0001165527-13-000703.txt : 20130814 0001165527-13-000703.hdr.sgml : 20130814 20130813175849 ACCESSION NUMBER: 0001165527-13-000703 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130814 DATE AS OF CHANGE: 20130813 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: 131034249 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 g6992.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, 2013 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 13, 2013: 71,560,030 CHANCELLOR GROUP, INC. INDEX Page ---- PART I. FINANCIAL INFORMATION Item 1. Financial Statements 3 Consolidated Balance Sheets, as of June 30, 2013 (unaudited) and December 31, 2012 4 Consolidated Statements of Operations, for the Three and Six Months Ended June 30, 2013 and 2012 (unaudited) 5 Consolidated Statements of Cash Flows, for the Six Months Ended June 30, 2013 and 2012 (unaudited) 6 Notes to Unaudited Consolidated Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3. Quantitative and Qualitative Disclosures About Market Risk 18 Item 4. Controls and Procedures 19 PART II. OTHER INFORMATION Item 1. Legal Proceedings 19 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19 Item 6. Exhibits 19 SIGNATURES 20 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, 2012. The results of operations for the three and six months ended June 30, 2013 and 2012, are not necessarily indicative of the results for the entire fiscal year or for any other period. 3 CHANCELLOR GROUP, INC. Consolidated Balance Sheets
June 30, 2013 December 31, 2012 ------------- ----------------- (Unaudited) ASSETS Current Assets: Cash in Bank $ 1,203,878 $ 1,700,508 Restricted Cash 25,000 25,000 Revenue Receivable 6,042 5,500 Income Tax Receivable 10,865 7,753 Prepaid Expenses 74,997 8,284 ------------ ------------ Total Current Assets 1,320,782 1,747,045 ------------ ------------ Property: Leasehold Costs - Developed 57,580 57,580 Accumulated Amortization (26,714) (23,835) ------------ ------------ Total Property, net 30,866 33,745 ------------ ------------ Other Assets: Deposits 250 250 ------------ ------------ Total Other Assets 250 250 ------------ ------------ Total Assets $ 1,351,898 $ 1,781,040 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 47,759 $ 34,175 Accrued Expenses 886 169 ------------ ------------ Total Current Liabilities 48,645 34,344 ------------ ------------ Stockholders' Equity Series B Preferred Stock: $1,000 Par Value 250,000 shares authorized, none outstanding -- -- Common Stock; $.001 par value, 250,000,000 shares authorized, 71,560,030 and 69,560,030 shares issued and outstanding, respectively 71,560 69,560 Paid-in Capital 3,637,053 3,539,053 Retained Earnings (Deficit) (2,242,606) (1,829,517) ------------ ------------ Total Chancellor, Inc. Stockholders' Equity 1,466,007 1,779,096 Noncontrolling Minority Interest in Pimovi, Inc. (162,754) (32,400) ------------ ------------ Total Stockholders' Equity 1,303,253 1,746,696 ------------ ------------ Total Liabilities and Stockholders' Equity $ 1,351,898 $ 1,781,040 ============ ============
See Notes to Unaudited Consolidated Financial Statements 4 CHANCELLOR GROUP, INC. Consolidated Statements of Operations For the Three and Six Months Ended June 30, 2013 and 2012 (Unaudited)
Three months ended Six months ended June 30, June 30, ------------------------------ ----------------------------- 2013 2012 2013 2012 ------------ ------------ ------------ ------------ Revenues - Net of Royalties Paid: Oil $ 18,295 $ 12,406 $ 29,821 $ 44,347 Other Operating Income -- -- 53,337 18,750 ------------ ------------ ------------ ------------ Revenues, net 18,295 12,406 83,158 63,097 ------------ ------------ ------------ ------------ Operating Expenses: Lease Operating Expenses 13,339 2,608 15,807 28,745 Severance Taxes 841 294 1,370 1,766 Other Operating Expenses 3,600 3,226 7,200 28,050 Investment Professional and Consulting Expenses 183,054 -- 334,241 -- Administrative Expenses 75,289 154,221 265,009 271,529 Depreciation and Amortization 1,439 1,193 2,879 2,387 ------------ ------------ ------------ ------------ Total Operating Expenses 277,562 161,542 626,506 332,477 ------------ ------------ ------------ ------------ Loss From Operations (259,267) (149,136) (543,348) (269,380) ------------ ------------ ------------ ------------ Other Income (Expense): Interest Income 400 1,122 915 2,399 ------------ ------------ ------------ ------------ Total Other Income (Expense) 400 1,122 915 2,399 ------------ ------------ ------------ ------------ Financing Charges: Bank Fees Amortization 371 294 1,010 2,812 ------------ ------------ ------------ ------------ Total Financing Charges 371 294 1,010 2,812 ------------ ------------ ------------ ------------ Loss Before Provision for Income Taxes (259,238) (148,308) (543,443) (269,793) Provision for Income Taxes (Benefit) -- -- -- -- ------------ ------------ ------------ ------------ Net Income (Loss) of Chancellor, Inc. (259,238) (148,308) (543,443) (269,793) Net (Income) Loss attributable to noncontrolling interest in Pimovi, Inc. 71,391 -- 130,354 -- ------------ ------------ ------------ ------------ Net Loss $ (187,847) $ (148,308) $ (413,089) $ (269,793) ============ ============ ============ ============ Net Loss per Share (Basic and Fully Diluted) $ (*) $ (*) $ (*) $ (*) ============ ============ ============ ============ Weighted Average Number of Common Shares Outstanding 71,560,030 69,241,349 70,902,571 68,751,239 ============ ============ ============ ============
---------- * 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, 2013 and 2012 (Unaudited)
June 30, 2013 June 30, 2012 ------------- ------------- Cash Flows from Operating Activities: Net Loss $ (413,089) $ (269,793) Loss from Noncontrolling Interest in Pimovi, Inc. (130,354) -- Adjustments to Reconcile Net Loss to Net Cash (Used for) Operating Activities: Depreciation and Amortization 2,879 2,387 Stock Compensation 100,000 42,600 Decrease in Operating Assets (70,367) (35,752) Increase (Decrease) in Operating Liabilities 14,301 (135,216) ------------ ------------ Net Cash (Used for) Operating Activities (496,630) (395,774) ------------ ------------ Net Increase (Decrease) in Cash and Restricted Cash (496,630) (395,774) Cash and restricted cash at the Beginning of the Period 1,725,508 2,336,776 ------------ ------------ Cash and restricted cash at the End of the Period $ 1,228,878 $ 1,941,002 ============ ============ Supplemental Disclosures of Cash Flow Information: Interest Paid $ -- $ -- ============ ============ Income Taxes Paid $ -- $ -- ============ ============
See Notes to Unaudited Consolidated Financial Statements 6 CHANCELLOR GROUP, INC. Notes to Unaudited Consolidated Financial Statements June 30, 2013 NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: ORGANIZATION Chancellor Group, Inc. (the "Company", "our", "we", "Chancellor" or the "Company") 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. On November 16, 2012, a certificate of incorporation was filed with the state of Delaware for the formation of Pimovi, Inc. ("Pimovi"), a new majority-owned subsidiary of Chancellor, and with which separate company financial statements are consolidated with Chancellor's consolidated financial statements beginning for the fourth quarter of 2012. Chancellor owns 61% of the equity of Pimovi in the form of Series A Preferred Stock, therefore Chancellor maintains significant financial control. As of June 30, 2013, Pimovi had not commenced principal operations and had no sales or revenues for 2012 or through June 30, 2013, therefore Pimovi is considered a "development-stage enterprise". The primary business purpose of Pimovi relates largely to technology and mobile application fields, including development of proprietary consumer algorithms, creating user photographic and other activity records, First Person Video Feeds and other such activities related to mobile and computer gaming. In March 2013, Pimovi, Inc. was reincorporated in Nevada. 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 oil wells in Gray County, Texas, of which 1 is a water disposal well. As of June 30, 2013, approximately 4 oil wells are actively producing. We produced a total of 208 and 345 barrels of oil in the three and six months ended June 30, 2013, respectively, and a total of 139 and 530 barrels of oil in the three and six months ended June 30, 2012, respectively. The oil is light sweet crude. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION 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 consolidated 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, 2012. These 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". Beginning for the fourth quarter 2012, the accompanying consolidated financial statements also include the accounts of Chancellor's majority-owned subsidiary, Pimovi, Inc., with which Chancellor owns 61% of the equity of Pimovi and maintains significant financial control. All material inter-company accounts and transactions have been eliminated in the consolidated financial statements. 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, 2013. 7 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. As of December 31, 2012 and for the six months ended June 30, 2013, these consolidated financial statements also include the accounts of Chancellor's majority-owned subsidiary, Pimovi, Inc., of which Chancellor owns 61% of the equity. 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 generally accepted accounting principles. USE OF ESTIMATES The preparation of consolidated 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's major customers, to which the majority of its oil production is sold, are Plains Marketing and ExxonMobil. 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 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 six months or less as cash equivalents. The Company had no cash equivalents as of June 30, 2013 and December 31, 2012. 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 financial position or results of operations. RESTRICTED CASH Included in restricted cash at June 30, 2013 and December 31, 2012 are deposits totaling $25,000, in the form of bond issued to the Railroad Commission of Texas as required for the Company's oil and gas activities. 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, 2013 and December 31, 2012. PREPAID EXPENSES Certain expenses, primarily investment professional and consulting fees, have been prepaid and will be used within one year. 8 PROPERTY 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. The useful life of the office building and warehouse is estimated to be twenty 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 assesses potential impairment of its long-lived assets, which include its property and equipment and its identifiable intangibles such as deferred charges, under the guidance Topic 360 "PROPERTY, PLANT AND EQUIPMENT" in the Accounting Standards Codification (the "ASC"). The Company must continually determine if a permanent impairment of its long-lived assets has occurred and write down the assets to their fair values and charge current operations for the measured impairment. 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, 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". There is no material impact on the June 30, 2013 consolidated financial statements related to fair value measurements and disclosures. 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. 9 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 and cash equivalents, accounts receivable and accounts payable and long term debt, as reported in the accompanying consolidated balance sheet, approximates fair values, due to their short-term nature. 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. 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 six months ended June 30, 2013. The Company complies with the accounting guidance related to consolidation of variable interest entities ("VIEs") that requires a reporting entity to determine if a primary beneficiary that would consolidate the VIE from a quantitative risk and rewards approach, to a qualitative approach based on which variable interest holder has the power to direct the economic performance related activities of the VIE as well as the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE. This guidance requires the primary beneficiary assessment to be performed on an ongoing basis and also requires enhanced disclosures that will provide more transparency about a company's involvement in a VIE. The Company did not have any VIEs that required consolidation in these financial statements during the six months ended June 30, 2013. SUBSEQUENT EVENTS Events occurring after June 30, 2013 were evaluated through the date this quarterly report was issued, in compliance FASB ASC Topic 855 "SUBSEQUENT EVENTS", to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included. RECENT ACCOUNTING PRONOUNCEMENTS In July 2013, FASB issued ASU No. 2013-11, INCOME TAXES (TOPIC 740): PRESENTATION OF AN UNRECOGNIZED TAX BENEFIT WHEN A NET OPERATING LOSS CARRYFORWARD, A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS. This ASU is effective for interim and annual periods beginning after December 15, 2013. This update standardizes the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. Management does not anticipate that the accounting pronouncement will have any material future effect on our consolidated financial statements. 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 Deferred income taxes are recorded for temporary differences between financial statement and income tax basis. Temporary differences are differences between the amounts of assets and liabilities reported for financial statement purposes and their tax basis. Deferred tax assets are recognized for temporary differences that will be deductible in future years' tax returns and for operating loss and tax credit carryforwards. Deferred tax assets are reduced by 10 a valuation allowance if it is deemed more likely than not that some or all of the deferred tax assets will not be realized. Deferred tax liabilities are recognized for temporary differences that will be taxable in future years' tax returns. At June 30, 2013, the Company had a federal net operating loss carry-forward of approximately $2,283,154 A deferred tax asset of approximately $456,631 has been partially offset by a valuation allowance of approximately $453,053 due to federal net operating loss carry-back and carry-forward limitations. At June 30, 2013, the Company also had approximately $3,578 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 $.001, with 71,560,030 shares issued and outstanding as of June 30, 2013. STOCK BASED COMPENSATION For the three and six months ending June 30, 2013, the Company recognized $65,000 and $15,000, respectively, in consulting fees expense, which is recorded in general and administrative expenses, and as of June 30, 2013 has recorded $35,000 in prepaid expense, which is recorded in current assets, all related to stock issued. 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 420,000 shares of common stock at an exercise price of $0.125 per share. On June 30, 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 1.50 $ 50,000 $0.020 4,000,000 1.50 $ 80,000 $0.125 500,000 1.00 $ 62,500 $0.125 420,000 2.00 $ 52,500 --------- -------- 6,920,000 $245,000 $0.035 ========= ======== 11 Weighted Average Remaining Number of Exercise Contractual Life Warrants Shares Price (in years) -------- ------ ----- ---------- Outstanding at January 1, 2013 6,920,000 $0.035 --------- ------ Issued -- -- Exercised -- -- Expired/Cancelled -- -- --------- ------ Outstanding at June 30, 2013 6,920,000 $0.035 1.75 --------- ------ ---- Exercisable at June 30, 2013 6,920,000 $0.035 1.75 ========= ====== ==== NOTE 4. PROPERTY A summary of fixed assets at: Balance Balance December 31, June 30, 2012 Additions Deletions 2013 -------- --------- --------- -------- Leasehold Costs - Developed $ 57,580 $ -- $ -- $ 57,580 -------- -------- -------- -------- Total Property $ 57,580 $ -- $ -- $ 57,580 ======== ======== ======== ======== Less: Accumulated Amortization $ 23,835 $ 2,879 $ -- $ 26,714 -------- -------- -------- -------- Total Property, net $ 33,745 $ 2,879 $ -- $ 30,866 ======== ======== ======== ======== NOTE 5. CONTINGENT LIABILITY Chancellor is from time to time involved in legal proceedings incidental to its business and arising in the ordinary course. Chancellor's management does not believe that any such proceedings will result in a liability material to its financial condition, results of operations or cash flows. On March 31, 2011, Dennis Caldwell filed a lawsuit against Chancellor's subsidiary, Gryphon Production Company, LLC, in the 223rd District Court of Gray County, Texas, for an alleged breach of the April 1, 2007, purchase and sale agreement between Gryphon and Caldwell Production Co., Inc. Caldwell contended that Gryphon did not pay for the oil in the storage tanks in the April 2007 transaction. The plaintiff alleged breach of contract, conversion and fraud and sought damages of $451,999 as contract damages, pre-judgment and post-judgment interest, exemplary damages, attorney fees, and court costs. On March 8, 2013, the Judge of the 223rd District Court entered Final Judgment that Caldwell takes nothing by his suit. Caldwell filed a motion for new trial. However, by letter dated July 29, 2013, the court advised Gryphon's counsel that the court was of the opinion that Gryphon's motion to dismiss should be (i) granted and costs should be awarded against the plaintiff and (ii) asked counsel to submit a form of order to that effect to be entered by the court. On August 6, 2013, Caldwell filed a motion to repeal the Court's order of July 29, 2013. NOTE 6. CONTRACTUAL OBLIGATIONS On February 25, 2013, the Company entered into a twelve month agreement with a new investor relations consultant, which pays the consultant a fee of $9,000 monthly for the period from February 2013 through July 2013. In addition, the Company granted 1,000,000 shares of common stock to the consultant upon execution of the agreement. The Company recognized $19,000 and $28,500 in consulting fees related to this agreement for the three and six months ending June 30, 2013 and also still has $47,500 in related prepaid expenses in current assets as of June 30, 2013. NOTE 7. 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. 12 NOTE 8. 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, 2013, the Company has paid $27,000 and $54,000, respectively for those services. During the three and six months ending June 30, 2012, the Company paid $26,000 and $50,000, respectively for those services. NOTE 9. SUBSEQUENT EVENTS Events occurring after June 30, 2013 were evaluated through the date the Form 10Q was issued, in compliance FASB ASC Topic 855 "Subsequent Events", to ensure that any subsequent events that met the criteria for recognition and/or disclosure in this report have been included. 13 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 producing wells in Gray and Carson counties, Texas. On July 22, 2008, we 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 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 our operational and restoration programs and the production capacity from our 67 actively producing wells in Gray and Hutchinson counties. 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, 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 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. Since the sale of substantially all of the assets of Gryphon to LCB, the Company has continued to maintain a total of four (4) producing oil wells and one (1) water disposal well. Gryphon also retains an operator's license with the Texas Railroad Commission and continues to operate the Hood Leases itself. The proceeds from the asset sale to LCB are being used to provide working capital to Chancellor and for future corporate purposes, including but not limited to possible acquisitions, including new business ventures outside of the oil and gas industry, such as with Pimovi, Inc. commencing during the fourth quarter of 2012. On November 16, 2012, a certificate of incorporation was filed with the state of Delaware for the formation of Pimovi, Inc. ("Pimovi"), a new majority-owned subsidiary of Chancellor, the separate company financial statements of which are consolidated with Chancellor's consolidated financial statements beginning for the fourth quarter of 2012. Subsequently on January 11, 2013 the final binding term sheet was signed by Chancellor summarizing the principal terms, conditions and formal establishment of Pimovi by its two "Co-Founders", Chancellor and Kasian Franks. Under the agreement, Chancellor has agreed to provide the initial funding of $250,000 over a period of up to eight months, in consideration of the receipt of 61% of the equity of Pimovi in the form of Series A Preferred Stock. Kasian Franks, whom is also the Chief Scientific Officer of Pimovi, has agreed to contribute certain intellectual property related to its business in consideration for receipt of the remaining equity in Pimovi in the form of common stock. The primary business purpose of Pimovi relates largely to technology and mobile application fields, including development of proprietary consumer algorithms, creating user photographic and other activity records, First Person Video Feeds and other such activities related to mobile and computer gaming. In March 2013, Pimovi was reincorporated in Nevada. Our common stock is quoted on the Over-The-Counter market and trades under the symbol CHAG.OB. As of August 13, 2013, there were 71,560,030 shares of our common stock issued and outstanding. 14 RESULTS OF OPERATIONS THREE MONTHS ENDED JUNE 30, 2013 COMPARED TO THREE MONTHS ENDED JUNE 30, 2012. PRODUCTION: During the three months ended June 30, 2013, we produced and sold 208 barrels of oil, generating $18,295 in gross revenues net of royalties paid, with a one month lag in receipt of revenues for the prior months sales, as compared with 72 barrels of oil, generating $6,376 in gross revenues net of royalties paid during the same period in 2012. During the same period in 2012 the Company also recorded revenue from the sale of approximately 67 barrels of oil which was in the tanks at the date of the sale to LCB, resulting in approximately $6,030 in revenues. We had 4 wells actually producing oil at June 30, 2013 and 2012. The Company has continued to maintain a total of four (4) producing oil 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 following table summarizes our production volumes and average sales prices for the three months ended June 30: 2013 2012 -------- -------- Oil Sales: Oil Sales (Bbl) 208 139 Average Sales Price: Oil, per Bbl $88.05 $89.00 The increase in revenues from oil during the three months ended June 30, 2013 (as compared to the three months ended June 30, 2012) resulted from the timing of oil deliveries compared to the same period a year ago. DEPRECIATION AND AMORTIZATION: Expense recognized for depreciation and amortization of property and equipment increased $246, or approximately 21% in the three months ended June 30, 2013 compared to the same period in 2012. This increase was primarily attributable to an increase in capitalized well equipment. OPERATING EXPENSES AND ADMINISTRATIVE EXPENSES: During the three months ended June 30, 2013, our operating expenses increased approximately $194,706 compared to the same period in 2012 primarily due to approximately $183,000 of investment related professional and consulting expenses were incurred by Pimovi, Inc., as reported in the consolidated statement of operations for the three months ended June 30, 2013. The majority of this expense incurred was for the financing of Pimovi's general business purpose related to the initial development of technology and mobile applications fields. Pimovi was started in the fourth quarter of 2012 and therefore did not have any activity during the second quarter of 2012. Operating expenses also increased approximately $10,700 due to increased well workover and maintenance expenses incurred during the second quarter of 2013 compared to the same period in 2012. During the three months ended June 30, 2013, our general and administrative expenses decreased $78,932, or approximately 51% compared to same period in 2012. Significant components of these expenses include professional and consulting fees, travel expenses, and insurance expense. Professional and consulting fees decreased approximately $34,000, or approximately 39%, during the three months ending June 30, 2013 compared to the same period in 2012, primarily the result of decreased professional and legal expense. Travel expenses decreased approximately $11,768 compared to same period in 2012, primarily the result of minimal travel expenses incurred in the three months ended June 30, 2013. Insurance increased approximately $659, or approximately 11% during the three months ending June 30, 2013 compared to the same period in 2012, primarily the result of premium increases. SIX MONTHS ENDED JUNE 30, 2013 COMPARED TO SIX MONTHS ENDED JUNE 30, 2012. PRODUCTION: During the six months ended June 30, 2013, we produced and sold 345 barrels of oil, generating $29,821 in gross revenues net of royalties paid, with a one month lag in receipt of revenues for the prior months sales, as compared with 163 barrels of oil generating $13,697 in gross revenues net of royalties paid during the same period in 2012. During the six months ended June 30, 2013, the Company also recorded other income of $53,337 related to the settlement of Cause 37053, related to production proceeds from 2009 through 2011 from properties previously owned and operated by the Company which had been previously paid to another party in error. During the same period in 2012, 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. Also during the same period in 2012, 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. We had 4 wells actually producing oil at June 30, 2013 and 2012. 