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ACQUISITION OF ENERGYQUEST II ASSETS (Tables)

9 Months Ended

Sep. 30, 2020

ACQUISITION OF ENERGYQUEST II ASSETS

Schedule of purchase price allocation

Fair Value of Assets Acquired
Accounts receivable		$	1,308,748
Inventory of oil in tanks			438,321
Oil properties			10,878,429
Total Assets Acquired		$	12,625,498
Fair Value of Liabilities Assumed
Accounts payable – trade		$	1,861,433
Asset retirement obligations			5,117,939
Total liabilities assumed		$	6,979,372
Total consideration paid		$	5,646,126

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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=116869197&loc=d3e4845-128472

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