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Acquisitions of oil and gas properties (Tables)
 12 Months Ended
Dec. 31, 2019
Acquisitions of oil and gas properties  
Schedule of purchase price allocation

 

 

Cardinal

 

Exodus

 

Riviera

 

EnergyQuest

 

Fair Value of Assets Acquired

 

Accounts receivable

 

$

57,061

 

$

143,807

 

$

50,335

 

$

829,183

 

Inventory of oil in tanks

 

—

 

—

 

—

 

438,320

 

Oil and natural gas Properties

(a)

 

377,747

 

1,059,296

 

208,254

 

10,939,799

 

Total Assets Acquired

 

$

434,808

 

1,203,103

 

258,589

 

12,207,302

 

Fair Value of liabilities Assumed

 

Accounts payable – trade

 

28,026

 

134,104

 

8,607

 

1,489,363

 

Asset retirement obligations

 

83,782

 

99,957

 

44,982

 

5,117,939

 

Total Liabilities Assumed

 

$

111,808

 

234,061

 

53,589

 

6,607,302

 

Purchase Price

 

$

323,000

 

$

969,042

 

$

205,000

 

$

5,600,000

 
Schedule of combined result of operation

 

 

(Unaudited)

 

December 31, 2018

 

Oil and gas sales

 

$

7,857,135

 

Net loss

 

1,286,233

 

Earnings per share, basic and diluted

 

$

0.08