15 The Company has continued to maintain a total of four (4) producing oil 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 following table summarizes our production volumes and average sales prices for the six months ended June 30: 2013 2012 -------- -------- Oil Sales: Oil Sales (Bbl) 345 530 Average Sales Price: Oil, per Bbl $86.55 $83.73 The decrease in revenues of oil during the six months ended June 30, 2013 (as compared to the period ended June 30, 2012) resulted in primarily from the revenues from 2012 being higher as a result of 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. DEPRECIATION AND AMORTIZATION: Expense recognized for depreciation and amortization of property and equipment increased $492, or approximately 20% in the six months ended June 30, 2013 compared to the same period in 2012. This increase was primarily attributable to additional capitalized well costs. OPERATING EXPENSES AND ADMINISTRATIVE EXPENSES: During the six months ended June 30, 2013, our operating expenses increased $300,057, or approximately 512%, primarily due to approximately $334,000 of investment related professional and consulting expenses were incurred by Pimovi, Inc., as reported in the consolidated statement of operations for the six months ended June 30, 2013. The majority of this expense incurred was for the financing of Pimovi's general business purpose related to the initial development of technology and mobile applications fields. Pimovi was started in the fourth quarter of 2012 and therefore did not have any activity during the first six months of 2012.. Administrative expenses decreased $6,520, or approximately 2% compared to same period in 2012. Significant components of these expenses include professional and consulting fees, travel expenses, and insurance expense. Professional and consulting fees increased approximately $42,550, or approximately 26%, during the six months ending June 30, 2013 compared to the same period in 2012, primarily the result of increased consulting fees and investor relations expense. Travel expenses decreased approximately $1,682 compared to same period in 2012, primarily the result of minimal travel expenses incurred in the six months ended June 30, 2013. Insurance decreased approximately $8,692, or approximately 40% during the six months ending June 30, 2013 compared to the same period in 2012, due primarily to the sale of substantially all of our producing wells effective December 1, 2011 to LCB and the decrease in insurance coverage requirements. OVERALL: During the six months ended June 30, 2013, we continued with the ongoing production, maintenance and enhancements of our 4 producing wells in Gray county. As a result of these efforts, our gross revenues from oil production for the six months ended June 30, 2013 were $29,821. During the six months ended June 30, 2013, the Company also recorded other income of $53,337 related to the settlement of Cause 37053, related to production proceeds from 2009 through 2011 from properties previously owned and operated by the Company which had been previously paid to another party in error. The management of the Company has expended a large amount of time and resources in exploring other acquisitions and business opportunities, primarily outside of the oil and gas industry. During the fourth quarter of 2012 Chancellor entered into an agreement to acquire 61% of Pimovi Inc., a new majority-owned subsidiary of Chancellor beginning in the fourth quarter of 2012. Pimovi's primary focus is creating new methods for recording activities, along with editing and assembling such records in a proprietary format, including First Person Video Feeds for sporting and other events that present the different points of views of the athletes and other participants. During the six months ended June 30, 2013, Pimovi incurred a loss of $334,241, mostly related to consulting fees and general and administrative expenses, as it begins to develop its product line. Chancellor recorded a $203,887 loss from Pimovi during first six months of 2013, representing its 61% share of Pimovi. Therefore, the Company and its Affiliate Pimovi reported a consolidated net loss of $413,089 during the first six months of 2013, compared to a net loss of $269,793 reported for the same period in 2012. LIQUIDITY AND CAPITAL RESOURCES OVERVIEW: The following table highlights certain information relation to our liquidity and capital resources at: June 30, 2013 December 31, 2012 ------------- ----------------- Working Capital $1,272,137 $1,712,701 Current Assets 1,320,782 1,747,045 Current Liabilities 48,645 34,344 Stockholders' Equity 1,303,253 1,746,696 16 Our working capital at June 30, 2013 decreased by $440,564 or approximately 26%, from December 31, 2012, primarily from the loss from operations during first six months of 2013. Current assets decreased by decreased by $426,263, or approximately 24%, while current liabilities increased $14,301 or approximately 42%, primarily as a result of operating losses incurred during the first six months of 2013. 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, 2013, the Company had $1,203,878 of unrestricted cash on hand. CASH FLOW: Net cash used during the six months ended June 30, 2013 was $496,630 compared to net cash used of $395,775 during same period in 2012. The most significant factor causing the increase in net cash used during the first six months of 2013 compared to the same period last year relates to the continued funding of cash to Pimovi, Inc to support its investment, professional and consulting expenses, as Pimovi is still in the development stage, as well as continued operational losses unrelated to Pimovi. Cash used for operations increased by $100,855, or approximately 25% during the first six months of 2013, compared to the same period in 2012, primarily related to the continued funding of cash to Pimovi, Inc to support its investment, professional and consulting expenses, as Pimovi is still in the development stage, as well as continued operational losses unrelated to Pimovi. EQUITY FINANCING: As of June 30, 2013, our stockholders have contributed $3,708,613 in total equity financing to date. We do not anticipate that significant equity financing will take place in the foreseeable future. CONTRACTUAL OBLIGATIONS On February 25, 2013, the Company entered into a 12 month agreement with a new investor relations consultant, which pays the consultant a fee of $9,000 monthly for the period from February 2013 through July 2013. In addition, the Company granted 1,000,000 shares of common stock to the consultant upon execution of the agreement. The Company recognized $28,500 in consulting fees related to this agreement for the quarter ending June 30, 2013 and also still has $47,500 in prepaid expenses in current assets as of June 30, 2013. CRITICAL ACCOUNTING POLICIES The Securities and Exchange Commission (the "SEC") recently issued "FINANCIAL REPORTING RELEASE NO. 60 CAUTIONARY ADVICE REGARDING DISCLOSURE ABOUT CRITICAL ACCOUNTING POLICIES" ("FRR 60"), suggesting companies provide additional disclosures, discussion and commentary on those accounting policies considered most critical to its business and financial reporting requirements. FRR 60 considers an accounting policy to be critical if it is important to the Company's financial condition and results of operations, and requires significant judgment and estimates on the part of management in the application of the policy. For a summary of the Company's significant accounting policies, including the critical accounting policies discussed below, please refer to the accompanying notes to the financial statements provided in this Quarterly Report on Form 10-Q. NATURAL GAS AND OIL PROPERTIES In January 2010, the Financial Accounting Standards Board issued ASU 2010-03 to align the oil and gas reserve estimation and disclosure requirements of Extractive Industries -- Oil and Gas Topic of the Accounting Standards Codification with the requirements in the SEC's final rule, "MODERNIZATION OF THE OIL AND GAS REPORTING REQUIREMENTS". We implemented ASU 2010-03 as of December 31, 2009. Key items in the new rules include changes to the pricing used to estimate reserves and calculate the full cost ceiling limitation, whereby a 12-month average price is used rather than a single day spot price, the use of new technology for determining reserves, the ability to include nontraditional resources in reserves and the ability to disclose probable and possible reserves. Management has elected not to include probable and possible reserves in its reserve studies and related disclosures. The process of estimating quantities of oil and gas reserves is complex, requiring significant decisions in the evaluation of all available geological, geophysical, engineering and economic data. The data for a given field may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. As a result, material revisions to existing reserve estimates may occur from time to time. Although every reasonable effort is made to ensure that reserve estimates reported represent the most accurate assessments possible, the subjective decisions and variances in available data for various fields make these estimates generally less precise than other estimates included in the financial statement disclosures. 17 INCOME TAXES As part of the process of preparing the consolidated financial statements, we are required to estimate federal and state income taxes in each of the jurisdictions in which Chancellor operates. This process involves estimating the actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as derivative instruments, depreciation, depletion and amortization, and certain accrued liabilities for tax and accounting purposes. These differences and our net operating loss carry-forwards result in deferred tax assets and liabilities, which are included in our consolidated balance sheet. We must then assess, using all available positive and negative evidence, the likelihood that the deferred tax assets will be recovered from future taxable income. If we believe that recovery is not likely, we must establish a valuation allowance. Generally, to the extent Chancellor establishes a valuation allowance or increases or decreases this allowance in a period, we must include an expense or reduction of expense within the tax provision in the consolidated statement of operations. Under accounting guidance for income taxes, an enterprise must use judgment in considering the relative impact of negative and positive evidence. The weight given to the potential effect of negative and positive evidence should be commensurate with the extent to which it can be objectively verified. The more negative evidence that exists (i) the more positive evidence is necessary and (ii) the more difficult it is to support a conclusion that a valuation allowance is not needed for some portion or all of the deferred tax asset. Among the more significant types of evidence that we consider are: * taxable income projections in future years; * whether the carry-forward period is so brief that it would limit realization of tax benefit; * future sales and operating cost projections that will produce more than enough taxable income to realize the deferred tax asset based on existing sales prices and cost structures; and * our earnings history exclusive of the loss that created the future deductible amount coupled with evidence indicating that the loss is an aberration rather than a continuing condition. If (i) oil and natural gas prices were to decrease significantly below present levels (and if such decreases were considered other than temporary), (ii) exploration, drilling and operating costs were to increase significantly beyond current levels, or (iii) we were confronted with any other significantly negative evidence pertaining to our ability to realize our NOL carry-forwards prior to their expiration, we may be required to provide a valuation allowance against our deferred tax assets. As of June 30, 2013, a deferred tax asset of $456,630 has been recognized but partially offset by a valuation allowance of approximately $453,053 due to federal NOL carry-back and carry-forward limitations. OFF-BALANCE SHEET ARRANGEMENTS There are no off-balance sheet transactions, arrangements, obligations (including contingent obligations), or other relationships of the Company with unconsolidated entities or other persons that have, or may have, a material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. 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 six 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. 18 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 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, 2013, 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, 2013 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 incidental to its business and arising in the ordinary course. Chancellor's management does not believe that any such proceedings will result in a liability material to its financial condition, results of operations or cash flows. On March 31, 2011, Dennis Caldwell filed a lawsuit against Chancellor's subsidiary, Gryphon Production Company, LLC, in the 223rd District Court of Gray County, Texas, for an alleged breach of the April 1, 2007, purchase and sale agreement between Gryphon and Caldwell Production Co., Inc. Caldwell contended that Gryphon did not pay for the oil in the storage tanks in the April 2007 transaction. The plaintiff alleged breach of contract, conversion and fraud and sought damages of $451,999 as contract damages, pre-judgment and post-judgment interest, exemplary damages, attorney fees, and court costs. On March 8, 2013, the Judge of the 223rd District Court entered Final Judgment that Caldwell takes nothing by his suit. Caldwell filed a motion for new trial. However, by letter dated July 29, 2013, the court advised Gryphon's counsel that the court was of the opinion that Gryphon's motion to dismiss should be (i) granted and costs should be awarded against the plaintiff and (ii) asked counsel to submit a form of order to that effect to be entered by the court. On August 6, 2013, Caldwell filed a motion to repeal the Court's order of July 29, 2013. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS There has not been any Unregistered Sales of Equity Securities in the three months ended June 30, 2013. 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. 19 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 13, 2013. 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 13, 2013. By: /s/ Maxwell Grant ----------------------------------------- Maxwell Grant, Chief Executive Officer 20 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.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 13, 2013 /s/ Maxwell Grant -------------------------------------- Maxwell Grant, Chief Executive Officer and Principal Financial Officer EX-32 3 ex32.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, 2013 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 13, 2013 EX-101.INS 4 chag-20130630.xml 1203878 1700508 25000 25000 6042 5500 10865 7753 74997 8284 1320782 1747045 57580 57580 -26714 -23835 30866 33745 250 250 250 250 1351898 1781040 47759 34175 886 169 48645 34344 0 0 71560 69560 3637053 3539053 -2242606 -1829517 1466007 1779096 -162754 -32400 1303253 1746696 1351898 1781040 1000 1000 250000 250000 0.001 0.001 250000000 250000000 71560030 69560030 71560030 69560030 18295 12406 29821 44347 0 0 53337 18750 18295 12406 83158 63097 13339 2608 15807 28745 841 294 1370 1766 3600 3226 7200 28050 183054 0 334241 0 75289 154221 265009 271529 1439 1193 2879 2387 277562 161542 626506 332477 -259267 -149136 -543348 -269380 400 1122 915 2399 400 1122 915 2399 371 294 1010 2812 371 294 1010 2812 -259238 -148308 -543443 -269793 0 0 0 0 -259238 -148308 -543443 -269793 71391 0 130354 0 -187847 -148308 -413089 -269793 0.00 0.00 0.00 0.00 71560030 69241349 70902571 68751239 -413089 -269793 -130354 0 2879 2387 100000 42600 -70367 -35752 14301 -135216 -496630 -395774 -496630 -395774 1725508 2336776 1228878 1941002 0 0 0 0 <!--egx--><pre>NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</pre><pre>ORGANIZATION</pre><pre>Chancellor&nbsp; Group,&nbsp; Inc.&nbsp; (the&nbsp; "Company",&nbsp; "our",&nbsp; "we",&nbsp; "Chancellor"&nbsp; or&nbsp; the</pre><pre>"Company")&nbsp; was&nbsp; incorporated&nbsp; in the state of Utah on May 2, 1986, and then, on</pre><pre>December&nbsp; 30, 1993,&nbsp; dissolved as a Utah&nbsp; corporation&nbsp; and&nbsp; reincorporated&nbsp; as a</pre><pre>Nevada&nbsp; corporation.&nbsp; 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&nbsp; corporate name was changed from Nighthawk Capital,&nbsp; Inc. to</pre><pre>Chancellor&nbsp; Group,&nbsp; Inc. The Company's&nbsp; corporate&nbsp; office was moved to Amarillo,</pre><pre>Texas in early 2012.</pre><pre>On November 16, 2012, a certificate of incorporation was filed with the state of</pre><pre>Delaware for the&nbsp; formation of Pimovi,&nbsp; Inc.&nbsp; ("Pimovi"),&nbsp; a new&nbsp; majority-owned</pre><pre>subsidiary of Chancellor,&nbsp; and with which separate company financial&nbsp; statements</pre><pre>are consolidated with Chancellor's&nbsp; consolidated&nbsp; financial statements beginning</pre><pre>for the fourth quarter of 2012.&nbsp; Chancellor&nbsp; owns 61% of the equity of Pimovi in</pre><pre>the form of Series A Preferred Stock, therefore Chancellor maintains significant</pre><pre>financial&nbsp; control.&nbsp; As of June 30,&nbsp; 2013,&nbsp; Pimovi had not&nbsp; commenced&nbsp; principal</pre><pre>operations&nbsp; and had no sales or&nbsp; revenues&nbsp; for 2012 or&nbsp; through&nbsp; June 30,&nbsp; 2013,</pre><pre>therefore&nbsp; Pimovi is considered a&nbsp; "development-stage&nbsp; enterprise".&nbsp; The primary</pre><pre>business purpose of Pimovi relates largely to technology and mobile&nbsp; application</pre><pre>fields, including development of proprietary consumer algorithms,&nbsp; creating user</pre><pre>photographic and other activity records, First Person Video Feeds and other such</pre><pre>activities&nbsp; related to mobile and computer gaming. In March 2013,&nbsp; Pimovi,&nbsp; Inc.</pre><pre>was reincorporated in Nevada.</pre><pre>OPERATIONS</pre><pre>The&nbsp; Company is&nbsp; licensed&nbsp; by the Texas&nbsp; Railroad&nbsp; Commission&nbsp; as an oil and gas</pre><pre>producer and operator.&nbsp; The Company and its wholly-owned&nbsp; subsidiaries,&nbsp; Gryphon</pre><pre>Production Company, LLC and Gryphon Field Services, LLC, own 5 oil wells in Gray</pre><pre>County,&nbsp; Texas,&nbsp; of&nbsp; which 1 is a water&nbsp; disposal&nbsp; well.&nbsp; As of June&nbsp; 30,&nbsp; 2013,</pre><pre>approximately 4 oil wells are actively producing.</pre><pre>We&nbsp; produced&nbsp; a total of 208 and 345&nbsp; barrels of oil in the three and six months</pre><pre>ended June 30, 2013, respectively,&nbsp; and a total of 139 and 530 barrels of oil in</pre><pre>the three and six months&nbsp; ended June 30,&nbsp; 2012,&nbsp; respectively.&nbsp; The oil is light</pre><pre>sweet crude.</pre><pre>BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION</pre><pre>The&nbsp; consolidated&nbsp; financial&nbsp; statements&nbsp; of&nbsp; Chancellor&nbsp; Group,&nbsp; Inc. have been</pre><pre>prepared&nbsp; pursuant to the rules and regulations of the SEC for Quarterly Reports</pre><pre>on Form 10-Q and in accordance&nbsp; with US GAAP.&nbsp; Accordingly,&nbsp; these&nbsp; consolidated</pre><pre>financial&nbsp; statements&nbsp; do&nbsp; not&nbsp; include&nbsp; all of the&nbsp; information&nbsp; and&nbsp; footnotes</pre><pre>required&nbsp; by&nbsp; US&nbsp; GAAP&nbsp; for&nbsp; annual&nbsp; consolidated&nbsp; financial&nbsp; statements.&nbsp; These</pre><pre>consolidated&nbsp; financial&nbsp; statements&nbsp; should&nbsp; be read&nbsp; in&nbsp; conjunction&nbsp; with&nbsp; the</pre><pre>consolidated financial statements and notes in the Chancellor Group, Inc. Annual</pre><pre>Report on Form 10-K for the year ended December 31, 2012.</pre><pre>These&nbsp; accompanying&nbsp; consolidated&nbsp; financial&nbsp; statements include the accounts of</pre><pre>Chancellor Group,&nbsp; Inc. and its wholly-owned&nbsp; subsidiaries:&nbsp; Gryphon&nbsp; Production</pre><pre>Company,&nbsp; LLC, and Gryphon Field Services,&nbsp; LLC. These entities are collectively</pre><pre>hereinafter referred to as "the Company". Beginning for the fourth quarter 2012,</pre><pre>the accompanying&nbsp; consolidated financial statements also include the accounts of</pre><pre>Chancellor's majority-owned subsidiary, Pimovi, Inc., with which Chancellor owns</pre><pre>61% of the equity of Pimovi and maintains&nbsp; significant&nbsp; financial&nbsp; control.&nbsp; All</pre><pre>material&nbsp; inter-company&nbsp; accounts and&nbsp; transactions&nbsp; have been eliminated in the</pre><pre>consolidated financial statements.</pre><pre>The&nbsp; consolidated&nbsp; financial&nbsp; statements&nbsp; are&nbsp; unaudited,&nbsp; but, in&nbsp; management's</pre><pre>opinion,&nbsp; include all adjustments (which,&nbsp; unless otherwise noted,&nbsp; include only</pre><pre>normal&nbsp; recurring&nbsp; adjustments)&nbsp; necessary&nbsp; for&nbsp; a&nbsp; fair&nbsp; presentation&nbsp; of&nbsp; such</pre><pre>financial&nbsp; statements.&nbsp; Financial&nbsp; results&nbsp; for&nbsp; this&nbsp; interim&nbsp; period&nbsp; are&nbsp; not</pre><pre>necessarily&nbsp; indicative &nbsp;of results that may be expected&nbsp; for any other&nbsp; interim</pre><pre>period or for the year ending December 31, 2013.</pre><pre>SIGNIFICANT ACCOUNTING POLICIES</pre><pre>PRINCIPLES OF CONSOLIDATION</pre><pre>The&nbsp; accompanying&nbsp; consolidated&nbsp; financial&nbsp; statements&nbsp; include the&nbsp; accounts of</pre><pre>Chancellor Group,&nbsp; Inc. and its wholly-owned&nbsp; subsidiaries:&nbsp; Gryphon&nbsp; Production</pre><pre>Company,&nbsp; LLC, and Gryphon Field Services,&nbsp; LLC. As of December 31, 2012 and for</pre><pre>the six months ended June 30, 2013, these consolidated financial statements also</pre><pre>include the accounts of Chancellor's majority-owned subsidiary, Pimovi, Inc., of</pre><pre>which&nbsp; Chancellor&nbsp; owns&nbsp; 61% of the&nbsp; equity.&nbsp; These&nbsp; entities&nbsp; are&nbsp; collectively</pre><pre>hereinafter&nbsp; referred&nbsp; to as&nbsp; "the&nbsp; Company".&nbsp; Any&nbsp; inter-company&nbsp; accounts&nbsp; and</pre><pre>transactions have been eliminated.</pre><pre>ACCOUNTING YEAR</pre><pre>The Company employs a calendar&nbsp; accounting year. The Company&nbsp; recognizes&nbsp; income</pre><pre>and expenses based on the accrual method of accounting under generally&nbsp; accepted</pre><pre>accounting principles.</pre><pre>USE OF ESTIMATES</pre><pre>The&nbsp; preparation&nbsp; of&nbsp; consolidated&nbsp;&nbsp; financial&nbsp; statements&nbsp; in&nbsp; conformity&nbsp; with</pre><pre>generally accepted&nbsp; accounting&nbsp; principles requires management to make estimates</pre><pre>and&nbsp; assumptions&nbsp; that affect&nbsp; reported&nbsp; amounts of assets and&nbsp; liabilities&nbsp; and</pre><pre>disclosure of contingent&nbsp; assets and liabilities at the date of the consolidated</pre><pre>financial&nbsp; statements and the reported&nbsp; amounts of revenues and expenses&nbsp; during</pre><pre>the reporting period. Actual results could differ from those estimates.</pre><pre>PRODUCTS AND SERVICES, GEOGRAPHIC AREAS AND MAJOR CUSTOMERS</pre><pre>The Company&nbsp; plans to operate its&nbsp; domestic oil and gas&nbsp; properties,&nbsp; located in</pre><pre>Gray County in Texas, and possibly to acquire&nbsp; additional&nbsp; producing oil and gas</pre><pre>properties.&nbsp; The&nbsp; Company's&nbsp; major&nbsp; customers,&nbsp; to which the majority of its oil</pre><pre>production is sold, are Plains Marketing and ExxonMobil.</pre><pre>NET LOSS PER SHARE</pre><pre>The net loss per share is&nbsp; computed&nbsp; by&nbsp; dividing&nbsp; the net loss by the&nbsp; weighted</pre><pre>average number of shares of common&nbsp; outstanding.&nbsp; Warrants,&nbsp; stock options,&nbsp; and</pre><pre>common stock issuable upon the conversion of the Company's&nbsp; preferred&nbsp; stock (if</pre><pre>any), are not included in the&nbsp; computation if the effect would be&nbsp; anti-dilutive</pre><pre>and would increase the earnings or decrease loss per share.</pre><pre>CASH AND CASH EQUIVALENTS</pre><pre>The Company considers all highly liquid investments with an original maturity of</pre><pre>six months or less as cash&nbsp; equivalents.&nbsp; The Company had no cash equivalents as</pre><pre>of June 30, 2013 and December 31, 2012.</pre><pre>CONCENTRATION OF CREDIT RISK</pre><pre>Some of the Company's&nbsp; operating&nbsp; cash balances are&nbsp; maintained in accounts that</pre><pre>currently&nbsp; exceed&nbsp; federally&nbsp; insured&nbsp; limits.&nbsp; The&nbsp; Company&nbsp; believes&nbsp; that the</pre><pre>financial strength of depositing&nbsp; institutions&nbsp; mitigates the underlying risk of</pre><pre>loss. To date,&nbsp; these&nbsp; concentrations&nbsp; of credit risk have not had a significant</pre><pre>impact on the Company's financial position or results of operations.</pre><pre>RESTRICTED CASH</pre><pre>Included in restricted&nbsp; cash at June 30, 2013 and December 31, 2012 are deposits</pre><pre>totaling $25,000, in the form of bond issued to the Railroad Commission of Texas</pre><pre>as required for the Company's oil and gas activities.