Annual report pursuant to Section 13 and 15(d)

OIL AND GAS PRODUCING ACTIVITIES (Tables)

v3.8.0.1
OIL AND GAS PRODUCING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]
Capitalized Costs Relating to Oil and Natural Gas Producing Activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
 
2017
 
2016
 
Proved oil and natural gas properties
 
$
433,591,134
 
$
250,133,965
 
Inventory for property development
 
 
-
 
 
1,582,427
 
Fixed assets subject to depreciation
 
 
1,884,818
 
 
1,549,311
 
Total capitalized costs
 
 
435,475,952
 
 
253,265,703
 
Accumulated depletion, depreciation and amortization
 
 
(61,864,932)
 
 
(41,347,152)
 
 
 
 
 
 
 
 
 
Net Capitalized Costs
 
$
373,611,020
 
$
211,918,551
 
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]
Net Costs Incurred in Oil and Gas Producing Activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the years Ended December 31,
 
2017
 
2016
 
Acquisition of proved properties
 
$
28,682,298
 
$
10,193,927
 
Development costs
 
 
125,977,758
 
 
26,862,680
 
 
 
 
 
 
 
 
 
Total Net Costs Incurred
 
$
154,660,056
 
$
37,056,607