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Acquisitions of oil and gas properties (Tables) | 12 Months Ended
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Dec. 31, 2020
Acquisitions of oil and gas properties |
Schedule of purchase price allocation |
|  | EnergyQuest |  |  | Pardus |
Fair Value of Assets Acquired |  |  |  |  |  |
Accounts receivable |  | $ | 1,308,748 |  |  | $ | 100,208 |
Inventory of oil in tanks |  |  | 438,320 |  |  |  | 147,297 |
Deposits |  |  | — |  |  |  | 378,000 |
Equipment & gathering lines |  |  | — |  |  |  | 109,200 |
Oil and natural gas properties |  |  | 10,878,430 |  |  |  | 10,397,821 |
Total Assets Acquired |  | $ | 12,625,498 |  |  | $ | 11,132,526 |
Fair Value of liabilities Assumed |  |  |  |  |  |  |  |
Accounts payable – trade |  |  | 1,861,433 |  |  |  | 20,455 |
Notes payable – current |  |  | — |  |  |  | 378,000 |
Royalty suspense |  |  | — |  |  |  | 1,185,587 |
Asset retirement obligations |  |  | 5,117,939 |  |  |  | 9,508,484 |
Total Liabilities Assumed |  | $ | 6,979,372 |  |  | $ | 11,092,526 |
Purchase Price |  | $ | 5,646,126 |  |  | $ | 40,000 |

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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 + Details
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