</pre><pre>ACCOUNTS RECEIVABLE</pre><pre>The&nbsp; Company&nbsp; reviews&nbsp; accounts&nbsp;&nbsp; receivable&nbsp;&nbsp; periodically&nbsp; for&nbsp;&nbsp; collectibles,</pre><pre>establishes an allowance for doubtful accounts and records bad debt expense when</pre><pre>deemed&nbsp; necessary. &nbsp;An&nbsp; allowance&nbsp; for&nbsp; doubtful&nbsp; accounts&nbsp; was&nbsp; not&nbsp; considered</pre><pre>necessary or recorded at June 30, 2013 and December 31, 2012.</pre><pre>PREPAID EXPENSES</pre><pre>Certain expenses,&nbsp; primarily&nbsp; investment&nbsp; professional and consulting fees, have</pre><pre>been prepaid and will be used within one year.</pre><pre>PROPERTY</pre><pre>Property&nbsp; and&nbsp; equipment&nbsp; are&nbsp; recorded&nbsp; at&nbsp; cost&nbsp; and&nbsp; depreciated&nbsp;&nbsp; under&nbsp; the</pre><pre>straight-line&nbsp; method&nbsp; over the&nbsp; estimated&nbsp; useful&nbsp; life of the&nbsp; equipment.&nbsp; The</pre><pre>estimated useful life of leasehold&nbsp; costs,&nbsp; equipment and tools ranges from five</pre><pre>to seven&nbsp; years.&nbsp; The&nbsp; useful&nbsp; life of the&nbsp; office&nbsp; building&nbsp; and&nbsp; warehouse&nbsp; is</pre><pre>estimated to be twenty years.</pre><pre>OIL AND GAS PROPERTIES</pre><pre>The Company follows the successful&nbsp; efforts method of accounting for its oil and</pre><pre>gas&nbsp; activities.&nbsp; Under&nbsp; this&nbsp; accounting&nbsp; method,&nbsp; costs&nbsp; associated&nbsp; with&nbsp; the</pre><pre>acquisition,&nbsp; drilling and equipping of successful&nbsp; exploratory&nbsp; and development</pre><pre>wells are&nbsp; capitalized.&nbsp; Geological&nbsp; and&nbsp; geophysical&nbsp; costs,&nbsp; delay rentals and</pre><pre>drilling&nbsp; costs of&nbsp; unsuccessful&nbsp; exploratory&nbsp; wells are&nbsp; charged&nbsp; to expense as</pre><pre>incurred.&nbsp; The&nbsp; carrying&nbsp; value of mineral&nbsp; leases is depleted&nbsp; over the minimum</pre><pre>estimated&nbsp; productive life of the leases, or ten years.&nbsp; Undeveloped&nbsp; properties</pre><pre>are periodically&nbsp; assessed for possible impairment due to&nbsp; un-recoverability&nbsp; of</pre><pre>costs invested.&nbsp; Cash received for partial&nbsp; 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>The carrying value of the mineral leases is depleted over the minimum&nbsp; estimated</pre><pre>productive life of the leases, or ten years.</pre><pre>LONG-LIVED ASSETS</pre><pre>The Company&nbsp; assesses&nbsp; potential&nbsp; impairment&nbsp; of its&nbsp; long-lived&nbsp; assets,&nbsp; which</pre><pre>include its property and&nbsp; equipment&nbsp; and its&nbsp; identifiable&nbsp; intangibles&nbsp; such as</pre><pre>deferred charges,&nbsp; under the guidance Topic 360 "PROPERTY,&nbsp; PLANT AND EQUIPMENT"</pre><pre>in&nbsp; the&nbsp; Accounting&nbsp; Standards&nbsp;&nbsp; Codification&nbsp; (the&nbsp; "ASC").&nbsp; The&nbsp; Company&nbsp; must</pre><pre>continually&nbsp; determine if a permanent&nbsp; impairment of its&nbsp; long-lived&nbsp; assets has</pre><pre>occurred&nbsp; and write&nbsp; down the assets to their&nbsp; fair&nbsp; values&nbsp; and charge&nbsp; current</pre><pre>operations for the measured impairment.</pre><pre>ASSET RETIREMENT OBLIGATIONS</pre><pre>The Company has not recorded an asset retirement&nbsp; obligation (ARO) in accordance</pre><pre>with ASC 410.&nbsp; Under ASC 410, a liability&nbsp; should be recorded for the fair value</pre><pre>of an asset retirement&nbsp; obligation when there is a legal&nbsp; obligation&nbsp; associated</pre><pre>with the&nbsp; retirement of a tangible&nbsp; long-lived&nbsp; asset,&nbsp; and the liability can be</pre><pre>reasonably&nbsp; estimated.&nbsp; The&nbsp; associated&nbsp; asset&nbsp; retirement&nbsp; costs should also be</pre><pre>capitalized&nbsp; and recorded as part of the carrying&nbsp; amount of the related oil and</pre><pre>gas&nbsp; properties.&nbsp; Management&nbsp; believes&nbsp; that not&nbsp; recording an ARO liability and</pre><pre>asset under ASC 410 is immaterial to the consolidated financial statements.</pre><pre>INCOME TAXES</pre><pre>Deferred taxes are provided on a liability&nbsp; method&nbsp; whereby&nbsp; deferred tax assets</pre><pre>are&nbsp; recognized&nbsp; for&nbsp; deductible&nbsp;&nbsp; temporary&nbsp;&nbsp; differences&nbsp; and&nbsp; operating&nbsp; loss</pre><pre>carry-forwards and deferred tax liabilities are recognized for taxable temporary</pre><pre>differences.&nbsp; Temporary&nbsp; differences&nbsp; are the&nbsp; differences&nbsp; between the reported</pre><pre>amounts of assets and liabilities&nbsp; and their tax bases.&nbsp; Deferred tax assets are</pre><pre>reduced by a valuation allowance when, in the opinion of management,&nbsp; it is more</pre><pre>likely than not that some&nbsp; portion or all of the deferred tax assets will not be</pre><pre>realized.&nbsp; Deferred tax assets and&nbsp; liabilities&nbsp; 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>The Company recognizes revenue when a product is sold to a customer,&nbsp; either for</pre><pre>cash or as evidenced by an obligation on the part of the customer to pay.</pre><pre>FAIR VALUE MEASUREMENTS AND DISCLOSURES</pre><pre>The Company estimates fair values of assets and liabilities which require either</pre><pre>recognition&nbsp; or disclosure in the financial&nbsp; statements in accordance&nbsp; with FASB</pre><pre>ASC Topic 820 "FAIR VALUE MEASUREMENTS". There is no material impact on the June</pre><pre>30, 2013 consolidated&nbsp; financial&nbsp; statements&nbsp; related to fair value measurements</pre><pre>and disclosures. Fair value measurements include the following levels:</pre><pre>Level 1:&nbsp; Quoted&nbsp; market&nbsp; prices&nbsp; in&nbsp; active&nbsp; markets&nbsp; for&nbsp; identical&nbsp; assets or</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liabilities.&nbsp; Valuations for assets and&nbsp; liabilities&nbsp; traded in active</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange&nbsp; markets,&nbsp; such as the New York Stock Exchange.&nbsp; Level 1 also</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; includes&nbsp; U.S.&nbsp; Treasury&nbsp; and federal&nbsp; agency&nbsp; securities&nbsp; and federal</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; agency&nbsp; mortgage-backed&nbsp; securities,&nbsp; which are&nbsp; traded by&nbsp; dealers or</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; brokers&nbsp; in active&nbsp; markets.&nbsp; Valuations&nbsp; are &nbsp;obtained&nbsp; from&nbsp; readily</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; available pricing sources for market transactions&nbsp; involving identical</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets or liabilities.</pre><pre>Level 2:&nbsp; Observable&nbsp; market&nbsp; based&nbsp; inputs&nbsp; or&nbsp; unobservable&nbsp; inputs&nbsp; that&nbsp; are</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corroborated&nbsp; by market data.&nbsp; Valuations&nbsp; for assets and&nbsp; liabilities</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; traded&nbsp; in less&nbsp; active&nbsp; dealer&nbsp; or&nbsp; broker&nbsp; markets.&nbsp; Valuations&nbsp; are</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obtained&nbsp; from third party&nbsp; pricing&nbsp; services for identical or similar</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets or liabilities.</pre><pre>Level 3:&nbsp; Unobservable&nbsp;&nbsp; inputs&nbsp; that&nbsp; are&nbsp; not&nbsp; corroborated&nbsp; by&nbsp; market&nbsp; data.</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuations&nbsp; for assets and&nbsp; liabilities&nbsp; that are&nbsp; derived&nbsp; from other</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; valuation methodologies,&nbsp; including option pricing models,&nbsp; discounted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cash&nbsp; flow&nbsp; models&nbsp; and&nbsp; similar&nbsp; techniques,&nbsp; and not based on market</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange,&nbsp; dealer, or broker traded&nbsp; transactions.&nbsp; Level 3 valuations</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; incorporate&nbsp; certain&nbsp; assumptions&nbsp; and&nbsp; projections in determining the</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fair value assigned to such assets or liabilities.</pre><pre>FAIR VALUE OF FINANCIAL INSTRUMENTS</pre><pre>The carrying value of the Company's&nbsp; financial&nbsp; instruments,&nbsp; including cash and</pre><pre>cash equivalents,&nbsp; accounts&nbsp; receivable and accounts payable and long term debt,</pre><pre>as reported in the accompanying&nbsp; consolidated&nbsp; balance sheet,&nbsp; approximates fair</pre><pre>values, due to their short-term nature.</pre><pre>EMPLOYEE STOCK-BASED COMPENSATION</pre><pre>Compensation&nbsp; expense&nbsp; is&nbsp; recognized&nbsp; for&nbsp; performance-based&nbsp; stock&nbsp; awards&nbsp; if</pre><pre>management deems it probable that the performance conditions are or will be met.</pre><pre>Determining&nbsp; the&nbsp; amount of&nbsp; stock-based&nbsp; compensation&nbsp; expense&nbsp; requires&nbsp; us to</pre><pre>develop&nbsp; estimates&nbsp; that are used in&nbsp; calculating&nbsp; the fair value of stock-based</pre><pre>compensation,&nbsp; and also requires us to make estimates of&nbsp; assumptions&nbsp; including</pre><pre>expected stock price volatility which is derived based upon our historical stock</pre><pre>prices.</pre><pre>BUSINESS COMBINATIONS</pre><pre>The Company accounts for business combinations in accordance with FASB ASC Topic</pre><pre>805 "BUSINESS&nbsp; COMBINATIONS".&nbsp; This standard modifies certain aspects of how the</pre><pre>acquiring&nbsp; entity&nbsp;&nbsp; recognizes&nbsp; and&nbsp; measures&nbsp; the&nbsp; identifiable&nbsp;&nbsp; assets,&nbsp;&nbsp; the</pre><pre>liabilities&nbsp; assumed and the goodwill&nbsp; acquired in a business&nbsp; combination.&nbsp; The</pre><pre>Company did not enter into any business combinations during the six months ended</pre><pre>June 30, 2013.</pre><pre>The Company&nbsp; complies with the accounting&nbsp; guidance&nbsp; related to consolidation of</pre><pre>variable&nbsp; interest&nbsp; entities&nbsp; ("VIEs")&nbsp; that&nbsp; requires&nbsp; a&nbsp; reporting&nbsp; entity&nbsp; to</pre><pre>determine&nbsp; if a&nbsp; primary&nbsp; beneficiary&nbsp; that&nbsp; would&nbsp; consolidate&nbsp; the VIE&nbsp; from a</pre><pre>quantitative risk and rewards approach, to a qualitative approach based on which</pre><pre>variable&nbsp; interest&nbsp; holder&nbsp; has the power to&nbsp; direct&nbsp; the&nbsp; economic&nbsp; performance</pre><pre>related&nbsp; activities&nbsp; of the VIE as well as the&nbsp; obligation&nbsp; to absorb &nbsp;losses or</pre><pre>right to receive benefits that could potentially be significant to the VIE. This</pre><pre>guidance&nbsp; requires&nbsp; the primary&nbsp; beneficiary&nbsp; assessment&nbsp; to be&nbsp; performed on an</pre><pre>ongoing&nbsp; basis and also&nbsp; requires&nbsp; enhanced&nbsp; disclosures&nbsp; that will provide more</pre><pre>transparency&nbsp; about a company's&nbsp; involvement&nbsp; in a VIE. The Company did not have</pre><pre>any VIEs that required&nbsp; consolidation in these financial&nbsp; statements&nbsp; during the</pre><pre>six months ended June 30, 2013.</pre><pre>SUBSEQUENT EVENTS</pre><pre>Events&nbsp; occurring&nbsp; after&nbsp; June 30,&nbsp; 2013 were&nbsp; evaluated&nbsp; through&nbsp; the date this</pre><pre>quarterly&nbsp; report&nbsp; was&nbsp; issued,&nbsp; in&nbsp; compliance&nbsp; FASB ASC Topic 855&nbsp; "SUBSEQUENT</pre><pre>EVENTS",&nbsp; to&nbsp; ensure&nbsp; that&nbsp; any&nbsp; subsequent&nbsp; events&nbsp; that met the&nbsp; criteria&nbsp; for</pre><pre>recognition and/or disclosure in this report have been included.</pre><pre>RECENT ACCOUNTING PRONOUNCEMENTS</pre><pre>In&nbsp; July&nbsp; 2013,&nbsp; FASB&nbsp; issued&nbsp; ASU&nbsp; No.&nbsp; 2013-11,&nbsp;&nbsp; INCOME&nbsp; TAXES&nbsp; (TOPIC&nbsp; 740):</pre><pre>PRESENTATION&nbsp; OF&nbsp; AN&nbsp; UNRECOGNIZED&nbsp;&nbsp; TAX&nbsp; BENEFIT&nbsp; WHEN&nbsp; A&nbsp; NET&nbsp; OPERATING&nbsp; LOSS</pre><pre>CARRYFORWARD,&nbsp; A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS. This ASU</pre><pre>is effective for interim and annual periods&nbsp; beginning&nbsp; after December 15, 2013.</pre><pre>This update&nbsp; standardizes the presentation of an unrecognized tax benefit when a</pre><pre>net&nbsp; operating&nbsp; loss&nbsp; carryforward,&nbsp;&nbsp; a&nbsp; similar&nbsp; tax&nbsp; loss,&nbsp; or&nbsp; a&nbsp; tax&nbsp; credit</pre><pre>carryforward&nbsp; exists.&nbsp;&nbsp; Management&nbsp; does&nbsp; not&nbsp; anticipate&nbsp; that&nbsp; the&nbsp; accounting</pre><pre>pronouncement will have any material future effect on our consolidated financial</pre><pre>statements.</pre><pre>There were various&nbsp; other updates&nbsp; recently&nbsp; issued,&nbsp; most of which&nbsp; represented</pre><pre>technical&nbsp; corrections to the&nbsp; accounting&nbsp; literature or application to specific</pre><pre>industries,&nbsp; and are not&nbsp; expected&nbsp; to have a material&nbsp; impact on the&nbsp; Company's</pre><pre>financial position, results of operations or cash flows.</pre> <!--egx--><pre>NOTE 2. INCOME TAXES</pre><pre>Deferred income taxes are recorded for temporary&nbsp; differences&nbsp; between financial</pre><pre>statement and income tax basis.&nbsp; Temporary&nbsp; differences are differences&nbsp; between</pre><pre>the amounts of assets and liabilities&nbsp; reported for financial statement purposes</pre><pre>and&nbsp; their&nbsp; tax&nbsp; basis.&nbsp;&nbsp; Deferred&nbsp; tax&nbsp; assets&nbsp; are&nbsp; recognized&nbsp; for&nbsp; temporary</pre><pre>differences&nbsp; that&nbsp; will be&nbsp; deductible&nbsp; in future&nbsp; years'&nbsp; tax&nbsp; returns&nbsp; and for</pre><pre>operating loss and tax credit carryforwards.&nbsp; Deferred tax assets are reduced by</pre><pre>a valuation&nbsp; allowance &nbsp;if it is deemed more likely than not that some or all of</pre><pre>the&nbsp; deferred&nbsp; tax assets will not be realized.&nbsp; Deferred&nbsp; tax&nbsp; liabilities&nbsp; are</pre><pre>recognized for temporary&nbsp; differences&nbsp; that will be taxable in future years' tax</pre><pre>returns.</pre><pre>At June 30, 2013, the Company had a federal net operating loss&nbsp; carry-forward of</pre><pre>approximately $2,283,154 A deferred tax asset of approximately $456,631 has been</pre><pre>partially&nbsp; offset by a valuation&nbsp; allowance&nbsp; of&nbsp; approximately&nbsp; $453,053&nbsp; due to</pre><pre>federal net operating loss carry-back and carry-forward limitations.</pre><pre>At June 30, 2013, the Company also had&nbsp; approximately&nbsp; $3,578 in deferred income</pre><pre>tax liability&nbsp; attributable&nbsp; to timing&nbsp; differences&nbsp; between&nbsp; 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>Management&nbsp; evaluated&nbsp; the&nbsp; Company's&nbsp; tax&nbsp; positions&nbsp; under&nbsp; FASB&nbsp; ASC No.&nbsp; 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&nbsp; financial&nbsp; 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&nbsp; examinations by the U.S.&nbsp; federal,&nbsp; state or</pre><pre>local tax authorities for years before 2009.</pre> <!--egx--><pre>NOTE 3. STOCKHOLDERS' EQUITY</pre><pre>PREFERRED STOCK</pre><pre>The&nbsp; Company has&nbsp; authorized&nbsp; 250,000&nbsp; shares,&nbsp; par value&nbsp; $1,000 per share,&nbsp; of</pre><pre>convertible&nbsp; Preferred&nbsp; Series&nbsp; B stock&nbsp; ("Series&nbsp; B").&nbsp; Each&nbsp; Series B share is</pre><pre>convertible&nbsp; into 166.667 shares of the Company's&nbsp; common stock upon election by</pre><pre>the&nbsp; stockholder,&nbsp; with dates and terms set by the Board.&nbsp; No shares of Series B</pre><pre>preferred stock have been issued.</pre><pre>COMMON STOCK</pre><pre>The Company has 250,000,000&nbsp; authorized shares of common stock, par value $.001,</pre><pre>with 71,560,030 shares issued and outstanding as of June 30, 2013.</pre><pre>STOCK BASED COMPENSATION</pre><pre>For the three and six&nbsp; months&nbsp; ending&nbsp; June 30,&nbsp; 2013,&nbsp; the&nbsp; Company&nbsp; recognized</pre><pre>$65,000 and $15,000, respectively, in consulting fees expense, which is recorded</pre><pre>in general and&nbsp; administrative&nbsp; expenses,&nbsp; and as of June 30, 2013 has&nbsp; recorded</pre><pre>$35,000 in prepaid expense,&nbsp; which is recorded in current assets, all related to</pre><pre>stock issued.</pre><pre>WARRANTS</pre><pre>The Company&nbsp; currently has outstanding&nbsp; warrants&nbsp; expiring&nbsp; December 31, 2014 to</pre><pre>purchase an&nbsp; aggregate&nbsp; of&nbsp; 6,000,000&nbsp; shares of common&nbsp; stock;&nbsp; these&nbsp; warrants</pre><pre>consist of warrants to purchase&nbsp; 2,000,000 shares at an exercise price of $0.025</pre><pre>per share,&nbsp; and warrants to purchase&nbsp; 4,000,000&nbsp; shares at an exercise&nbsp; price of</pre><pre>$0.02 per share. In July 2009, the Company issued&nbsp; additional&nbsp; warrants expiring</pre><pre>June 30, 2014 to purchase an aggregate&nbsp; of 500,000&nbsp; shares of common stock at an</pre><pre>exercise price of $0.125 per share. In June 2010, the Company issued&nbsp; additional</pre><pre>warrants&nbsp; expiring&nbsp; June 30, 2015 to purchase an aggregate of 420,000&nbsp; shares of</pre><pre>common stock at an exercise price of $0.125 per share.</pre><pre>On June 30, the Company had the following outstanding warrants:</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price times&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average</pre><pre>Exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual Life&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise</pre><pre> Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (in years)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price</pre><pre> -----&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----</pre><pre>$0.025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 50,000</pre><pre>$0.020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 80,000</pre><pre>$0.125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 62,500</pre><pre>$0.125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 52,500</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $245,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;========</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise&nbsp;&nbsp; Contractual Life</pre><pre>Warrants&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (in years)</pre><pre>--------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------</pre><pre>Outstanding at January 1, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------</pre><pre>Issued&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Exercised&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Expired/Cancelled&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------</pre><pre>Outstanding at June 30, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----</pre><pre>Exercisable at June 30, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ======&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ====</pre> <!--egx--><pre>NOTE 4. PROPERTY</pre><pre>A summary of fixed assets at:</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30,</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions&nbsp;&nbsp; Deletions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp; --------</pre><pre>Leasehold Costs - Developed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 57,580&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 57,580</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Property&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 57,580&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 57,580</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ========</pre><pre>Less: Accumulated Amortization&nbsp;&nbsp; $ 23,835&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 2,879&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 26,714</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Property, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 33,745&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 2,879&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 30,866</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ======== &nbsp;&nbsp;&nbsp;========</pre> <!--egx--><pre style='word-wrap:break-word;font-variant:normal;white-space:pre-wrap;text-transform:none;word-spacing:0px;font-weight:normal;font-style:normal;letter-spacing:normal;line-height:normal;text-indent:0px;-webkit-text-stroke-width:0px'>NOTE 5. CONTINGENT LIABILITY Chancellor is from time to time involved in legal proceedings incidental to its business and arising in the ordinary course. Chancellor's management does not believe that any such proceedings will result in a liability material to its financial condition, results of operations or cash flows. On March 31, 2011, Dennis Caldwell filed a lawsuit against Chancellor's subsidiary, Gryphon Production Company, LLC, in the 223rd District Court of Gray County, Texas, for an alleged breach of the April 1, 2007, purchase and sale agreement between Gryphon and Caldwell Production Co., Inc. Caldwell contended that Gryphon did not pay for the oil in the storage tanks in the April 2007 transaction. The plaintiff alleged breach of contract, conversion and fraud and sought damages of $451,999 as contract damages, pre-judgment and post-judgment interest, exemplary damages, attorney fees, and court costs. On March 8, 2013, the Judge of the 223rd District Court entered Final Judgment that Caldwell takes nothing by his suit. Caldwell filed a motion for new trial. However, by letter dated July 29, 2013, the court advised Gryphon's counsel that the court was of the opinion that Gryphon's motion to dismiss should be (i) granted and costs should be awarded against the plaintiff and (ii) asked counsel to submit a form of order to that effect to be entered by the court. On August 6, 2013, Caldwell filed a motion to repeal the Court's order of July 29, 2013.</pre> <!--egx--><pre>NOTE 6. CONTRACTUAL OBLIGATIONS</pre><pre>On February 25, 2013, the Company&nbsp; entered into a twelve month&nbsp; agreement with a</pre><pre>new investor&nbsp; relations&nbsp; consultant,&nbsp; which pays the&nbsp; consultant a fee of $9,000</pre><pre>monthly for the period from February&nbsp; 2013 through July 2013.&nbsp; In addition,&nbsp; the</pre><pre>Company&nbsp; granted&nbsp; 1,000,000&nbsp; shares&nbsp; of&nbsp; common&nbsp; stock&nbsp; to the&nbsp; consultant&nbsp; upon</pre><pre>execution&nbsp; of the&nbsp; agreement.&nbsp; The&nbsp; Company&nbsp; recognized&nbsp; $19,000&nbsp; and $28,500 in</pre><pre>consulting&nbsp; fees related to this&nbsp; agreement&nbsp; for the three and six months ending</pre><pre>June 30, 2013 and also still has $47,500 in related prepaid&nbsp; expenses in current</pre><pre>assets as of June 30, 2013.</pre> <!--egx--><pre>NOTE 7. ACCUMULATED COMPENSATED ABSENCES</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&nbsp; service.&nbsp; The cost of vacation and sick leave is recognized&nbsp; when</pre><pre>payments are made to employees. These amounts are immaterial and not accrued.</pre> <!--egx--><pre>NOTE 8. RELATED PARTY TRANSACTIONS</pre><pre>The Company has used the&nbsp; management&nbsp; and&nbsp; consulting&nbsp; services of a&nbsp; consulting</pre><pre>company owned by the Chairman of the Board.&nbsp; For the three and six months ending</pre><pre>June 30, 2013, the Company has paid $27,000 and $54,000,&nbsp; respectively for those</pre><pre>services. During the three and six months ending June 30, 2012, the Company paid</pre><pre>$26,000 and $50,000, respectively for those services.</pre> <!--egx--><pre>NOTE 9. SUBSEQUENT EVENTS</pre><pre>Events&nbsp; occurring&nbsp; after June 30, 2013 were evaluated&nbsp; through the date the Form</pre><pre>10Q was issued, in compliance FASB ASC Topic 855 "Subsequent&nbsp; Events", to ensure</pre><pre>that&nbsp; any&nbsp; subsequent&nbsp; events&nbsp; that&nbsp; met the&nbsp; criteria&nbsp; for&nbsp; recognition&nbsp; and/or</pre>disclosure in this report have been included. <!--egx--><pre>PRINCIPLES OF CONSOLIDATION</pre><pre>The&nbsp; accompanying&nbsp; consolidated&nbsp; financial&nbsp; statements&nbsp; include the&nbsp; accounts of</pre><pre>Chancellor Group,&nbsp; Inc. and its wholly-owned&nbsp; subsidiaries:&nbsp; Gryphon&nbsp; Production</pre><pre>Company,&nbsp; LLC, and Gryphon Field Services,&nbsp; LLC. As of December 31, 2012 and for</pre><pre>the six months ended June 30, 2013, these consolidated financial statements also</pre><pre>include the accounts of Chancellor's majority-owned subsidiary, Pimovi, Inc., of</pre><pre>which&nbsp; Chancellor&nbsp; owns&nbsp; 61% of the&nbsp; equity.&nbsp; These&nbsp; entities&nbsp; are&nbsp; collectively</pre><pre>hereinafter&nbsp; referred&nbsp; to as&nbsp; "the&nbsp; Company".&nbsp; Any&nbsp; inter-company&nbsp; accounts&nbsp; and</pre><pre>transactions have been eliminated.</pre> <!--egx--><pre>ACCOUNTING YEAR</pre><pre>The Company employs a calendar&nbsp; accounting year. The Company&nbsp; recognizes&nbsp; income</pre><pre>and expenses based on the accrual method of accounting under generally&nbsp; accepted</pre><pre>accounting principles.</pre> <!--egx--><pre>USE OF ESTIMATES</pre><pre>The&nbsp; preparation&nbsp; of&nbsp; consolidated&nbsp;&nbsp; financial&nbsp; statements&nbsp; in&nbsp; conformity&nbsp; with</pre><pre>generally accepted&nbsp; accounting&nbsp; principles requires management to make estimates</pre><pre>and&nbsp; assumptions&nbsp; that affect&nbsp; reported&nbsp; amounts of assets and&nbsp; liabilities&nbsp; and</pre><pre>disclosure of contingent&nbsp; assets and liabilities at the date of the consolidated</pre><pre>financial&nbsp; statements and the reported&nbsp; amounts of revenues and expenses&nbsp; during</pre><pre>the reporting period. Actual results could differ from those estimates.