Supplemental Information on Oil and Gas Exploration, Development and Production Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Schedule of Oil and Gas Revenues and Lease Operating Expenses

The following table shows the Company’s oil and gas revenues and lease operating expenses, which excludes the joint venture expenses incurred in South America, by geographic area:

	2018		2017
Revenues
North America	$	2,243,325	$	630,392
South America		—		—
	$	2,243,325	$	630,392
Production Cost
North America	$	914,269	$	216,429
South America		—		—
	$	914,269	$	216,429

Capitalized Costs and Accumulated Depletion Relating to Oil and Gas Producing Activities

Capitalized costs and accumulated depletion relating to the Company’s oil and gas producing activities as of December 31, 2018, all of which are onshore properties located in the United States and Colombia, South America are summarized below:

	United States			South America			Total
Unproved properties not being amortized	$	135,329		$	2,321,170		$	2,456,499
Proved properties being amortized		10,943,176			49,454,702			60,284,542
Accumulated depreciation, depletion, amortization and impairment		(6,538,195	)		(49,454,702	)		(55,992,897	)
Net capitalized costs	$	4,540,309		$	2,321,170		$	6,861,479

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities

Costs incurred in oil and gas property acquisition, exploration and development activities as of December 31, 2018 and 2017 are summarized below:

	2018
	United States		South America
Property acquisition costs:
Proved	$	258,352	$	—
Unproved		135,329		11,829
Exploration costs		71,568		—
Development costs		—		—
Total costs incurred	$	393,681	$	11,829

	2017
	United States		South America
Property acquisition costs:
Proved	$	1,043,977	$	—
Unproved		—		25,154
Exploration costs		3,443,222		—
Development costs		—		—
Total costs incurred	$	4,487,199	$	25,154

Schedule of Proved Developed and Undeveloped Reserves by Product Type

Total estimated proved developed and undeveloped reserves by product type and the changes therein are set forth below for the years indicated.

	United States						South America				Total
	Gas (mcf)			Oil (bbls)			Gas (mcf)		Oil (bbls)		Gas (mcf)			Oil (bbls)
Total proved reserves
Balance December 31, 2016		40,020			8,680			—		—		40,020			8,680
Discoveries		2,782,055			389,455			—		—		2,782,055			389,455
Revisions of prior estimates		48,983			3,116			—		—		48,983			3,116
Production		(30,997	)		(10,038	)		—		—		(30,997	)		(10,038	)
Balance December 31, 2017		2,840,061			391,213			—		—		2,840,061			391,213
Revisions to prior estimates		136,932			(16,674	)		—		—		136,932			(16,674	)
Production		(253,053	)		(23,842	)		—		—		(253,053	)		(23,842	)
Balance December 31, 2018		2,723,940			350,697			—		—		2,723,940			350,697
Proved developed reserves
at December 31, 2017		1,666,031			149,088			—		—		1,666,031			149,088
at December 31, 2018		1,544,383			107,548			—		—		1,544,383			107,548
Proved undeveloped reserves
at December 31, 2017		1,174,030			242,125			—		—		1,174,030			242,125
at December 31, 2018		1,179,557			242,949			—		—		1,179,557			242,949

Standardized Measure of Discounted Future Net Cash Flows

Standardized measure of discounted future net cash flows at December 31, 2018:

	United States			South America		Total
Future cash flows from sales of oil and gas	$	31,125,778		$	—	$	31,125,778
Future production cost		(7,611,052	)		—		(7,611,052	)
Future development cost		(4,758,170	)		—		(4,758,170	)
Future net cash flows		18,756,556			—		18,756,556
10% annual discount for timing of cash flow		(11,041,908	)		—		(11,041,908	)
Standardized measure of discounted future net cash flow relating to proved oil and gas reserves	$	7,714,648		$	—	$	7,714,648
Changes in standardized measure:
Change due to current year operations Sales, net of production costs	$	(1,465,985	)	$	—	$	(1,465,985	)
Change due to revisions in standardized variables:
Accretion of discount		684,886			—		684,886
Net change in sales and transfer price, net of production costs		1,656,330			—		1,656,330
Revision and others		84,038			—		84,038
Changes in production rates and other		(93,476	)		—		(93,476	)
Net		865,793			—		865,793
Beginning of year		6,848,855			—		6,848,855
End of year	$	7,714,648		$	—	$	7,714,648

Standardized measure of discounted future net cash flows at December 31, 2017:

	United States			South America		Total
Future cash flows from sales of oil and gas	$	27,514,923		$	—	$	27,514,923
Future production cost		(6,628,886	)		—		(6,628,886	)
Future development cost		(4,758,170	)		—		(4,758,170	)
Future net cash flows		16,127,867			—		16,127,867
10% annual discount for timing of cash flow		(9,279,012	)		—		(9,279,012	)
Standardized measure of discounted future net cash flow relating to proved oil and gas reserves	$	6,848,855		$	—	$	6,848,855
Changes in standardized measure:
Change due to current year operations Sales, net of production costs	$	(413,962	)	$	—	$	(413,962	)
Change due to revisions in standardized variables:
Accretion of discount		16,413			—		16,413
Net change in sales and transfer price, net of production costs		197			—		197
Net change in future development cost		(4,758,170	)		—		(4,758,170	)
Discoveries		6,517,865			—		6,517,865
Revision and others		(57,247	)		—		(57,247	)
Changes in production rates and other		5,379,629			—		5,379,629
Net		6,684,725			—		6,684,725
Beginning of year		164,130			—		164,130
End of year	$	6,848,855		$	—	$	6,848,855