Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

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Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES    
Net Loss $ (153,143) $ (346,319)
Adjustments to Reconcile Net Loss to Net Cash Provided By (Used In) Operating Activities:    
Capitalization of Interest Expense (442,338) (77,542)
Depreciation 1,535 1,309
Stock Based Compensation 181,166 74,342
(Gain)Loss on Derivative Financial Instruments (1,224,527) 196,266
Debt Discount Amortization 238,039  
Loss Recorded to Interest Expense for Issuance of Convertible Notes 32,539  
Loss on Debt Extinguishment 879,522  
Changes in Operating Assets and Liabilities:    
Accounts Receivable 5,769,927 (6,707,634)
Prepaid Expenses and Other Current Assets 142,902 38,883
Deposits from Joint Interest Owners   (2,622,000)
Accounts Payable (3,086,387) 8,890,616
Related Party Payable 14,880 14,878
Accrued Interest 204,298 119,805
Other (8,864) 30,317
Net Cash Provided By (Used In) Operating Activities 2,549,549 (387,079)
INVESTING ACTIVITIES    
Insurance Proceeds Received 637,875  
Expenditures for Oil and Gas Properties (970,353) (1,411,914)
Net Cash Provided by (Used in) Investing Activities (332,478) (1,411,914)
FINANCING ACTIVITIES    
Proceeds from Issuance of Convertible Notes Payable 435,000  
Payments on Note Payable (19,594) (26,035)
Net Cash Provided by (Used in) Financing Activities 415,406 (26,035)
Net Increase/(Decrease) in Cash 2,632,477 (1,825,028)
Beginning Cash Balance 1,138,919 5,621,814
Ending Cash Balance 3,771,395 3,796,786
Supplemental Schedule of Cash Flow Activities:    
Cash Paid for Interest 1,030 1,335
Non-Cash Financing and Investing Activities:    
Prepaid Asset Financed by Note Payable 220,629 146,310
Capital Expenditures Included in Accounts Payable 480,900 1,360,433
Stock-Based Compensation Capitalized to Unproved Properties 186,675  
Accounts Receivable Exchanged for Working Interest in Oil and Natural Gas Properties 3,629,789  
Accrued Expense Extinguished through Issuing Common Stock 1,536,929  
Funds Received from Capital Raise Transferred to Equity   $ 965,800
Stock Issued to Settle Convertible Promissory Notes and Accrued Interest 548,391  
Derivative Liability Related to Issuance of Convertible Debentures recorded as Debt Discount 433,425  
Convertible Debenture Proceeds Retained by Lender to Settle Loan Issuance Costs $ 65,000