</pre> <!--egx--><pre>PRODUCTS AND SERVICES, GEOGRAPHIC AREAS AND MAJOR CUSTOMERS</pre><pre>The Company&nbsp; plans to operate its&nbsp; domestic oil and gas&nbsp; properties,&nbsp; located in</pre><pre>Gray County in Texas, and possibly to acquire&nbsp; additional&nbsp; producing oil and gas</pre><pre>properties.&nbsp; The&nbsp; Company's&nbsp; major&nbsp; customers,&nbsp; to which the majority of its oil</pre><pre>production is sold, are Plains Marketing and ExxonMobil.</pre> <!--egx--><pre>NET LOSS PER SHARE</pre><pre>The net loss per share is&nbsp; computed&nbsp; by&nbsp; dividing&nbsp; the net loss by the&nbsp; weighted</pre><pre>average number of shares of common&nbsp; outstanding.&nbsp; Warrants,&nbsp; stock options,&nbsp; and</pre><pre>common stock issuable upon the conversion of the Company's&nbsp; preferred&nbsp; stock (if</pre><pre>any), are not included in the&nbsp; computation if the effect would be&nbsp; anti-dilutive</pre><pre>and would increase the earnings or decrease loss per share.</pre> <!--egx--><pre>CASH AND CASH EQUIVALENTS</pre><pre>The Company considers all highly liquid investments with an original maturity of</pre><pre>six months or less as cash&nbsp; equivalents.&nbsp; The Company had no cash equivalents as</pre><pre>of June 30, 2013 and December 31, 2012.</pre> <!--egx--><pre>CONCENTRATION OF CREDIT RISK</pre><pre>Some of the Company's&nbsp; operating&nbsp; cash balances are&nbsp; maintained in accounts that</pre><pre>currently&nbsp; exceed&nbsp; federally&nbsp; insured&nbsp; limits.&nbsp; The&nbsp; Company&nbsp; believes&nbsp; that the</pre><pre>financial strength of depositing&nbsp; institutions&nbsp; mitigates the underlying risk of</pre><pre>loss. To date,&nbsp; these&nbsp; concentrations&nbsp; of credit risk have not had a significant</pre><pre>impact on the Company's financial position or results of operations.</pre> <!--egx--><pre>RESTRICTED CASH</pre><pre>Included in restricted&nbsp; cash at June 30, 2013 and December 31, 2012 are deposits</pre><pre>totaling $25,000, in the form of bond issued to the Railroad Commission of Texas</pre><pre>as required for the Company's oil and gas activities.</pre> <!--egx--><pre>ACCOUNTS RECEIVABLE</pre><pre>The&nbsp; Company&nbsp; reviews&nbsp; accounts&nbsp;&nbsp; receivable&nbsp;&nbsp; periodically&nbsp; for&nbsp;&nbsp; collectibles,</pre><pre>establishes an allowance for doubtful accounts and records bad debt expense when</pre><pre>deemed&nbsp; necessary. &nbsp;An&nbsp; allowance&nbsp; for&nbsp; doubtful&nbsp; accounts&nbsp; was&nbsp; not&nbsp; considered</pre><pre>necessary or recorded at June 30, 2013 and December 31, 2012.</pre> <!--egx--><pre>PREPAID EXPENSES</pre><pre>Certain expenses,&nbsp; primarily&nbsp; investment&nbsp; professional and consulting fees, have</pre><pre>been prepaid and will be used within one year.</pre> <!--egx--><pre>PROPERTY</pre><pre>Property&nbsp; and&nbsp; equipment&nbsp; are&nbsp; recorded&nbsp; at&nbsp; cost&nbsp; and&nbsp; depreciated&nbsp;&nbsp; under&nbsp; the</pre><pre>straight-line&nbsp; method&nbsp; over the&nbsp; estimated&nbsp; useful&nbsp; life of the&nbsp; equipment.&nbsp; The</pre><pre>estimated useful life of leasehold&nbsp; costs,&nbsp; equipment and tools ranges from five</pre><pre>to seven&nbsp; years.&nbsp; The&nbsp; useful&nbsp; life of the&nbsp; office&nbsp; building&nbsp; and&nbsp; warehouse&nbsp; is</pre><pre>estimated to be twenty years.</pre> <!--egx--><pre>OIL AND GAS PROPERTIES</pre><pre>The Company follows the successful&nbsp; efforts method of accounting for its oil and</pre><pre>gas&nbsp; activities.&nbsp; Under&nbsp; this&nbsp; accounting&nbsp; method,&nbsp; costs&nbsp; associated&nbsp; with&nbsp; the</pre><pre>acquisition,&nbsp; drilling and equipping of successful&nbsp; exploratory&nbsp; and development</pre><pre>wells are&nbsp; capitalized.&nbsp; Geological&nbsp; and&nbsp; geophysical&nbsp; costs,&nbsp; delay rentals and</pre><pre>drilling&nbsp; costs of&nbsp; unsuccessful&nbsp; exploratory&nbsp; wells are&nbsp; charged&nbsp; to expense as</pre><pre>incurred.&nbsp; The&nbsp; carrying&nbsp; value of mineral&nbsp; leases is depleted&nbsp; over the minimum</pre><pre>estimated&nbsp; productive life of the leases, or ten years.&nbsp; Undeveloped&nbsp; properties</pre><pre>are periodically&nbsp; assessed for possible impairment due to&nbsp; un-recoverability&nbsp; of</pre><pre>costs invested.&nbsp; Cash received for partial&nbsp; conveyances of property interests is</pre>treated as a recovery of cost and no gain or loss is recognized. <!--egx--><pre>DEPLETION</pre><pre>The carrying value of the mineral leases is depleted over the minimum&nbsp; estimated</pre><pre>productive life of the leases, or ten years.</pre> <!--egx--><pre>LONG-LIVED ASSETS</pre><pre>The Company&nbsp; assesses&nbsp; potential&nbsp; impairment&nbsp; of its&nbsp; long-lived&nbsp; assets,&nbsp; which</pre><pre>include its property and&nbsp; equipment&nbsp; and its&nbsp; identifiable&nbsp; intangibles&nbsp; such as</pre><pre>deferred charges,&nbsp; under the guidance Topic 360 "PROPERTY,&nbsp; PLANT AND EQUIPMENT"</pre><pre>in&nbsp; the&nbsp; Accounting&nbsp; Standards&nbsp;&nbsp; Codification&nbsp; (the&nbsp; "ASC").&nbsp; The&nbsp; Company&nbsp; must</pre><pre>continually&nbsp; determine if a permanent&nbsp; impairment of its&nbsp; long-lived&nbsp; assets has</pre><pre>occurred&nbsp; and write&nbsp; down the assets to their&nbsp; fair&nbsp; values&nbsp; and charge&nbsp; current</pre><pre>operations for the measured impairment.</pre> <!--egx--><pre>ASSET RETIREMENT OBLIGATIONS</pre><pre>The Company has not recorded an asset retirement&nbsp; obligation (ARO) in accordance</pre><pre>with ASC 410.&nbsp; Under ASC 410, a liability&nbsp; should be recorded for the fair value</pre><pre>of an asset retirement&nbsp; obligation when there is a legal&nbsp; obligation&nbsp; associated</pre><pre>with the&nbsp; retirement of a tangible&nbsp; long-lived&nbsp; asset,&nbsp; and the liability can be</pre><pre>reasonably&nbsp; estimated.&nbsp; The&nbsp; associated&nbsp; asset&nbsp; retirement&nbsp; costs should also be</pre><pre>capitalized&nbsp; and recorded as part of the carrying&nbsp; amount of the related oil and</pre><pre>gas&nbsp; properties.&nbsp; Management&nbsp; believes&nbsp; that not&nbsp; recording an ARO liability and</pre><pre>asset under ASC 410 is immaterial to the consolidated financial statements.</pre> <!--egx--><pre>INCOME TAXES</pre><pre>Deferred taxes are provided on a liability&nbsp; method&nbsp; whereby&nbsp; deferred tax assets</pre><pre>are&nbsp; recognized&nbsp; for&nbsp; deductible&nbsp;&nbsp; temporary&nbsp;&nbsp; differences&nbsp; and&nbsp; operating&nbsp; loss</pre><pre>carry-forwards and deferred tax liabilities are recognized for taxable temporary</pre><pre>differences.&nbsp; Temporary&nbsp; differences&nbsp; are the&nbsp; differences&nbsp; between the reported</pre><pre>amounts of assets and liabilities&nbsp; and their tax bases.&nbsp; Deferred tax assets are</pre><pre>reduced by a valuation allowance when, in the opinion of management,&nbsp; it is more</pre><pre>likely than not that some&nbsp; portion or all of the deferred tax assets will not be</pre><pre>realized.&nbsp; Deferred tax assets and&nbsp; liabilities&nbsp; are adjusted for the effects of</pre><pre>changes in tax laws and rates on the date of enactment.</pre> <!--egx--><pre>REVENUE RECOGNITION</pre><pre>The Company recognizes revenue when a product is sold to a customer,&nbsp; either for</pre><pre>cash or as evidenced by an obligation on the part of the customer to pay.</pre> <!--egx--><pre>FAIR VALUE MEASUREMENTS AND DISCLOSURES</pre><pre>The Company estimates fair values of assets and liabilities which require either</pre><pre>recognition&nbsp; or disclosure in the financial&nbsp; statements in accordance&nbsp; with FASB</pre><pre>ASC Topic 820 "FAIR VALUE MEASUREMENTS". There is no material impact on the June</pre><pre>30, 2013 consolidated&nbsp; financial&nbsp; statements&nbsp; related to fair value measurements</pre><pre>and disclosures. Fair value measurements include the following levels:</pre><pre>Level 1:&nbsp; Quoted&nbsp; market&nbsp; prices&nbsp; in&nbsp; active&nbsp; markets&nbsp; for&nbsp; identical&nbsp; assets or</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liabilities.&nbsp; Valuations for assets and&nbsp; liabilities&nbsp; traded in active</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange&nbsp; markets,&nbsp; such as the New York Stock Exchange.&nbsp; Level 1 also</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; includes&nbsp; U.S.&nbsp; Treasury&nbsp; and federal&nbsp; agency&nbsp; securities&nbsp; and federal</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; agency&nbsp; mortgage-backed&nbsp; securities,&nbsp; which are&nbsp; traded by&nbsp; dealers or</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; brokers&nbsp; in active&nbsp; markets.&nbsp; Valuations&nbsp; are &nbsp;obtained&nbsp; from&nbsp; readily</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; available pricing sources for market transactions&nbsp; involving identical</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets or liabilities.</pre><pre>Level 2:&nbsp; Observable&nbsp; market&nbsp; based&nbsp; inputs&nbsp; or&nbsp; unobservable&nbsp; inputs&nbsp; that&nbsp; are</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corroborated&nbsp; by market data.&nbsp; Valuations&nbsp; for assets and&nbsp; liabilities</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; traded&nbsp; in less&nbsp; active&nbsp; dealer&nbsp; or&nbsp; broker&nbsp; markets.&nbsp; Valuations&nbsp; are</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obtained&nbsp; from third party&nbsp; pricing&nbsp; services for identical or similar</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets or liabilities.</pre><pre>Level 3:&nbsp; Unobservable&nbsp;&nbsp; inputs&nbsp; that&nbsp; are&nbsp; not&nbsp; corroborated&nbsp; by&nbsp; market&nbsp; data.</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuations&nbsp; for assets and&nbsp; liabilities&nbsp; that are&nbsp; derived&nbsp; from other</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; valuation methodologies,&nbsp; including option pricing models,&nbsp; discounted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cash&nbsp; flow&nbsp; models&nbsp; and&nbsp; similar&nbsp; techniques,&nbsp; and not based on market</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange,&nbsp; dealer, or broker traded&nbsp; transactions.&nbsp; Level 3 valuations</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; incorporate&nbsp; certain&nbsp; assumptions&nbsp; and&nbsp; projections in determining the</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fair value assigned to such assets or liabilities.</pre> <!--egx--><pre>FAIR VALUE OF FINANCIAL INSTRUMENTS</pre><pre>The carrying value of the Company's&nbsp; financial&nbsp; instruments,&nbsp; including cash and</pre><pre>cash equivalents,&nbsp; accounts&nbsp; receivable and accounts payable and long term debt,</pre><pre>as reported in the accompanying&nbsp; consolidated&nbsp; balance sheet,&nbsp; approximates fair</pre><pre>values, due to their short-term nature.</pre> <!--egx--><pre>EMPLOYEE STOCK-BASED COMPENSATION</pre><pre>Compensation&nbsp; expense&nbsp; is&nbsp; recognized&nbsp; for&nbsp; performance-based&nbsp; stock&nbsp; awards&nbsp; if</pre><pre>management deems it probable that the performance conditions are or will be met.</pre><pre>Determining&nbsp; the&nbsp; amount of&nbsp; stock-based&nbsp; compensation&nbsp; expense&nbsp; requires&nbsp; us to</pre><pre>develop&nbsp; estimates&nbsp; that are used in&nbsp; calculating&nbsp; the fair value of stock-based</pre><pre>compensation,&nbsp; and also requires us to make estimates of&nbsp; assumptions&nbsp; including</pre><pre>expected stock price volatility which is derived based upon our historical stock</pre><pre>prices.</pre> <!--egx--><pre>BUSINESS COMBINATIONS</pre><pre>The Company accounts for business combinations in accordance with FASB ASC Topic</pre><pre>805 "BUSINESS&nbsp; COMBINATIONS".&nbsp; This standard modifies certain aspects of how the</pre><pre>acquiring&nbsp; entity&nbsp;&nbsp; recognizes&nbsp; and&nbsp; measures&nbsp; the&nbsp; identifiable&nbsp;&nbsp; assets,&nbsp;&nbsp; the</pre><pre>liabilities&nbsp; assumed and the goodwill&nbsp; acquired in a business&nbsp; combination.&nbsp; The</pre><pre>Company did not enter into any business combinations during the six months ended</pre><pre>June 30, 2013.</pre><pre>The Company&nbsp; complies with the accounting&nbsp; guidance&nbsp; related to consolidation of</pre><pre>variable&nbsp; interest&nbsp; entities&nbsp; ("VIEs")&nbsp; that&nbsp; requires&nbsp; a&nbsp; reporting&nbsp; entity&nbsp; to</pre><pre>determine&nbsp; if a&nbsp; primary&nbsp; beneficiary&nbsp; that&nbsp; would&nbsp; consolidate&nbsp; the VIE&nbsp; from a</pre><pre>quantitative risk and rewards approach, to a qualitative approach based on which</pre><pre>variable&nbsp; interest&nbsp; holder&nbsp; has the power to&nbsp; direct&nbsp; the&nbsp; economic&nbsp; performance</pre><pre>related&nbsp; activities&nbsp; of the VIE as well as the&nbsp; obligation&nbsp; to absorb &nbsp;losses or</pre><pre>right to receive benefits that could potentially be significant to the VIE. This</pre><pre>guidance&nbsp; requires&nbsp; the primary&nbsp; beneficiary&nbsp; assessment&nbsp; to be&nbsp; performed on an</pre><pre>ongoing&nbsp; basis and also&nbsp; requires&nbsp; enhanced&nbsp; disclosures&nbsp; that will provide more</pre><pre>transparency&nbsp; about a company's&nbsp; involvement&nbsp; in a VIE. The Company did not have</pre><pre>any VIEs that required&nbsp; consolidation in these financial&nbsp; statements&nbsp; during the</pre><pre>six months ended June 30, 2013.</pre> <!--egx--><pre>SUBSEQUENT EVENTS</pre><pre>Events&nbsp; occurring&nbsp; after&nbsp; June 30,&nbsp; 2013 were&nbsp; evaluated&nbsp; through&nbsp; the date this</pre><pre>quarterly&nbsp; report&nbsp; was&nbsp; issued,&nbsp; in&nbsp; compliance&nbsp; FASB ASC Topic 855&nbsp; "SUBSEQUENT</pre><pre>EVENTS",&nbsp; to&nbsp; ensure&nbsp; that&nbsp; any&nbsp; subsequent&nbsp; events&nbsp; that met the&nbsp; criteria&nbsp; for</pre><pre>recognition and/or disclosure in this report have been included.</pre> <!--egx--><pre>RECENT ACCOUNTING PRONOUNCEMENTS</pre><pre>In&nbsp; July&nbsp; 2013,&nbsp; FASB&nbsp; issued&nbsp; ASU&nbsp; No.&nbsp; 2013-11,&nbsp;&nbsp; INCOME&nbsp; TAXES&nbsp; (TOPIC&nbsp; 740):</pre><pre>PRESENTATION&nbsp; OF&nbsp; AN&nbsp; UNRECOGNIZED&nbsp;&nbsp; TAX&nbsp; BENEFIT&nbsp; WHEN&nbsp; A&nbsp; NET&nbsp; OPERATING&nbsp; LOSS</pre><pre>CARRYFORWARD,&nbsp; A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS. This ASU</pre><pre>is effective for interim and annual periods&nbsp; beginning&nbsp; after December 15, 2013.</pre><pre>This update&nbsp; standardizes the presentation of an unrecognized tax benefit when a</pre><pre>net&nbsp; operating&nbsp; loss&nbsp; carryforward,&nbsp;&nbsp; a&nbsp; similar&nbsp; tax&nbsp; loss,&nbsp; or&nbsp; a&nbsp; tax&nbsp; credit</pre><pre>carryforward&nbsp; exists.&nbsp;&nbsp; Management&nbsp; does&nbsp; not&nbsp; anticipate&nbsp; that&nbsp; the&nbsp; accounting</pre><pre>pronouncement will have any material future effect on our consolidated financial</pre><pre>statements.</pre><pre>There were various&nbsp; other updates&nbsp; recently&nbsp; issued,&nbsp; most of which&nbsp; represented</pre><pre>technical&nbsp; corrections to the&nbsp; accounting&nbsp; literature or application to specific</pre><pre>industries,&nbsp; and are not&nbsp; expected&nbsp; to have a material&nbsp; impact on the&nbsp; Company's</pre><pre>financial position, results of operations or cash flows.</pre> <!--egx--><pre>On June 30, the Company had the following outstanding warrants:</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price times&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average</pre><pre>Exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual Life&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise</pre><pre> Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (in years)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price</pre><pre> -----&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----</pre><pre>$0.025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 50,000</pre><pre>$0.020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 80,000</pre><pre>$0.125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 62,500</pre><pre>$0.125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 52,500</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $245,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;========</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise&nbsp;&nbsp; Contractual Life</pre><pre>Warrants&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (in years)</pre><pre>--------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------</pre><pre>Outstanding at January 1, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------</pre><pre>Issued&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Exercised&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Expired/Cancelled&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------</pre><pre>Outstanding at June 30, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----</pre><pre>Exercisable at June 30, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ======&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ====</pre> <!--egx--><pre>A summary of fixed assets at:</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30,</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions&nbsp;&nbsp; Deletions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp; --------</pre><pre>Leasehold Costs - Developed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 57,580&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 57,580</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Property&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 57,580&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 57,580</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ========</pre><pre>Less: Accumulated Amortization&nbsp;&nbsp; $ 23,835&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 2,879&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 26,714</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Property, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 33,745&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 2,879&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 30,866</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ======== &nbsp;&nbsp;&nbsp;========</pre> 25000 250000 250000 1000 166.667 250000000 0.001 71560030 2283154 456631 453053 3655 2000000 1.50 50000 4000000 1.50 80000 500000 1.00 62500 420000 2.00 52500 6920000 245000 0.035 6920000 0.035 0.00 0 0 0 6920000 0.035 1.75 6920000 0.035 1.75 57580 0 0 57580 57580 0 0 57580 23835 2879 0 26714 33745 2879 0 30866 451999 9000 1000000 47500 19000 28500 27000 54000 26000 50000 10-Q 2013-06-30 false CHANCELLOR GROUP INC. 0000894544 --12-31 71560030 Smaller Reporting Company Yes No No 2013 Q2 0000894544 2013-01-01 2013-06-30 0000894544 2013-08-13 0000894544 2013-06-30 0000894544 2012-12-31 0000894544 2013-04-01 2013-06-30 0000894544 2012-04-01 2012-06-30 0000894544 2012-01-01 2012-06-30 0000894544 2011-12-31 0000894544 fil:NumberOfSharesMember 2013-06-30 0000894544 fil:RemainingContractualLifeInYearsMember 2013-06-30 0000894544 fil:ExercisePriceTimesNumberOfSharesMember 2013-06-30 0000894544 fil:WeightedAverageExercisePriceMember 2013-06-30 0000894544 fil:NumberOfShares1Member 2012-12-31 0000894544 fil:WeightedAverageExercisePrice1Member 2012-12-31 0000894544 fil:RemainingContractualLifeInYears1Member 2012-12-31 0000894544 fil:NumberOfShares1Member 2013-01-01 2013-06-30 0000894544 fil:NumberOfShares1Member 2013-06-30 0000894544 fil:WeightedAverageExercisePrice1Member 2013-06-30 0000894544 fil:RemainingContractualLifeInYears1Member 2013-06-30 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Issued Issued warrants during the period. Statement Common stock shares issued and outstanding Common stock shares issued and outstanding Summary of fixed assets {1} Summary of fixed assets CONCENTRATION OF CREDIT RISK SUBSEQUENT EVENTS ACCUMULATED COMPENSATED ABSENCES INCOME TAXES {1} INCOME TAXES Decrease in Operating Assets Adjustments to Reconcile Net Loss to Net Cash (Used for) Operating Activities: Common Stock par value Parentheticals Plaintiff alleges breach of contract, conversion and fraud and seeks damages Plaintiff alleges breach of contract, conversion and fraud and seeks damages Less: Accumulated Amortization. Less: Accumulated Amortization. The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. PROPERTY Balance December 31, 2012 Exercised Valuation allowance against deferred tax assets PROPERTY Policy PRODUCTS AND SERVICES, GEOGRAPHIC AREAS AND MAJOR CUSTOMERS Net Loss {1} Net Loss Weighted Average Number of Common Shares Outstanding Revenues - Net of Royalties Paid: Entity Filer Category Leasehold Costs Developed [Member] Exercise Price $0.125. Exercise Price $0.125. Exercise Price Number of Shares Following outstanding warrants RELATED PARTY TRANSACTIONS {1} RELATED PARTY TRANSACTIONS Cash and restricted cash at the End of the Period Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Cash and restricted cash at the Beginning of the Period Cash and restricted cash at the Beginning of the Period Cash in Bank Document and Entity Information Management and consulting services The amount of expenses incurred towards management and consulting services. PROPERTY Balance June 30, 2013 Series B convertible preferred shares into shares of common stock Series B convertible preferred shares into shares of common stock Restricted Cash Consists Of: Summary of fixed assets REVENUE RECOGNITION CASH AND CASH EQUIVALENTS Policy ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: {1} ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Net Increase (Decrease) in Cash and Restricted Cash Stock Compensation Net (Income) Loss attributable to noncontrolling interest in Pimovi, Inc. ASSETS Amendment Flag Total oustanding warrants number of shares Total oustanding warrants number of shares Total oustanding warrants number of shares Statement {1} Statement Exercise Price times Number of Shares Authorized shares of common stock Total deferred tax assets Deferred tax assets: ACCOUNTS RECEIVABLE Policy Net Cash (Used for) Operating Activities Increase (Decrease) in Operating Liabilities Revenues: Total Chancellor, Inc. Stockholders' Equity Entity Central Index Key Company recognized consulting fees related to the agreement Company recognized consulting fees related to the agreement Weighted Average Exercise Price Remaining Contractual Life (in years) LONG-LIVED ASSETS Disclosure of Long Lived Assets Policy of the entity during the period. USE OF ESTIMATES CONTRACTUAL OBLIGATIONS {1} CONTRACTUAL OBLIGATIONS Total Other Income (Expense) Lease Operating Expenses Revenues, net Other Operating Income {1} Other Operating Income Total Stockholders' Equity Stockholders' Equity Accounts Payable {1} Accounts Payable Total Property, net, Total Property, net, Total Property, net, Exercisable Exercisable Exercisable warrants Exercise Price $0.125 Exercise Price $0.125 Exercise Price INCOME TAXES Policy CONTINGENT LIABILITY {1} CONTINGENT LIABILITY PROPERTY {1} PROPERTY ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loss from Noncontrolling Interest in Pimovi, Inc. Total Operating Expenses Investment Professional and Consulting Expenses Oil Retained Earnings (Deficit) Total Current Assets Document Period End Date CONTINGENT LIABILITY As Follows: Common Stock: PREPAID EXPENSES ACCOUNTING YEAR SUBSEQUENT EVENTS {1} SUBSEQUENT EVENTS Depreciation and Amortization Prepaid Expenses Restricted Cash Current Assets: Entity Public Float TOTAL PROPERTY, NET [Member] Outstanding Outstanding Outstanding Outstanding Authorized shares of common stock par value Authorized shares of common stock par value Net operating loss carry-forward RECENT ACCOUNTING PRONOUNCEMENTS CONTRACTUAL OBLIGATIONS Provision for Income Taxes (Benefit) Loss From Operations Series B Preferred Stock Par Value Total Current Liabilities LIABILITIES AND STOCKHOLDERS' EQUITY Deposits {1} Deposits Entity Common Stock, Shares Outstanding Less Accumulated Amortization [Member] Paid directors fees Leasehold Costs - Developed. Leasehold Costs - Developed. Gross amount, at the balance sheet date, of long-lived, depreciable assets that are an addition or improvement to assets held under lease arrangement. Issuance of shares Issuance of shares FAIR VALUE OF FINANCIAL INSTRUMENTS ASSET RETIREMENT OBLIGATIONS OIL AND GAS PROPERTIES Policy Cash Flows from Operating Activities: Net Loss per Share (Basic and Fully Diluted) * Bank Fees Amortization The amount of Bank Fees Amortization during the period. Series B Preferred Stock: $1,000 Par Value 250,000 shares authorized, none outstanding Total Assets Property: Agreement with a new investor relations consultant, which pays the consultant a fee monthly Agreement with a new investor relations consultant, which pays the consultant a fee monthly Deletions Number of Shares. Exercise Price $0.020 Exercise Price $0.020 Exercise Price DEPLETION Disclosure of Depletion Policy of the entity during the period. NET LOSS PER SHARE POLICY Net Loss Net Income (Loss) of Chancellor, Inc. Common Stock shares outstanding Accrued Expenses Current Liabilities: Total Other Assets Income Tax Receivable Common stockgranted to the consultant Common stockgranted to the consultant Additions Exercise Price $0.025 Exercise Price $0.025 Exercise Price SIGNIFICANT ACCOUNTING POLICIES ACCUMULATED COMPENSATED ABSENCES {1} ACCUMULATED COMPENSATED ABSENCES The entire disclosure for the Accumulated Compensatede Absences of the entity during the period. PROPERTY STOCKHOLDERS' EQUITY {1} STOCKHOLDERS' EQUITY Loss Before Provision for Income Taxes Interest Income Other Income (Expense): Common Stock Shares authorized Document Fiscal Year Focus Current Fiscal Year End Date RELATED PARTY TRANSACTIONS Consists Of The Folowing: Outstanding warrants: Preferred Stock: SUBSEQUENT EVENTS POLICY BUSINESS COMBINATIONS PRINCIPLES OF CONSOLIDATION CONTINGENT LIABILITY Interest Paid Supplemental Disclosures of Cash Flow Information: Other Operating Expenses Severance Taxes Operating Expenses: Paid-in Capital Equity Component [Domain] Weighted Average Exercise Price. Statement, Equity Components Issuance of shares par value per share Issuance of shares par value per share RELATED PARTY TRANSACTIONS Depreciation and Amortization {1} Depreciation and Amortization Financing Charges: Noncontrolling Minority Interest in Pimovi, Inc. Accumulated Amortization Revenue Receivable Entity Voluntary Filers Total Property. Total Property. Total Property long-lived, depreciable assets that are an addition or improvement to assets held under lease arrangement. Total deferred tax liabilities EMPLOYEE STOCK-BASED COMPENSATION FAIR VALUE MEASUREMENTS AND DISCLOSURES Disclosure of Fair Value Measurements and Disclosures Policy of the entity during the period. RESTRICTED CASH STOCKHOLDERS' EQUITY Series B Preferred stock shares authorized Other Assets: Total Property, net Entity Current Reporting Status Document Type TOTAL PROPERTY [Member] Prepaid expenses recorded in current assets. Prepaid expenses recorded in current assets. CONTRACTUAL OBLIGATIONS: Summary of fixed assets at Remaining Contractual Life (years). The Following outstanding warrants: Income Taxes Paid {1} Income Taxes Paid Total Liabilities and Stockholders' Equity Common Stock; $.001 par value, 250,000,000 shares authorized, 71,560,030 and 69,560,030 shares issued and outstanding, respectively Restricted cash totaled The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. STOCKHOLDERS EQUITY OUTSTANDING WARRANTS INCOME TAXES Cash Flows for Operating Activities: Total Financing Charges Administrative Expenses Common Stock shares issued Leasehold Costs - Developed Document Fiscal Period Focus Entity Well-known Seasoned Issuer Entity Registrant Name EX-101.PRE 9 chag-20130630_pre.xml XML 10 R8.xml IDEA: STOCKHOLDERS' EQUITY 2.4.0.8000080 - Disclosure - STOCKHOLDERS' EQUITYtruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000894544duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_Equity1Abstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><pre>NOTE 3. STOCKHOLDERS' EQUITY</pre><pre>PREFERRED STOCK</pre><pre>The&nbsp; Company has&nbsp; authorized&nbsp; 250,000&nbsp; shares,&nbsp; par value&nbsp; $1,000 per share,&nbsp; of</pre><pre>convertible&nbsp; Preferred&nbsp; Series&nbsp; B stock&nbsp; ("Series&nbsp; B").