Annual report pursuant to Section 13 and 15(d)

Acquisition (Tables)

v3.7.0.1
Acquisition (Tables)
12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Schedule of total purchase price for TBL acquisition

The total purchase price for the TBL acquisition was allocated as follows:

 

Assets      
Cash   $ 358,130  
Cash in escrow     240,000  
Oil & gas properties     10,016,990  
Drilling equipment     265,578  
Investment     100  
Bond deposits     295,000  
Liabilities        
Accounts payable     (389,325 )
Contingent Liabilities     (213,372 )
Related party payable     (10,600 )
Net assets acquired   $ 10,562,501