INCOME TAXES (Details 1) - USD ($) |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Gross Values [Member] | ||
Book impairment | $ 668,073 | $ 668,073 |
Net operating loss carryforwards | 8,924,934 | 7,120,879 |
Total deferred tax assets | 9,593,007 | 7,788,952 |
Deferred tax liabilities | ||
O&G Properties | (1,556,593) | (6,496,717) |
Total deferred tax liabilities | (1,556,593) | (6,496,717) |
Less: Valuation allowance | (8,036,415) | (1,292,235) |
Net deferred tax assets (liabilities) | 0 | |
Tax Effect [Member] | ||
Book impairment | 140,295 | 233,825 |
Net operating loss carryforwards | 1,874,236 | 2,492,308 |
Total deferred tax assets | 2,014,531 | 2,726,133 |
Deferred tax liabilities | ||
O&G Properties | (326,884) | (2,273,851) |
Total deferred tax liabilities | (326,884) | (2,273,851) |
Less: Valuation allowance | $ (1,687,647) | (452,282) |
Net deferred tax assets (liabilities) | $ 0 |
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- Definition Amount of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from estimated impairment losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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