Annual report pursuant to Section 13 and 15(d)

NOTE 12. SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)

v3.7.0.1
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