|
NOTE 7. OIL AND GAS ACQUISITIONS
|
12 Months Ended |
|---|---|
|
Dec. 31, 2012
|
|
| Oil and Gas Properties [Text Block] |
NOTE
7. OIL AND GAS ACQUISITIONS
In
April 2012, the Company entered into a farmout agreement with
a related party pertaining to a 200-acre lease in Milam
County, Texas at a price of $475,000.In October 2012, the
Company entered into an additional farmout agreement with the
related party for an additional 2.5 acres at a price of
$10. As of December 31, 2012, the Company had
completed the drilling of six wells on the leased
properties. The total amount incurred for the drilling
of the six wells was $2,125,685 as of December 31,
2012.
|
| X | ||||||||||
|
- Definition
The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. No definition available.
|