOR GROUP, INC. By: /s/ Maxwell Grant ------------------------------------- Maxwell Grant Chief Executive Officer and Principal Financial Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant in the capacities indicated, on August 9, 2012. By: /s/ Maxwell Grant ----------------------------------------- Maxwell Grant, Chief Executive Officer 18 EXHIBIT INDEX 31 Certification of Chief Executive Officer and Principal Financial Officer Pursuant to Section 302 of The Sarbanes Oxley Act of 2002.* 32 Certification of Chief Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** SEC Ref.No. Title of Document ------- ----------------- 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Linkbase Document 101.LAB XBRL Taxonomy Label Linkbase Document 101.PRE XBRL Taxonomy Presentation Linkbase Document ---------- * Filed herewith. ** Furnished herewith. EX-31 2 ex31-1.txt EXHIBIT 31 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002 CERTIFICATION I, Maxwell Grant, certify that: 1. I have reviewed this Quarterly Report on Form 10-Q of Chancellor Group, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the liability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the Audit Committee of the registrant's Board of Directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting; Date: August 9, 2012 /s/ Maxwell Grant ------------------------------------------- Maxwell Grant, Chief Executive Officer and Principal Financial Officer EX-32 3 ex32-1.txt EXHIBIT 32 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Chancellor Group, Inc. (the "Company") on Form 10-Q for the quarter ended June 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Maxwell Grant, Chief Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. /s/ Maxwell Grant ------------------------------------- Maxwell Grant Chief Executive Officer and Principal Financial Officer August 9, 2012 EX-101.INS 4 chag-20120630.xml 10-Q 2012-06-30 false CHANCELLOR GROUP INC. 0000894544 --12-31 69560030 Smaller Reporting Company Yes No No 2012 Q2

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<pre>NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</pre><pre> </pre><pre>Organization</pre><pre> </pre><pre>Chancellor  Group,  Inc.  (the  "Company",  "our",  "we"  or  "Chancellor")  was</pre><pre>incorporated  in the state of Utah on May 2, 1986,  and then,  on  December  30,</pre><pre>1993,   dissolved  as  a  Utah  corporation  and   reincorporated  as  a  Nevada</pre><pre>corporation.  The  Company's  primary  business  purpose  is to  engage  in  the</pre><pre>acquisition, exploration and development of oil and gas production. On March 26,</pre><pre>1996, the Company's  corporate name was changed from Nighthawk Capital,  Inc. to</pre><pre>Chancellor  Group,  Inc. The Company's  corporate  office was moved to Amarillo,</pre><pre>Texas in early 2012.</pre><pre> </pre><pre>Operations</pre><pre> </pre><pre>The  Company is  licensed  by the Texas  Railroad  Commission  as an oil and gas</pre><pre>producer and operator.  The Company and its wholly-owned  subsidiaries,  Gryphon</pre><pre>Production  Company,  LLC and Gryphon Field  Services,  LLC, own 5 wells in Gray</pre><pre>County,  Texas,  of  which 1 is a water  disposal  well.  As of June  30,  2012,</pre><pre>approximately 4 oil wells are actively producing.</pre><pre> </pre><pre>We  produced a total of 139  barrels of oil in the three  months  ended June 30,</pre><pre>2012 and 530 barrels of oil in the six months ended June 30,  2012..  The oil is</pre><pre>light sweet crude.</pre><pre> </pre><pre>Basis of Presentation</pre><pre> </pre><pre>The  consolidated  financial  statements  of  Chancellor  Group,  Inc. have been</pre><pre>prepared  pursuant to the rules and regulations of the SEC for Quarterly Reports</pre><pre>on Form 10-Q and in accordance  with US GAAP.  Accordingly,  these  consolidated</pre><pre>financial  statements  do  not  include  all of the  information  and  footnotes</pre><pre>required  by  US  GAAP  for  annual  financial  statements.  These  consolidated</pre><pre>financial  statements  should  be  read in  conjunction  with  the  consolidated</pre><pre>financial  statements and notes in the Chancellor  Group,  Inc. Annual Report on</pre><pre>Form 10-K for the year ended December 31, 2011.</pre><pre> </pre><pre>The  consolidated  financial  statements  are  unaudited,  but, in  management's</pre><pre>opinion,  include all adjustments (which,  unless otherwise noted,  include only</pre><pre>normal  recurring  adjustments)  necessary  for  a  fair  presentation  of  such</pre><pre>financial  statements.  Financial  results  for  this  interim  period  are  not</pre><pre>necessarily  indicative  of results that may be expected  for any other  interim</pre><pre>period or for the year ending December 31, 2012.</pre><pre> </pre><pre>Significant Accounting Policies</pre><pre> </pre><pre>Principles of Consolidation</pre><pre> </pre><pre>The  accompanying  consolidated  financial  statements  include the  accounts of</pre><pre>Chancellor Group,  Inc. and its wholly owned  subsidiaries:  Gryphon  Production</pre><pre>Company,  LLC, and Gryphon Field Services,  LLC. These entities are collectively</pre><pre>hereinafter  referred  to as  "the  Company".  Any  inter-company  accounts  and</pre><pre>transactions have been eliminated.</pre><pre> </pre><pre>Accounting Year</pre><pre> </pre><pre>The Company employs a calendar  accounting year. The Company  recognizes  income</pre><pre>and expenses based on the accrual method of accounting under US GAAP.</pre><pre> </pre><pre>Use of Estimates</pre><pre> </pre><pre>The preparation of financial  statements in conformity  with generally  accepted</pre><pre>accounting principles requires management to make estimates and assumptions that</pre><pre>affect  reported  amounts of assets and liabilities and disclosure of contingent</pre><pre>assets and liabilities at the date of the consolidated  financial statements and</pre><pre>the  reported  amounts of revenues  and expenses  during the  reporting  period.</pre><pre>Actual results could differ from those estimates.</pre><pre> </pre><pre>Products and Services, Geographic Areas and Major Customers</pre><pre> </pre><pre>The Company  plans to operate its  domestic oil and gas  properties,  located in</pre><pre>Gray County in Texas, and possibly to acquire  additional  producing oil and gas</pre><pre>properties.  The Company  currently  sells 100% of its oil  production to Plains</pre><pre>Marketing and 100% of its gas production to DCP Midstream.</pre><pre> </pre><pre>Net Loss per Share</pre><pre> </pre><pre>The net loss per share is  computed  by  dividing  the net loss by the  weighted</pre><pre>average number of shares of common stock outstanding.  Warrants,  stock options,</pre><pre>and common stock issuable upon the conversion of the Company's  preferred  stock</pre><pre>(if  any),  are  not  included  in  the  computation  if  the  effect  would  be</pre><pre>anti-dilutive and would increase the earnings or decrease loss per share.</pre><pre> </pre><pre>Cash and Cash Equivalents</pre><pre> </pre><pre>The Company considers all highly liquid investments with an original maturity of</pre><pre>three months or less as cash equivalents.</pre><pre> </pre><pre>Concentration of Credit Risk</pre><pre> </pre><pre>Some of the Company's  operating  cash balances are  maintained in accounts that</pre><pre>currently  exceed  federally  insured  limits.  The  Company  believes  that the</pre><pre>financial strength of depositing  institutions  mitigates the underlying risk of</pre><pre>loss. To date,  these  concentrations  of credit risk have not had a significant</pre><pre>impact  on  the  Company's   consolidated   financial  position  or  results  of</pre><pre>operations.</pre><pre> </pre><pre>Restricted Cash</pre><pre> </pre><pre>Restricted  cash totaled  $25,000 and $250,000 at June 30, 2012 and December 31,</pre><pre>2011,  respectively and includes a license bond with the Railroad  Commission of</pre><pre>Texas as required for its oil and gas activities.  Additionally, at December 31,</pre><pre>2011,  restricted  cash included  deposits  which were held as collateral  for a</pre><pre>letter of credit issued to the Railroad Commission of Texas.</pre><pre> </pre><pre>Accounts Receivable</pre><pre> </pre><pre>The  Company  reviews  accounts   receivable   periodically  for   collectibles,</pre><pre>establishes an allowance for doubtful accounts and records bad debt expense when</pre><pre>deemed  necessary.  An  allowance  for  doubtful  accounts  was  not  considered</pre><pre>necessary or recorded at June 30, 2012 and December 31, 2011.</pre><pre> </pre><pre>Prepaid Expenses</pre><pre> </pre><pre>Certain expenses, primarily insurance and consulting fees, have been prepaid and</pre><pre>will be used within one year. The Company currently has prepaid  consulting fees</pre><pre>of $48,000 and prepaid insurance of $15,881 as of June 30, 2012.</pre><pre> </pre><pre>Property and Equipment</pre><pre> </pre><pre>Property and equipment are recorded at cost and  depreciated  under the straight</pre><pre>line  method over the  estimated  useful life of the  equipment.  The  estimated</pre><pre>useful life of leasehold  costs,  equipment  and tools ranges from five to seven</pre><pre>years.</pre><pre> </pre><pre>Oil and Gas Properties</pre><pre> </pre><pre>The Company follows the successful  efforts method of accounting for its oil and</pre><pre>gas  activities.  Under  this  accounting  method,  costs  associated  with  the</pre><pre>acquisition,  drilling and equipping of successful  exploratory  and development</pre><pre>wells are  capitalized.  Geological  and  geophysical  costs,  delay rentals and</pre><pre>drilling  costs of  unsuccessful  exploratory  wells are  charged  to expense as</pre><pre>incurred.  The  carrying  value of mineral  leases is depleted  over the minimum</pre><pre>estimated  productive life of the leases, or ten years.  Undeveloped  properties</pre><pre>are periodically  assessed for possible impairment due to  un-recoverability  of</pre><pre>costs invested.  Cash received for partial  conveyances of property interests is</pre><pre>treated as a recovery of cost and no gain or loss is recognized.</pre><pre> </pre><pre>Depletion</pre><pre> </pre><pre>The carrying value of the mineral leases is depleted over the minimum  estimated</pre><pre>productive life of the leases, or ten years.</pre><pre> </pre><pre>Long-Lived Assets</pre><pre> </pre><pre>The Company  evaluates the  recoverability  of the carrying  value of long-lived</pre><pre>assets whenever events or circumstances  indicate the carrying amount may not be</pre><pre>recoverable.  If a  long-lived  asset  is  tested  for  recoverability  and  the</pre><pre>undiscounted  estimated  future  cash flows  expected to result from the use and</pre><pre>eventual disposition of the asset is less than the carrying amount of the asset,</pre><pre>the asset cost is adjusted to fair value and an impairment loss is recognized as</pre><pre>the amount by which the carrying  amount of a long-lived  asset exceeds its fair</pre><pre>value.</pre><pre> </pre><pre>Asset Retirement Obligations</pre><pre> </pre><pre>The Company has not recorded an asset retirement  obligation (ARO) in accordance</pre><pre>with ASC 410.  Under ASC 410, a liability  should be recorded for the fair value</pre><pre>of an asset retirement  obligation when there is a legal  obligation  associated</pre><pre>with the  retirement of a tangible  long-lived  asset,  and the liability can be</pre><pre>reasonably  estimated.  The  associated  asset  retirement  costs should also be</pre><pre>capitalized  and recorded as part of the carrying  amount of the related oil and</pre><pre>gas  properties.  Management  believes  that not  recording an ARO liability and</pre><pre>asset under ASC 410 is immaterial to the consolidated financial statements.</pre><pre> </pre><pre>Income Taxes</pre><pre> </pre><pre>Deferred taxes are provided on a liability  method  whereby  deferred tax assets</pre><pre>are  recognized  for  deductible   temporary   differences  and  operating  loss</pre><pre>carry-forwards and deferred tax liabilities are recognized for taxable temporary</pre><pre>differences.  Temporary  differences  are the  differences  between the reported</pre><pre>amounts of assets and liabilities  and their tax bases.  Deferred tax assets are</pre><pre>reduced by a valuation allowance when, in the opinion of management,  it is more</pre><pre>likely than not that some  portion or all of the deferred tax assets will not be</pre><pre>realized.  Deferred tax assets and  liabilities  are adjusted for the effects of</pre><pre>changes in tax laws and rates on the date of enactment.</pre><pre> </pre><pre>Revenue Recognition</pre><pre> </pre><pre>The Company recognizes revenue when a product is sold to a customer or a service</pre><pre>is performed for a customer, either for cash or as evidenced by an obligation on</pre><pre>the part of the customer to pay.</pre><pre> </pre><pre>Fair Value Measurements and Disclosures</pre><pre> </pre><pre>The Company estimates fair values of assets and liabilities which require either</pre><pre>recognition  or disclosure in the financial  statements in accordance  with FASB</pre><pre>ASC Topic 820 "FAIR VALUE  MEASUREMENTS".  Fair value  measurements  include the</pre><pre>following levels:</pre><pre> </pre><pre>Level 1:  Quoted  market  prices  in  active  markets  for  identical  assets or</pre><pre>          liabilities.  Valuations for assets and  liabilities  traded in active</pre><pre>          exchange  markets,  such as the New York Stock Exchange.  Level 1 also</pre><pre>          includes  U.S.  Treasury  and federal  agency  securities  and federal</pre><pre>          agency  mortgage-backed  securities,  which are  traded by  dealers or</pre><pre>          brokers  in active  markets.  Valuations  are  obtained  from  readily</pre><pre>          available pricing sources for market transactions  involving identical</pre><pre>          assets or liabilities.</pre><pre> </pre><pre>Level 2:  Observable  market  based  inputs  or  unobservable  inputs  that  are</pre><pre>          corroborated  by market data.  Valuations  for assets and  liabilities</pre><pre>          traded  in less  active  dealer  or  broker  markets.  Valuations  are</pre><pre>          obtained  from third party  pricing  services for identical or similar</pre><pre>          assets or liabilities.</pre><pre> </pre><pre>Level 3:  Unobservable   inputs  that  are  not  corroborated  by  market  data.</pre><pre>          Valuations  for assets and  liabilities  that are  derived  from other</pre><pre>          valuation methodologies,  including option pricing models,  discounted</pre><pre>          cash  flow  models  and  similar  techniques,  and not based on market</pre><pre>          exchange,  dealer, or broker traded  transactions.  Level 3 valuations</pre><pre>          incorporate  certain  assumptions  and  projections in determining the</pre><pre>          fair value assigned to such assets or liabilities.</pre><pre> </pre><pre>Fair Value of Financial Instruments</pre><pre> </pre><pre>The carrying  value of the  Company's  financial  instruments,  including  cash,</pre><pre>accounts  receivable  and  accounts  payable,  as reported  in the  accompanying</pre><pre>consolidated balance sheet, approximates fair values.</pre><pre> </pre><pre>Employee Stock-Based Compensation</pre><pre> </pre><pre>Compensation  expense  is  recognized  for  performance-based  stock  awards  if</pre><pre>management deems it probable that the performance conditions are or will be met.</pre><pre>Determining  the  amount of  stock-based  compensation  expense  requires  us to</pre><pre>develop  estimates  that are used in  calculating  the fair value of stock-based</pre><pre>compensation,  and also requires us to make estimates of  assumptions  including</pre><pre>expected stock price volatility which is derived based upon our historical stock</pre><pre>prices.</pre><pre> </pre><pre>Non-employee Stock Options and Warrants</pre><pre> </pre><pre>The Company  accounts for  non-employee  stock  options under FASB ASC Topic 505</pre><pre>"EQUITY-BASED  PAYMENTS TO  NON-EMPLOYEES",  whereby  options costs are recorded</pre><pre>based on the fair value of the  consideration  received or the fair value of the</pre><pre>equity instruments issued, whichever is more reliably measurable.</pre><pre> </pre><pre>Business Combinations</pre><pre> </pre><pre>The Company accounts for business combinations in accordance with FASB ASC Topic</pre><pre>805 "BUSINESS  COMBINATIONS".  This standard modifies certain aspects of how the</pre><pre>acquiring  entity   recognizes  and  measures  the  identifiable   assets,   the</pre><pre>liabilities  assumed and the goodwill  acquired in a business  combination.  The</pre><pre>Company did not enter into any  business  combinations  during the three and six</pre><pre>months ended June 30, 2012.</pre><pre> </pre><pre>Recent Accounting Pronouncements</pre><pre> </pre><pre>In June 2011,  the FASB  issued  Accounting  Standards  Update  ("ASU")  2011-5,</pre><pre>"PRESENTATION OF COMPREHENSIVE  INCOME." This update requires that all non-owner</pre><pre>changes  in  stockholders'  equity be  presented  in either a single  continuous</pre><pre>statement of comprehensive income or in two separate but consecutive statements.</pre><pre>This  update   eliminates   the  option  to  present  the  components  of  other</pre><pre>comprehensive  income  as part of the  statement  of  changes  in  stockholders'</pre><pre>equity. These changes are effective for the first quarter filing of 2012. As the</pre><pre>Company is not  reporting  any  components of other  comprehensive  income,  the</pre><pre>adoption of this update is not considered material to the consolidated financial</pre><pre>statements.</pre><pre> </pre><pre>In May 2011, the FASB issued  Accounting  Standards  Update ("ASU") No. 2011-04,</pre><pre>"FAIR VALUE  MEASUREMENTS  (TOPIC 820):  AMENDMENTS TO ACHIEVE COMMON FAIR VALUE</pre><pre>MEASUREMENT AND DISCLOSURE REQUIREMENTS IN U.S. GAAP AND IFRSS" ("ASU 2011-04").</pre><pre>ASU 2011-04  changes the wording used to describe  many of the  requirements  in</pre><pre>U.S. GAAP for measuring  fair value and for  disclosing  information  about fair</pre><pre>value measurements to ensure consistency between U.S. GAAP and IFRS. ASU 2011-04</pre><pre>also expands the  disclosures  for fair value  measurements  that are  estimated</pre><pre>using  significant  unobservable  (Level 3) inputs.  This new  guidance is to be</pre><pre>applied  prospectively.  On January 1, 2012, the Company adopted ASU 2011-04 and</pre><pre>does not anticipate that it will materially  expand its  consolidated  financial</pre><pre>statement footnote  disclosures or have an impact on the Company's  consolidated</pre><pre>financial position, results of operations or cash flows.</pre><pre> </pre><pre>There were various  other updates  recently  issued,  most of which  represented</pre><pre>technical  corrections to the  accounting  literature or application to specific</pre><pre>industries,  and are not  expected  to have a material  impact on the  Company's</pre><pre>financial position, results of operations or cash flows.</pre>

