Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes is comprised of the following for the years ended December 31:

	2016		2015		2014
Current taxes:
U.S.	$	—	$	—	$	—
Foreign		—		—		—
Deferred taxes:
U.S		—		—		—
Foreign		—		—		—
Total	$	—	$	—	$	—

Schedule of Geographic Sources of Loss

The geographic sources of our loss are as follows for the years ended December 31:

	2016			2015			2014
U.S.	$	(2,313,482	)	$	(490,190	)	$	(307,025	)
Foreign		(29,827	)		(204,236	)		(203,738	)
Net loss	$	(2,343,309	)	$	(694,426	)	$	(510,763	)

Schedule of Effective Tax Rate on Loss

The effective tax rate on our loss differs from the U.S. statutory rate as follows for the years ended December 31:

	2016			2015			2014
Income tax expense (benefit) at the federal statutory rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal income tax benefit		0.1	%		0.1	%		0.2	%
Foreign income tax		41.5	%		13.5	%		21.8	%
Other		(4.0	)%		(0.5	)%		(1.8	)%
Valuation allowance		(72.6	)%		(48.1	)%		(55.2	)%
		—	%		—	%		—	%

Schedule of Tax Effects of Temporary Differences and Net Operating Losses

The tax effects of our temporary differences and net operating losses (“NOL”) are as follows at December 31:

	2016			2015
Long-term deferred tax asset:
Seismic and exploration costs	$	2,227,489		$	733,183
Stock based compensation		27,342			26,995
Domestic NOL carry forwards		695,434			568,050
Foreign NOL carry forwards		43,969			42,625
Other		11,522			(88,837	)
Valuation allowance		(2,597,708	)		(896,355	)
Total long-term deferred tax asset		408,048			385,661
Long-term deferred tax liability:
2019 Notes		(61,944	)		(85,339	)
2024 Notes		(107,629	)		(148,279	)
Oil and natural gas properties		(238,475	)		(152,043	)
Total long-term deferred tax liability		(408,048	)		(385,661	)
Net long-term deferred tax asset	$	—		$	—