Annual report pursuant to Section 13 and 15(d)

Property and Equipment (Tables)

v3.19.1
Property and Equipment (Tables)
12 Months Ended
Dec. 31, 2018
Support Facilities and Equipment [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:

 

    December 31, 2018     December 31, 2017  
             
Tank   $ 30,000     $ 30,000  
Vehicle     69,446       69,446  
Uinta Basin facilities     186,428       -  
Accumulated depreciation     (1,717 )     (31 )
Construction in progress (1)     -       22,087  
Total support facilities and equipment, net   $ 284,157     $ 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 December 31, 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 December 31, 2018 and December 31, 2017 are set forth below in the following table:

 

    December 31, 2018     December 31, 2017  
Unproved leasehold (1)   $ 106,299     $ 977,936  
Proved leasehold     11,915,695       10,094,760  
Properties subject to depletion, net of depletion     121,110       580,158  
Exploratory wells – construction-in-progress (1) (2)     -       1,479,282  
Total   $ 12,143,103     $ 13,132,136  

 

(1) Not subject to depletion;
(2) Reclassified from exploratory to properties subject to amortization at December 31, 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           1,897,502               (2,886,535 )     989,033  
Total   $ 10,252,568     $ 6,302,854     $     $ (4,412,319 )   $ 12,143,103  

Office Furniture, Equipment, and Other [Member]  
Schedule of Property and Equipment

As of December 31, 2018 and 2017, office furniture, equipment, and other consisted of the following:

 

    December 31, 2018     December 31, 2017  
Computer equipment and fixtures   $ 22,453     $ 22,453  
Accumulated depreciation     (16,116 )     (8,632 )
Office furniture, equipment, and other, net   $ 6,337     $ 13,821