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7. Oil and Gas Properties

3 Months Ended

Mar. 31, 2017

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Oil and Gas Properties

The following table summarizes gross and net productive oil wells by state at March 31, 2016. A net well represents our percentage ownership of a gross well. The following table does not include wells in which our interest is limited to royalty and overriding royalty interests. The following table also does not include wells which were awaiting completion, in the process of completion or awaiting flow back subsequent to fracture stimulation.

		March 31, 2016
		Gross				Net
North Dakota			352				10.64
Montana			5				0.37
Total			357				11.01

The Company’s oil and gas properties consisted of all acreage acquisition costs (including cash expenditures and the value of stock consideration), drilling costs and other associated capitalized costs. As of March 31, 2016 our principal oil and gas assets included approximately 7,030 net acres, respectively, located in North Dakota and Montana and were disposed by the Company on June 21, 2016 as part of the debt restructuring transaction summarized in Note 3 – Debt Restructuring.

 The following table summarizes our capitalized costs for the purchase and development of our oil and gas properties for the three months ended March 31, 2016:

		Three Months Ended
		March 31, 2016
Purchases of oil and gas properties and development costs for cash		$	1,149,789
Purchase of oil and gas properties accrued at period-end			6,662,200
Purchase of oil and gas properties accrued at beginning of period			(6,899,503	)
Capitalized asset retirement costs			–
Total purchase and development costs, oil and gas properties		$	912,486

2016 Acquisitions

During the three months ended March 31, 2016, we did not purchase any oil and gas properties.

2016 Divestitures

During the three months ended March 31, 2016, we did not sell any oil and gas properties.

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- References

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 360
-URI http://asc.fasb.org/subtopic&trid=2145654

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