Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.3.0.814
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table summarizes the fair values of the assets acquired and the liabilities assumed:
 
Assets acquired
 
 
 
 
Proved oil and natural gas properties
 
$
77,177,110
 
Accounts receivable
 
 
286,563
 
Liabilities assumed
 
 
 
 
Accounts payable
 
 
(742,332)
 
Asset retirement obligations
 
 
(2,177,110)
 
Total Identifiable Net Assets
 
$
74,544,231
 
Business Acquisition, Pro Forma Information [Table Text Block]
The following unaudited pro forma information is presented to reflect the operations of the Company as if the Ford West Field and Ford Geraldine Unit acquisition had been completed on January 1, 2015 and 2014, respectively.
 
 
 
For The Three Months
 
For The Nine Months
 
 
 
Ended September 30,
 
Ended September 30,
 
 
 
2015
 
2014
 
2015
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oil and Gas Revenues
 
$
8,629,007
 
$
19,396,226
 
$
29,891,043
 
$
57,819,655
 
Net Income (Loss)
 
$
(1,140,099)
 
$
4,491,405
 
$
(1,500,850)
 
$
15,095,213
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic Earnings (Loss) per Share
 
$
(0.04)
 
$
0.17
 
$
(0.05)
 
$
0.62
 
Diluted Earnings (Loss) per Share
 
$
(0.04)
 
$
0.17
 
$
(0.05)
 
$
0.59