3. Property and Equipment

Property and equipment at October 31, 2011 and January 31, 2011, consisted of the following:

	October 31,	January 31,
	2011	2011
Oil and gas properties, full cost method:
Unevaluated costs, not yet subject to amortization	$95,335,799	$15,206,667
Evaluated costs	33,599,061	7,023,218
	128,934,860	22,229,885
Less accumulated amortization	(1,617,762)	(96,000)
Net carrying value of oil and gas properties	127,317,098	22,133,885
Other property and equipment	5,534,819	-
Less accumulated depreciation and amortization	(52,041)	-
Net property and equipment	$132,799,876	$22,133,885

Total property and equipment located in the United States	$128,562,998	$18,133,885
Total property and equipment located in Canada	$4,236,878	$4,000,000

During the nine months ended October 31, 2011, we acquired undeveloped acres from various entities and incurred drilling and completion costs for total consideration of approximately $106.7 million, comprised of cash in the amount of $84.9 million, accrued costs of $10 million and 1,437,699 shares of our common stock with a deemed value of $11.8 million.

In the third quarter of fiscal 2012, we capitalized $270,000 of internal land and geology department costs directly associated with property acquisition, exploration (including lease record maintenance) and development. The internal land and geology department costs were capitalized to unevaluated costs.

Other property and equipment includes additions of $4.6 million for pressure pumping equipment of the Company's 83% owned subsidiary, RockPile. This equipment has not been put into service and is not currently depreciated. It is estimated that the equipment will not go into service until approximately the second quarter of fiscal 2013.

Ceiling-Test Impairments

The Company uses the full-cost accounting method, which requires recognition of an impairment of oil and gas properties when the total net carrying value of oil and gas properties exceed a ceiling as described on page F-8 of our Annual Report on Form 10-K for the fiscal year ended January 31, 2011. The Company did not have such impairments for the nine-month periods ended October 31, 2011 and 2010.