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ACQUISITION OF OVINTIV OIL AND NATURAL GAS PROPERTIES	3 Months Ended
	Mar. 31, 2020
ACQUISITION OF OVINTIV OIL AND NATURAL GAS PROPERTIES
4. ACQUISITION OF OVINTIV OIL AND NATURAL GAS PROPERTIES	On March 3, 2020 the Company, through its wholly owned subsidiary, Empire North Dakota, LLC, entered into a Purchase and Sale Agreement (“the Agreement”) with Ovintiv USA, Inc. and several related companies to purchase certain oil and natural gas properties in Montana and North Dakota comprising 26,600 net acres with 94 active wells. The purchase price is $8,500,000, subject to adjustments with an effective date of January 1, 2020 and a closing date of April 30, 2020. As of March 31, 2020, the Company has made an $850,000 deposit relating to the purchase which is recorded as a deposit on its balance sheet. Due to the COVID pandemic, and governmental state of emergency orders related thereto, the Company has been unable to meet with and obtain financing to complete the purchase from its lenders. The Company is currently in communication with the Seller to either cancel the transaction and return the deposit or provide additional time to complete the transaction.

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- Definition

The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 360
-URI http://asc.fasb.org/subtopic&trid=2145654

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