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Oil And Gas Properties
9 Months Ended
Sep. 30, 2015
Extractive Industries [Abstract]  
Oil and Gas Properties

NOTE 4 – OIL AND GAS PROPERTIES

 

On January 29, 2015, the registrant entered into a Drilling Agreement with an unrelated third party whereby the Company will pay $100,000 to drill the well and $50,000 to complete the well. In return the Company will receive a 100% working interest and an 87.5% net revenue interest in and to the aforementioned well. During the six months ended June 30, 2015 the $50,000 paid for drilling costs was repaid to the Company/

 

On January 28, 2015, the registrant entered into an Assignment of Oil & Gas Lease with an unrelated third party whereby the Company was assigned the entire 87.5% working interest in and to certain leaseholds in Russell County, Kentucky.

 

During the nine months ended September 30, 2015, the Company impaired the value of its proven and unproven reserves and support equipment of $439,705  due to lower oil prices.