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ACQUISITION OF OVINTIV OIL AND NATURAL GAS PROPERTIES	6 Months Ended
	Jun. 30, 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. 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 was unable to meet with and obtain financing to complete the purchase from its lenders. As of June 30, 2020 the Agreement has been terminated. The Company is currently in communication with the Seller for return of the deposit. The Company may not be successful in obtaining return of the entire deposit and has recorded an allowance of $725,000 based on its assessment of the negotiations.

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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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