Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details 1)

v3.5.0.1
INCOME TAXES (Details 1) - USD ($)
Dec. 31, 2015
Dec. 31, 2014
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)