&nbsp; Each&nbsp; Series B share is</pre><pre>convertible&nbsp; into 166.667 shares of the Company's&nbsp; common stock upon election by</pre><pre>the&nbsp; stockholder,&nbsp; with dates and terms set by the Board.&nbsp; No shares of Series B</pre><pre>preferred stock have been issued.</pre><pre>COMMON STOCK</pre><pre>The Company has 250,000,000&nbsp; authorized shares of common stock, par value $.001,</pre><pre>with 71,560,030 shares issued and outstanding as of June 30, 2013.</pre><pre>STOCK BASED COMPENSATION</pre><pre>For the three and six&nbsp; months&nbsp; ending&nbsp; June 30,&nbsp; 2013,&nbsp; the&nbsp; Company&nbsp; recognized</pre><pre>$65,000 and $15,000, respectively, in consulting fees expense, which is recorded</pre><pre>in general and&nbsp; administrative&nbsp; expenses,&nbsp; and as of June 30, 2013 has&nbsp; recorded</pre><pre>$35,000 in prepaid expense,&nbsp; which is recorded in current assets, all related to</pre><pre>stock issued.</pre><pre>WARRANTS</pre><pre>The Company&nbsp; currently has outstanding&nbsp; warrants&nbsp; expiring&nbsp; December 31, 2014 to</pre><pre>purchase an&nbsp; aggregate&nbsp; of&nbsp; 6,000,000&nbsp; shares of common&nbsp; stock;&nbsp; these&nbsp; warrants</pre><pre>consist of warrants to purchase&nbsp; 2,000,000 shares at an exercise price of $0.025</pre><pre>per share,&nbsp; and warrants to purchase&nbsp; 4,000,000&nbsp; shares at an exercise&nbsp; price of</pre><pre>$0.02 per share. In July 2009, the Company issued&nbsp; additional&nbsp; warrants expiring</pre><pre>June 30, 2014 to purchase an aggregate&nbsp; of 500,000&nbsp; shares of common stock at an</pre><pre>exercise price of $0.125 per share. In June 2010, the Company issued&nbsp; additional</pre><pre>warrants&nbsp; expiring&nbsp; June 30, 2015 to purchase an aggregate of 420,000&nbsp; shares of</pre><pre>common stock at an exercise price of $0.125 per share.</pre><pre>On June 30, the Company had the following outstanding warrants:</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price times&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average</pre><pre>Exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual Life&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise</pre><pre> Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (in years)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price</pre><pre> -----&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----</pre><pre>$0.025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 50,000</pre><pre>$0.020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 80,000</pre><pre>$0.125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 62,500</pre><pre>$0.125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 52,500</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $245,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;========</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise&nbsp;&nbsp; Contractual Life</pre><pre>Warrants&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (in years)</pre><pre>--------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------</pre><pre>Outstanding at January 1, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------</pre><pre>Issued&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Exercised&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Expired/Cancelled&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------</pre><pre>Outstanding at June 30, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----</pre><pre>Exercisable at June 30, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ======&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ====</pre>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). 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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section C Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 4 -Section E Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 -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 16: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 Reference 20: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 21: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 22: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 23: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph d -Article 4 false0falseSTOCKHOLDERS' EQUITYUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.chancellorgroup.com/20130630/role/idr_DisclosureSTOCKHOLDERSEQUITY12 XML 11 R6.xml IDEA: ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: 2.4.0.8000060 - Disclosure - ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000894544duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><pre>NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</pre><pre>ORGANIZATION</pre><pre>Chancellor&nbsp; Group,&nbsp; Inc.&nbsp; (the&nbsp; "Company",&nbsp; "our",&nbsp; "we",&nbsp; "Chancellor"&nbsp; or&nbsp; the</pre><pre>"Company")&nbsp; was&nbsp; incorporated&nbsp; in the state of Utah on May 2, 1986, and then, on</pre><pre>December&nbsp; 30, 1993,&nbsp; dissolved as a Utah&nbsp; corporation&nbsp; and&nbsp; reincorporated&nbsp; as a</pre><pre>Nevada&nbsp; corporation.&nbsp; 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&nbsp; corporate name was changed from Nighthawk Capital,&nbsp; Inc. to</pre><pre>Chancellor&nbsp; Group,&nbsp; Inc. The Company's&nbsp; corporate&nbsp; office was moved to Amarillo,</pre><pre>Texas in early 2012.</pre><pre>On November 16, 2012, a certificate of incorporation was filed with the state of</pre><pre>Delaware for the&nbsp; formation of Pimovi,&nbsp; Inc.&nbsp; ("Pimovi"),&nbsp; a new&nbsp; majority-owned</pre><pre>subsidiary of Chancellor,&nbsp; and with which separate company financial&nbsp; statements</pre><pre>are consolidated with Chancellor's&nbsp; consolidated&nbsp; financial statements beginning</pre><pre>for the fourth quarter of 2012.&nbsp; Chancellor&nbsp; owns 61% of the equity of Pimovi in</pre><pre>the form of Series A Preferred Stock, therefore Chancellor maintains significant</pre><pre>financial&nbsp; control.&nbsp; As of June 30,&nbsp; 2013,&nbsp; Pimovi had not&nbsp; commenced&nbsp; principal</pre><pre>operations&nbsp; and had no sales or&nbsp; revenues&nbsp; for 2012 or&nbsp; through&nbsp; June 30,&nbsp; 2013,</pre><pre>therefore&nbsp; Pimovi is considered a&nbsp; "development-stage&nbsp; enterprise".&nbsp; The primary</pre><pre>business purpose of Pimovi relates largely to technology and mobile&nbsp; application</pre><pre>fields, including development of proprietary consumer algorithms,&nbsp; creating user</pre><pre>photographic and other activity records, First Person Video Feeds and other such</pre><pre>activities&nbsp; related to mobile and computer gaming. In March 2013,&nbsp; Pimovi,&nbsp; Inc.</pre><pre>was reincorporated in Nevada.</pre><pre>OPERATIONS</pre><pre>The&nbsp; Company is&nbsp; licensed&nbsp; by the Texas&nbsp; Railroad&nbsp; Commission&nbsp; as an oil and gas</pre><pre>producer and operator.&nbsp; The Company and its wholly-owned&nbsp; subsidiaries,&nbsp; Gryphon</pre><pre>Production Company, LLC and Gryphon Field Services, LLC, own 5 oil wells in Gray</pre><pre>County,&nbsp; Texas,&nbsp; of&nbsp; which 1 is a water&nbsp; disposal&nbsp; well.&nbsp; As of June&nbsp; 30,&nbsp; 2013,</pre><pre>approximately 4 oil wells are actively producing.</pre><pre>We&nbsp; produced&nbsp; a total of 208 and 345&nbsp; barrels of oil in the three and six months</pre><pre>ended June 30, 2013, respectively,&nbsp; and a total of 139 and 530 barrels of oil in</pre><pre>the three and six months&nbsp; ended June 30,&nbsp; 2012,&nbsp; respectively.&nbsp; The oil is light</pre><pre>sweet crude.</pre><pre>BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION</pre><pre>The&nbsp; consolidated&nbsp; financial&nbsp; statements&nbsp; of&nbsp; Chancellor&nbsp; Group,&nbsp; Inc. have been</pre><pre>prepared&nbsp; pursuant to the rules and regulations of the SEC for Quarterly Reports</pre><pre>on Form 10-Q and in accordance&nbsp; with US GAAP.&nbsp; Accordingly,&nbsp; these&nbsp; consolidated</pre><pre>financial&nbsp; statements&nbsp; do&nbsp; not&nbsp; include&nbsp; all of the&nbsp; information&nbsp; and&nbsp; footnotes</pre><pre>required&nbsp; by&nbsp; US&nbsp; GAAP&nbsp; for&nbsp; annual&nbsp; consolidated&nbsp; financial&nbsp; statements.&nbsp; These</pre><pre>consolidated&nbsp; financial&nbsp; statements&nbsp; should&nbsp; be read&nbsp; in&nbsp; conjunction&nbsp; with&nbsp; the</pre><pre>consolidated financial statements and notes in the Chancellor Group, Inc. Annual</pre><pre>Report on Form 10-K for the year ended December 31, 2012.</pre><pre>These&nbsp; accompanying&nbsp; consolidated&nbsp; financial&nbsp; statements include the accounts of</pre><pre>Chancellor Group,&nbsp; Inc. and its wholly-owned&nbsp; subsidiaries:&nbsp; Gryphon&nbsp; Production</pre><pre>Company,&nbsp; LLC, and Gryphon Field Services,&nbsp; LLC. These entities are collectively</pre><pre>hereinafter referred to as "the Company". Beginning for the fourth quarter 2012,</pre><pre>the accompanying&nbsp; consolidated financial statements also include the accounts of</pre><pre>Chancellor's majority-owned subsidiary, Pimovi, Inc., with which Chancellor owns</pre><pre>61% of the equity of Pimovi and maintains&nbsp; significant&nbsp; financial&nbsp; control.&nbsp; All</pre><pre>material&nbsp; inter-company&nbsp; accounts and&nbsp; transactions&nbsp; have been eliminated in the</pre><pre>consolidated financial statements.</pre><pre>The&nbsp; consolidated&nbsp; financial&nbsp; statements&nbsp; are&nbsp; unaudited,&nbsp; but, in&nbsp; management's</pre><pre>opinion,&nbsp; include all adjustments (which,&nbsp; unless otherwise noted,&nbsp; include only</pre><pre>normal&nbsp; recurring&nbsp; adjustments)&nbsp; necessary&nbsp; for&nbsp; a&nbsp; fair&nbsp; presentation&nbsp; of&nbsp; such</pre><pre>financial&nbsp; statements.&nbsp; Financial&nbsp; results&nbsp; for&nbsp; this&nbsp; interim&nbsp; period&nbsp; are&nbsp; not</pre><pre>necessarily&nbsp; indicative &nbsp;of results that may be expected&nbsp; for any other&nbsp; interim</pre><pre>period or for the year ending December 31, 2013.</pre><pre>SIGNIFICANT ACCOUNTING POLICIES</pre><pre>PRINCIPLES OF CONSOLIDATION</pre><pre>The&nbsp; accompanying&nbsp; consolidated&nbsp; financial&nbsp; statements&nbsp; include the&nbsp; accounts of</pre><pre>Chancellor Group,&nbsp; Inc. and its wholly-owned&nbsp; subsidiaries:&nbsp; Gryphon&nbsp; Production</pre><pre>Company,&nbsp; LLC, and Gryphon Field Services,&nbsp; LLC. As of December 31, 2012 and for</pre><pre>the six months ended June 30, 2013, these consolidated financial statements also</pre><pre>include the accounts of Chancellor's majority-owned subsidiary, Pimovi, Inc., of</pre><pre>which&nbsp; Chancellor&nbsp; owns&nbsp; 61% of the&nbsp; equity.&nbsp; These&nbsp; entities&nbsp; are&nbsp; collectively</pre><pre>hereinafter&nbsp; referred&nbsp; to as&nbsp; "the&nbsp; Company".&nbsp; Any&nbsp; inter-company&nbsp; accounts&nbsp; and</pre><pre>transactions have been eliminated.</pre><pre>ACCOUNTING YEAR</pre><pre>The Company employs a calendar&nbsp; accounting year. The Company&nbsp; recognizes&nbsp; income</pre><pre>and expenses based on the accrual method of accounting under generally&nbsp; accepted</pre><pre>accounting principles.</pre><pre>USE OF ESTIMATES</pre><pre>The&nbsp; preparation&nbsp; of&nbsp; consolidated&nbsp;&nbsp; financial&nbsp; statements&nbsp; in&nbsp; conformity&nbsp; with</pre><pre>generally accepted&nbsp; accounting&nbsp; principles requires management to make estimates</pre><pre>and&nbsp; assumptions&nbsp; that affect&nbsp; reported&nbsp; amounts of assets and&nbsp; liabilities&nbsp; and</pre><pre>disclosure of contingent&nbsp; assets and liabilities at the date of the consolidated</pre><pre>financial&nbsp; statements and the reported&nbsp; amounts of revenues and expenses&nbsp; during</pre><pre>the reporting period. Actual results could differ from those estimates.</pre><pre>PRODUCTS AND SERVICES, GEOGRAPHIC AREAS AND MAJOR CUSTOMERS</pre><pre>The Company&nbsp; plans to operate its&nbsp; domestic oil and gas&nbsp; properties,&nbsp; located in</pre><pre>Gray County in Texas, and possibly to acquire&nbsp; additional&nbsp; producing oil and gas</pre><pre>properties.&nbsp; The&nbsp; Company's&nbsp; major&nbsp; customers,&nbsp; to which the majority of its oil</pre><pre>production is sold, are Plains Marketing and ExxonMobil.</pre><pre>NET LOSS PER SHARE</pre><pre>The net loss per share is&nbsp; computed&nbsp; by&nbsp; dividing&nbsp; the net loss by the&nbsp; weighted</pre><pre>average number of shares of common&nbsp; outstanding.&nbsp; Warrants,&nbsp; stock options,&nbsp; and</pre><pre>common stock issuable upon the conversion of the Company's&nbsp; preferred&nbsp; stock (if</pre><pre>any), are not included in the&nbsp; computation if the effect would be&nbsp; anti-dilutive</pre><pre>and would increase the earnings or decrease loss per share.</pre><pre>CASH AND CASH EQUIVALENTS</pre><pre>The Company considers all highly liquid investments with an original maturity of</pre><pre>six months or less as cash&nbsp; equivalents.&nbsp; The Company had no cash equivalents as</pre><pre>of June 30, 2013 and December 31, 2012.</pre><pre>CONCENTRATION OF CREDIT RISK</pre><pre>Some of the Company's&nbsp; operating&nbsp; cash balances are&nbsp; maintained in accounts that</pre><pre>currently&nbsp; exceed&nbsp; federally&nbsp; insured&nbsp; limits.&nbsp; The&nbsp; Company&nbsp; believes&nbsp; that the</pre><pre>financial strength of depositing&nbsp; institutions&nbsp; mitigates the underlying risk of</pre><pre>loss. To date,&nbsp; these&nbsp; concentrations&nbsp; of credit risk have not had a significant</pre><pre>impact on the Company's financial position or results of operations.</pre><pre>RESTRICTED CASH</pre><pre>Included in restricted&nbsp; cash at June 30, 2013 and December 31, 2012 are deposits</pre><pre>totaling $25,000, in the form of bond issued to the Railroad Commission of Texas</pre><pre>as required for the Company's oil and gas activities.</pre><pre>ACCOUNTS RECEIVABLE</pre><pre>The&nbsp; Company&nbsp; reviews&nbsp; accounts&nbsp;&nbsp; receivable&nbsp;&nbsp; periodically&nbsp; for&nbsp;&nbsp; collectibles,</pre><pre>establishes an allowance for doubtful accounts and records bad debt expense when</pre><pre>deemed&nbsp; necessary. &nbsp;An&nbsp; allowance&nbsp; for&nbsp; doubtful&nbsp; accounts&nbsp; was&nbsp; not&nbsp; considered</pre><pre>necessary or recorded at June 30, 2013 and December 31, 2012.</pre><pre>PREPAID EXPENSES</pre><pre>Certain expenses,&nbsp; primarily&nbsp; investment&nbsp; professional and consulting fees, have</pre><pre>been prepaid and will be used within one year.</pre><pre>PROPERTY</pre><pre>Property&nbsp; and&nbsp; equipment&nbsp; are&nbsp; recorded&nbsp; at&nbsp; cost&nbsp; and&nbsp; depreciated&nbsp;&nbsp; under&nbsp; the</pre><pre>straight-line&nbsp; method&nbsp; over the&nbsp; estimated&nbsp; useful&nbsp; life of the&nbsp; equipment.&nbsp; The</pre><pre>estimated useful life of leasehold&nbsp; costs,&nbsp; equipment and tools ranges from five</pre><pre>to seven&nbsp; years.&nbsp; The&nbsp; useful&nbsp; life of the&nbsp; office&nbsp; building&nbsp; and&nbsp; warehouse&nbsp; is</pre><pre>estimated to be twenty years.</pre><pre>OIL AND GAS PROPERTIES</pre><pre>The Company follows the successful&nbsp; efforts method of accounting for its oil and</pre><pre>gas&nbsp; activities.&nbsp; Under&nbsp; this&nbsp; accounting&nbsp; method,&nbsp; costs&nbsp; associated&nbsp; with&nbsp; the</pre><pre>acquisition,&nbsp; drilling and equipping of successful&nbsp; exploratory&nbsp; and development</pre><pre>wells are&nbsp; capitalized.&nbsp; Geological&nbsp; and&nbsp; geophysical&nbsp; costs,&nbsp; delay rentals and</pre><pre>drilling&nbsp; costs of&nbsp; unsuccessful&nbsp; exploratory&nbsp; wells are&nbsp; charged&nbsp; to expense as</pre><pre>incurred.&nbsp; The&nbsp; carrying&nbsp; value of mineral&nbsp; leases is depleted&nbsp; over the minimum</pre><pre>estimated&nbsp; productive life of the leases, or ten years.&nbsp; Undeveloped&nbsp; properties</pre><pre>are periodically&nbsp; assessed for possible impairment due to&nbsp; un-recoverability&nbsp; of</pre><pre>costs invested.&nbsp; Cash received for partial&nbsp; 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>The carrying value of the mineral leases is depleted over the minimum&nbsp; estimated</pre><pre>productive life of the leases, or ten years.</pre><pre>LONG-LIVED ASSETS</pre><pre>The Company&nbsp; assesses&nbsp; potential&nbsp; impairment&nbsp; of its&nbsp; long-lived&nbsp; assets,&nbsp; which</pre><pre>include its property and&nbsp; equipment&nbsp; and its&nbsp; identifiable&nbsp; intangibles&nbsp; such as</pre><pre>deferred charges,&nbsp; under the guidance Topic 360 "PROPERTY,&nbsp; PLANT AND EQUIPMENT"</pre><pre>in&nbsp; the&nbsp; Accounting&nbsp; Standards&nbsp;&nbsp; Codification&nbsp; (the&nbsp; "ASC").&nbsp; The&nbsp; Company&nbsp; must</pre><pre>continually&nbsp; determine if a permanent&nbsp; impairment of its&nbsp; long-lived&nbsp; assets has</pre><pre>occurred&nbsp; and write&nbsp; down the assets to their&nbsp; fair&nbsp; values&nbsp; and charge&nbsp; current</pre><pre>operations for the measured impairment.</pre><pre>ASSET RETIREMENT OBLIGATIONS</pre><pre>The Company has not recorded an asset retirement&nbsp; obligation (ARO) in accordance</pre><pre>with ASC 410.&nbsp; Under ASC 410, a liability&nbsp; should be recorded for the fair value</pre><pre>of an asset retirement&nbsp; obligation when there is a legal&nbsp; obligation&nbsp; associated</pre><pre>with the&nbsp; retirement of a tangible&nbsp; long-lived&nbsp; asset,&nbsp; and the liability can be</pre><pre>reasonably&nbsp; estimated.&nbsp; The&nbsp; associated&nbsp; asset&nbsp; retirement&nbsp; costs should also be</pre><pre>capitalized&nbsp; and recorded as part of the carrying&nbsp; amount of the related oil and</pre><pre>gas&nbsp; properties.&nbsp; Management&nbsp; believes&nbsp; that not&nbsp; recording an ARO liability and</pre><pre>asset under ASC 410 is immaterial to the consolidated financial statements.</pre><pre>INCOME TAXES</pre><pre>Deferred taxes are provided on a liability&nbsp; method&nbsp; whereby&nbsp; deferred tax assets</pre><pre>are&nbsp; recognized&nbsp; for&nbsp; deductible&nbsp;&nbsp; temporary&nbsp;&nbsp; differences&nbsp; and&nbsp; operating&nbsp; loss</pre><pre>carry-forwards and deferred tax liabilities are recognized for taxable temporary</pre><pre>differences.&nbsp; Temporary&nbsp; differences&nbsp; are the&nbsp; differences&nbsp; between the reported</pre><pre>amounts of assets and liabilities&nbsp; and their tax bases.&nbsp; Deferred tax assets are</pre><pre>reduced by a valuation allowance when, in the opinion of management,&nbsp; it is more</pre><pre>likely than not that some&nbsp; portion or all of the deferred tax assets will not be</pre><pre>realized.&nbsp; Deferred tax assets and&nbsp; liabilities&nbsp; 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>The Company recognizes revenue when a product is sold to a customer,&nbsp; either for</pre><pre>cash or as evidenced by an obligation on the part of the customer to pay.</pre><pre>FAIR VALUE MEASUREMENTS AND DISCLOSURES</pre><pre>The Company estimates fair values of assets and liabilities which require either</pre><pre>recognition&nbsp; or disclosure in the financial&nbsp; statements in accordance&nbsp; with FASB</pre><pre>ASC Topic 820 "FAIR VALUE MEASUREMENTS". There is no material impact on the June</pre><pre>30, 2013 consolidated&nbsp; financial&nbsp; statements&nbsp; related to fair value measurements</pre><pre>and disclosures. Fair value measurements include the following levels:</pre><pre>Level 1:&nbsp; Quoted&nbsp; market&nbsp; prices&nbsp; in&nbsp; active&nbsp; markets&nbsp; for&nbsp; identical&nbsp; assets or</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liabilities.&nbsp; Valuations for assets and&nbsp; liabilities&nbsp; traded in active</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange&nbsp; markets,&nbsp; such as the New York Stock Exchange.&nbsp; Level 1 also</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; includes&nbsp; U.S.&nbsp; Treasury&nbsp; and federal&nbsp; agency&nbsp; securities&nbsp; and federal</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; agency&nbsp; mortgage-backed&nbsp; securities,&nbsp; which are&nbsp; traded by&nbsp; dealers or</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; brokers&nbsp; in active&nbsp; markets.&nbsp; Valuations&nbsp; are &nbsp;obtained&nbsp; from&nbsp; readily</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; available pricing sources for market transactions&nbsp; involving identical</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets or liabilities.</pre><pre>Level 2:&nbsp; Observable&nbsp; market&nbsp; based&nbsp; inputs&nbsp; or&nbsp; unobservable&nbsp; inputs&nbsp; that&nbsp; are</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corroborated&nbsp; by market data.&nbsp; Valuations&nbsp; for assets and&nbsp; liabilities</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; traded&nbsp; in less&nbsp; active&nbsp; dealer&nbsp; or&nbsp; broker&nbsp; markets.&nbsp; Valuations&nbsp; are</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obtained&nbsp; from third party&nbsp; pricing&nbsp; services for identical or similar</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets or liabilities.</pre><pre>Level 3:&nbsp; Unobservable&nbsp;&nbsp; inputs&nbsp; that&nbsp; are&nbsp; not&nbsp; corroborated&nbsp; by&nbsp; market&nbsp; data.</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuations&nbsp; for assets and&nbsp; liabilities&nbsp; that are&nbsp; derived&nbsp; from other</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; valuation methodologies,&nbsp; including option pricing models,&nbsp; discounted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cash&nbsp; flow&nbsp; models&nbsp; and&nbsp; similar&nbsp; techniques,&nbsp; and not based on market</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange,&nbsp; dealer, or broker traded&nbsp; transactions.&nbsp; Level 3 valuations</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; incorporate&nbsp; certain&nbsp; assumptions&nbsp; and&nbsp; projections in determining the</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fair value assigned to such assets or liabilities.