NOTE 12. SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
NOTE 12. SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables) [Line Items] |
|
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block] |
|
|
Fiscal
Year Ended
December 31,
2016
|
|
|
Fiscal
Year Ended
December 31,
2015
|
|
Property acquisitions
|
|
$
|
8,723,186
|
|
|
$
|
769,916
|
|
Unevaluated
|
|
|
—
|
|
|
|
—
|
|
Evaluated
|
|
|
—
|
|
|
|
—
|
|
Exploration
|
|
|
—
|
|
|
|
—
|
|
Development
|
|
|
—
|
|
|
|
---
|
|
Total Costs Incurred
|
|
$
|
8,723,186
|
|
|
$
|
769,916
|
|
|
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] |
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
Capitalized costs
|
|
|
|
|
|
|
Unevaluated properties
|
|
$
|
—
|
|
|
$
|
—
|
|
Evaluated properties
|
|
|
13,092,012
|
|
|
|
4,586,992
|
|
|
|
|
13,092,012
|
|
|
|
4,586,992
|
|
Less: Accumulated DD&A
|
|
|
(1,042,545
|
)
|
|
|
(996,863
|
)
|
Net capitalized costs
|
|
$
|
12,049,467
|
|
|
$
|
3,590,129
|
|
|
Schedule of Proved Oil and Gas Reserve Quantities [Table Text Block] |
The following table sets forth estimates of the proved oil and gas reserves (net of royalty interests) for the Company and changes therein, for the periods indicated.
|
|
Oil
(Bbls)
|
|
|
|
|
|
December 31, 2014
|
|
|
301,900
|
|
Revisions of prior estimates
|
|
|
(99,207
|
)
|
Purchases of reserves in place
|
|
|
536,140
|
|
Production
|
|
|
(4,313
|
)
|
December 31, 2015
|
|
|
734,520
|
|
Revisions of prior estimates
|
|
|
(58,297
|
)
|
Purchases of reserves in place
|
|
|
1,557,660
|
|
Production
|
|
|
(6,643
|
)
|
December 31, 2016
|
|
|
2,227,240
|
|
|
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block] |
|
|
December 31, 2016
|
|
|
December31, 2015
|
|
|
|
|
|
|
|
|
Estimated Quantities of Proved Developed Reserves – Oil (Bbls)
|
|
|
1,206,010
|
|
|
|
287,780
|
|
Estimated Quantities of Proved Undeveloped Reserves – Oil (Bbls)
|
|
|
1,021,230
|
|
|
|
446,740
|
|
|
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block] |
The following table sets forth the changes in standardized measure of discounted future net cash flows relating to proved oil and gas reserves for the periods indicated.
|
|
December 31, 2016
|
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
Future cash inflows
|
|
$
|
90,265,000
|
|
|
$
|
35,738,970
|
|
Future production costs
|
|
|
(47,050,770
|
)
|
|
|
(17,472,870
|
)
|
Future development costs
|
|
|
(10,396,000
|
)
|
|
|
(4,955,500
|
)
|
Future income taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
Future net cash flows
|
|
|
32,818,230
|
|
|
|
13,310,600
|
|
Discount of future net cash flows at 10% per annum
|
|
|
(19,253,750
|
)
|
|
|
(7,090,100
|
)
|
|
|
|
|
|
|
|
|
|
Standardized measure of discounted future net cash flows
|
|
$
|
13,564,480
|
|
|
$
|
6,220,500
|
|
|
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block] |
Changes in standardized measure of discounted future cash flows
|
|
|
|
|
|
|
12/31/16
|
|
|
12/31/15
|
|
|
|
|
|
|
|
|
Beginning of year
|
|
$
|
6,220,500
|
|
|
$
|
6,303,880
|
|
Sales and transfers of oil & gas produced, net of production costs
|
|
|
175,048
|
|
|
|
40,633
|
|
Net changes in prices and production costs
|
|
|
(1,917,506
|
)
|
|
|
(3,346,089
|
)
|
Changes in estimated future development costs
|
|
|
(673,960
|
)
|
|
|
360,790
|
|
Acquisitions of minerals in place, net of production costs
|
|
|
9,941,241
|
|
|
|
4,851,420
|
|
Revision of previous estimates
|
|
|
(544,877
|
)
|
|
|
(1,477,073
|
)
|
Change in discount
|
|
|
817,235
|
|
|
|
630,388
|
|
Change in production rate or other
|
|
|
(453,201
|
)
|
|
|
(1,143,449
|
)
|
|
|
|
|
|
|
|
|
|
End of year
|
|
$
|
13,564,480
|
|
|
$
|
6,220,500
|
|
|
Rollforward of Proved Reserves [Member] |
|
NOTE 12. SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables) [Line Items] |
|
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block] |
The following table sets forth estimates of the proved developed and proved undeveloped oil and gas reserves (net of royalty interests) for the Company and changes therein, for the period indicates.
Proved developed producing and non-producing reserve
|
|
Oil (bbls)
|
|
December 31, 2015
|
|
|
287,780
|
|
Acquired Reserves
|
|
|
989,403
|
|
Revision of prior estimates
|
|
|
(64,530
|
)
|
Production
|
|
|
(6,643
|
)
|
December 31, 2016
|
|
|
1,206,010
|
|
Proved undeveloped reserves
|
|
Oil (bbls)
|
|
December 31, 2015
|
|
|
446,740
|
|
Acquired Reserves
|
|
|
568,257
|
|
Revisions to prior estimates
|
|
|
6,233
|
|
December 31, 2016
|
|
|
1,021,230
|
|
|