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Property

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

3. Property

In 2018, the Company, through its subsidiary, Empire Louisiana, LLC, purchased oil and natural gas properties in St. Landry and Beauregard parishes in Louisiana (see Footnote 5).

The aggregate capitalized costs of oil and natural gas properties as of December 31, 2018 are as follows:

		2018
Proved producing wells		$	584,461
Proved undeveloped			547,882
Lease and well equipment			284,233
Asset retirement obligation			228,721
Gross capitalized costs			1,645,297
Depreciation, Depletion and Amortization			(15,527	)
Net capitalized costs		$	1,629,770

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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