</pre><pre>FAIR VALUE OF FINANCIAL INSTRUMENTS</pre><pre>The carrying value of the Company's&nbsp; financial&nbsp; instruments,&nbsp; including cash and</pre><pre>cash equivalents,&nbsp; accounts&nbsp; receivable and accounts payable and long term debt,</pre><pre>as reported in the accompanying&nbsp; consolidated&nbsp; balance sheet,&nbsp; approximates fair</pre><pre>values, due to their short-term nature.</pre><pre>EMPLOYEE STOCK-BASED COMPENSATION</pre><pre>Compensation&nbsp; expense&nbsp; is&nbsp; recognized&nbsp; for&nbsp; performance-based&nbsp; stock&nbsp; awards&nbsp; if</pre><pre>management deems it probable that the performance conditions are or will be met.</pre><pre>Determining&nbsp; the&nbsp; amount of&nbsp; stock-based&nbsp; compensation&nbsp; expense&nbsp; requires&nbsp; us to</pre><pre>develop&nbsp; estimates&nbsp; that are used in&nbsp; calculating&nbsp; the fair value of stock-based</pre><pre>compensation,&nbsp; and also requires us to make estimates of&nbsp; assumptions&nbsp; including</pre><pre>expected stock price volatility which is derived based upon our historical stock</pre><pre>prices.</pre><pre>BUSINESS COMBINATIONS</pre><pre>The Company accounts for business combinations in accordance with FASB ASC Topic</pre><pre>805 "BUSINESS&nbsp; COMBINATIONS".&nbsp; This standard modifies certain aspects of how the</pre><pre>acquiring&nbsp; entity&nbsp;&nbsp; recognizes&nbsp; and&nbsp; measures&nbsp; the&nbsp; identifiable&nbsp;&nbsp; assets,&nbsp;&nbsp; the</pre><pre>liabilities&nbsp; assumed and the goodwill&nbsp; acquired in a business&nbsp; combination.&nbsp; The</pre><pre>Company did not enter into any business combinations during the six months ended</pre><pre>June 30, 2013.</pre><pre>The Company&nbsp; complies with the accounting&nbsp; guidance&nbsp; related to consolidation of</pre><pre>variable&nbsp; interest&nbsp; entities&nbsp; ("VIEs")&nbsp; that&nbsp; requires&nbsp; a&nbsp; reporting&nbsp; entity&nbsp; to</pre><pre>determine&nbsp; if a&nbsp; primary&nbsp; beneficiary&nbsp; that&nbsp; would&nbsp; consolidate&nbsp; the VIE&nbsp; from a</pre><pre>quantitative risk and rewards approach, to a qualitative approach based on which</pre><pre>variable&nbsp; interest&nbsp; holder&nbsp; has the power to&nbsp; direct&nbsp; the&nbsp; economic&nbsp; performance</pre><pre>related&nbsp; activities&nbsp; of the VIE as well as the&nbsp; obligation&nbsp; to absorb &nbsp;losses or</pre><pre>right to receive benefits that could potentially be significant to the VIE. This</pre><pre>guidance&nbsp; requires&nbsp; the primary&nbsp; beneficiary&nbsp; assessment&nbsp; to be&nbsp; performed on an</pre><pre>ongoing&nbsp; basis and also&nbsp; requires&nbsp; enhanced&nbsp; disclosures&nbsp; that will provide more</pre><pre>transparency&nbsp; about a company's&nbsp; involvement&nbsp; in a VIE. The Company did not have</pre><pre>any VIEs that required&nbsp; consolidation in these financial&nbsp; statements&nbsp; during the</pre><pre>six months ended June 30, 2013.</pre><pre>SUBSEQUENT EVENTS</pre><pre>Events&nbsp; occurring&nbsp; after&nbsp; June 30,&nbsp; 2013 were&nbsp; evaluated&nbsp; through&nbsp; the date this</pre><pre>quarterly&nbsp; report&nbsp; was&nbsp; issued,&nbsp; in&nbsp; compliance&nbsp; FASB ASC Topic 855&nbsp; "SUBSEQUENT</pre><pre>EVENTS",&nbsp; to&nbsp; ensure&nbsp; that&nbsp; any&nbsp; subsequent&nbsp; events&nbsp; that met the&nbsp; criteria&nbsp; for</pre><pre>recognition and/or disclosure in this report have been included.</pre><pre>RECENT ACCOUNTING PRONOUNCEMENTS</pre><pre>In&nbsp; July&nbsp; 2013,&nbsp; FASB&nbsp; issued&nbsp; ASU&nbsp; No.&nbsp; 2013-11,&nbsp;&nbsp; INCOME&nbsp; TAXES&nbsp; (TOPIC&nbsp; 740):</pre><pre>PRESENTATION&nbsp; OF&nbsp; AN&nbsp; UNRECOGNIZED&nbsp;&nbsp; TAX&nbsp; BENEFIT&nbsp; WHEN&nbsp; A&nbsp; NET&nbsp; OPERATING&nbsp; LOSS</pre><pre>CARRYFORWARD,&nbsp; A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS. This ASU</pre><pre>is effective for interim and annual periods&nbsp; beginning&nbsp; after December 15, 2013.</pre><pre>This update&nbsp; standardizes the presentation of an unrecognized tax benefit when a</pre><pre>net&nbsp; operating&nbsp; loss&nbsp; carryforward,&nbsp;&nbsp; a&nbsp; similar&nbsp; tax&nbsp; loss,&nbsp; or&nbsp; a&nbsp; tax&nbsp; credit</pre><pre>carryforward&nbsp; exists.&nbsp;&nbsp; Management&nbsp; does&nbsp; not&nbsp; anticipate&nbsp; that&nbsp; the&nbsp; accounting</pre><pre>pronouncement will have any material future effect on our consolidated financial</pre><pre>statements.</pre><pre>There were various&nbsp; other updates&nbsp; recently&nbsp; issued,&nbsp; most of which&nbsp; represented</pre><pre>technical&nbsp; corrections to the&nbsp; accounting&nbsp; literature or application to specific</pre><pre>industries,&nbsp; and are not&nbsp; expected&nbsp; to have a material&nbsp; impact on the&nbsp; Company's</pre><pre>financial position, results of operations or cash flows.</pre>falsefalsefalsenonnum:textBlockItemTypenaThe 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 -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 FASB Interpretation (FIN) -Number 46R -Paragraph 4, 14, 15 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Summary of fixed assets (Tables)
 6 Months Ended
Jun. 30, 2013
Summary of fixed assets  
Summary of fixed assets 
A summary of fixed assets at:
                                  Balance                              Balance
                                December 31,                           June 30,
                                   2012       Additions   Deletions      2013
                                 --------     ---------   ---------    --------
Leasehold Costs - Developed      $ 57,580      $     --    $     --    $ 57,580
                                 --------      --------    --------    --------
      Total Property             $ 57,580      $     --    $     --    $ 57,580
                                 ========      ========    ========    ========
Less: Accumulated Amortization   $ 23,835      $  2,879    $     --    $ 26,714
                                 --------      --------    --------    --------
      Total Property, net        $ 33,745      $  2,879    $     --    $ 30,866
                                 ========      ========    ========    ========

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Consolidated Statements of Operations (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues - Net of Royalties Paid:        
Oil $ 18,295 $ 12,406 $ 29,821 $ 44,347
Other Operating Income 0 0 53,337 18,750
Revenues, net 18,295 12,406 83,158 63,097
Operating Expenses:        
Lease Operating Expenses 13,339 2,608 15,807 28,745
Severance Taxes 841 294 1,370 1,766
Other Operating Expenses 3,600 3,226 7,200 28,050
Investment Professional and Consulting Expenses 183,054 0 334,241 0
Administrative Expenses 75,289 154,221 265,009 271,529
Depreciation and Amortization 1,439 1,193 2,879 2,387
Total Operating Expenses 277,562 161,542 626,506 332,477
Loss From Operations (259,267) (149,136) (543,348) (269,380)
Other Income (Expense):        
Interest Income 400 1,122 915 2,399
Total Other Income (Expense) 400 1,122 915 2,399
Financing Charges:        
Bank Fees Amortization 371 294 1,010 2,812
Total Financing Charges 371 294 1,010 2,812
Loss Before Provision for Income Taxes (259,238) (148,308) (543,443) (269,793)
Provision for Income Taxes (Benefit) 0 0 0 0
Net Income (Loss) of Chancellor, Inc. (259,238) (148,308) (543,443) (269,793)
Net (Income) Loss attributable to noncontrolling interest in Pimovi, Inc. 71,391 0 130,354 0
Net Loss $ (187,847) $ (148,308) $ (413,089) $ (269,793)
Net Loss per Share (Basic and Fully Diluted) * $ 0.00 [1] $ 0.00 $ 0.00 $ 0.00
Weighted Average Number of Common Shares Outstanding 71,560,030 69,241,349 70,902,571 68,751,239
[1] Less than $0.01 per share
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CONTINGENT LIABILITY
 6 Months Ended
Jun. 30, 2013
CONTINGENT LIABILITY  
CONTINGENT LIABILITY 
NOTE 5. CONTINGENT LIABILITY Chancellor is from time to time involved in legal proceedings incidental to its business and arising in the ordinary course. Chancellor's management does not believe that any such proceedings will result in a liability material to its financial condition, results of operations or cash flows. On March 31, 2011, Dennis Caldwell filed a lawsuit against Chancellor's subsidiary, Gryphon Production Company, LLC, in the 223rd District Court of Gray County, Texas, for an alleged breach of the April 1, 2007, purchase and sale agreement between Gryphon and Caldwell Production Co., Inc. Caldwell contended that Gryphon did not pay for the oil in the storage tanks in the April 2007 transaction. The plaintiff alleged breach of contract, conversion and fraud and sought damages of $451,999 as contract damages, pre-judgment and post-judgment interest, exemplary damages, attorney fees, and court costs. On March 8, 2013, the Judge of the 223rd District Court entered Final Judgment that Caldwell takes nothing by his suit. Caldwell filed a motion for new trial. However, by letter dated July 29, 2013, the court advised Gryphon's counsel that the court was of the opinion that Gryphon's motion to dismiss should be (i) granted and costs should be awarded against the plaintiff and (ii) asked counsel to submit a form of order to that effect to be entered by the court. On August 6, 2013, Caldwell filed a motion to repeal the Court's order of July 29, 2013.
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CONTINGENT LIABILITY As Follows (Details) (USD $)
Jun. 30, 2013
CONTINGENT LIABILITY As Follows:  
Plaintiff alleges breach of contract, conversion and fraud and seeks damages $ 451,999
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Restricted Cash Consists Of (Details) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Restricted Cash Consists Of:    
Restricted cash totaled $ 25,000 $ 250,000
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RELATED PARTY TRANSACTIONS Consists Of The Folowing (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2013
RELATED PARTY TRANSACTIONS Consists Of The Folowing:    
Management and consulting services $ 27,000 $ 54,000
Paid directors fees $ 26,000 $ 50,000
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PROPERTY</pre><pre>A summary of fixed assets at:</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30,</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions&nbsp;&nbsp; Deletions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp; --------</pre><pre>Leasehold Costs - Developed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 57,580&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 57,580</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Property&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 57,580&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 57,580</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ========</pre><pre>Less: Accumulated Amortization&nbsp;&nbsp; $ 23,835&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 2,879&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 26,714</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Property, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 33,745&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 2,879&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 30,866</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ======== &nbsp;&nbsp;&nbsp;========</pre>falsefalsefalsenonnum:textBlockItemTypenaThe 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false0falsePROPERTYUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.chancellorgroup.com/20130630/role/idr_DisclosurePROPERTY12 XML 23 R12.xml IDEA: ACCUMULATED COMPENSATED ABSENCES 2.4.0.8000120 - Disclosure - ACCUMULATED COMPENSATED ABSENCEStruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000894544duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_ACCUMULATEDCOMPENSATEDABSENCESAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_AccumulatedCompensatedAbsencesTextBlockfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><pre>NOTE 7. ACCUMULATED COMPENSATED ABSENCES</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&nbsp; service.&nbsp; The cost of vacation and sick leave is recognized&nbsp; when</pre><pre>payments are made to employees. These amounts are immaterial and not accrued.</pre>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for the Accumulated Compensatede Absences of the entity during the period.No definition available.false0falseACCUMULATED COMPENSATED ABSENCESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.chancellorgroup.com/20130630/role/idr_DisclosureACCUMULATEDCOMPENSATEDABSENCES12 XML 24 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONTRACTUAL OBLIGATIONS (Details) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2013
Feb. 25, 2013
CONTRACTUAL OBLIGATIONS:      
Agreement with a new investor relations consultant, which pays the consultant a fee monthly     $ 9,000
Common stockgranted to the consultant     1,000,000
Prepaid expenses recorded in current assets. 47,500 47,500  
Company recognized consulting fees related to the agreement $ 19,000 $ 28,500  
XML 25 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
 6 Months Ended
Jun. 30, 2013
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",  "Chancellor"  or  the
"Company")  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.
On November 16, 2012, a certificate of incorporation was filed with the state of
Delaware for the  formation of Pimovi,  Inc.  ("Pimovi"),  a new  majority-owned
subsidiary of Chancellor,  and with which separate company financial  statements
are consolidated with Chancellor's  consolidated  financial statements beginning
for the fourth quarter of 2012.  Chancellor  owns 61% of the equity of Pimovi in
the form of Series A Preferred Stock, therefore Chancellor maintains significant
financial  control.  As of June 30,  2013,  Pimovi had not  commenced  principal
operations  and had no sales or  revenues  for 2012 or  through  June 30,  2013,
therefore  Pimovi is considered a  "development-stage  enterprise".  The primary
business purpose of Pimovi relates largely to technology and mobile  application
fields, including development of proprietary consumer algorithms,  creating user
photographic and other activity records, First Person Video Feeds and other such
activities  related to mobile and computer gaming. In March 2013,  Pimovi,  Inc.
was reincorporated in Nevada.
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 oil wells in Gray
County,  Texas,  of  which 1 is a water  disposal  well.  As of June  30,  2013,
approximately 4 oil wells are actively producing.
We  produced  a total of 208 and 345  barrels of oil in the three and six months
ended June 30, 2013, respectively,  and a total of 139 and 530 barrels of oil in
the three and six months  ended June 30,  2012,  respectively.  The oil is light
sweet crude.
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
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  consolidated  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, 2012.
These  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". Beginning for the fourth quarter 2012,
the accompanying  consolidated financial statements also include the accounts of
Chancellor's majority-owned subsidiary, Pimovi, Inc., with which Chancellor owns
61% of the equity of Pimovi and maintains  significant  financial  control.  All
material  inter-company  accounts and  transactions  have been eliminated in the
consolidated financial statements.
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, 2013.
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. As of December 31, 2012 and for
the six months ended June 30, 2013, these consolidated financial statements also
include the accounts of Chancellor's majority-owned subsidiary, Pimovi, Inc., of
which  Chancellor  owns  61% of the  equity.  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 generally  accepted
accounting principles.
USE OF ESTIMATES
The  preparation  of  consolidated   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's  major  customers,  to which the majority of its oil
production is sold, are Plains Marketing and ExxonMobil.
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  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
six months or less as cash  equivalents.  The Company had no cash equivalents as
of June 30, 2013 and December 31, 2012.
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 financial position or results of operations.
RESTRICTED CASH
Included in restricted  cash at June 30, 2013 and December 31, 2012 are deposits
totaling $25,000, in the form of bond issued to the Railroad Commission of Texas
as required for the Company's oil and gas activities.
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, 2013 and December 31, 2012.
PREPAID EXPENSES
Certain expenses,  primarily  investment  professional and consulting fees, have
been prepaid and will be used within one year.
PROPERTY
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.  The  useful  life of the  office  building  and  warehouse  is
estimated to be twenty 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  assesses  potential  impairment  of its  long-lived  assets,  which
include its property and  equipment  and its  identifiable  intangibles  such as
deferred charges,  under the guidance Topic 360 "PROPERTY,  PLANT AND EQUIPMENT"
in  the  Accounting  Standards   Codification  (the  "ASC").  The  Company  must
continually  determine if a permanent  impairment of its  long-lived  assets has
occurred  and write  down the assets to their  fair  values  and charge  current
operations for the measured impairment.
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,  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". There is no material impact on the June
30, 2013 consolidated  financial  statements  related to fair value measurements
and disclosures. 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 and
cash equivalents,  accounts  receivable and accounts payable and long term debt,
as reported in the accompanying  consolidated  balance sheet,  approximates fair
values, due to their short-term nature.
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.
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 six months ended
June 30, 2013.
The Company  complies with the accounting  guidance  related to consolidation of
variable  interest  entities  ("VIEs")  that  requires  a  reporting  entity  to
determine  if a  primary  beneficiary  that  would  consolidate  the VIE  from a
quantitative risk and rewards approach, to a qualitative approach based on which
variable  interest  holder  has the power to  direct  the  economic  performance
related  activities  of the VIE as well as the  obligation  to absorb  losses or
right to receive benefits that could potentially be significant to the VIE. This
guidance  requires  the primary  beneficiary  assessment  to be  performed on an
ongoing  basis and also  requires  enhanced  disclosures  that will provide more
transparency  about a company's  involvement  in a VIE. The Company did not have
any VIEs that required  consolidation in these financial  statements  during the
six months ended June 30, 2013.
SUBSEQUENT EVENTS
Events  occurring  after  June 30,  2013 were  evaluated  through  the date this
quarterly  report  was  issued,  in  compliance  FASB ASC Topic 855  "SUBSEQUENT
EVENTS",  to  ensure  that  any  subsequent  events  that met the  criteria  for
recognition and/or disclosure in this report have been included.
RECENT ACCOUNTING PRONOUNCEMENTS
In  July  2013,  FASB  issued  ASU  No.  2013-11,   INCOME  TAXES  (TOPIC  740):
PRESENTATION  OF  AN  UNRECOGNIZED   TAX  BENEFIT  WHEN  A  NET  OPERATING  LOSS
CARRYFORWARD,  A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS. This ASU
is effective for interim and annual periods  beginning  after December 15, 2013.
This update  standardizes the presentation of an unrecognized tax benefit when a
net  operating  loss  carryforward,   a  similar  tax  loss,  or  a  tax  credit
carryforward  exists.   Management  does  not  anticipate  that  the  accounting
pronouncement will have any material future effect on our consolidated financial
statements.
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 26 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
STOCKHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2013
STOCKHOLDERS' 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 $.001,
with 71,560,030 shares issued and outstanding as of June 30, 2013.
STOCK BASED COMPENSATION
For the three and six  months  ending  June 30,  2013,  the  Company  recognized
$65,000 and $15,000, respectively, in consulting fees expense, which is recorded
in general and  administrative  expenses,  and as of June 30, 2013 has  recorded
$35,000 in prepaid expense,  which is recorded in current assets, all related to
stock issued.
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 420,000  shares of
common stock at an exercise price of $0.125 per share.
On June 30, 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            1.50             $ 50,000
$0.020         4,000,000            1.50             $ 80,000
$0.125           500,000            1.00             $ 62,500
$0.125           420,000            2.00             $ 52,500
               ---------                             --------
               6,920,000                             $245,000         $0.035
               =========                             ========
                                                     Weighted
                                                     Average       Remaining
                                     Number of       Exercise   Contractual Life
Warrants                              Shares          Price        (in years)
--------                              ------          -----        ----------
Outstanding at January 1, 2013       6,920,000        $0.035
                                     ---------        ------
Issued                                      --            --
Exercised                                   --            --
Expired/Cancelled                           --            --
                                     ---------        ------
Outstanding at June 30, 2013         6,920,000        $0.035         1.75
                                     ---------        ------         ----
Exercisable at June 30, 2013         6,920,000        $0.035         1.75
                                     =========        ======         ====
XML 27 R11.xml IDEA: CONTRACTUAL OBLIGATIONS 2.4.0.8000110 - Disclosure - CONTRACTUAL OBLIGATIONStruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000894544duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_FinancialServicesInsuranceAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_LongDurationContractsAssumptionsUnderlyingGuaranteeObligationsus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><pre>NOTE 6. CONTRACTUAL OBLIGATIONS</pre><pre>On February 25, 2013, the Company&nbsp; entered into a twelve month&nbsp; agreement with a</pre><pre>new investor&nbsp; relations&nbsp; consultant,&nbsp; which pays the&nbsp; consultant a fee of $9,000</pre><pre>monthly for the period from February&nbsp; 2013 through July 2013.&nbsp; In addition,&nbsp; the</pre><pre>Company&nbsp; granted&nbsp; 1,000,000&nbsp; shares&nbsp; of&nbsp; common&nbsp; stock&nbsp; to the&nbsp; consultant&nbsp; upon</pre><pre>execution&nbsp; of the&nbsp; agreement.&nbsp; The&nbsp; Company&nbsp; recognized&nbsp; $19,000&nbsp; and $28,500 in</pre><pre>consulting&nbsp; fees related to this&nbsp; agreement&nbsp; for the three and six months ending</pre><pre>June 30, 2013 and also still has $47,500 in related prepaid&nbsp; expenses in current</pre><pre>assets as of June 30, 2013.</pre>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for long duration contract assumptions underlying guarantee obligations. This may include the explanation of the underlying assumptions and percentages or rates used in determining the fair value of each guarantee obligation for each type of long-duration contract.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 60 -Paragraph 60 -Subparagraph b -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14931-158439 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 20 -Section 55 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6588021&loc=d3e7104-158389 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 03-1 -Section Appendix C -Paragraph 46 -Subparagraph C-1 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6482852&loc=d3e14937-158439 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 80 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6484115&loc=d3e19393-158473 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 03-1 -Paragraph 38 -Subparagraph c -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. false0falseCONTRACTUAL OBLIGATIONSUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.chancellorgroup.com/20130630/role/idr_DisclosureCONTRACTUALOBLIGATIONS12 XML 28 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONTRACTUAL OBLIGATIONS
 6 Months Ended
Jun. 30, 2013
CONTRACTUAL OBLIGATIONS  
CONTRACTUAL OBLIGATIONS 
NOTE 6. CONTRACTUAL OBLIGATIONS
On February 25, 2013, the Company  entered into a twelve month  agreement with a
new investor  relations  consultant,  which pays the  consultant a fee of $9,000
monthly for the period from February  2013 through July 2013.  In addition,  the
Company  granted  1,000,000  shares  of  common  stock  to the  consultant  upon
execution  of the  agreement.  The  Company  recognized  $19,000  and $28,500 in
consulting  fees related to this  agreement  for the three and six months ending
June 30, 2013 and also still has $47,500 in related prepaid  expenses in current
assets as of June 30, 2013.
