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ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES (Tables)
 3 Months Ended
Mar. 31, 2021
ACQUISITION OF PARDUS OIL AND NATURAL GAS PROPERTIES  
ScheduleOfPurchaseAndSalesOfAgreement

Fair Value of Assets Acquired

 

 

 

Accounts receivable

 

$

100,208

 

Inventory of oil in tanks

 

 

147,297

 

Deposits

 

 

378,000

 

Equipment and gathering lines

 

 

109,200

 

Oil and natural gas properties

 

 

10,397,821

 

 

 

 

 

 

Total Assets Acquired

 

$

11,132,526

 

 

 

 

 

 

Fair Value of Liabilities Assumed

 

 

 

 

Accounts payable – trade

 

$

20,455

 

Note payable – current

 

 

378,000

 

Royalty suspense

 

 

1,185,587

 

Asset retirement obligations

 

 

9,508,484

 

 

 

 

 

 

Total liabilities assumed

 

$

11,092,526

 

 

 

 

 

 

Purchase Price

 

$

40,000