Oil and Gas Properties

12 Months Ended

Dec. 31, 2018

Oil and Gas Property [Abstract]

Oil and Gas Properties

NOTE 5—OIL AND GAS PROPERTIES

Evaluated Oil and Gas Properties

Evaluated oil and gas properties subject to amortization at December 31, 2018 included the following:

	United States			South America			Total
Evaluated properties being amortized	$	10,943,176		$	49,454,702		$	60,397,878
Accumulated depreciation, depletion, amortization and impairment		(6,538,196	)		(49,454,702	)		(55,992,898	)
Net capitalized costs	$	4,404,980		$	—		$	4,404,980

Evaluated oil and gas properties subject to amortization at December 31, 2017 included the following:

	United States			South America			Total
Evaluated properties being amortized	$	10,684,824		$	49,454,702		$	60,139,526
Accumulated depreciation, depletion, amortization and impairment		(6,180,374	)		(49,454,702	)		(55,635,076	)
Net capitalized costs	$	4,504,450		$	—		$	4,504,450

Unevaluated Oil and Gas Properties

Unevaluated oil and gas properties not subject to amortization at December 31, 2018 included the following:

	United States		South America		Total
Leasehold acquisition costs	$	—	$	141,318	$	141,318
Geological, geophysical, screening and evaluation costs		135,329		2,179,852		2,315,181
Total	$	135,329	$	2,321,170	$	2,456,499

Unevaluated oil and gas properties not subject to amortization at December 31, 2017 included the following:

	United States		South America		Total
Leasehold acquisition costs	$	—	$	141,318	$	141,318
Geological, geophysical, screening and evaluation costs		—		2,168,023		2,168,023
Total	$	—	$	2,309,341	$	2,309,341

During 2018, the Company invested $405,510, net, for the acquisition and development of oil and gas properties consisting of (1) the cost of the acquisition of U.S. properties of $258,352, net, principally attributable to acreage acquired in Yoakum County, Texas, (2) preparation and evaluation costs of the Company’s Permian Basin, Texas, acreage of $135,329, and (3) preparation and evaluation of costs in Colombia of $11,829. Of the amount invested, the Company capitalized $147,158 to oil and gas properties not subject to amortization and capitalized $258,352 to oil and gas properties subject to amortization.