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Note 4 - Property and Equipment

9 Months Ended

Sep. 30, 2011

Property, Plant and Equipment Disclosure [Text Block]

Note 4 – Property and Equipment

Property and equipment at September 30, 2011 and December 31, 2010, consisted of the following:

		September 30, 2011				December 31, 2010
Oil and gas properties, full cost method:
Evaluated costs		$	7,780,914			$	-
Unevaluated costs, not subject to amortization or ceiling test			13,321,935				4,343,389
			21,102,849				4,343,389
Other property and equipment			62,360				15,706
			21,165,209				4,359,095
Less: Accumulated depreciation, amortization and depletion			(439,924	)			(13,725	)
Total property and equipment, net		$	20,725,285			$	4,345,370

The following table shows depreciation, depletion, and amortization expense by type of asset:

		September 30, 2011				September 30, 2010
Depletion of costs for evaluated oil and gas properties		$	431,893			$	-
Depreciation and amortization of other property and equipment			8,031				1,362
Total depreciation, amortization and depletion		$	439,924			$	1,362

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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