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Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568740-111683 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4590271-111686 false226false 4us-gaap_MinorityInterestus-gaap_truecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse-162754-162754falsefalsefalse2truefalsefalse-32400-32400falsefalsefalsexbrli:monetaryItemTypemonetaryTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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PROPERTY
 6 Months Ended
Jun. 30, 2013
PROPERTY  
PROPERTY 
NOTE 4. PROPERTY
A summary of fixed assets at:
                                  Balance                              Balance
                                December 31,                           June 30,
                                   2012       Additions   Deletions      2013
                                 --------     ---------   ---------    --------
Leasehold Costs - Developed      $ 57,580      $     --    $     --    $ 57,580
                                 --------      --------    --------    --------
      Total Property             $ 57,580      $     --    $     --    $ 57,580
                                 ========      ========    ========    ========
Less: Accumulated Amortization   $ 23,835      $  2,879    $     --    $ 26,714
                                 --------      --------    --------    --------
      Total Property, net        $ 33,745      $  2,879    $     --    $ 30,866
                                 ========      ========    ========    ========
XML 32 R24.xml IDEA: CONTINGENT LIABILITY As Follows (Details) 2.4.0.8000235 - Statement - CONTINGENT LIABILITY As Follows (Details)truefalsefalse1false USDfalsefalse$E13Q2http://www.sec.gov/CIK0000894544instant2013-06-30T00:00:000001-01-01T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$1true 1fil_CONTINGENTLIABILITYAsFollowsAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2fil_PlaintiffAllegesBreachOfContractConversionAndFraudAndSeeksDamagesfil_falsecreditinstantfalsefalsefalsefalsefalsefalsefalsefalse1truefalsefalse451999451999USD$falsetruefalsexbrli:monetaryItemTypemonetaryPlaintiff alleges breach of contract, conversion and fraud and seeks damagesNo definition available.false2falseCONTINGENT LIABILITY As Follows (Details) (USD $)NoRoundingUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.chancellorgroup.com/20130630/role/idr_CONTINGENTLIABILITYAsFollowsDetails12 XML 33 R10.xml IDEA: CONTINGENT LIABILITY 2.4.0.8000100 - Disclosure - CONTINGENT LIABILITYtruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000894544duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_CONTINGENTLIABILITYAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_LossContingencyDisclosuresus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><pre style='word-wrap:break-word;font-variant:normal;white-space:pre-wrap;text-transform:none;word-spacing:0px;font-weight:normal;font-style:normal;letter-spacing:normal;line-height:normal;text-indent:0px;-webkit-text-stroke-width:0px'>NOTE 5. CONTINGENT LIABILITY Chancellor is from time to time involved in legal proceedings incidental to its business and arising in the ordinary course. Chancellor's management does not believe that any such proceedings will result in a liability material to its financial condition, results of operations or cash flows. On March 31, 2011, Dennis Caldwell filed a lawsuit against Chancellor's subsidiary, Gryphon Production Company, LLC, in the 223rd District Court of Gray County, Texas, for an alleged breach of the April 1, 2007, purchase and sale agreement between Gryphon and Caldwell Production Co., Inc. Caldwell contended that Gryphon did not pay for the oil in the storage tanks in the April 2007 transaction. The plaintiff alleged breach of contract, conversion and fraud and sought damages of $451,999 as contract damages, pre-judgment and post-judgment interest, exemplary damages, attorney fees, and court costs. On March 8, 2013, the Judge of the 223rd District Court entered Final Judgment that Caldwell takes nothing by his suit. Caldwell filed a motion for new trial. However, by letter dated July 29, 2013, the court advised Gryphon's counsel that the court was of the opinion that Gryphon's motion to dismiss should be (i) granted and costs should be awarded against the plaintiff and (ii) asked counsel to submit a form of order to that effect to be entered by the court. On August 6, 2013, Caldwell filed a motion to repeal the Court's order of July 29, 2013.</pre>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for loss and gain contingencies. 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Process Flow-Through: 000020 - Statement - Consolidated Balance Sheets Process Flow-Through: 000030 - Statement - Consolidated Balance Sheets Parentheticals Process Flow-Through: 000040 - Statement - Consolidated Statements of Operations Process Flow-Through: 000050 - Statement - Consolidated Statements of Cash Flows Process Flow-Through: 000180 - Statement - Restricted Cash Consists Of (Details) Process Flow-Through: 000190 - Statement - Deferred Tax Assets And Liabilities (Details) Process Flow-Through: 000200 - Statement - EQUITY TRANSACTIONS (Details) Process Flow-Through: 000210 - Statement - The Following outstanding warrants (Details) {Stockholders'Equity} Process Flow-Through: 000230 - Statement - Summary of fixed assets at (Details) {Stockholders'Equity} Process Flow-Through: 000235 - Statement - CONTINGENT LIABILITY As Follows (Details) Process Flow-Through: 000240 - Statement - CONTRACTUAL OBLIGATIONS (Details) Process Flow-Through: 000250 - Statement - RELATED PARTY TRANSACTIONS Consists Of The Folowing (Details) chag-20130630.xml chag-20130630.xsd chag-20130630_cal.xml chag-20130630_def.xml chag-20130630_lab.xml chag-20130630_pre.xml true true XML 38 R3.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Balance Sheets Parentheticals (USD $)
Jun. 30, 2013
Dec. 31, 2012
Parentheticals    
Series B Preferred Stock Par Value $ 1,000 $ 1,000
Series B Preferred stock shares authorized 250,000 250,000
Common Stock par value $ 0.001 $ 0.001
Common Stock Shares authorized 250,000,000 250,000,000
Common Stock shares issued 71,560,030 69,560,030
Common Stock shares outstanding 71,560,030 69,560,030
XML 39 R14.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2013
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS 
NOTE 9. SUBSEQUENT EVENTS
Events  occurring  after June 30, 2013 were evaluated  through the date the Form
10Q was issued, in compliance FASB ASC Topic 855 "Subsequent  Events", to ensure
that  any  subsequent  events  that  met the  criteria  for  recognition  and/or
disclosure in this report have been included.
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Consolidated Statements of Cash Flows (USD $)
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash Flows from Operating Activities:    
Net Loss $ (413,089) $ (269,793)
Loss from Noncontrolling Interest in Pimovi, Inc. (130,354) 0
Adjustments to Reconcile Net Loss to Net Cash (Used for) Operating Activities:    
Depreciation and Amortization 2,879 2,387
Stock Compensation 100,000 42,600
Decrease in Operating Assets (70,367) (35,752)
Increase (Decrease) in Operating Liabilities 14,301 (135,216)
Net Cash (Used for) Operating Activities (496,630) (395,774)
Net Increase (Decrease) in Cash and Restricted Cash (496,630) (395,774)
Cash and restricted cash at the Beginning of the Period 1,725,508 2,336,776
Cash and restricted cash at the End of the Period 1,228,878 1,941,002
Supplemental Disclosures of Cash Flow Information:    
Interest Paid 0 0
Income Taxes Paid $ 0 $ 0
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Consolidated Balance Sheets (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current Assets:    
Cash in Bank $ 1,203,878 $ 1,700,508
Restricted Cash 25,000 25,000
Revenue Receivable 6,042 5,500
Income Tax Receivable 10,865 7,753
Prepaid Expenses 74,997 8,284
Total Current Assets 1,320,782 1,747,045
Property:    
Leasehold Costs - Developed 57,580 57,580
Accumulated Amortization (26,714) (23,835)
Total Property, net 30,866 33,745
Other Assets:    
Deposits 250 250
Total Other Assets 250 250
Total Assets 1,351,898 1,781,040
Current Liabilities:    
Accounts Payable 47,759 34,175
Accrued Expenses 886 169
Total Current Liabilities 48,645 34,344
Stockholders' Equity    
Series B Preferred Stock: $1,000 Par Value 250,000 shares authorized, none outstanding 0 0
Common Stock; $.001 par value, 250,000,000 shares authorized, 71,560,030 and 69,560,030 shares issued and outstanding, respectively 71,560 69,560
Paid-in Capital 3,637,053 3,539,053
Retained Earnings (Deficit) (2,242,606) (1,829,517)
Total Chancellor, Inc. Stockholders' Equity 1,466,007 1,779,096
Noncontrolling Minority Interest in Pimovi, Inc. (162,754) (32,400)
Total Stockholders' Equity 1,303,253 1,746,696
Total Liabilities and Stockholders' Equity $ 1,351,898 $ 1,781,040
XML 43 R7.xml IDEA: INCOME TAXES 2.4.0.8000070 - Disclosure - INCOME TAXEStruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000894544duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_INCOMETAXESAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_IncomeTaxDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><pre>NOTE 2. INCOME TAXES</pre><pre>Deferred income taxes are recorded for temporary&nbsp; differences&nbsp; between financial</pre><pre>statement and income tax basis.&nbsp; Temporary&nbsp; differences are differences&nbsp; between</pre><pre>the amounts of assets and liabilities&nbsp; reported for financial statement purposes</pre><pre>and&nbsp; their&nbsp; tax&nbsp; basis.&nbsp;&nbsp; Deferred&nbsp; tax&nbsp; assets&nbsp; are&nbsp; recognized&nbsp; for&nbsp; temporary</pre><pre>differences&nbsp; that&nbsp; will be&nbsp; deductible&nbsp; in future&nbsp; years'&nbsp; tax&nbsp; returns&nbsp; and for</pre><pre>operating loss and tax credit carryforwards.&nbsp; Deferred tax assets are reduced by</pre><pre>a valuation&nbsp; allowance &nbsp;if it is deemed more likely than not that some or all of</pre><pre>the&nbsp; deferred&nbsp; tax assets will not be realized.&nbsp; Deferred&nbsp; tax&nbsp; liabilities&nbsp; are</pre><pre>recognized for temporary&nbsp; differences&nbsp; that will be taxable in future years' tax</pre><pre>returns.</pre><pre>At June 30, 2013, the Company had a federal net operating loss&nbsp; carry-forward of</pre><pre>approximately $2,283,154 A deferred tax asset of approximately $456,631 has been</pre><pre>partially&nbsp; offset by a valuation&nbsp; allowance&nbsp; of&nbsp; approximately&nbsp; $453,053&nbsp; due to</pre><pre>federal net operating loss carry-back and carry-forward limitations.</pre><pre>At June 30, 2013, the Company also had&nbsp; approximately&nbsp; $3,578 in deferred income</pre><pre>tax liability&nbsp; attributable&nbsp; to timing&nbsp; differences&nbsp; between&nbsp; 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>Management&nbsp; evaluated&nbsp; the&nbsp; Company's&nbsp; tax&nbsp; positions&nbsp; under&nbsp; FASB&nbsp; ASC No.&nbsp; 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&nbsp; financial&nbsp; 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&nbsp; examinations by the U.S.&nbsp; federal,&nbsp; state or</pre><pre>local tax authorities for years before 2009.</pre>falsefalsefalsenonnum:textBlockItemTypenaThe 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 7: 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 8: 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. false0falseINCOME TAXESUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.chancellorgroup.com/20130630/role/idr_DisclosureINCOMETAXES12 XML 44 R17.xml IDEA: Summary of fixed assets (Tables) 2.4.0.8000170 - Disclosure - Summary of fixed assets (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000894544duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_SummaryOfFixedAssetsAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_PropertyPlantAndEquipmentTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<!--egx--><pre>A summary of fixed assets at:</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30,</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additions&nbsp;&nbsp; Deletions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2013</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp; --------</pre><pre>Leasehold Costs - Developed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 57,580&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 57,580</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Property&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 57,580&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 57,580</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ========</pre><pre>Less: Accumulated Amortization&nbsp;&nbsp; $ 23,835&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 2,879&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 26,714</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Property, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 33,745&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 2,879&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp; $ 30,866</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp; ======== &nbsp;&nbsp;&nbsp;========</pre>falsefalsefalsenonnum:textBlockItemTypenaTabular 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.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 false0falseSummary of fixed assets (Tables)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.chancellorgroup.com/20130630/role/idr_DisclosureSummaryOfFixedAssetsTables12 XML 45 R16.xml IDEA: STOCKHOLDERS EQUITY OUTSTANDING WARRANTS (Tables) 2.4.0.8000160 - Disclosure - STOCKHOLDERS EQUITY OUTSTANDING WARRANTS (Tables)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000894544duration2013-01-01T00:00:002013-06-30T00:00:001true 1fil_STOCKHOLDERSEQUITYOUTSTANDINGWARRANTSAbstractfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse02false 2us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>On June 30, the Company had the following outstanding warrants:</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price times&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average</pre><pre>Exercise&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contractual Life&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise</pre><pre> Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (in years)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price</pre><pre> -----&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----</pre><pre>$0.025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 50,000</pre><pre>$0.020&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 80,000</pre><pre>$0.125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 62,500</pre><pre>$0.125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 52,500</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $245,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;========</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exercise&nbsp;&nbsp; Contractual Life</pre><pre>Warrants&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (in years)</pre><pre>--------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -----&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----------</pre><pre>Outstanding at January 1, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------</pre><pre>Issued&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Exercised&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Expired/Cancelled&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------</pre><pre>Outstanding at June 30, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ---------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ----</pre><pre>Exercisable at June 30, 2013&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,920,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.035&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; =========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ======&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ====</pre>falsefalsefalsenonnum:textBlockItemTypenaTabular 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. 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Summary of fixed assets at (Details) (USD $)
Jun. 30, 2013
PROPERTY Balance December 31, 2012
  
Leasehold Costs - Developed. $ 57,580
Total Property. 57,580
Less: Accumulated Amortization. 23,835
Total Property, net, 33,745
Additions
  
Leasehold Costs - Developed. 0
Total Property. 0
Less: Accumulated Amortization. 2,879
Total Property, net, 2,879
Deletions
  
Leasehold Costs - Developed. 0
Total Property. 0
Less: Accumulated Amortization. 0
Total Property, net, 0
PROPERTY Balance June 30, 2013
  
Leasehold Costs - Developed. 57,580
Total Property. 57,580
Less: Accumulated Amortization. 26,714
Total Property, net, $ 30,866
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RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2013
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS 
NOTE 8. 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, 2013, the Company has paid $27,000 and $54,000,  respectively for those
services. During the three and six months ending June 30, 2012, the Company paid
$26,000 and $50,000, respectively for those services.
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STOCKHOLDERS EQUITY OUTSTANDING WARRANTS (Tables)
 6 Months Ended
Jun. 30, 2013
STOCKHOLDERS EQUITY OUTSTANDING WARRANTS  
Following outstanding warrants 
On June 30, 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            1.50             $ 50,000
$0.020         4,000,000            1.50             $ 80,000
$0.125           500,000            1.00             $ 62,500
$0.125           420,000            2.00             $ 52,500
               ---------                             --------
               6,920,000                             $245,000         $0.035
               =========                             ========
                                                     Weighted
                                                     Average       Remaining
                                     Number of       Exercise   Contractual Life
Warrants                              Shares          Price        (in years)
--------                              ------          -----        ----------
Outstanding at January 1, 2013       6,920,000        $0.035
                                     ---------        ------
Issued                                      --            --
Exercised                                   --            --
Expired/Cancelled                           --            --
                                     ---------        ------
Outstanding at June 30, 2013         6,920,000        $0.035         1.75
                                     ---------        ------         ----
Exercisable at June 30, 2013         6,920,000        $0.035         1.75
                                     =========        ======         ====
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ACCUMULATED COMPENSATED ABSENCES
 6 Months Ended
Jun. 30, 2013
ACCUMULATED COMPENSATED ABSENCES  
ACCUMULATED COMPENSATED ABSENCES 
NOTE 7. 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.
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INCOME TAXES
 6 Months Ended
Jun. 30, 2013
INCOME TAXES  
INCOME TAXES 
NOTE 2. INCOME TAXES
Deferred income taxes are recorded for temporary  differences  between financial
statement and income tax basis.  Temporary  differences are differences  between
the amounts of assets and liabilities  reported for financial statement purposes
and  their  tax  basis.   Deferred  tax  assets  are  recognized  for  temporary
differences  that  will be  deductible  in future  years'  tax  returns  and for
operating loss and tax credit carryforwards.  Deferred tax assets are reduced by
a valuation  allowance  if it is deemed more likely than not that some or all of
the  deferred  tax assets will not be realized.  Deferred  tax  liabilities  are
recognized for temporary  differences  that will be taxable in future years' tax
returns.
At June 30, 2013, the Company had a federal net operating loss  carry-forward of
approximately $2,283,154 A deferred tax asset of approximately $456,631 has been
partially  offset by a valuation  allowance  of  approximately  $453,053  due to
federal net operating loss carry-back and carry-forward limitations.
At June 30, 2013, the Company also had  approximately  $3,578 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.
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Deferred Tax Assets And Liabilities (Details) (USD $)
Jun. 30, 2013
Deferred tax assets:  
Net operating loss carry-forward $ 2,283,154
Total deferred tax assets 456,631
Valuation allowance against deferred tax assets 453,053
Total deferred tax liabilities $ 3,655
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SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2013
SIGNIFICANT ACCOUNTING 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. As of December 31, 2012 and for
the six months ended June 30, 2013, these consolidated financial statements also
include the accounts of Chancellor's majority-owned subsidiary, Pimovi, Inc., of
which  Chancellor  owns  61% of the  equity.  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 generally  accepted
accounting principles.
USE OF ESTIMATES 
USE OF ESTIMATES
The  preparation  of  consolidated   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's  major  customers,  to which the majority of its oil
production is sold, are Plains Marketing and ExxonMobil.
NET LOSS PER SHARE POLICY 
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  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 Policy 
CASH AND CASH EQUIVALENTS
The Company considers all highly liquid investments with an original maturity of
six months or less as cash  equivalents.  The Company had no cash equivalents as
of June 30, 2013 and December 31, 2012.
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 financial position or results of operations.
RESTRICTED CASH 
RESTRICTED CASH
Included in restricted  cash at June 30, 2013 and December 31, 2012 are deposits
totaling $25,000, in the form of bond issued to the Railroad Commission of Texas
as required for the Company's oil and gas activities.
ACCOUNTS RECEIVABLE Policy 
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, 2013 and December 31, 2012.
PREPAID EXPENSES 
PREPAID EXPENSES
Certain expenses,  primarily  investment  professional and consulting fees, have
been prepaid and will be used within one year.
PROPERTY Policy 
PROPERTY
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.  The  useful  life of the  office  building  and  warehouse  is
estimated to be twenty years.
OIL AND GAS PROPERTIES Policy 
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  assesses  potential  impairment  of its  long-lived  assets,  which
include its property and  equipment  and its  identifiable  intangibles  such as
deferred charges,  under the guidance Topic 360 "PROPERTY,  PLANT AND EQUIPMENT"
in  the  Accounting  Standards   Codification  (the  "ASC").  The  Company  must
continually  determine if a permanent  impairment of its  long-lived  assets has
occurred  and write  down the assets to their  fair  values  and charge  current
operations for the measured impairment.
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 Policy 
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,  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". There is no material impact on the June
30, 2013 consolidated  financial  statements  related to fair value measurements
and disclosures. 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 and
cash equivalents,  accounts  receivable and accounts payable and long term debt,
as reported in the accompanying  consolidated  balance sheet,  approximates fair
values, due to their short-term nature.
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.
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 six months ended
June 30, 2013.
The Company  complies with the accounting  guidance  related to consolidation of
variable  interest  entities  ("VIEs")  that  requires  a  reporting  entity  to
determine  if a  primary  beneficiary  that  would  consolidate  the VIE  from a
quantitative risk and rewards approach, to a qualitative approach based on which
variable  interest  holder  has the power to  direct  the  economic  performance
related  activities  of the VIE as well as the  obligation  to absorb  losses or
right to receive benefits that could potentially be significant to the VIE. This
guidance  requires  the primary  beneficiary  assessment  to be  performed on an
ongoing  basis and also  requires  enhanced  disclosures  that will provide more
transparency  about a company's  involvement  in a VIE. The Company did not have
any VIEs that required  consolidation in these financial  statements  during the
six months ended June 30, 2013.
SUBSEQUENT EVENTS POLICY 
SUBSEQUENT EVENTS
Events  occurring  after  June 30,  2013 were  evaluated  through  the date this
quarterly  report  was  issued,  in  compliance  FASB ASC Topic 855  "SUBSEQUENT
EVENTS",  to  ensure  that  any  subsequent  events  that met the  criteria  for
recognition and/or disclosure in this report have been included.
RECENT ACCOUNTING PRONOUNCEMENTS 
RECENT ACCOUNTING PRONOUNCEMENTS
In  July  2013,  FASB  issued  ASU  No.  2013-11,   INCOME  TAXES  (TOPIC  740):
PRESENTATION  OF  AN  UNRECOGNIZED   TAX  BENEFIT  WHEN  A  NET  OPERATING  LOSS
CARRYFORWARD,  A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS. This ASU
is effective for interim and annual periods  beginning  after December 15, 2013.
This update  standardizes the presentation of an unrecognized tax benefit when a
net  operating  loss  carryforward,   a  similar  tax  loss,  or  a  tax  credit
carryforward  exists.   Management  does  not  anticipate  that  the  accounting
pronouncement will have any material future effect on our consolidated financial
statements.
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 61 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Outstanding warrants As Follows (Details)
Number of Shares.
Weighted Average Exercise Price.
Remaining Contractual Life (years).
