Annual report pursuant to Section 13 and 15(d)

OIL AND GAS PRODUCING ACTIVITIES

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OIL AND GAS PRODUCING ACTIVITIES
 12 Months Ended
Dec. 31, 2012
OIL AND GAS PRODUCING ACTIVITIES  
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