2336776 810098 1941002 646177

<pre>NOTE 2. INCOME TAXES</pre><pre> </pre><pre>At June 30, 2012, the Company had a federal net operating loss  carry-forward of</pre><pre>approximately  $1,836,000.  A deferred tax asset of  approximately  $367,000 has</pre><pre>been partially offset by a valuation allowance of approximately  $363,000 due to</pre><pre>federal net operating loss carry-back and carry-forward limitations.</pre><pre> </pre><pre>At June 30, 2012, the Company also had  approximately  $4,000 in deferred income</pre><pre>tax liability  attributable  to timing  differences  between  federal income tax</pre><pre>depreciation, depletion and book depreciation, which has been offset against the</pre><pre>deferred tax asset related to the net operating loss carry-forward.</pre><pre> </pre><pre>Management  evaluated  the  Company's  tax  positions  under  FASB  ASC No.  740</pre><pre>"UNCERTAIN TAX POSITIONS," and concluded that the Company had taken no uncertain</pre><pre>tax positions that require adjustment to the consolidated  financial  statements</pre><pre>to comply with the provisions of this guidance. With few exceptions, the Company</pre><pre>is no longer subject to income tax  examinations by the U.S.  federal,  state or</pre><pre>local tax authorities for years before 2009.</pre>

