Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment (Tables)

v3.10.0.1
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