Quarterly report pursuant to Section 13 or 15(d)

Oil and Gas Properties (Tables)

v3.7.0.1
Oil and Gas Properties (Tables)
6 Months Ended
Jun. 30, 2017
Oil And Gas Properties Tables  
Schedule of 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, 2017:

 

    December 31,                 June 30,  
    2016     Additions     Impairments     2017  
Proved developed producing oil and gas properties                        
Canada cost center   $ 34,733     $ -     $ -     $ 34,733  
United States cost center     1,787,840       -       -       1,787,840  
Accumulated depreciation, depletion and amortization     (57,200 )     (47,699 )     -       (104,899 )
Proved developed producing oil and gas properties, net   $ 1,765,373     $ (47,699 )   $ -     $ 1,717,674  
                                 
Undeveloped and non-producing oil and gas properties                                
Canada cost center   $ 371,481     $ -     $ -     $ 371,481  
United States cost center     917,184       -       -       917,184  
Accumulated depreciation, depletion and amortization     (51,176 )     (39,192 )     -       (90,368 )
Undeveloped and non-producing oil and gas properties, net   $ 1,237,489     $ (39,192 )   $ -     $ 1,198,297  
                                 
Total Oil and Gas Properties, Net   $ 3,002,862     $ (86,891 )   $ -     $ 2,915,971  

 

The following table summarizes the Company’s oil and gas activities by classification for the year ended December 31, 2016:

 

    December 31,                 December 31,  
    2015     Adjustments     Impairments     2016  
Proved developed producing oil and gas properties                        
Canada cost center   $ 33,082     $ 1,651     $ -     $ 34,733  
United States cost center     -       2,838,943       (1,051,103 )     1,787,840  
Accumulated depreciation, depletion and amortization     (2,093 )     (55,107 )     -       (57,200 )
Proved developed producing oil and gas properties, net   $ 30,989     $ 2,785,487     $ (1051103 )   $ 1,765,373  
                                 
Undeveloped and non-producing oil and gas properties                                
Canada cost center   $ 518,269     $ (1,652 )   $ (145,136 )   $ 371,481  
United States cost center     -       1,456,414       (539,230 )     917,184  
Accumulated depreciation, depletion and amortization     (32,788 )     (43,464 )     25,076       (51,176 )
Undeveloped and non-producing oil and gas properties, net   $ 485,481     $ 1,411,298     $ (659,290 )   $ 1,237,489  
                                 
Total Oil and Gas Properties, Net   $ 516,470     $ 2,092,625     $ (1,710,393 )   $ 3,002,862