<pre>NOTE 3. STOCKHOLDERS EQUITY</pre><pre> </pre><pre>Preferred Stock</pre><pre> </pre><pre>The  Company has  authorized  250,000  shares,  par value  $1,000 per share,  of</pre><pre>convertible  Preferred  Series  B stock  ("Series  B").  Each  Series B share is</pre><pre>convertible  into 166.667 shares of the Company's  common stock upon election by</pre><pre>the  stockholder,  with dates and terms set by the Board.  No shares of Series B</pre><pre>preferred stock have been issued.</pre><pre> </pre><pre>Common Stock</pre><pre> </pre><pre>The Company has 250,000,000 authorized shares of common stock, par value $0.001,</pre><pre>with 69,560,030 shares issued and outstanding as of June 30, 2012.</pre><pre> </pre><pre>Stock Based Compensation</pre><pre> </pre><pre>For the three and six months ending June 30, 2012, the Company recognized $0 and</pre><pre>$13,600 in professional and consulting fees expense,  respectively,  and $29,000</pre><pre>and $29,000 in directors  fees expense,  respectively,  related to stock issued,</pre><pre>which is recorded in general and administrative expenses.</pre><pre> </pre><pre>Warrants</pre><pre> </pre><pre>The Company  currently has outstanding  warrants  expiring  December 31, 2014 to</pre><pre>purchase an  aggregate  of  6,000,000  shares of common  stock;  these  warrants</pre><pre>consist of warrants to purchase  2,000,000 shares at an exercise price of $0.025</pre><pre>per share,  and warrants to purchase  4,000,000  shares at an exercise  price of</pre><pre>$0.02 per share. In July 2009, the Company issued  additional  warrants expiring</pre><pre>June 30, 2014 to purchase an aggregate  of 500,000  shares of common stock at an</pre><pre>exercise price of $0.125 per share. In June 2010, the Company issued  additional</pre><pre>warrants  expiring  June 30, 2015 to purchase an aggregate of 168,000  shares of</pre><pre>common  stock at an exercise  price of $0.125 per share.  There were no warrants</pre><pre>issued during the three and six months ended June 30, 2012.</pre><pre> </pre><pre>On June 30, 2012, the Company had the following outstanding warrants:</pre><pre> </pre><pre>                                                      Exercise        Weighted</pre><pre>                                  Remaining          Price times      Average</pre><pre>Exercise        Number of      Contractual Life       Number of       Exercise</pre><pre> Price           Shares           (in years)           Shares          Price</pre><pre> -----           ------           ----------           ------          -----</pre><pre> </pre><pre>$0.025         2,000,000             2.5              $ 50,000</pre><pre>$0.020         4,000,000             2.5              $ 80,000</pre><pre>$0.125           500,000             2.               $ 62,500</pre><pre>$0.125           168,000             3                $ 21,000</pre><pre>               ---------                              --------</pre><pre>               6,668,000                              $213,500         $0.032</pre><pre>               =========                              ========</pre>

<pre>NOTE 4. PROPERTY</pre><pre> </pre><pre>A summary of property at:</pre><pre> </pre><pre>                                      Balance                                     Balance</pre><pre>                                     December 31,                                 June 30,</pre><pre>                                        2011         Additions     Deletions        2012</pre><pre>                                        ----         ---------     ---------        ----</pre><pre>                                                                                 </pre><pre>Leasehold Costs - Developed           $47,740         $    --        $ --         $47,740</pre><pre>                                      -------         -------        ----         -------</pre><pre>                                                                                 </pre><pre>TOTAL PROPERTY                        $47,740         $    --        $ --         $47,740</pre><pre>                                      =======         =======        ====         =======</pre><pre>Less: Accumulated Amortization        $18,815         $ 2,387        $ --         $21,202</pre><pre>                                      -------         -------        ----         -------</pre><pre>                                                                                 </pre><pre>TOTAL PROPERTY, NET                   $28,925         $ 2,387        $ --         $26,538</pre><pre>                                      =======         =======        ====         =======</pre>

<pre>NOTE 5. CONTINGENCIES</pre><pre> </pre><pre>Chancellor  is from time to time  involved in legal  proceedings  arising in the</pre><pre>normal course of business.  Other than  proceedings  incidental to  Chancellor's</pre><pre>business, and current proceedings against Gryphon (cases nos. 36433 and 37053 in</pre><pre>the 223rd District Court in Gray County,  Texas) which Gryphon  believes have no</pre><pre>merit and in which Gryphon has made a  counterclaim  for  declaratory  judgment,</pre><pre>Chancellor  is not a party to, nor is any of their  property the subject of, any</pre><pre>material legal  proceedings.  Although the amount of any ultimate liability with</pre><pre>respect to such matters  cannot be  determined,  in the opinion of  Chancellor's</pre><pre>management,  any such  liability  will not have a material  adverse  effect upon</pre><pre>Chancellor's financial condition, results of operations or cash flows.</pre>

<pre>NOTE 6. ACCUMULATED COMPENSATED ABSENCES</pre><pre> </pre><pre>It is the Company's policy to permit employees to accumulate a limited amount of</pre><pre>earned but unused vacation, which will be paid to employees upon separation from</pre><pre>the Company's  service.  The cost of vacation and sick leave is recognized  when</pre><pre>payments are made to employees. These amounts are immaterial and not accrued.</pre>

<pre>NOTE 7. RELATED PARTY TRANSACTIONS</pre><pre> </pre><pre>The Company has used the  management  and  consulting  services of a  consulting</pre><pre>company owned by the Chairman of the Board.  For the three and six months ending</pre><pre>June 30, 2012 the Company has paid $26,000 and $50,000,  respectively  for those</pre><pre>services.  During the three and six months ending June 30, 2011 the Company paid</pre><pre>$24,000 and $48,000, respectively for those services</pre>

<pre>NOTE 8. SUBSEQUENT EVENTS</pre><pre> </pre><pre>On July 3, 2012,  the Company  entered into a 6-month  non-exclusive  consultant</pre><pre>agreement  with NUWA Group,  LLC, in connection  with the Company's  interest in</pre><pre>creating a strategy for growing the core business, creating market awareness and</pre><pre>providing general strategic corporate advice.</pre>

<pre>Principles of Consolidation</pre><pre> </pre><pre>The  accompanying  consolidated  financial  statements  include the  accounts of</pre><pre>Chancellor Group,  Inc. and its wholly owned  subsidiaries:  Gryphon  Production</pre><pre>Company,  LLC, and Gryphon Field Services,  LLC. These entities are collectively</pre><pre>hereinafter  referred  to as  "the  Company".  Any  inter-company  accounts  and</pre><pre style="PAGE-BREAK-AFTER:avoid; tab-stops:.5in">transactions have been eliminated</pre>

<pre style="PAGE-BREAK-AFTER:avoid; tab-stops:.5in">Accounting Year</pre><pre> </pre><pre>The Company employs a calendar  accounting year. The Company  recognizes  income</pre><pre>and expenses based on the accrual method of accounting under US GAAP.</pre>

<pre>Use of Estimates</pre><pre> </pre><pre>The preparation of financial  statements in conformity  with generally  accepted</pre><pre>accounting principles requires management to make estimates and assumptions that</pre><pre>affect  reported  amounts of assets and liabilities and disclosure of contingent</pre><pre>assets and liabilities at the date of the consolidated  financial statements and</pre><pre>the  reported  amounts of revenues  and expenses  during the  reporting  period.</pre><pre>Actual results could differ from those estimates.</pre>

<pre>Products and Services, Geographic Areas and Major Customers</pre><pre> </pre><pre>The Company  plans to operate its  domestic oil and gas  properties,  located in</pre><pre>Gray County in Texas, and possibly to acquire  additional  producing oil and gas</pre><pre>properties.  The Company  currently  sells 100% of its oil  production to Plains</pre><pre>Marketing and 100% of its gas production to DCP Midstream.</pre>

<pre>Net Loss per Share</pre><pre> </pre><pre>The net loss per share is  computed  by  dividing  the net loss by the  weighted</pre><pre>average number of shares of common stock outstanding.  Warrants,  stock options,</pre><pre>and common stock issuable upon the conversion of the Company's  preferred  stock</pre><pre>(if  any),  are  not  included  in  the  computation  if  the  effect  would  be</pre><pre>anti-dilutive and would increase the earnings or decrease loss per share.</pre>

<pre>Cash and Cash Equivalents</pre><pre> </pre><pre>The Company considers all highly liquid investments with an original maturity of</pre><pre style="PAGE-BREAK-AFTER:avoid; tab-stops:.5in">three months or less as cash equivalents</pre>

<pre>Concentration of Credit Risk</pre><pre> </pre><pre>Some of the Company's  operating  cash balances are  maintained in accounts that</pre><pre>currently  exceed  federally  insured  limits.  The  Company  believes  that the</pre><pre>financial strength of depositing  institutions  mitigates the underlying risk of</pre><pre>loss. To date,  these  concentrations  of credit risk have not had a significant</pre><pre>impact  on  the  Company's   consolidated   financial  position  or  results  of</pre><pre>operations.</pre>

<pre>Restricted Cash</pre><pre> </pre><pre>Restricted  cash totaled  $25,000 and $250,000 at June 30, 2012 and December 31,</pre><pre>2011,  respectively and includes a license bond with the Railroad  Commission of</pre><pre>Texas as required for its oil and gas activities.  Additionally, at December 31,</pre><pre>2011,  restricted  cash included  deposits  which were held as collateral  for a</pre><pre>letter of credit issued to the Railroad Commission of Texas.</pre>

<pre>Accounts Receivable</pre><pre> </pre><pre>The  Company  reviews  accounts   receivable   periodically  for   collectibles,</pre><pre>establishes an allowance for doubtful accounts and records bad debt expense when</pre><pre>deemed  necessary.  An  allowance  for  doubtful  accounts  was  not  considered</pre><pre>necessary or recorded at June 30, 2012 and December 31, 2011.</pre> <pre>Prepaid Expenses</pre><pre> </pre><pre>Certain expenses, primarily insurance and consulting fees, have been prepaid and</pre><pre>will be used within one year. The Company currently has prepaid  consulting fees</pre><pre>of $48,000 and prepaid insurance of $15,881 as of June 30, 2012.</pre>

<pre>Property and Equipment</pre><pre> </pre><pre>Property and equipment are recorded at cost and  depreciated  under the straight</pre><pre>line  method over the  estimated  useful life of the  equipment.  The  estimated</pre><pre>useful life of leasehold  costs,  equipment  and tools ranges from five to seven</pre><pre>years.</pre>