Outstanding at Dec. 31, 2012 6,920,000 0.035 0.00
Issued 0    
Exercised 0    
Expired/Cancelled 0    
Exercisable at Jun. 30, 2013 6,920,000 0.035 1.75
Outstanding at Jun. 30, 2013 6,920,000 0.035 1.75
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Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 40 -Section 45 -URI http://asc.fasb.org/section&trid=2197723 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196966 Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2197087 Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33801-111570 false03false 2us-gaap_FiscalPeriodus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>ACCOUNTING YEAR</pre><pre>The Company employs a calendar&nbsp; accounting year. The Company&nbsp; recognizes&nbsp; income</pre><pre>and expenses based on the accrual method of accounting under generally&nbsp; accepted</pre><pre>accounting principles.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for determining an entity's fiscal year or other fiscal period. This disclosure may include identification of the fiscal period end-date, the length of the fiscal period, any reporting period lag between the entity and its subsidiaries, or equity investees. If a reporting lag exists, the closing date of the entity having a different period end is generally noted, along with an explanation of the necessity for using different closing dates. Any intervening events that materially affect the entity's financial position or results of operations are generally also disclosed.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph k -Article 1 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5291-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.3A-03.(b)) -URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355100-122828 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.3A-02.(b)) -URI http://asc.fasb.org/extlink&oid=6959686&loc=d3e355033-122828 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph b -Article 3A Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 3 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph b -Article 3A false04false 2us-gaap_UseOfEstimatesus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>USE OF ESTIMATES</pre><pre>The&nbsp; preparation&nbsp; of&nbsp; consolidated&nbsp;&nbsp; financial&nbsp; statements&nbsp; in&nbsp; conformity&nbsp; with</pre><pre>generally accepted&nbsp; accounting&nbsp; principles requires management to make estimates</pre><pre>and&nbsp; assumptions&nbsp; that affect&nbsp; reported&nbsp; amounts of assets and&nbsp; liabilities&nbsp; and</pre><pre>disclosure of contingent&nbsp; assets and liabilities at the date of the consolidated</pre><pre>financial&nbsp; statements and the reported&nbsp; amounts of revenues and expenses&nbsp; during</pre><pre>the reporting period. Actual results could differ from those estimates.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6143-108592 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6132-108592 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6061-108592 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 11, 14 -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. false05false 2us-gaap_SegmentReportingPolicyPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>PRODUCTS AND SERVICES, GEOGRAPHIC AREAS AND MAJOR CUSTOMERS</pre><pre>The Company&nbsp; plans to operate its&nbsp; domestic oil and gas&nbsp; properties,&nbsp; located in</pre><pre>Gray County in Texas, and possibly to acquire&nbsp; additional&nbsp; producing oil and gas</pre><pre>properties.&nbsp; The&nbsp; Company's&nbsp; major&nbsp; customers,&nbsp; to which the majority of its oil</pre><pre>production is sold, are Plains Marketing and ExxonMobil.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for segment reporting.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 false06false 2us-gaap_EarningsPerSharePolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>NET LOSS PER SHARE</pre><pre>The net loss per share is&nbsp; computed&nbsp; by&nbsp; dividing&nbsp; the net loss by the&nbsp; weighted</pre><pre>average number of shares of common&nbsp; outstanding.&nbsp; Warrants,&nbsp; stock options,&nbsp; and</pre><pre>common stock issuable upon the conversion of the Company's&nbsp; preferred&nbsp; stock (if</pre><pre>any), are not included in the&nbsp; computation if the effect would be&nbsp; anti-dilutive</pre><pre>and would increase the earnings or decrease loss per share.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144384 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -Subparagraph a -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 6, 8-16, 60 -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. false07false 2us-gaap_CashAndCashEquivalentsPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>CASH AND CASH EQUIVALENTS</pre><pre>The Company considers all highly liquid investments with an original maturity of</pre><pre>six months or less as cash&nbsp; equivalents.&nbsp; The Company had no cash equivalents as</pre><pre>of June 30, 2013 and December 31, 2012.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash -URI http://asc.fasb.org/extlink&oid=6506951 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Cash Equivalents -URI http://asc.fasb.org/extlink&oid=6507016 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2122427 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 203 -Paragraph 02-03 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Technical Practice Aid (TPA) -Number 2110 -Paragraph 6 -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 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 8, 9, 10 -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. false08false 2us-gaap_ConcentrationRiskCreditRiskus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>CONCENTRATION OF CREDIT RISK</pre><pre>Some of the Company's&nbsp; operating&nbsp; cash balances are&nbsp; maintained in accounts that</pre><pre>currently&nbsp; exceed&nbsp; federally&nbsp; insured&nbsp; limits.&nbsp; The&nbsp; Company&nbsp; believes&nbsp; that the</pre><pre>financial strength of depositing&nbsp; institutions&nbsp; mitigates the underlying risk of</pre><pre>loss. To date,&nbsp; these&nbsp; concentrations&nbsp; of credit risk have not had a significant</pre><pre>impact on the Company's financial position or results of operations.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for credit risk.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 55 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6875567&loc=d3e14537-108613 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number SOP94-6-1 -Paragraph 7, 11 -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 107 -Paragraph 15A -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 FASB -Name Statement of Financial Accounting Standard (FAS) -Number 113 -Paragraph 28 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 825 -Section 55 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6487554&loc=d3e32600-158583 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13531-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13537-108611 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 825 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6480020&loc=d3e61082-112788 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 825 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6480020&loc=d3e61044-112788 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 14 -Subparagraph m -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 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 55 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6875567&loc=d3e14489-108613 false09false 2us-gaap_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>RESTRICTED CASH</pre><pre>Included in restricted&nbsp; cash at June 30, 2013 and December 31, 2012 are deposits</pre><pre>totaling $25,000, in the form of bond issued to the Railroad Commission of Texas</pre><pre>as required for the Company's oil and gas activities.</pre>falsefalsefalsenonnum:textBlockItemTypenaEntity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4273-108586 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 305 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2122427 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.1(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 1 -Subparagraph a -Article 9 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Financial Reporting Release (FRR) -Number 203 -Paragraph 02-03 false010false 2us-gaap_ReceivablesPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>ACCOUNTS RECEIVABLE</pre><pre>The&nbsp; Company&nbsp; reviews&nbsp; accounts&nbsp;&nbsp; receivable&nbsp;&nbsp; periodically&nbsp; for&nbsp;&nbsp; collectibles,</pre><pre>establishes an allowance for doubtful accounts and records bad debt expense when</pre><pre>deemed&nbsp; necessary. &nbsp;An&nbsp; allowance&nbsp; for&nbsp; doubtful&nbsp; accounts&nbsp; was&nbsp; not&nbsp; considered</pre><pre>necessary or recorded at June 30, 2013 and December 31, 2012.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 114 -Paragraph 20 -Subparagraph b -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 Emerging Issues Task Force (EITF) -Number 92-5 -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 FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 13 -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3-5 -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 false011false 2us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>PREPAID EXPENSES</pre><pre>Certain expenses,&nbsp; primarily&nbsp; investment&nbsp; professional and consulting fees, have</pre><pre>been prepaid and will be used within one year.</pre>falsefalsefalsenonnum:textBlockItemTypenaTabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 false012false 2us-gaap_PropertyPlantAndEquipmentPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>PROPERTY</pre><pre>Property&nbsp; and&nbsp; equipment&nbsp; are&nbsp; recorded&nbsp; at&nbsp; cost&nbsp; and&nbsp; depreciated&nbsp;&nbsp; under&nbsp; the</pre><pre>straight-line&nbsp; method&nbsp; over the&nbsp; estimated&nbsp; useful&nbsp; life of the&nbsp; equipment.&nbsp; The</pre><pre>estimated useful life of leasehold&nbsp; costs,&nbsp; equipment and tools ranges from five</pre><pre>to seven&nbsp; years.&nbsp; The&nbsp; useful&nbsp; life of the&nbsp; office&nbsp; building&nbsp; and&nbsp; warehouse&nbsp; is</pre><pre>estimated to be twenty years.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2155824 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 12, 13 -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 AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section C -Paragraph 5 -Chapter 9 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -Subparagraph d -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 7 -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 -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph a -Article 5 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 8, 9 -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. false013false 2us-gaap_OilAndGasPropertiesPolicyPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>OIL AND GAS PROPERTIES</pre><pre>The Company follows the successful&nbsp; efforts method of accounting for its oil and</pre><pre>gas&nbsp; activities.&nbsp; Under&nbsp; this&nbsp; accounting&nbsp; method,&nbsp; costs&nbsp; associated&nbsp; with&nbsp; the</pre><pre>acquisition,&nbsp; drilling and equipping of successful&nbsp; exploratory&nbsp; and development</pre><pre>wells are&nbsp; capitalized.&nbsp; Geological&nbsp; and&nbsp; geophysical&nbsp; costs,&nbsp; delay rentals and</pre><pre>drilling&nbsp; costs of&nbsp; unsuccessful&nbsp; exploratory&nbsp; wells are&nbsp; charged&nbsp; to expense as</pre><pre>incurred.&nbsp; The&nbsp; carrying&nbsp; value of mineral&nbsp; leases is depleted&nbsp; over the minimum</pre><pre>estimated&nbsp; productive life of the leases, or ten years.&nbsp; Undeveloped&nbsp; properties</pre><pre>are periodically&nbsp; assessed for possible impairment due to&nbsp; un-recoverability&nbsp; of</pre><pre>costs invested.&nbsp; Cash received for partial&nbsp; conveyances of property interests is</pre>treated as a recovery of cost and no gain or loss is recognized.falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for oil and gas property which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 false014false 2fil_DepletionPolicyTextBlockfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>DEPLETION</pre><pre>The carrying value of the mineral leases is depleted over the minimum&nbsp; estimated</pre><pre>productive life of the leases, or ten years.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of Depletion Policy of the entity during the period.No definition available.false015false 2fil_LongLivedAssetsPolicyTextBlockfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>LONG-LIVED ASSETS</pre><pre>The Company&nbsp; assesses&nbsp; potential&nbsp; impairment&nbsp; of its&nbsp; long-lived&nbsp; assets,&nbsp; which</pre><pre>include its property and&nbsp; equipment&nbsp; and its&nbsp; identifiable&nbsp; intangibles&nbsp; such as</pre><pre>deferred charges,&nbsp; under the guidance Topic 360 "PROPERTY,&nbsp; PLANT AND EQUIPMENT"</pre><pre>in&nbsp; the&nbsp; Accounting&nbsp; Standards&nbsp;&nbsp; Codification&nbsp; (the&nbsp; "ASC").&nbsp; The&nbsp; Company&nbsp; must</pre><pre>continually&nbsp; determine if a permanent&nbsp; impairment of its&nbsp; long-lived&nbsp; assets has</pre><pre>occurred&nbsp; and write&nbsp; down the assets to their&nbsp; fair&nbsp; values&nbsp; and charge&nbsp; current</pre><pre>operations for the measured impairment.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of Long Lived Assets Policy of the entity during the period.No definition available.false016false 2us-gaap_AssetRetirementObligationsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>ASSET RETIREMENT OBLIGATIONS</pre><pre>The Company has not recorded an asset retirement&nbsp; obligation (ARO) in accordance</pre><pre>with ASC 410.&nbsp; Under ASC 410, a liability&nbsp; should be recorded for the fair value</pre><pre>of an asset retirement&nbsp; obligation when there is a legal&nbsp; obligation&nbsp; associated</pre><pre>with the&nbsp; retirement of a tangible&nbsp; long-lived&nbsp; asset,&nbsp; and the liability can be</pre><pre>reasonably&nbsp; estimated.&nbsp; The&nbsp; associated&nbsp; asset&nbsp; retirement&nbsp; costs should also be</pre><pre>capitalized&nbsp; and recorded as part of the carrying&nbsp; amount of the related oil and</pre><pre>gas&nbsp; properties.&nbsp; Management&nbsp; believes&nbsp; that not&nbsp; recording an ARO liability and</pre><pre>asset under ASC 410 is immaterial to the consolidated financial statements.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for determining amounts to accrue and charge against earnings so as to satisfy legal obligations associated with the retirement (through sale, abandonment, recycling, or disposal in some other manner) of a tangible long-lived asset that result from the acquisition, construction, or development and (or) the normal operation of a long-lived asset. This accounting policy disclosure excludes obligations arising 1) in connection with leased property, whether imposed by a lease agreement or by a party other than the lessor, that meet the definition of either minimum lease payments or contingent rentals; 2) solely from a plan to sell or otherwise dispose of a long-lived asset and 3) from certain environmental remediation liabilities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2175671 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 143 -Paragraph 2, 3, 11, 13, 14, 15, 22 -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 FASB -Name FASB Interpretation (FIN) -Number 47 -Paragraph 3 -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. false017false 2us-gaap_IncomeTaxPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>INCOME TAXES</pre><pre>Deferred taxes are provided on a liability&nbsp; method&nbsp; whereby&nbsp; deferred tax assets</pre><pre>are&nbsp; recognized&nbsp; for&nbsp; deductible&nbsp;&nbsp; temporary&nbsp;&nbsp; differences&nbsp; and&nbsp; operating&nbsp; loss</pre><pre>carry-forwards and deferred tax liabilities are recognized for taxable temporary</pre><pre>differences.&nbsp; Temporary&nbsp; differences&nbsp; are the&nbsp; differences&nbsp; between the reported</pre><pre>amounts of assets and liabilities&nbsp; and their tax bases.&nbsp; Deferred tax assets are</pre><pre>reduced by a valuation allowance when, in the opinion of management,&nbsp; it is more</pre><pre>likely than not that some&nbsp; portion or all of the deferred tax assets will not be</pre><pre>realized.&nbsp; Deferred tax assets and&nbsp; liabilities&nbsp; are adjusted for the effects of</pre><pre>changes in tax laws and rates on the date of enactment.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 4 -Paragraph 11 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 20 -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 Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32247-109318 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32840-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=2144749 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 740 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6491622&loc=d3e9504-115650 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2144681 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32809-109319 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 45 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e32280-109318 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 6-34, 43, 47, 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. false018false 2us-gaap_RevenueRecognitionPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>REVENUE RECOGNITION</pre><pre>The Company recognizes revenue when a product is sold to a customer,&nbsp; either for</pre><pre>cash or as evidenced by an obligation on the part of the customer to pay.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section B -Paragraph Question 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 13.B.Q1) -URI http://asc.fasb.org/extlink&oid=6600647&loc=d3e214044-122780 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 22 -Paragraph 8, 12, 13 -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18823-107790 false019false 2fil_FairValueMeasurementsAndDisclosuresPolicyTextBlockfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>FAIR VALUE MEASUREMENTS AND DISCLOSURES</pre><pre>The Company estimates fair values of assets and liabilities which require either</pre><pre>recognition&nbsp; or disclosure in the financial&nbsp; statements in accordance&nbsp; with FASB</pre><pre>ASC Topic 820 "FAIR VALUE MEASUREMENTS". There is no material impact on the June</pre><pre>30, 2013 consolidated&nbsp; financial&nbsp; statements&nbsp; related to fair value measurements</pre><pre>and disclosures. Fair value measurements include the following levels:</pre><pre>Level 1:&nbsp; Quoted&nbsp; market&nbsp; prices&nbsp; in&nbsp; active&nbsp; markets&nbsp; for&nbsp; identical&nbsp; assets or</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; liabilities.&nbsp; Valuations for assets and&nbsp; liabilities&nbsp; traded in active</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange&nbsp; markets,&nbsp; such as the New York Stock Exchange.&nbsp; Level 1 also</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; includes&nbsp; U.S.&nbsp; Treasury&nbsp; and federal&nbsp; agency&nbsp; securities&nbsp; and federal</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; agency&nbsp; mortgage-backed&nbsp; securities,&nbsp; which are&nbsp; traded by&nbsp; dealers or</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; brokers&nbsp; in active&nbsp; markets.&nbsp; Valuations&nbsp; are &nbsp;obtained&nbsp; from&nbsp; readily</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; available pricing sources for market transactions&nbsp; involving identical</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets or liabilities.</pre><pre>Level 2:&nbsp; Observable&nbsp; market&nbsp; based&nbsp; inputs&nbsp; or&nbsp; unobservable&nbsp; inputs&nbsp; that&nbsp; are</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; corroborated&nbsp; by market data.&nbsp; Valuations&nbsp; for assets and&nbsp; liabilities</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; traded&nbsp; in less&nbsp; active&nbsp; dealer&nbsp; or&nbsp; broker&nbsp; markets.&nbsp; Valuations&nbsp; are</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obtained&nbsp; from third party&nbsp; pricing&nbsp; services for identical or similar</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; assets or liabilities.</pre><pre>Level 3:&nbsp; Unobservable&nbsp;&nbsp; inputs&nbsp; that&nbsp; are&nbsp; not&nbsp; corroborated&nbsp; by&nbsp; market&nbsp; data.</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuations&nbsp; for assets and&nbsp; liabilities&nbsp; that are&nbsp; derived&nbsp; from other</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; valuation methodologies,&nbsp; including option pricing models,&nbsp; discounted</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cash&nbsp; flow&nbsp; models&nbsp; and&nbsp; similar&nbsp; techniques,&nbsp; and not based on market</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; exchange,&nbsp; dealer, or broker traded&nbsp; transactions.&nbsp; Level 3 valuations</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; incorporate&nbsp; certain&nbsp; assumptions&nbsp; and&nbsp; projections in determining the</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; fair value assigned to such assets or liabilities.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of Fair Value Measurements and Disclosures Policy of the entity during the period.No definition available.false020false 2us-gaap_FairValueOfFinancialInstrumentsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>FAIR VALUE OF FINANCIAL INSTRUMENTS</pre><pre>The carrying value of the Company's&nbsp; financial&nbsp; instruments,&nbsp; including cash and</pre><pre>cash equivalents,&nbsp; accounts&nbsp; receivable and accounts payable and long term debt,</pre><pre>as reported in the accompanying&nbsp; consolidated&nbsp; balance sheet,&nbsp; approximates fair</pre><pre>values, due to their short-term nature.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for determining the fair value of financial instruments.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2155942 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 8, 10, 12, 13, 14 -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. false021false 2us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>EMPLOYEE STOCK-BASED COMPENSATION</pre><pre>Compensation&nbsp; expense&nbsp; is&nbsp; recognized&nbsp; for&nbsp; performance-based&nbsp; stock&nbsp; awards&nbsp; if</pre><pre>management deems it probable that the performance conditions are or will be met.</pre><pre>Determining&nbsp; the&nbsp; amount of&nbsp; stock-based&nbsp; compensation&nbsp; expense&nbsp; requires&nbsp; us to</pre><pre>develop&nbsp; estimates&nbsp; that are used in&nbsp; calculating&nbsp; the fair value of stock-based</pre><pre>compensation,&nbsp; and also requires us to make estimates of&nbsp; assumptions&nbsp; including</pre><pre>expected stock price volatility which is derived based upon our historical stock</pre><pre>prices.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph A240 -Subparagraph a -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 Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b),(f) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2228939 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 06-11 -Paragraph 7 -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. false022false 2us-gaap_BusinessCombinationsPolicyus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>BUSINESS COMBINATIONS</pre><pre>The Company accounts for business combinations in accordance with FASB ASC Topic</pre><pre>805 "BUSINESS&nbsp; COMBINATIONS".&nbsp; This standard modifies certain aspects of how the</pre><pre>acquiring&nbsp; entity&nbsp;&nbsp; recognizes&nbsp; and&nbsp; measures&nbsp; the&nbsp; identifiable&nbsp;&nbsp; assets,&nbsp;&nbsp; the</pre><pre>liabilities&nbsp; assumed and the goodwill&nbsp; acquired in a business&nbsp; combination.&nbsp; The</pre><pre>Company did not enter into any business combinations during the six months ended</pre><pre>June 30, 2013.</pre><pre>The Company&nbsp; complies with the accounting&nbsp; guidance&nbsp; related to consolidation of</pre><pre>variable&nbsp; interest&nbsp; entities&nbsp; ("VIEs")&nbsp; that&nbsp; requires&nbsp; a&nbsp; reporting&nbsp; entity&nbsp; to</pre><pre>determine&nbsp; if a&nbsp; primary&nbsp; beneficiary&nbsp; that&nbsp; would&nbsp; consolidate&nbsp; the VIE&nbsp; from a</pre><pre>quantitative risk and rewards approach, to a qualitative approach based on which</pre><pre>variable&nbsp; interest&nbsp; holder&nbsp; has the power to&nbsp; direct&nbsp; the&nbsp; economic&nbsp; performance</pre><pre>related&nbsp; activities&nbsp; of the VIE as well as the&nbsp; obligation&nbsp; to absorb &nbsp;losses or</pre><pre>right to receive benefits that could potentially be significant to the VIE. This</pre><pre>guidance&nbsp; requires&nbsp; the primary&nbsp; beneficiary&nbsp; assessment&nbsp; to be&nbsp; performed on an</pre><pre>ongoing&nbsp; basis and also&nbsp; requires&nbsp; enhanced&nbsp; disclosures&nbsp; that will provide more</pre><pre>transparency&nbsp; about a company's&nbsp; involvement&nbsp; in a VIE. The Company did not have</pre><pre>any VIEs that required&nbsp; consolidation in these financial&nbsp; statements&nbsp; during the</pre><pre>six months ended June 30, 2013.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2303973 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 05 -Paragraph 4 -Subparagraph (a)-(d) -URI http://asc.fasb.org/extlink&oid=6909625&loc=d3e227-128457 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 6 -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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 7 -Subparagraph a, b, c, d -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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 88-16 -Section SEC Observer Comments -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 -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 9, 10, 11, 12, 13 -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. false023false 2us-gaap_SubsequentEventsPolicyPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>SUBSEQUENT EVENTS</pre><pre>Events&nbsp; occurring&nbsp; after&nbsp; June 30,&nbsp; 2013 were&nbsp; evaluated&nbsp; through&nbsp; the date this</pre><pre>quarterly&nbsp; report&nbsp; was&nbsp; issued,&nbsp; in&nbsp; compliance&nbsp; FASB ASC Topic 855&nbsp; "SUBSEQUENT</pre><pre>EVENTS",&nbsp; to&nbsp; ensure&nbsp; that&nbsp; any&nbsp; subsequent&nbsp; events&nbsp; that met the&nbsp; criteria&nbsp; for</pre><pre>recognition and/or disclosure in this report have been included.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of accounting policy for reporting subsequent events.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790 false024false 2us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<!--egx--><pre>RECENT ACCOUNTING PRONOUNCEMENTS</pre><pre>In&nbsp; July&nbsp; 2013,&nbsp; FASB&nbsp; issued&nbsp; ASU&nbsp; No.&nbsp; 2013-11,&nbsp;&nbsp; INCOME&nbsp; TAXES&nbsp; (TOPIC&nbsp; 740):</pre><pre>PRESENTATION&nbsp; OF&nbsp; AN&nbsp; UNRECOGNIZED&nbsp;&nbsp; TAX&nbsp; BENEFIT&nbsp; WHEN&nbsp; A&nbsp; NET&nbsp; OPERATING&nbsp; LOSS</pre><pre>CARRYFORWARD,&nbsp; A SIMILAR TAX LOSS, OR A TAX CREDIT CARRYFORWARD EXISTS. This ASU</pre><pre>is effective for interim and annual periods&nbsp; beginning&nbsp; after December 15, 2013.</pre><pre>This update&nbsp; standardizes the presentation of an unrecognized tax benefit when a</pre><pre>net&nbsp; operating&nbsp; loss&nbsp; carryforward,&nbsp;&nbsp; a&nbsp; similar&nbsp; tax&nbsp; loss,&nbsp; or&nbsp; a&nbsp; tax&nbsp; credit</pre><pre>carryforward&nbsp; exists.&nbsp;&nbsp; Management&nbsp; does&nbsp; not&nbsp; anticipate&nbsp; that&nbsp; the&nbsp; accounting</pre><pre>pronouncement will have any material future effect on our consolidated financial</pre><pre>statements.</pre><pre>There were various&nbsp; other updates&nbsp; recently&nbsp; issued,&nbsp; most of which&nbsp; represented</pre><pre>technical&nbsp; corrections to the&nbsp; accounting&nbsp; literature or application to specific</pre><pre>industries,&nbsp; and are not&nbsp; expected&nbsp; to have a material&nbsp; impact on the&nbsp; Company's</pre><pre>financial position, results of operations or cash flows.</pre>falsefalsefalsenonnum:textBlockItemTypenaDisclosure of the adoption of new accounting pronouncements that may impact the entity's financial reporting.No definition available.false0falseSIGNIFICANT ACCOUNTING POLICIES (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.chancellorgroup.com/20130630/role/idr_DisclosureSIGNIFICANTACCOUNTINGPOLICIESPolicies124 XML 63 R20.htm IDEA: XBRL DOCUMENT v2.4.0.8
EQUITY TRANSACTIONS (Details) (USD $)
Jun. 30, 2013
Preferred Stock:  
Issuance of shares 250,000
Issuance of shares par value per share $ 1,000
Series B convertible preferred shares into shares of common stock 166.667
Common Stock:  
Authorized shares of common stock 250,000,000
Authorized shares of common stock par value $ 0.001
Common stock shares issued and outstanding 71,560,030
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Document and Entity Information
 6 Months Ended
Jun. 30, 2013
Aug. 13, 2013
Document and Entity Information    
Entity Registrant Name CHANCELLOR GROUP INC.  
Document Type 10-Q  
Document Period End Date Jun. 30, 2013  
Amendment Flag false  
Entity Central Index Key 0000894544  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   71,560,030
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 2013  
Document Fiscal Period Focus Q2  
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The Following outstanding warrants (Details)
Jun. 30, 2013
Number of Shares
  
Exercise Price $0.025 2,000,000
Exercise Price $0.020 4,000,000
Exercise Price $0.125 500,000
Exercise Price $0.125. 420,000
Total oustanding warrants number of shares 6,920,000
Remaining Contractual Life (in years)
  
Exercise Price $0.025 1.50
Exercise Price $0.020 1.50
Exercise Price $0.125 1.00
Exercise Price $0.125. 2.00
Exercise Price times Number of Shares
  
Exercise Price $0.025 50,000
Exercise Price $0.020 80,000
Exercise Price $0.125 62,500
Exercise Price $0.125. 52,500
Total oustanding warrants number of shares 245,000
Weighted Average Exercise Price
  
Total oustanding warrants number of shares 0.035
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