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ACQUISITION OF ENERGYQUEST II ASSETS (Tables)

3 Months Ended

Mar. 31, 2019

Acquisition Of Energyquest Ii Assets

Schedule of purchase price allocation

Fair Value of Assets Acquired
Accounts receivable		$	1,256,094
Inventory of oil in tanks			438,320
Oil properties			8,071,365
Total Assets Acquired		$	9,765,779
Fair Value of Liabilities Assumed
Accounts payable		$	1,310,517
Asset retirement obligations			3,267,380
Total liabilities assumed		$	4,577,897
Total consideration paid		$	5,187,882

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- References

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472

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