Oil and Gas Properties (Tables)

3 Months Ended

Mar. 31, 2013

Oil And Gas Properties Tables

Aggregate Amount of Capitalized Costs Relating to Crude Oil and Natural Gas Producing Activities and Aggregate Amount of Related Accumulated Depreciation Depletion and Amortization

The aggregate amount of capitalized costs relating to crude oil and natural gas producing activities and the aggregate amount of related accumulated depreciation, depletion and amortization at March 31, 2013 and December 31, 2012 were:

	March 31			December 31
	2013			2012				Change ($)
Unproven Properties		$	-		$	537,501			$	(537,501	)
Depreciation and impairment			-			(513,374	)			513,374
Oil and gas properties, net		$	-		$	24,127			$	(24,127	)

Schedule of Change in Asset Retirement Obligation

The following table summarizes the activity for the Company’s asset retirement obligations:

	March 31,			December 31,
	2013			2013
Asset retirement obligations, beginning of period	$	57,532		$	55,316
Accretion expense		-			2,216
Liability settled upon sale of properties		(57,532	)		-
Asset retirement obligations, end of period		-			57,532
Less: current portion		-			-
Long-term asset retirement obligations, end of period	$	-		$	57,532