<pre>Oil and Gas Properties</pre><pre> </pre><pre>The Company follows the successful  efforts method of accounting for its oil and</pre><pre>gas  activities.  Under  this  accounting  method,  costs  associated  with  the</pre><pre>acquisition,  drilling and equipping of successful  exploratory  and development</pre><pre>wells are  capitalized.  Geological  and  geophysical  costs,  delay rentals and</pre><pre>drilling  costs of  unsuccessful  exploratory  wells are  charged  to expense as</pre><pre>incurred.  The  carrying  value of mineral  leases is depleted  over the minimum</pre><pre>estimated  productive life of the leases, or ten years.  Undeveloped  properties</pre><pre>are periodically  assessed for possible impairment due to  un-recoverability  of</pre><pre>costs invested.  Cash received for partial  conveyances of property interests is</pre><pre>treated as a recovery of cost and no gain or loss is recognized.</pre> <pre>Depletion</pre><pre> </pre><pre>The carrying value of the mineral leases is depleted over the minimum  estimated</pre><pre>productive life of the leases, or ten years.</pre> <pre>Long Lived Assets</pre><pre> </pre><pre>The Company  evaluates the  recoverability  of the carrying  value of long-lived</pre><pre>assets whenever events or circumstances  indicate the carrying amount may not be</pre><pre>recoverable.  If a  long-lived  asset  is  tested  for  recoverability  and  the</pre><pre>undiscounted  estimated  future  cash flows  expected to result from the use and</pre><pre>eventual disposition of the asset is less than the carrying amount of the asset,</pre><pre>the asset cost is adjusted to fair value and an impairment loss is recognized as</pre><pre>the amount by which the carrying  amount of a long-lived  asset exceeds its fair</pre><pre>value.</pre>

<pre>Asset Retirement Obligations</pre><pre> </pre><pre>The Company has not recorded an asset retirement  obligation (ARO) in accordance</pre><pre>with ASC 410.  Under ASC 410, a liability  should be recorded for the fair value</pre><pre>of an asset retirement  obligation when there is a legal  obligation  associated</pre><pre>with the  retirement of a tangible  long-lived  asset,  and the liability can be</pre><pre>reasonably  estimated.  The  associated  asset  retirement  costs should also be</pre><pre>capitalized  and recorded as part of the carrying  amount of the related oil and</pre><pre>gas  properties.  Management  believes  that not  recording an ARO liability and</pre><pre style="PAGE-BREAK-AFTER:avoid; tab-stops:.5in">asset under ASC 410 is immaterial to the consolidated financial statements.</pre>

<pre>Income Taxes</pre><pre> </pre><pre>Deferred taxes are provided on a liability  method  whereby  deferred tax assets</pre><pre>are  recognized  for  deductible   temporary   differences  and  operating  loss</pre><pre>carry-forwards and deferred tax liabilities are recognized for taxable temporary</pre><pre>differences.  Temporary  differences  are the  differences  between the reported</pre><pre>amounts of assets and liabilities  and their tax bases.  Deferred tax assets are</pre><pre>reduced by a valuation allowance when, in the opinion of management,  it is more</pre><pre>likely than not that some  portion or all of the deferred tax assets will not be</pre><pre>realized.  Deferred tax assets and  liabilities  are adjusted for the effects of</pre><pre>changes in tax laws and rates on the date of enactment.</pre>

<pre>Revenue Recognition</pre><pre> </pre><pre>The Company recognizes revenue when a product is sold to a customer or a service</pre><pre>is performed for a customer, either for cash or as evidenced by an obligation on</pre><pre>the part of the customer to pay.</pre>

<pre>Fair Value Measurements and Disclosures</pre><pre> </pre><pre>The Company estimates fair values of assets and liabilities which require either</pre><pre>recognition  or disclosure in the financial  statements in accordance  with FASB</pre><pre>ASC Topic 820 "FAIR VALUE  MEASUREMENTS".  Fair value  measurements  include the</pre><pre>following levels:</pre><pre> </pre><pre>Level 1:  Quoted  market  prices  in  active  markets  for  identical  assets or</pre><pre>          liabilities.  Valuations for assets and  liabilities  traded in active</pre><pre>          exchange  markets,  such as the New York Stock Exchange.  Level 1 also</pre><pre>          includes  U.S.  Treasury  and federal  agency  securities  and federal</pre><pre>          agency  mortgage-backed  securities,  which are  traded by  dealers or</pre><pre>          brokers  in active  markets.  Valuations  are  obtained  from  readily</pre><pre>          available pricing sources for market transactions  involving identical</pre><pre>          assets or liabilities.</pre><pre> </pre><pre>Level 2:  Observable  market  based  inputs  or  unobservable  inputs  that  are</pre><pre>          corroborated  by market data.  Valuations  for assets and  liabilities</pre><pre>          traded  in less  active  dealer  or  broker  markets.  Valuations  are</pre><pre>          obtained  from third party  pricing  services for identical or similar</pre><pre>          assets or liabilities.</pre><pre> </pre><pre>Level 3:  Unobservable   inputs  that  are  not  corroborated  by  market  data.</pre><pre>          Valuations  for assets and  liabilities  that are  derived  from other</pre><pre>          valuation methodologies,  including option pricing models,  discounted</pre><pre>          cash  flow  models  and  similar  techniques,  and not based on market</pre><pre>          exchange,  dealer, or broker traded  transactions.  Level 3 valuations</pre><pre>          incorporate  certain  assumptions  and  projections in determining the</pre><pre>          fair value assigned to such assets or liabilities.</pre>

<pre>Fair Value of Financial Instruments</pre><pre> </pre><pre>The carrying  value of the  Company's  financial  instruments,  including  cash,</pre><pre>accounts  receivable  and  accounts  payable,  as reported  in the  accompanying</pre><pre>consolidated balance sheet, approximates fair values.</pre>

<pre>Employee Stock-Based Compensation</pre><pre> </pre><pre>Compensation  expense  is  recognized  for  performance-based  stock  awards  if</pre><pre>management deems it probable that the performance conditions are or will be met.</pre><pre>Determining  the  amount of  stock-based  compensation  expense  requires  us to</pre><pre>develop  estimates  that are used in  calculating  the fair value of stock-based</pre><pre>compensation,  and also requires us to make estimates of  assumptions  including</pre><pre>expected stock price volatility which is derived based upon our historical stock</pre><pre>prices.</pre>

<pre>Non employee Stock Options and Warrants</pre><pre> </pre><pre>The Company  accounts for  non-employee  stock  options under FASB ASC Topic 505</pre><pre>"EQUITY-BASED  PAYMENTS TO  NON-EMPLOYEES",  whereby  options costs are recorded</pre><pre>based on the fair value of the  consideration  received or the fair value of the</pre><pre>equity instruments issued, whichever is more reliably measurable.</pre>

<pre>Business Combinations</pre><pre> </pre><pre>The Company accounts for business combinations in accordance with FASB ASC Topic</pre><pre>805 "BUSINESS  COMBINATIONS".  This standard modifies certain aspects of how the</pre><pre>acquiring  entity   recognizes  and  measures  the  identifiable   assets,   the</pre><pre>liabilities  assumed and the goodwill  acquired in a business  combination.  The</pre><pre>Company did not enter into any  business  combinations  during the three and six</pre><pre>months ended June 30, 2012.</pre>

<pre>Recent Accounting Pronouncements</pre><pre> </pre><pre>In June 2011,  the FASB  issued  Accounting  Standards  Update  ("ASU")  2011-5,</pre><pre>"PRESENTATION OF COMPREHENSIVE  INCOME." This update requires that all non-owner</pre><pre>changes  in  stockholders'  equity be  presented  in either a single  continuous</pre><pre>statement of comprehensive income or in two separate but consecutive statements.</pre><pre>This  update   eliminates   the  option  to  present  the  components  of  other</pre><pre>comprehensive  income  as part of the  statement  of  changes  in  stockholders'</pre><pre>equity. These changes are effective for the first quarter filing of 2012. As the</pre><pre>Company is not  reporting  any  components of other  comprehensive  income,  the</pre><pre>adoption of this update is not considered material to the consolidated financial</pre><pre>statements.</pre><pre> </pre><pre>In May 2011, the FASB issued  Accounting  Standards  Update ("ASU") No. 2011-04,</pre><pre>"FAIR VALUE  MEASUREMENTS  (TOPIC 820):  AMENDMENTS TO ACHIEVE COMMON FAIR VALUE</pre><pre>MEASUREMENT AND DISCLOSURE REQUIREMENTS IN U.S. GAAP AND IFRSS" ("ASU 2011-04").</pre><pre>ASU 2011-04  changes the wording used to describe  many of the  requirements  in</pre><pre>U.S. GAAP for measuring  fair value and for  disclosing  information  about fair</pre><pre>value measurements to ensure consistency between U.S. GAAP and IFRS. ASU 2011-04</pre><pre>also expands the  disclosures  for fair value  measurements  that are  estimated</pre><pre>using  significant  unobservable  (Level 3) inputs.  This new  guidance is to be</pre><pre>applied  prospectively.  On January 1, 2012, the Company adopted ASU 2011-04 and</pre><pre>does not anticipate that it will materially  expand its  consolidated  financial</pre><pre>statement footnote  disclosures or have an impact on the Company's  consolidated</pre><pre>financial position, results of operations or cash flows.</pre><pre> </pre><pre>There were various  other updates  recently  issued,  most of which  represented</pre><pre>technical  corrections to the  accounting  literature or application to specific</pre><pre>industries,  and are not  expected  to have a material  impact on the  Company's</pre><pre>financial position, results of operations or cash flows.</pre>

<pre>On June 30, 2012, the Company had the following outstanding warrants:</pre><pre> </pre><pre>                                                      Exercise        Weighted</pre><pre>                                  Remaining          Price times      Average</pre><pre>Exercise        Number of      Contractual Life       Number of       Exercise</pre><pre> Price           Shares           (in years)           Shares          Price</pre><pre> -----           ------           ----------           ------          -----</pre><pre> </pre><pre>$0.025         2,000,000             2.5              $ 50,000</pre><pre>$0.020         4,000,000             2.5              $ 80,000</pre><pre>$0.125           500,000             2.               $ 62,500</pre><pre>$0.125           168,000             3                $ 21,000</pre><pre>               ---------                              --------</pre><pre>               6,668,000                              $213,500         $0.032</pre><pre>               =========                              ========</pre>

