Current assets: Cash $1,475 2,274 Prepaid expenses 20,233 10,230 Total current assets 21,708 12,504 Property and equipment, net 50,123 60,661 Unproved oil and gas properties, not subject to amortization 2,541,991 1,279,228 Total assets $2,613,822 1,352,393 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $43,878 28,895 Accrued expenses 33,302 - Related party payables 60,927 60,927 Current portion of long-term debt 1,850,000 475,000 Total current liabilities 1,988,107 564,822 Related party payables 74,441 - Long-term debt - 500,000 Total liabilities 2,062,548 1,064,822