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PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

3. PROPERTY AND EQUIPMENT

In 2018, the Company, through its subsidiary, Empire Louisiana, LLC, purchased oil and natural gas properties in St. Landry and Beauregard parishes in Louisiana. In March 2019, the Company, through its subsidiary, Empire North Dakota, LLC, purchased oil and natural gas properties in Montana and North Dakota.

The aggregate capitalized costs of oil and natural gas properties as of June 30, 2019, are as follows:

Proved producing wells		$	3,904,291
Proved undeveloped			2,232,458
Lease and well equipment			1,109,686
Asset retirement obligation			3,629,491
Gross capitalized costs			10,875,926
Less: accumulated depreciation and depletion			(895,472	)
		$	9,980,454

Other property and equipment consists of office furniture and equipment.

Oher property and equipment, at cost		$	14,456
Less: accumulated depreciation			(262	)
Oher property and equipment, net			14,194

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- References

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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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