<pre>A summary of property at:</pre><pre> </pre><pre>                                      Balance                                     Balance</pre><pre>                                     December 31,                                 June 30,</pre><pre>                                        2011         Additions     Deletions        2012</pre><pre>                                        ----         ---------     ---------        ----</pre><pre>                                                                                 </pre><pre>Leasehold Costs - Developed           $47,740         $    --        $ --         $47,740</pre><pre>                                      -------         -------        ----         -------</pre><pre>                                                                                 </pre><pre>TOTAL PROPERTY                        $47,740         $    --        $ --         $47,740</pre><pre>                                      =======         =======        ====         =======</pre><pre>Less: Accumulated Amortization        $18,815         $ 2,387        $ --         $21,202</pre><pre>                                      -------         -------        ----         -------</pre><pre>                                                                                 </pre><pre>TOTAL PROPERTY, NET                   $28,925         $ 2,387        $ --         $26,538</pre><pre>                                      =======         =======        ====         =======</pre>

1836000 367000 363000 4000 250000 1000 166.667 250000000 0.001 69560030 6000000 2000000 0.025 4000000 0.02 500000 0.125 168000 0.125 2000000 4000000 500000 168000 6668000 50000 80000 62500 213500 0.032 47740 47740 18815 28925 0 0 2387 0 0 0 0 -2387 47740 47740 21202 26538 26000 50000 24000 48000 0000894544 2012-01-01 2012-06-30 0000894544 2012-08-09 0000894544 2012-06-30 0000894544 2011-12-31 0000894544 2012-04-01 2012-06-30 0000894544 2011-04-01 2011-06-30 0000894544 2011-01-01 2011-06-30 0000894544 2014-12-31 0000894544 fil:LeaseholdCostsDevelopedMember 2011-12-31 0000894544 fil:TOTALPROPERTYMember 2011-12-31 0000894544 fil:LessAccumulatedAmortizationMember 2011-12-31 0000894544 fil:TOTALPROPERTYNETMember 2011-12-31 0000894544 fil:LeaseholdCostsDevelopedMember 2012-01-01 2012-06-30 0000894544 fil:TOTALPROPERTYMember 2012-01-01 2012-06-30 0000894544 fil:LessAccumulatedAmortizationMember 2012-01-01 2012-06-30 0000894544 fil:TOTALPROPERTYNETMember 2012-01-01 2012-06-30 0000894544 fil:LeaseholdCostsDevelopedMember 2012-06-30 0000894544 fil:TOTALPROPERTYMember 2012-06-30 0000894544 fil:LessAccumulatedAmortizationMember 2012-06-30 0000894544 fil:TOTALPROPERTYNETMember 2012-06-30 iso4217:USD shares iso4217:USD shares Less than $0.01 per share

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PROPERTY	6 Months Ended
Jun. 30, 2012
PROPERTIES
PROPERTY	NOTE 4. PROPERTY A summary of property at: Balance Balance December 31, June 30, 2011 Additions Deletions 2012 ---- --------- --------- ---- Leasehold Costs - Developed $47,740 $ -- $ -- $47,740 ------- ------- ---- ------- TOTAL PROPERTY $47,740 $ -- $ -- $47,740 ======= ======= ==== ======= Less: Accumulated Amortization $18,815 $ 2,387 $ -- $21,202 ------- ------- ---- ------- TOTAL PROPERTY, NET $28,925 $ 2,387 $ -- $26,538 ======= ======= ==== =======

PROPERTY

6 Months Ended

Jun. 30, 2012

PROPERTIES

PROPERTY

NOTE 4. PROPERTY

A summary of property at:

                                      Balance                                     Balance

                                     December 31,                                 June 30,

                                        2011         Additions     Deletions        2012

                                        ----         ---------     ---------        ----

Leasehold Costs - Developed           $47,740         $    --        $ --         $47,740

                                      -------         -------        ----         -------

TOTAL PROPERTY                        $47,740         $    --        $ --         $47,740

                                      =======         =======        ====         =======

Less: Accumulated Amortization        $18,815         $ 2,387        $ --         $21,202

                                      -------         -------        ----         -------

TOTAL PROPERTY, NET                   $28,925         $ 2,387        $ --         $26,538

                                      =======         =======        ====         =======

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

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STOCKHOLDERS EQUITY
6 Months Ended

Jun. 30, 2012

STOCKHOLDER EQUITY

STOCKHOLDERS EQUITY
NOTE 3. STOCKHOLDERS EQUITY

Preferred Stock

The Company has authorized 250,000 shares, par value $1,000 per share, of
convertible Preferred Series B stock ("Series B"). Each Series B share is
convertible into 166.667 shares of the Company's common stock upon election by
the stockholder, with dates and terms set by the Board. No shares of Series B
preferred stock have been issued.

Common Stock

The Company has 250,000,000 authorized shares of common stock, par value $0.001,
with 69,560,030 shares issued and outstanding as of June 30, 2012.

Stock Based Compensation

For the three and six months ending June 30, 2012, the Company recognized $0 and
$13,600 in professional and consulting fees expense, respectively, and $29,000
and $29,000 in directors fees expense, respectively, related to stock issued,
which is recorded in general and administrative expenses.

Warrants

The Company currently has outstanding warrants expiring December 31, 2014 to
purchase an aggregate of 6,000,000 shares of common stock; these warrants
consist of warrants to purchase 2,000,000 shares at an exercise price of $0.025
per share, and warrants to purchase 4,000,000 shares at an exercise price of
$0.02 per share. In July 2009, the Company issued additional warrants expiring
June 30, 2014 to purchase an aggregate of 500,000 shares of common stock at an
exercise price of $0.125 per share. In June 2010, the Company issued additional
warrants expiring June 30, 2015 to purchase an aggregate of 168,000 shares of
common stock at an exercise price of $0.125 per share. There were no warrants
issued during the three and six months ended June 30, 2012.

On June 30, 2012, the Company had the following outstanding warrants:

                                                      Exercise        Weighted
                                  Remaining          Price times      Average
Exercise        Number of      Contractual Life       Number of       Exercise
Price           Shares           (in years)           Shares          Price
-----           ------           ----------           ------          -----

$0.025         2,000,000             2.5              $ 50,000
$0.020         4,000,000             2.5              $ 80,000
$0.125           500,000             2.               $ 62,500
$0.125           168,000             3                $ 21,000
               ---------                              --------
               6,668,000                              $213,500         $0.032
               =========                              ========

STOCKHOLDERS EQUITY	6 Months Ended
Jun. 30, 2012
STOCKHOLDER EQUITY
STOCKHOLDERS EQUITY	NOTE 3. STOCKHOLDERS EQUITY Preferred Stock The Company has authorized 250,000 shares, par value $1,000 per share, of convertible Preferred Series B stock ("Series B"). Each Series B share is convertible into 166.667 shares of the Company's common stock upon election by the stockholder, with dates and terms set by the Board. No shares of Series B preferred stock have been issued. Common Stock The Company has 250,000,000 authorized shares of common stock, par value $0.001, with 69,560,030 shares issued and outstanding as of June 30, 2012. Stock Based Compensation For the three and six months ending June 30, 2012, the Company recognized $0 and $13,600 in professional and consulting fees expense, respectively, and $29,000 and $29,000 in directors fees expense, respectively, related to stock issued, which is recorded in general and administrative expenses. Warrants The Company currently has outstanding warrants expiring December 31, 2014 to purchase an aggregate of 6,000,000 shares of common stock; these warrants consist of warrants to purchase 2,000,000 shares at an exercise price of $0.025 per share, and warrants to purchase 4,000,000 shares at an exercise price of $0.02 per share. In July 2009, the Company issued additional warrants expiring June 30, 2014 to purchase an aggregate of 500,000 shares of common stock at an exercise price of $0.125 per share. In June 2010, the Company issued additional warrants expiring June 30, 2015 to purchase an aggregate of 168,000 shares of common stock at an exercise price of $0.125 per share. There were no warrants issued during the three and six months ended June 30, 2012. On June 30, 2012, the Company had the following outstanding warrants: Exercise Weighted Remaining Price times Average Exercise Number of Contractual Life Number of Exercise Price Shares (in years) Shares Price ----- ------ ---------- ------ ----- $0.025 2,000,000 2.5 $ 50,000 $0.020 4,000,000 2.5 $ 80,000 $0.125 500,000 2. $ 62,500 $0.125 168,000 3 $ 21,000 --------- -------- 6,668,000 $213,500 $0.032 ========= ========

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Regulation S-X (SX)

-Number 210

-Section 04

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-Number 210

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

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-URI http://asc.fasb.org/extlink&oid=6521494

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

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+ Details

XML 15 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS:
Cash	$ 1,916,002	$ 2,086,776
Restricted Cash	25,000	250,000
Revenue Receivable	61,233	73,848
Prepaid Expenses	63,881	13,396
TOTAL CURRENT ASSETS	2,066,116	2,424,020
PROPERTY
Leasehold Costs - Developed	47,740	47,740
Accumulated Amortization	(21,202)	(18,815)
TOTAL PROPERTY, NET	26,538	28,925
OTHER ASSETS	250	2,368
TOTAL ASSETS	2,092,904	2,455,313
CURRENT LIABILITIES:
Accounts Payable	35,549	112,405
Accrued Expenses	84	58,445
TOTAL CURRENT LIABILITIES	35,633	170,850
STOCKHOLDERS EQUITY
Series B Preferred Stock: $1,000 Par Value 250,000 shares authorized, none outstanding	0	0
Common Stock; $0.001 par value, 250,000,000 shares authorized, 69,560,030 and 67,960,030 shares issued and outstanding, respectively	69,560	67,960
Paid-in Capital	3,539,053	3,498,053
Retained Earnings (Deficit)	(1,551,342)	(1,281,550)
TOTAL STOCKHOLDERS EQUITY	2,057,271	2,284,463
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 2,092,904	$ 2,455,313

XML 16 R6.htm IDEA: XBRL DOCUMENT

ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

6 Months Ended

Jun. 30, 2012

ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Organization

Chancellor  Group,  Inc.  (the  "Company",  "our",  "we"  or  "Chancellor")  was

incorporated  in the state of Utah on May 2, 1986,  and then,  on  December  30,

1993,   dissolved  as  a  Utah  corporation  and   reincorporated  as  a  Nevada

corporation.  The  Company's  primary  business  purpose  is to  engage  in  the

acquisition, exploration and development of oil and gas production. On March 26,

1996, the Company's  corporate name was changed from Nighthawk Capital,  Inc. to

Chancellor  Group,  Inc. The Company's  corporate  office was moved to Amarillo,

Texas in early 2012.

