Property and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
|---|
| Support Equipment and Facilities [Member] |
|
| Schedule of Property and Equipment |
The following table
summarizes these properties and equipment, together with their estimated useful lives:
| |
|
June 30, 2018 |
|
|
December 31, 2017 |
|
| |
|
|
|
|
|
|
| Tank |
|
$ |
30,000 |
|
|
$ |
30,000 |
|
| Vehicle |
|
|
69,446 |
|
|
|
69,446 |
|
| Uinta Basin facilities |
|
|
170,475 |
|
|
|
|
|
| Accumulated depreciation |
|
|
(385 |
) |
|
|
(31 |
) |
| Construction in progress (1) |
|
|
- |
|
|
|
22,087 |
|
| Total support facilities and equipment, net |
|
$ |
269,536 |
|
|
$ |
121,502 |
|
|
| 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 June 30, 2018 and
December 31, 2017 are set forth below in the following table:
| |
|
June 30, 2018 |
|
|
December 31, 2017 |
|
| Unproved leasehold (1) |
|
$ |
979,978 |
|
|
$ |
977,936 |
|
| Proved leasehold |
|
|
13,182,386 |
|
|
|
10,094,760 |
|
| Properties subject to depletion, net of depletion |
|
|
398,010 |
|
|
|
580,158 |
|
| Exploratory wells – construction-in-progress (1) (2) |
|
|
- |
|
|
|
1,479,282 |
|
| Total |
|
$ |
14,560,374 |
|
|
$ |
13,132,136 |
|
| (1) |
Not subject to depletion; |
| (2) |
Reclassified from exploratory to properties subject to amortization at June 30, 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 |
|
| 2018 |
|
|
— |
|
|
|
1,642,417 |
|
|
|
|
|
|
|
(214,179 |
) |
|
|
1,428,238 |
|
| Total |
|
$ |
10,252,568 |
|
|
$ |
6,047,769 |
|
|
$ |
— |
|
|
$ |
(1,739,963 |
) |
|
$ |
14,560,374 |
|
|
| Office Furniture, Equipment, and Other [Member] |
|
| Schedule of Property and Equipment |
As of June 30, 2018 and December 31, 2017,
office furniture, equipment, and other consisted of the following:
| |
|
June 30, 2018 |
|
|
December 31, 2017 |
|
| Computer equipment and fixtures |
|
$ |
22,453 |
|
|
$ |
22,453 |
|
| Accumulated depreciation |
|
|
(12,343 |
) |
|
|
(8,632 |
) |
| Office furniture, equipment, and other, net |
|
$ |
10,110 |
|
|
$ |
13,821 |
|
|