Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Details 1)

v3.8.0.1
INCOME TAXES (Details 1) - USD ($)
Dec. 31, 2017
Dec. 31, 2016
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