Operations

The  Company is  licensed  by the Texas  Railroad  Commission  as an oil and gas

producer and operator.  The Company and its wholly-owned  subsidiaries,  Gryphon

Production  Company,  LLC and Gryphon Field  Services,  LLC, own 5 wells in Gray

County,  Texas,  of  which 1 is a water  disposal  well.  As of June  30,  2012,

approximately 4 oil wells are actively producing.

We  produced a total of 139  barrels of oil in the three  months  ended June 30,

2012 and 530 barrels of oil in the six months ended June 30,  2012..  The oil is

light sweet crude.

Basis of Presentation

The  consolidated  financial  statements  of  Chancellor  Group,  Inc. have been

prepared  pursuant to the rules and regulations of the SEC for Quarterly Reports

on Form 10-Q and in accordance  with US GAAP.  Accordingly,  these  consolidated

financial  statements  do  not  include  all of the  information  and  footnotes

required  by  US  GAAP  for  annual  financial  statements.  These  consolidated

financial  statements  should  be  read in  conjunction  with  the  consolidated

financial  statements and notes in the Chancellor  Group,  Inc. Annual Report on

Form 10-K for the year ended December 31, 2011.

The  consolidated  financial  statements  are  unaudited,  but, in  management's

opinion,  include all adjustments (which,  unless otherwise noted,  include only

normal  recurring  adjustments)  necessary  for  a  fair  presentation  of  such

financial  statements.  Financial  results  for  this  interim  period  are  not

necessarily  indicative  of results that may be expected  for any other  interim

period or for the year ending December 31, 2012.

Significant Accounting Policies

Principles of Consolidation

The  accompanying  consolidated  financial  statements  include the  accounts of

Chancellor Group,  Inc. and its wholly owned  subsidiaries:  Gryphon  Production

Company,  LLC, and Gryphon Field Services,  LLC. These entities are collectively

hereinafter  referred  to as  "the  Company".  Any  inter-company  accounts  and

transactions have been eliminated.

Accounting Year

The Company employs a calendar  accounting year. The Company  recognizes  income

and expenses based on the accrual method of accounting under US GAAP.

Use of Estimates

The preparation of financial  statements in conformity  with generally  accepted

accounting principles requires management to make estimates and assumptions that

affect  reported  amounts of assets and liabilities and disclosure of contingent

assets and liabilities at the date of the consolidated  financial statements and

the  reported  amounts of revenues  and expenses  during the  reporting  period.

Actual results could differ from those estimates.

Products and Services, Geographic Areas and Major Customers

The Company  plans to operate its  domestic oil and gas  properties,  located in

Gray County in Texas, and possibly to acquire  additional  producing oil and gas

properties.  The Company  currently  sells 100% of its oil  production to Plains

Marketing and 100% of its gas production to DCP Midstream.

Net Loss per Share

The net loss per share is  computed  by  dividing  the net loss by the  weighted

average number of shares of common stock outstanding.  Warrants,  stock options,

and common stock issuable upon the conversion of the Company's  preferred  stock

(if  any),  are  not  included  in  the  computation  if  the  effect  would  be

anti-dilutive and would increase the earnings or decrease loss per share.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of

three months or less as cash equivalents.

Concentration of Credit Risk

Some of the Company's  operating  cash balances are  maintained in accounts that

currently  exceed  federally  insured  limits.  The  Company  believes  that the

financial strength of depositing  institutions  mitigates the underlying risk of

loss. To date,  these  concentrations  of credit risk have not had a significant

impact  on  the  Company's   consolidated   financial  position  or  results  of

operations.

Restricted Cash

Restricted  cash totaled  $25,000 and $250,000 at June 30, 2012 and December 31,

2011,  respectively and includes a license bond with the Railroad  Commission of

Texas as required for its oil and gas activities.  Additionally, at December 31,

2011,  restricted  cash included  deposits  which were held as collateral  for a

letter of credit issued to the Railroad Commission of Texas.

Accounts Receivable

The  Company  reviews  accounts   receivable   periodically  for   collectibles,

establishes an allowance for doubtful accounts and records bad debt expense when

deemed  necessary.  An  allowance  for  doubtful  accounts  was  not  considered

necessary or recorded at June 30, 2012 and December 31, 2011.

Prepaid Expenses

Certain expenses, primarily insurance and consulting fees, have been prepaid and

will be used within one year. The Company currently has prepaid  consulting fees

of $48,000 and prepaid insurance of $15,881 as of June 30, 2012.

Property and Equipment

Property and equipment are recorded at cost and  depreciated  under the straight

line  method over the  estimated  useful life of the  equipment.  The  estimated

useful life of leasehold  costs,  equipment  and tools ranges from five to seven

years.

Oil and Gas Properties

The Company follows the successful  efforts method of accounting for its oil and

gas  activities.  Under  this  accounting  method,  costs  associated  with  the

acquisition,  drilling and equipping of successful  exploratory  and development

wells are  capitalized.  Geological  and  geophysical  costs,  delay rentals and

drilling  costs of  unsuccessful  exploratory  wells are  charged  to expense as

incurred.  The  carrying  value of mineral  leases is depleted  over the minimum

estimated  productive life of the leases, or ten years.  Undeveloped  properties

are periodically  assessed for possible impairment due to  un-recoverability  of

costs invested.  Cash received for partial  conveyances of property interests is

treated as a recovery of cost and no gain or loss is recognized.

Depletion

The carrying value of the mineral leases is depleted over the minimum  estimated

productive life of the leases, or ten years.

Long-Lived Assets

The Company  evaluates the  recoverability  of the carrying  value of long-lived

assets whenever events or circumstances  indicate the carrying amount may not be

recoverable.  If a  long-lived  asset  is  tested  for  recoverability  and  the

undiscounted  estimated  future  cash flows  expected to result from the use and

eventual disposition of the asset is less than the carrying amount of the asset,

the asset cost is adjusted to fair value and an impairment loss is recognized as

the amount by which the carrying  amount of a long-lived  asset exceeds its fair

value.

Asset Retirement Obligations

The Company has not recorded an asset retirement  obligation (ARO) in accordance

with ASC 410.  Under ASC 410, a liability  should be recorded for the fair value

of an asset retirement  obligation when there is a legal  obligation  associated

with the  retirement of a tangible  long-lived  asset,  and the liability can be

reasonably  estimated.  The  associated  asset  retirement  costs should also be

capitalized  and recorded as part of the carrying  amount of the related oil and

gas  properties.  Management  believes  that not  recording an ARO liability and

asset under ASC 410 is immaterial to the consolidated financial statements.

Income Taxes

Deferred taxes are provided on a liability  method  whereby  deferred tax assets

are  recognized  for  deductible   temporary   differences  and  operating  loss

carry-forwards and deferred tax liabilities are recognized for taxable temporary

differences.  Temporary  differences  are the  differences  between the reported

amounts of assets and liabilities  and their tax bases.  Deferred tax assets are

reduced by a valuation allowance when, in the opinion of management,  it is more

likely than not that some  portion or all of the deferred tax assets will not be

realized.  Deferred tax assets and  liabilities  are adjusted for the effects of

changes in tax laws and rates on the date of enactment.

Revenue Recognition

The Company recognizes revenue when a product is sold to a customer or a service

is performed for a customer, either for cash or as evidenced by an obligation on

the part of the customer to pay.

Fair Value Measurements and Disclosures

The Company estimates fair values of assets and liabilities which require either

recognition  or disclosure in the financial  statements in accordance  with FASB

ASC Topic 820 "FAIR VALUE  MEASUREMENTS".  Fair value  measurements  include the

following levels:

Level 1:  Quoted  market  prices  in  active  markets  for  identical  assets or

          liabilities.  Valuations for assets and  liabilities  traded in active

          exchange  markets,  such as the New York Stock Exchange.  Level 1 also

          includes  U.S.  Treasury  and federal  agency  securities  and federal

          agency  mortgage-backed  securities,  which are  traded by  dealers or

          brokers  in active  markets.  Valuations  are  obtained  from  readily

          available pricing sources for market transactions  involving identical

          assets or liabilities.

Level 2:  Observable  market  based  inputs  or  unobservable  inputs  that  are

          corroborated  by market data.  Valuations  for assets and  liabilities

          traded  in less  active  dealer  or  broker  markets.  Valuations  are

          obtained  from third party  pricing  services for identical or similar

          assets or liabilities.

Level 3:  Unobservable   inputs  that  are  not  corroborated  by  market  data.

          Valuations  for assets and  liabilities  that are  derived  from other

          valuation methodologies,  including option pricing models,  discounted

          cash  flow  models  and  similar  techniques,  and not based on market

          exchange,  dealer, or broker traded  transactions.  Level 3 valuations

          incorporate  certain  assumptions  and  projections in determining the

          fair value assigned to such assets or liabilities.

Fair Value of Financial Instruments

The carrying  value of the  Company's  financial  instruments,  including  cash,

accounts  receivable  and  accounts  payable,  as reported  in the  accompanying

consolidated balance sheet, approximates fair values.

Employee Stock-Based Compensation

Compensation  expense  is  recognized  for  performance-based  stock  awards  if

management deems it probable that the performance conditions are or will be met.

Determining  the  amount of  stock-based  compensation  expense  requires  us to

develop  estimates  that are used in  calculating  the fair value of stock-based

compensation,  and also requires us to make estimates of  assumptions  including

expected stock price volatility which is derived based upon our historical stock

prices.

Non-employee Stock Options and Warrants

The Company  accounts for  non-employee  stock  options under FASB ASC Topic 505

"EQUITY-BASED  PAYMENTS TO  NON-EMPLOYEES",  whereby  options costs are recorded

based on the fair value of the  consideration  received or the fair value of the

equity instruments issued, whichever is more reliably measurable.

