Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| Support Equipment and Facilities [Member] |
|
| Schedule of Property and Equipment |
The Company’s
support facilities and equipment serve its oil and gas production activities. The following table summarizes these properties and
equipment, together with their estimated useful lives:
| |
|
September 30, 2018 |
|
|
December 31, 2017 |
|
| |
|
|
|
|
|
|
| Tank |
|
$ |
30,000 |
|
|
$ |
30,000 |
|
| Vehicle |
|
|
69,446 |
|
|
|
69,446 |
|
| Uinta Basin facilities |
|
|
170,570 |
|
|
|
|
|
| Accumulated depreciation |
|
|
(531 |
) |
|
|
(31 |
) |
| Construction in progress (1) |
|
|
- |
|
|
|
22,087 |
|
| Total support facilities and equipment, net |
|
$ |
269,485 |
|
|
$ |
121,502 |
|
| |
(1) |
Facilities constructed in conjunction with drilling for our two exploratory horizontal wells in Uintah County, Utah, not subject to depreciation. During the months ended September 30, 2018, construction-in-progress was reclassified to Uinta Basin facilities and became eligible for depreciation upon the completion of the construction. |
|
| 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 September
30, 2018 and December 31, 2017 are set forth below in the following table:
| |
|
September 30, 2018 |
|
|
December 31, 2017 |
|
| Unproved leasehold (1) |
|
$ |
979,978 |
|
|
$ |
977,936 |
|
| Proved leasehold |
|
|
13,176,778 |
|
|
|
10,094,760 |
|
| Properties subject to depletion, net of depletion |
|
|
306,806 |
|
|
|
580,158 |
|
| Exploratory wells – construction-in-progress (1) (2) |
|
|
- |
|
|
|
1,479,282 |
|
| Total |
|
$ |
14,463,562 |
|
|
$ |
13,132,136 |
|
| (1) |
Not subject to depletion; |
| (2) |
Reclassified from exploratory to properties subject to amortization at September 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 |
|
|
— |
|
|
|
1,636,809 |
|
|
|
|
|
|
|
(305,383 |
) |
|
|
1,331,426 |
|
| Total |
|
$ |
10,252,568 |
|
|
$ |
6,042,161 |
|
|
$ |
— |
|
|
$ |
(1,831,167 |
) |
|
$ |
14,463,562 |
|
|
| Office Furniture, Equipment, and Other [Member] |
|
| Schedule of Property and Equipment |
As of September 30, 2018 and December
31, 2017, office furniture, equipment, and other consisted of the following:
| |
|
September 30, 2018 |
|
|
December 31, 2017 |
|
| Computer equipment and fixtures |
|
$ |
22,453 |
|
|
$ |
22,453 |
|
| Accumulated depreciation |
|
|
(14,230 |
) |
|
|
(8,632 |
) |
| Office furniture, equipment, and other, net |
|
$ |
8,223 |
|
|
$ |
13,821 |
|
|