| Oil and gas activities |
The
following table summarizes the Company’s oil and gas activities by classification and geographical cost center for the six
months ended June 30, 2016:
| |
|
December
31, |
|
|
|
|
|
|
|
|
June
30, |
|
| |
|
2015 |
|
|
Additions |
|
|
Impairments |
|
|
2016 |
|
| Proved
developed producing oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
| Canada
cost center |
|
$ |
33,082 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
33,082 |
|
| United
States cost center |
|
|
- |
|
|
|
1,308,938 |
|
|
|
- |
|
|
|
1,308,938 |
|
| Accumulated
depreciation, depletion and amortization |
|
|
(2,093 |
) |
|
|
(32,729 |
) |
|
|
- |
|
|
|
(34,822 |
) |
| Proved
developed producing oil and gas properties, net |
|
$ |
30,989 |
|
|
$ |
1,276,209 |
|
|
$ |
- |
|
|
$ |
1,307,198 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Undeveloped
and non-producing oil and gas properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canada
cost center |
|
$ |
518,269 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
518,269 |
|
| United
States cost center |
|
|
- |
|
|
|
861,312 |
|
|
|
- |
|
|
|
861,312 |
|
| Accumulated
depreciation, depletion and amortization |
|
|
(32,788 |
) |
|
|
(15,887 |
) |
|
|
- |
|
|
|
(48,675 |
) |
| Undeveloped
and non-producing oil and gas properties, net |
|
$ |
485,481 |
|
|
$ |
845,425 |
|
|
$ |
- |
|
|
$ |
1,330,906 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total
Oil and Gas Properties, Net |
|
$ |
516,470 |
|
|
$ |
2,121,634 |
|
|
$ |
- |
|
|
$ |
2,638,104 |
|
|
| Purchase of oil and gas |
The
total purchase of these oil and gas interests is summarized as follows, and is included in oil and gas properties on the balance
sheet at June 30, 2016:
| Cash
consideration |
|
$ |
1,350,000 |
|
| Stock
for producing interests |
|
|
395,250 |
|
| Stock
for non-producing interests |
|
|
425,000 |
|
| |
|
|
|
|
| Total
purchase price |
|
$ |
2,170,250 |
|
|