Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.10.0.1
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