Annual report pursuant to Section 13 and 15(d)

OIL AND NATURAL GAS PRODUCING ACTIVITIES

v3.10.0.1
OIL AND NATURAL GAS PRODUCING ACTIVITIES
 12 Months Ended
Dec. 31, 2018
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Oil and Gas Exploration and Production Industries Disclosures [Text Block]
NOTE 5 – OIL AND NATURAL GAS PRODUCING ACTIVITIES
 
Set forth below is certain information regarding the aggregate capitalized costs of oil and natural gas properties and costs incurred by the Company for its oil and natural gas property acquisitions, development and exploration activities:
 
Capitalized Costs Relating to Oil and Natural Gas Producing Activities
 
As of December 31,
 
2018
 
 
 
2017
 
Proved oil and natural gas properties
 
$
641,121,398
 
 
$
433,591,134
 
Fixed assets subject to depreciation
 
 
1,465,551
 
 
 
1,884,818
 
Total capitalized costs
 
 
642,586,949
 
 
 
435,475,952
 
Accumulated depletion, depreciation and amortization
 
 
(100,576,087
)
 
 
(61,698,044
)
 
 
 
 
 
 
 
 
 
Net Capitalized Costs
 
$
542,010,862
 
 
$
373,777,908
 
 
Net Costs Incurred in Oil and Natural Gas Producing Activities
 
For the years Ended December 31,
 
2018
 
 
2017
 
Acquisition of proved properties
 
$
18,432,291
 
 
$
28,682,298
 
Development costs
 
 
200,182,322
 
 
 
125,977,758
 
 
 
 
 
 
 
 
 
 
Total Net Costs Incurred
 
$
218,614,613
 
 
$
154,660,056