Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment (Tables)

v3.19.1
Property and Equipment (Tables)
3 Months Ended
Mar. 31, 2019
Support Facilities and Equipment [Member]  
Schedule of Property and Equipment

The following table summarizes these properties and equipment, together with their estimated useful lives:

 

    March 31, 2019     December 31, 2018  
             
Tank   $ 30,000     $ 30,000  
Vehicle     69,446       69,446  
Uinta Basin facilities     184,887       186,428  
Sweetwater facilities     14,177        
Accumulated depreciation     (2,537 )     (1,717 )
Construction in progress (1)     -       -  
Total support facilities and equipment, net   $ 295,973     $ 284,157  

 

(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 March 31, 2019, 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 March 31, 2019 and December 31, 2018 are set forth below in the following table:

 

    March 31, 2019     December 31, 2018  
Unproved leasehold (1)   $ 106,299     $ 106,299  
Proved leasehold     12,607,287       11,915,695  
Properties subject to depletion, net of depletion     293,374       121,110  
Exploratory wells – construction-in-progress (1)     -       -  
Total   $ 13,006,960     $ 12,143,103  

 

(1) Not subject to depletion;

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 )
2019     657,304       407,305               (200,752 )     863,857  
Total   $ 10,909,872     $ 6,710,159     $     $ (4,613,071 )   $ 13,006,960  

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

As of March 31, 2019 and December 31, 2018, office furniture, equipment, and other consisted of the following:

 

    March 31, 2019     December 31, 2018  
Computer equipment and fixtures   $ 22,453     $ 22,453  
Accumulated depreciation     (17,962 )     (16,116 )
Office furniture, equipment, and other, net   $ 4,491     $ 6,337