| OIL AND GAS PRODUCING ACTIVITIES |
NOTE 4 OIL AND GAS PRODUCING ACTIVITIES Set forth below is certain information regarding the aggregate capitalized costs of oil and gas properties and costs incurred by the Company for its oil and gas property acquisitions, development and exploration activities: | Capitalized Costs Relating to Oil and Natural Gas Producing Activities
|
|
|
|
|
|
|
|
|
| As of
|
| As of
|
|
|
| December 31,
|
| December 31,
|
|
|
| 2013
|
| 2012
|
| Proved oil and natural gas properties
|
| $
| 58,040,724
|
| $
| 23,051,904
|
| Office equipment
|
|
| 257,911
|
|
| 175,106
|
| Total capitalized costs
|
|
| 58,298,635
|
|
| 23,227,010
|
| Accumulated depletion, depreciation and amortization
|
|
| (2,880,253)
|
|
| (596,162)
|
|
|
|
|
|
|
|
|
| Net Capitalized Costs
|
| $
| 55,418,382
|
| $
| 22,630,848
|
| Net Costs Incurred in Oil and Gas Producing Activities
|
|
|
|
|
|
|
|
|
| For the Year Ended
|
| For the Year Ended
|
|
|
| December 31,
|
| December 31,
|
|
|
| 2013
|
| 2012
|
| Acquisition of proved properties
|
| $
| 5,192,441
|
| $
| 9,873,128
|
| Development costs
|
|
| 29,796,379
|
|
| 6,581,343
|
|
|
|
|
|
|
|
|
| Total Net Costs Incurred
|
| $
| 34,988,820
|
| $
| 16,454,471
|
|
|
| OIL AND GAS PRODUCING ACTIVITIES. |
|
NOTE 4 OIL AND GAS PRODUCING ACTIVITIES Set forth below is certain information regarding the aggregate capitalized costs of oil and gas properties and costs incurred by the Company for its oil and gas property acquisitions, development and exploration activities: Capitalized Costs Relating to Oil and Natural Gas Producing Activities |
|
| As of
|
| As of
|
|
|
| December 31,
|
| December 31,
|
|
|
| 2012
|
| 2011
|
| Proved oil and natural gas properties
| $
| 23,051,904
| $
| 6,597,433
|
| Office equipment
|
| 175,106
|
| 11,133
|
| Total capitalized costs
|
| 23,227,010
|
| 6,608,566
|
| Accumulated depletion, depreciation and amortization
|
| (596,162)
|
| (89,376)
|
|
|
|
|
|
|
| Net Capitalized Costs
| $
| 22,630,848
| $
| 6,519,190
|
Net Costs Incurred in Oil and Gas Producing Activities |
|
| For the Year Ended
|
| For the Year Ended
|
|
|
| December 31,
|
| December 31,
|
|
|
| 2012
|
| 2011
|
| Acquisition of proved properties
| $
| 9,873,128
| $
| 6,280,391
|
| Development costs
|
| 6,581,343
|
| 317,042
|
|
|
|
|
|
|
| Total Net Costs Incurred
| $
| 16,454,471
| $
| 6,597,433
|
|