Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Revenues:    
Oil and Gas Revenues $ 10,315,701 $ 1,757,444
Costs and Operating Expenses    
Oil and gas production costs 1,207,529 785,959
Oil and gas production taxes 476,964 82,995
Depreciation, depletion and amortization 2,284,091 506,786
Accretion expense 53,681 20,906
General and administrative expense 6,682,760 2,392,645
Total Costs and Operating Expenses 10,705,025 3,789,291
Other Income (Expense)    
Gain on derivative put options 0 276,736
Interest income 24,706 4,309
Interest expense (9,890) (218,805)
Net Other Income 14,816 62,240
Loss Before Provision for Income Taxes (374,508) (1,969,607)
Provision for Income Taxes (77,701) 300,324
Net Loss $ (452,209) $ (1,669,283)
Basic and Diluted Loss per Share $ (0.03) $ (0.21)