Business Combinations

The Company accounts for business combinations in accordance with FASB ASC Topic

805 "BUSINESS  COMBINATIONS".  This standard modifies certain aspects of how the

acquiring  entity   recognizes  and  measures  the  identifiable   assets,   the

liabilities  assumed and the goodwill  acquired in a business  combination.  The

Company did not enter into any  business  combinations  during the three and six

months ended June 30, 2012.

Recent Accounting Pronouncements

In June 2011,  the FASB  issued  Accounting  Standards  Update  ("ASU")  2011-5,

"PRESENTATION OF COMPREHENSIVE  INCOME." This update requires that all non-owner

changes  in  stockholders'  equity be  presented  in either a single  continuous

statement of comprehensive income or in two separate but consecutive statements.

This  update   eliminates   the  option  to  present  the  components  of  other

comprehensive  income  as part of the  statement  of  changes  in  stockholders'

equity. These changes are effective for the first quarter filing of 2012. As the

Company is not  reporting  any  components of other  comprehensive  income,  the

adoption of this update is not considered material to the consolidated financial

statements.

In May 2011, the FASB issued  Accounting  Standards  Update ("ASU") No. 2011-04,

"FAIR VALUE  MEASUREMENTS  (TOPIC 820):  AMENDMENTS TO ACHIEVE COMMON FAIR VALUE

MEASUREMENT AND DISCLOSURE REQUIREMENTS IN U.S. GAAP AND IFRSS" ("ASU 2011-04").

ASU 2011-04  changes the wording used to describe  many of the  requirements  in

U.S. GAAP for measuring  fair value and for  disclosing  information  about fair

value measurements to ensure consistency between U.S. GAAP and IFRS. ASU 2011-04

also expands the  disclosures  for fair value  measurements  that are  estimated

using  significant  unobservable  (Level 3) inputs.  This new  guidance is to be

applied  prospectively.  On January 1, 2012, the Company adopted ASU 2011-04 and

does not anticipate that it will materially  expand its  consolidated  financial

statement footnote  disclosures or have an impact on the Company's  consolidated

financial position, results of operations or cash flows.

There were various  other updates  recently  issued,  most of which  represented

technical  corrections to the  accounting  literature or application to specific

industries,  and are not  expected  to have a material  impact on the  Company's

financial position, results of operations or cash flows.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

XML 17 R22.htm IDEA: XBRL DOCUMENT

Stocholders Equity Property Leashold Costs (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Leasehold Costs Developed
Balance	$ 47,740
Additions	0
Deletions	0
Balance.	47,740
TOTAL PROPERTY
Balance	47,740
Additions	0
Deletions	0
Balance.	47,740
Less Accumulated Amortization
Balance	18,815
Additions	2,387
Deletions	0
Balance.	21,202
TOTAL PROPERTY, NET
Balance	28,925
Additions	0
Deletions	(2,387)
Balance.	$ 26,538

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INCOME TAXES

6 Months Ended

Jun. 30, 2012

INCOME TAXES

INCOME TAXES

NOTE 2. INCOME TAXES

At June 30, 2012, the Company had a federal net operating loss  carry-forward of

approximately  $1,836,000.  A deferred tax asset of  approximately  $367,000 has

been partially offset by a valuation allowance of approximately  $363,000 due to

federal net operating loss carry-back and carry-forward limitations.

At June 30, 2012, the Company also had  approximately  $4,000 in deferred income

tax liability  attributable  to timing  differences  between  federal income tax

depreciation, depletion and book depreciation, which has been offset against the

deferred tax asset related to the net operating loss carry-forward.

Management  evaluated  the  Company's  tax  positions  under  FASB  ASC No.  740

"UNCERTAIN TAX POSITIONS," and concluded that the Company had taken no uncertain

tax positions that require adjustment to the consolidated  financial  statements

to comply with the provisions of this guidance. With few exceptions, the Company

is no longer subject to income tax  examinations by the U.S.  federal,  state or

local tax authorities for years before 2009.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

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-Name Accounting Standards Codification

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-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

+ Details

XML 20 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets Parentheticals (USD $)	Jun. 30, 2012	Dec. 31, 2011
Preferred Stock, par or stated value	$ 1,000	$ 1,000
Preferred Stock, shares authorized	250,000	250,000
Preferred Stock, shares outstanding	0	0
Common Stock, par or stated value	$ 0.001	$ 0.001
Common Stock, shares authorized	250,000,000	250,000,000
Common Stock, shares issued	69,560,030	67,960,030
Common Stock, shares outstanding	69,560,030	67,960,030

- Definition

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

XML 21 R17.htm IDEA: XBRL DOCUMENT

Income Taxes (Details) (USD $)	Jun. 30, 2012
Income Taxes
Federal net operating loss carry-forward	$ 1,836,000
Deferred tax asset	367,000
Valuation allowance	363,000
Deferred income tax liability	$ 4,000

XML 22 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2012	Aug. 09, 2012
Document and Entity Information
Entity Registrant Name	CHANCELLOR GROUP INC.
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Entity Central Index Key	0000894544
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		69,560,030
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

XML 23 R18.htm IDEA: XBRL DOCUMENT

Preferred Common Stock (Details) (USD $)	Jun. 30, 2012
Preferred Common Stock
Convertible preferred stock series B, authorized	250,000
Converible preferred stock series B, par value	$ 1,000
Each Series B share convertible into common stock	166.667
Common stock shares authorized.	250,000,000
Common stock par vlaue	$ 0.001
Common stock issued and outstanding	69,560,030

XML 24 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (USD $)

3 Months Ended

6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

REVENUES - NET OF ROYALTIES PAID:

Oil

$ 12,406

$ 188,405

$ 44,347

$ 373,599

Natural Gas

6,931

16,396

Other Operating Income

18,750

REVENUES, NET

12,406

195,336

63,097

389,995

OPERATING EXPENSES:

Lease Operating Expenses

2,608

46,139

28,745

95,814

Severance Taxes

294

9,272

1,766

18,574

Other Operating Expenses

3,226

130,459

28,050

249,149

Administrative Expenses

154,221

111,532

271,529

297,219

Depreciation and Amortization

1,193

67,226

2,387

134,614

TOTAL OPERATING EXPENSES

161,542

364,628

332,477

795,370

Loss From Operations

(149,136)

(169,292)

(269,380)

(405,375)

OTHER INCOME (EXPENSE):

Interest Income

1,122

518

2,399

1,138

Other Income (Expense)

(117)

(20,119)

TOTAL OTHER INCOME (EXPENSE)

1,122

401

2,399

(18,981)

FINANCING CHARGES:

Interest Expense

385

1,094

Bank Fees Amortization

294

1,636

2,812

4,706

TOTAL FINANCING CHARGES

294

2,021

2,812

5,800

Loss Before Provision for Income Taxes

(148,308)

(170,912)

(269,793)

(430,156)

Provision for Income Taxes (Benefit)

NET LOSS

$ (148,308)

$ (170,912)

$ (269,793)

$ (430,156)

NET LOSS PER SHARE (BASIC AND FULLY DILUTED)

^[1]

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

69,241,349

66,712,363

68,751,239

66,782,737

[1]	Less than $0.01 per share

XML 25 R12.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2012

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 7. RELATED PARTY TRANSACTIONS

The Company has used the  management  and  consulting  services of a  consulting

company owned by the Chairman of the Board.  For the three and six months ending

June 30, 2012 the Company has paid $26,000 and $50,000,  respectively  for those

services.  During the three and six months ending June 30, 2011 the Company paid

$24,000 and $48,000, respectively for those services

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 850

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-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 850

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+ Details

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ACCUMULATED COMPENSATED ABSENCES

6 Months Ended

Jun. 30, 2012

ACCUMULATED COMPENSATED ABSENCES

ACCUMULATED COMPENSATED ABSENCES

NOTE 6. ACCUMULATED COMPENSATED ABSENCES

It is the Company's policy to permit employees to accumulate a limited amount of

earned but unused vacation, which will be paid to employees upon separation from

the Company's  service.  The cost of vacation and sick leave is recognized  when

payments are made to employees. These amounts are immaterial and not accrued.

XML 27 R23.htm IDEA: XBRL DOCUMENT

Related party transactions (Details) (USD $)	3 Months Ended		6 Months Ended
Related party transactions (Details) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Related party transactions
Management and consulting services	$ 26,000		$ 50,000
Payment for management and consulting services		$ 24,000		$ 48,000

XML 28 R19.htm IDEA: XBRL DOCUMENT

Equity Warrants (Details) (USD $)	Dec. 31, 2014
Equity Warrants
Aggregate purchase of common stock shares	6,000,000
Warrants to purchase common stock shares	2,000,000
Exercise price per share	$ 0.025
Warrants to purchase common stock shares.	4,000,000
Exercise price per share.	$ 0.02

XML 29 R15.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS EQUITY (Tables)

6 Months Ended

Jun. 30, 2012

STOCKHOLDERS EQUITY (Tables)

Outstanding Warrants

On June 30, 2012, the Company had the following outstanding warrants:

                                                      Exercise        Weighted

                                  Remaining          Price times      Average

Exercise        Number of      Contractual Life       Number of       Exercise

 Price           Shares           (in years)           Shares          Price

 -----           ------           ----------           ------          -----

$0.025         2,000,000             2.5              $ 50,000

$0.020         4,000,000             2.5              $ 80,000

$0.125           500,000             2.               $ 62,500

$0.125           168,000             3                $ 21,000

               ---------                              --------

               6,668,000                              $213,500         $0.032

               =========                              ========

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References+ Details

XML 30 R13.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2012

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 8. SUBSEQUENT EVENTS

On July 3, 2012,  the Company  entered into a 6-month  non-exclusive  consultant

agreement  with NUWA Group,  LLC, in connection  with the Company's  interest in

creating a strategy for growing the core business, creating market awareness and

providing general strategic corporate advice.

