Annual report pursuant to Section 13 and 15(d)

OIL AND GAS PRODUCING ACTIVITIES (Tables)

v3.6.0.2
OIL AND GAS PRODUCING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]
Capitalized Costs Relating to Oil and Natural Gas Producing Activities    
 
As of December 31,
 
2016
 
2015
 
Proved oil and natural gas properties
 
$
250,133,965
 
$
269,590,374
 
Inventory for property development
 
 
1,582,427
 
 
-
 
Office equipment
 
 
1,549,311
 
 
1,539,991
 
Total capitalized costs
 
 
253,265,703
 
 
271,130,365
 
Accumulated depletion, depreciation and amortization
 
 
(41,347,152)
 
 
(29,863,838)
 
 
 
 
 
 
 
 
 
Net Capitalized Costs
 
$
211,918,551
 
$
241,266,527
 
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]
Net Costs Incurred in Oil and Gas Producing Activities    
 
For the years Ended December 31,
 
2016
 
2015
 
Acquisition of proved properties
 
$
10,193,927
 
$
81,264,187
 
Development costs
 
 
26,862,680
 
 
31,601,990
 
 
 
 
 
 
 
 
 
Total Net Costs Incurred
 
$
37,056,607
 
$
112,866,177