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PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2021

PROPERTY AND EQUIPMENT

3. PROPERTY AND EQUIPMENT

On January 27, 2020, the Company purchased lease interests in approximately 4,936 acres in Montana for $500,000.

In February, 2020, the Company in two transactions sold all of its interest in leases of approximately 337 acres in Montana for $1,210,400. The Company recognized a gain on the transactions of $1,193,760.

On April 6, 2020 the Company purchased oil and natural gas properties in Texas (see Note 5).

The aggregate capitalized costs of oil and natural gas properties as of March 31, 2021, are as follows:

Proved producing wells		$	4,499,782
Proved undeveloped			2,232,358
Lease, well and gathering equipment			1,360,596
Asset retirement obligation			14,126,130
Unproved leasehold costs			492,580
Gross capitalized costs			22,711,446
Less: accumulated depreciation, depletion and impairment			(15,324,596	)
		$	7,386,850

Other property and equipment consists of operating lease asset (See Note 9), vehicles, office furniture and equipment.

Other property and equipment, at cost		$	837,149
Less: accumulated depreciation			(62,668	)
Oher property and equipment, net		$	774,481

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- References

No definition available.

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- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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