XML 31 R14.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Chancellor Group, Inc. and its wholly owned subsidiaries: Gryphon Production Company, LLC, and Gryphon Field Services, LLC. These entities are collectively hereinafter referred to as "the Company". Any inter-company accounts and transactions have been eliminated
Accounting Year	Accounting Year The Company employs a calendar accounting year. The Company recognizes income and expenses based on the accrual method of accounting under US GAAP.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Products and Services, Geographic Areas and Major Customers	Products and Services, Geographic Areas and Major Customers The Company plans to operate its domestic oil and gas properties, located in Gray County in Texas, and possibly to acquire additional producing oil and gas properties. The Company currently sells 100% of its oil production to Plains Marketing and 100% of its gas production to DCP Midstream.
Net Loss Per Share	Net Loss per Share The net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents
Concentration of Credit Risk	Concentration of Credit Risk Some of the Company's operating cash balances are maintained in accounts that currently exceed federally insured limits. The Company believes that the financial strength of depositing institutions mitigates the underlying risk of loss. To date, these concentrations of credit risk have not had a significant impact on the Company's consolidated financial position or results of operations.
Restricted Cash	Restricted Cash Restricted cash totaled $25,000 and $250,000 at June 30, 2012 and December 31, 2011, respectively and includes a license bond with the Railroad Commission of Texas as required for its oil and gas activities. Additionally, at December 31, 2011, restricted cash included deposits which were held as collateral for a letter of credit issued to the Railroad Commission of Texas.
Accounts Receivable	Accounts Receivable The Company reviews accounts receivable periodically for collectibles, establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. An allowance for doubtful accounts was not considered necessary or recorded at June 30, 2012 and December 31, 2011.
Prepaid Expenses	Prepaid Expenses Certain expenses, primarily insurance and consulting fees, have been prepaid and will be used within one year. The Company currently has prepaid consulting fees of $48,000 and prepaid insurance of $15,881 as of June 30, 2012.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated under the straight line method over the estimated useful life of the equipment. The estimated useful life of leasehold costs, equipment and tools ranges from five to seven years.
Oil and Gas Properties	Oil and Gas Properties The Company follows the successful efforts method of accounting for its oil and gas activities. Under this accounting method, costs associated with the acquisition, drilling and equipping of successful exploratory and development wells are capitalized. Geological and geophysical costs, delay rentals and drilling costs of unsuccessful exploratory wells are charged to expense as incurred. The carrying value of mineral leases is depleted over the minimum estimated productive life of the leases, or ten years. Undeveloped properties are periodically assessed for possible impairment due to un-recoverability of costs invested. Cash received for partial conveyances of property interests is treated as a recovery of cost and no gain or loss is recognized.
Depletion	Depletion The carrying value of the mineral leases is depleted over the minimum estimated productive life of the leases, or ten years.
Long Lived Assets	Long Lived Assets The Company evaluates the recoverability of the carrying value of long-lived assets whenever events or circumstances indicate the carrying amount may not be recoverable. If a long-lived asset is tested for recoverability and the undiscounted estimated future cash flows expected to result from the use and eventual disposition of the asset is less than the carrying amount of the asset, the asset cost is adjusted to fair value and an impairment loss is recognized as the amount by which the carrying amount of a long-lived asset exceeds its fair value.
Asset Retirement Obligations	Asset Retirement Obligations The Company has not recorded an asset retirement obligation (ARO) in accordance with ASC 410. Under ASC 410, a liability should be recorded for the fair value of an asset retirement obligation when there is a legal obligation associated with the retirement of a tangible long-lived asset, and the liability can be reasonably estimated. The associated asset retirement costs should also be capitalized and recorded as part of the carrying amount of the related oil and gas properties. Management believes that not recording an ARO liability and asset under ASC 410 is immaterial to the consolidated financial statements.
Income Taxes	Income Taxes Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when a product is sold to a customer or a service is performed for a customer, either for cash or as evidenced by an obligation on the part of the customer to pay.
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures The Company estimates fair values of assets and liabilities which require either recognition or disclosure in the financial statements in accordance with FASB ASC Topic 820 "FAIR VALUE MEASUREMENTS". Fair value measurements include the following levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes U.S. Treasury and federal agency securities and federal agency mortgage-backed securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Valuations for assets and liabilities traded in less active dealer or broker markets. Valuations are obtained from third party pricing services for identical or similar assets or liabilities. Level 3: Unobservable inputs that are not corroborated by market data. Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models and similar techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3 valuations incorporate certain assumptions and projections in determining the fair value assigned to such assets or liabilities.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying value of the Company's financial instruments, including cash, accounts receivable and accounts payable, as reported in the accompanying consolidated balance sheet, approximates fair values.
Employee Stock-based Compensation	Employee Stock-Based Compensation Compensation expense is recognized for performance-based stock awards if management deems it probable that the performance conditions are or will be met. Determining the amount of stock-based compensation expense requires us to develop estimates that are used in calculating the fair value of stock-based compensation, and also requires us to make estimates of assumptions including expected stock price volatility which is derived based upon our historical stock prices.
Non employee Stock Options and Warrants	Non employee Stock Options and Warrants The Company accounts for non-employee stock options under FASB ASC Topic 505 "EQUITY-BASED PAYMENTS TO NON-EMPLOYEES", whereby options costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable.
Business Combinations	Business Combinations The Company accounts for business combinations in accordance with FASB ASC Topic 805 "BUSINESS COMBINATIONS". This standard modifies certain aspects of how the acquiring entity recognizes and measures the identifiable assets, the liabilities assumed and the goodwill acquired in a business combination. The Company did not enter into any business combinations during the three and six months ended June 30, 2012.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2011, the FASB issued Accounting Standards Update ("ASU") 2011-5, "PRESENTATION OF COMPREHENSIVE INCOME." This update requires that all non-owner changes in stockholders' equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. These changes are effective for the first quarter filing of 2012. As the Company is not reporting any components of other comprehensive income, the adoption of this update is not considered material to the consolidated financial statements. In May 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-04, "FAIR VALUE MEASUREMENTS (TOPIC 820): AMENDMENTS TO ACHIEVE COMMON FAIR VALUE MEASUREMENT AND DISCLOSURE REQUIREMENTS IN U.S. GAAP AND IFRSS" ("ASU 2011-04"). ASU 2011-04 changes the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to ensure consistency between U.S. GAAP and IFRS. ASU 2011-04 also expands the disclosures for fair value measurements that are estimated using significant unobservable (Level 3) inputs. This new guidance is to be applied prospectively. On January 1, 2012, the Company adopted ASU 2011-04 and does not anticipate that it will materially expand its consolidated financial statement footnote disclosures or have an impact on the Company's consolidated financial position, results of operations or cash flows. There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries, and are not expected to have a material impact on the Company's financial position, results of operations or cash flows.

XML 32 R16.htm IDEA: XBRL DOCUMENT

PROPERTY (Tables)

6 Months Ended

Jun. 30, 2012

PROPERTY (Tables)

Summary of Property

A summary of property at:

                                      Balance                                     Balance

                                     December 31,                                 June 30,

                                        2011         Additions     Deletions        2012

                                        ----         ---------     ---------        ----

Leasehold Costs - Developed           $47,740         $    --        $ --         $47,740

                                      -------         -------        ----         -------

TOTAL PROPERTY                        $47,740         $    --        $ --         $47,740

                                      =======         =======        ====         =======

Less: Accumulated Amortization        $18,815         $ 2,387        $ --         $21,202

                                      -------         -------        ----         -------

TOTAL PROPERTY, NET                   $28,925         $ 2,387        $ --         $26,538

                                      =======         =======        ====         =======

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details

XML 33 R21.htm IDEA: XBRL DOCUMENT

Equity outstanding warrants (Details) (USD $)	Jun. 30, 2012
Equity outstanding warrants
Outstanding warrants 0.025 exercise price number of shares remaining life 2.5 years	2,000,000
Outstanding warrants 0.020 exercise price number of shares remaining life 2.5 years	4,000,000
Outstanding warrants 0.125 exercise price number of shares remaining life 2 years	500,000
Outstanding warrants 0.125 exercise price number of shares	168,000
Total oustanding warrants number of shares	6,668,000
Outstanding warrants 0.025 exercise price times number of shares	$ 50,000
Outstanding warrants 0.020 exercise price times number of shares	80,000
Outstanding warrants 0.125 exercise price times number of shares	62,500
Total oustanding warrants exercise price times of number of shares	$ 213,500
Weighted Average Exercise Price	$ 0.032

XML 34 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
Consolidated Statements of Cash Flows (USD $)	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss.	$ (269,793)	$ (430,156)
Adjustments to Reconcile Net Loss to Net Cash (Used for) Operating Activities:
Depreciation and Amortization.	2,387	134,614
Stock Compensation	42,600	23,100
Decrease in Operating Assets	(35,752)	78,387
Increase in Operating Liabilities	(135,216)	46,752
NET CASH (USED FOR) OPERATING ACTIVITIES	(395,774)	(147,303)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of Assets Proceeds	0	12,223
Capital Expenditures	0	(28,841)
NET CASH (USED FOR) INVESTING ACTIVITIES	0	(16,618)
Net Increase (Decrease) in Cash and restricted cash	(395,774)	(163,921)
Cash and restricted cash at the Beginning of the Period	2,336,776	810,098
CASH AND RESTRICTED CASH AT THE END OF THE PERIOD	1,941,002	646,177
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest Paid	$ 0	$ 1,094

XML 35 R10.htm IDEA: XBRL DOCUMENT

CONTINGENCIES

6 Months Ended

Jun. 30, 2012

CONTINGENCIES

CONTINGENCIES

NOTE 5. CONTINGENCIES

Chancellor  is from time to time  involved in legal  proceedings  arising in the

normal course of business.  Other than  proceedings  incidental to  Chancellor's

business, and current proceedings against Gryphon (cases nos. 36433 and 37053 in

the 223rd District Court in Gray County,  Texas) which Gryphon  believes have no

merit and in which Gryphon has made a  counterclaim  for  declaratory  judgment,

Chancellor  is not a party to, nor is any of their  property the subject of, any

material legal  proceedings.  Although the amount of any ultimate liability with

respect to such matters  cannot be  determined,  in the opinion of  Chancellor's

management,  any such  liability  will not have a material  adverse  effect upon

Chancellor's financial condition, results of operations or cash flows.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

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-Publisher FASB

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name FASB Interpretation (FIN)

-Number 14

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+ Details

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Equity warrants exercised (Details) (USD $)	Jun. 30, 2012
Equity warrants exercised
Aggregate purchase of common stock shares.	500,000
Exercise price per share,	$ 0.125
Warrants to purchase common stock shares,	168,000
Exercise price per share,.	$ 0.125