INCOME TAXES (Details 1) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Gross Values [Member] | ||
Deferred tax assets | ||
Book Impairment | $ 668,073 | |
Net operating loss carryforwards | 5,911,319 | $ 4,235,227 |
Total deferred tax assets | 6,579,392 | 4,235,227 |
Deferred tax liabilities | ||
O&G Properties | (2,211,892) | (1,631,976) |
Total deferred tax liabilities | (2,211,892) | (1,631,976) |
Less: Valuation allowance | (4,367,500) | (2,603,251) |
Tax Effect [Member] | ||
Deferred tax assets | ||
Book Impairment | 233,826 | |
Net operating loss carryforwards | 1,742,830 | 1,482,329 |
Total deferred tax assets | 1,976,656 | 1,482,329 |
Deferred tax liabilities | ||
O&G Properties | (774,162) | (571,192) |
Total deferred tax liabilities | (774,162) | (571,192) |
Less: Valuation allowance | $ (1,202,494) | $ (911,137) |
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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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- References No definition available.
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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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