Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS (Tables)

v3.6.0.2
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2016
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
 
$
78,361,634
 
Accounts receivable
 
 
400,629
 
Liabilities assumed
 
 
 
 
Accounts payable
 
 
(1,562,147)
 
Asset retirement obligations
 
 
(3,361,634)
 
Total Identifiable Net Assets
 
$
73,838,482
 
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 years ended December 31,
 
2015
 
2014
 
 
 
 
 
 
 
Oil and Gas Revenues
 
$
37,253,437
 
$
74,303,242
 
Net Income (Loss)
 
$
(9,097,288)
 
$
18,186,433
 
 
 
 
 
 
 
 
 
Basic Earnings (Loss) per Share
 
$
(0.32)
 
$
0.34
 
Diluted Earnings (Loss) per Share
 
$
(0.32)
 
$
0.33