Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current Assets    
Cash $ 9,846,250 $ 11,372
Accounts receivable 130,816 91,022
Prepaid expenses and retainers 120,706 121,301
Total Current Assets 10,097,772 223,695
Properties and Equipment    
Oil and natural gas properties subject to amortization 12,318,591 6,597,433
Office equipment 194,207 11,133
Total Properties and Equipment 12,512,798 6,608,566
Accumulated depreciation, depletion and amortization (382,478) (89,376)
Net Properties and Equipment 12,130,320 6,519,190
Total Assets 22,228,092 6,742,885
Current Liabilities    
Accounts payable 1,595,870 100,321
Accrued compensation 0 100,000
Accrued Payable To Investors 72,500 0
Derivative put option 130,104 276,736
Total Current Liabilities 1,798,474 477,057
Noncurrent Liabilities    
Revolving line of credit. 0 9,244,428
Note payable to Ring Energy, Inc. 0 853,122
Asset retirement obligations 303,289 274,788
Total Noncurrent Liabilities 303,289 10,372,338
Stockholders Equity (Deficit)    
Common stock - $0.001 par value; 75,000,000 shares authorized 12,993,788 and 3,440,000 shares outstanding, respectively 12,994 3,440
Additional paid-in capital 26,230,974 204,585
Accumulated deficit (6,117,639) (4,314,535)
Total Stockholders Equity (Deficit) 20,126,329 (4,106,510)
Total Liabilities and Stockholders Equity (Deficit) $ 22,228,092 $ 6,742,885