SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Oil and Gas Exploration and Production Industries Disclosures [Abstract] |
|
| Schedule of cost incurred in acqusitions |
In 2015,
the Company incurred a capital costs related to non-production related repairs of $65,450 on the Noack’s lease. In addition,
they purchased ownership interests in the SUDS and TLSAU fields.
| |
|
Fiscal
Year Ended
December 31,
2015 |
|
|
Fiscal
Year Ended
December 31,
2014 |
|
| Property acquisitions |
|
$ |
769,916 |
|
|
$ |
— |
|
| Unevaluated |
|
|
— |
|
|
|
— |
|
| Evaluated |
|
|
— |
|
|
|
— |
|
| Exploration |
|
|
— |
|
|
|
— |
|
| Development |
|
|
— |
|
|
|
675,426 |
|
| Total Costs Incurred |
|
$ |
769,916 |
|
|
$ |
675,426 |
|
|
| Schedule of capitalized costs relating to oil and gas producing activities |
Capitalized
costs. Capitalized costs include the cost of properties, equipment and facilities for oil and natural-gas producing activities.
Capitalized costs for proved properties include costs for oil and natural-gas leaseholds where proved reserves have been identified,
development wells, and related equipment and facilities, including development wells in progress. Capitalized costs for unproved
properties include costs for acquiring oil and gas leaseholds and geological and geophysical expenses where no proved reserves
have been identified.
| |
|
December
31, 2015
|
|
December
31, 2014
|
|
| Capitalized costs |
|
|
|
|
|
| Unevaluated properties |
|
$ |
— |
|
|
$ |
— |
|
| Evaluated properties |
|
|
4,586,992 |
|
|
|
3,715,779 |
|
| |
|
|
4,586,992 |
|
|
|
3,715,779 |
|
| Less: Accumulated DD&A |
|
|
(996,863 |
) |
|
|
(251,185 |
) |
| Net capitalized costs |
|
$ |
3,590,129 |
|
|
$ |
3,464,594 |
|
|
| Schedule of estimates of proved oil and gas reserves |
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, 2013 |
|
|
226,600 |
|
| Revisions of prior estimates |
|
|
83,396 |
|
| Production |
|
|
(8,096 |
) |
| 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 |
|
| |
|
December
31,
2015 |
|
|
December
31, 2014 |
|
| |
|
|
|
|
|
|
|
|
| Estimated Quantities of Proved Developed Reserves – Oil (Bbls) |
|
|
287,780 |
|
|
|
79,100 |
|
| Estimated Quantities of Proved Undeveloped Reserves – Oil (Bbls) |
|
|
446,740 |
|
|
|
222,800 |
|
|
| Schedule of proved developed and undeveloped oil and gas reserves |
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 reserves |
|
Oil (bbls) |
|
| December 31, 2014 |
|
|
79,100 |
|
| Acquired Reserves |
|
|
274,140 |
|
| Revision of prior estimates |
|
|
(59,797 |
) |
| Production |
|
|
(5,663 |
) |
| December 31, 2015 |
|
|
287,780 |
|
| Proved undeveloped reserves |
|
Oil (bbls) |
|
| December 31, 2014 |
|
|
222,800 |
|
| Acquired Reserves |
|
|
262,000 |
|
| Revisions to prior estimates |
|
|
(38,060 |
) |
| December 31, 2015 |
|
|
446,740 |
|
|
| Schedule of changes in standardized measure of discounted future net cash flows |
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, 2015 |
|
|
December
31, 2014 |
|
| |
|
|
|
|
|
|
|
|
| Future cash inflows |
|
$ |
35,738,970 |
|
|
$ |
27,417,550 |
|
| Future production costs |
|
|
(17,472,870 |
) |
|
|
(14,381,500 |
) |
| Future development costs |
|
|
(4,955,500 |
) |
|
|
(2,507,000 |
) |
| Future income taxes |
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Future net cash flows |
|
|
13,310,600 |
|
|
|
10,529,050 |
|
| Discount of future net cash flows at 10% per annum |
|
|
(7,090,100 |
) |
|
|
(4,225,170 |
) |
| |
|
|
|
|
|
|
|
|
| Standardized measure of discounted future net cash flows |
|
$ |
6,220,500 |
|
|
$ |
6,303,880 |
|
| Changes in standardized measure of discounted future cash flows |
|
|
|
|
|
| |
|
12/31/15 |
|
|
12/31/14 |
|
| |
|
|
|
|
|
|
|
|
| Beginning of year |
|
$ |
6,303,880 |
|
|
$ |
7,966,550 |
|
| Sales and transfers of oil & gas produced, net of production costs |
|
|
40,633 |
|
|
|
(392,979 |
) |
| Net changes in prices and production costs |
|
|
(3,346,098 |
) |
|
|
(1,454,390 |
|
| Development costs incurred |
|
|
— |
|
|
|
675,426 |
|
| Changes in estimated future development costs |
|
|
360,790 |
|
|
|
(1,896,600 |
) |
| Acquisitions of minerals in place, net of production costs |
|
|
4,851,420 |
|
|
|
— |
|
| Revision of previous estimates |
|
|
(1,477,073 |
) |
|
|
2,099,177 |
|
| Change in discount |
|
|
630,388 |
|
|
|
796,655 |
|
| Change in production rate or other |
|
|
(1,143,449 |
) |
|
|
(1,489,959 |
) |
| |
|
|
|
|
|
|
|
|
| End of year |
|
$ |
6,220,500 |
|
|
$ |
6,303,880 |
|
|