Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2013



		June 30,		December 31,
		2013		2012
Oil and gas properties under the full cost method:
Subject to amortization	$	996,270	$	915,801
Not subject to amortization:
Incurred in 2013		52,508		-
Incurred in 2012		144,865		141,837
Incurred in 2011		99,971		107,510
Incurred prior to 2011		86,659		100,086
		1,380,273		1,265,234
Computers, furniture and fixtures		8,733		8,863
Total property and equipment		1,389,006		1,274,097

Accumulated depreciation, depletion and amortization		(334,172)		(270,656)

Net property and equipment	$	1,054,834	$	1,003,441

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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