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Oil and Gas Operations | 12 Months Ended
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Dec. 31, 2011
Oil and Gas Operations |
Oil and Gas Operations | Note 2: Oil and Gas Operations The Company’s oil and gas producing activities are exploratory and are undertaken in one geographic location within the United States of America. The Company acquired its interest in the Prospect during 2009 for $35,750 and entered into an agreement to participate in the drilling of an initial test well. The Company’s share of the costs for the initial test well, including the acquisition cost of the Prospect was $296,042. The intended total depth the Well was to the Pennsylvania Reef formation at approximately 7,800 feet; however, this zone was determined to be non-commercial and $241,860 of the Company’s cost was impaired. The Well was subsequently completed in a shallower formation, the Lower Spraberry, at approximately 6,400 feet in November 2009 and commenced producing oil. However, as a result of the swift decline in oil production, the Company further impaired the Well during 2009 in the amount of $28,402. During 2009 the Company recognized $1,662 of costs as depreciation, depletion and amortization using the units of production method. During 2010 the Company recognized an additional $1,463 of depreciation, depletion and amortization using the units of production method and determined that the Well was not commercially productive, resulting in an additional $22,655 of costs being recognized as an impairment of the Prospect.

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- Definition The entire disclosure for oil and gas producing industries. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 19 -Paragraph 59A-59Z, 59AA, 59BB, 59CC -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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