Potential Energy
the stored energy of position possessed by an object is referred to as potential energy.
For example, the heavy ball of a demolition machine is storing energy when it is held at an
elevated position.
The two examples above illustrate the two forms of potential energy to be discussed in this
course - gravitational potential energy and elastic potential energy.
Picture

In the picture, the massive ball is kind of gravitational potential energy.The gravitational
potential energy of the massive ball of a demolition machine is dependent on two variables -
the mass of the ball and the height to which it is raised. There is a direct relation between
gravitational potential energy and the mass of an object.
Gravitational Potential Energy
Gravitational potential energy is the energy stored in an object as the result of its vertical
position or height.
The energy is stored as the result of the gravitational attraction of the Earth for the object.
The higher that an object is elevated, the greater the gravitational potential energy.
Equation

In the above equation,
m represents the mass of the object
h represents the height of the object
g represents the gravitational field strength (9.8 N/kg on Earth) - sometimes referred to as
the acceleration of gravity.
Reference
http://www.physicsclassroom.com/class/energy/u5l1b.cfm