PROPERTY AND EQUIPMENT
Proved oil and gas properties
Equipment and vehicles
Furniture and fixtures

Less accumulated depletion, depreciation, and amortization
Net Property and Equipment

OTHER ASSETS
Telluric survey technology, net of $191,557 and $92,600 accumulated amortization

TOTAL ASSETS

1998
$  44,884
   11,137
    9,474
65,495

250,620
30,637
5,785
287,042
(11,474)
275,588

1,308,333

$1,649,396

1997
$598,889
   -
    29,833
628,702

70,978
29,134
3,200
103,312
(3,883)
99,429

1,408,333

$2,136,464

LONG-TERM LIBABILITIES
Notes payable, net of current portion

Total Liabilities

COMMITMENTS

STOCKHOLDERS' EQUITY
Preferred Stock, par value $1.50, 2,000,000 shares authorized, no shares issued and outstanding
Common Stock, par value $0.9915, 50,000,000 shares authorized, 3,910,461 and 3,670,461 shares issued and outstanding, respectively
Additional paid-in capital
Accumulated deficit
Total Stockholders' Equity

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$   3,908
289,831
64,976
    97,078
455,793

61,346

517,139

-


5,866
3,430,546
(2,304,155)
1,132,257

$1,649,396

$   3,573
12,000
   -
    59,910
75,483

65,255

140,738

-


5,506
3,430,546
(1,440,326)
1,995,726

$2,136,484