Property and Equipment (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Office Furniture, Equipment, and Other [Member] |
|
| Schedule of Property and Equipment |
As of December 31, 2017, and 2016, office
furniture, equipment, and other consisted of the following:
| |
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Computer equipment and fixtures |
|
$ |
22,453 |
|
|
$ |
22,453 |
|
| Vehicle |
|
|
— |
|
|
|
— |
|
| Accumulated depreciation |
|
|
(8,632 |
) |
|
|
(4,114 |
) |
| Office furniture, equipment, and other, net |
|
$ |
13,821 |
|
|
$ |
18,339 |
|
|
| Support Facilities and Equipment [Member] |
|
| Schedule of Property and Equipment |
The following table
summarizes these properties and equipment, together with their estimated useful lives:
| |
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| |
|
|
|
|
|
|
| Tank |
|
$ |
30,000 |
|
|
$ |
30,000 |
|
| Vehicle |
|
|
69,446 |
|
|
|
69,446 |
|
| Accumulated depreciation |
|
|
(31 |
) |
|
|
— |
|
| Construction in progress (1) |
|
|
22,087 |
|
|
|
— |
|
| Total support facilities and equipment, net |
|
$ |
121,502 |
|
|
$ |
99,446 |
|
| |
(1) |
Facilities constructed in conjunction with drilling for our two exploratory horizontal wells in Uintah County, Utah. |
|
| Oil and Gas Properties [Member] |
|
| Schedule of Oil and Gas Properties, Net |
The carrying
values of the Company’s oil and gas properties, net of depletion, depreciation, amortization, and impairment at December
31, 2017 and 2016 are set forth below in the following table:
| |
|
December 31, |
|
| |
|
2017 |
|
|
2016 |
|
| Unproved leasehold (1) |
|
$ |
977,936 |
|
|
$ |
1,181,421 |
|
| Proved leasehold |
|
|
10,094,760 |
|
|
|
10,252,568 |
|
| Properties subject to depletion, net of depletion |
|
|
580,158 |
|
|
|
— |
|
| Exploratory wells – construction-in-progress (1) (2) |
|
|
1,479,282 |
|
|
|
— |
|
| Total |
|
$ |
13,132,136 |
|
|
$ |
11,433,989 |
|
| (1) |
Not subject to depletion; |
| (2) |
Expected to be reclassified from exploratory to properties subject to amortization in the first quarter of 2018. |
|
| Schedule of Cost Incurred in Oil and Gas Properties |
| |
|
|
|
|
Exploration and |
|
|
|
|
|
Depreciation, Depletion, Amortization, |
|
|
|
|
| Year |
|
Acquisition |
|
|
Development |
|
|
Disposition |
|
|
and |
|
|
|
|
| Incurred |
|
Costs |
|
|
Costs |
|
|
of Assets |
|
|
Impairment |
|
|
Total |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2016 and prior |
|
$ |
10,252,568 |
|
|
$ |
1,181,421 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
11,433,989 |
|
| 2017 |
|
|
— |
|
|
|
3,223,931 |
|
|
|
— |
|
|
|
(1,525,784 |
) |
|
|
1,698,147 |
|
| Total |
|
$ |
10,252,568 |
|
|
$ |
4,405,352 |
|
|
$ |
— |
|
|
$ |
(1,525,784 |
) |
|
$ |
13,132,136 |
|
|