18. Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

Debt Financing

On March 26, 2016, the Company signed documentation to commence the BRHC Transaction, which is expected to close in April or May of 2016. Please refer to Note 3 – Going Concern, for details of the transaction.

From January 1, 2016 through March 25, 2016, the Company received cumulative advances, net of repayments, of $1.05 million pursuant to the Credit Facility with Cadence.

Subsequent to December 31, 2015, the Company has added the following derivative contracts in the form of crude oil swaps based on NYMEX pricing:

Contract	Settlement	Oil	Fixed
Date	Period	(Barrels)	Price
March 9, 2016	June 2016	10,000	$40.75
March 9, 2016	July 1, 2016 – December 31, 2016	8,000 / month	$42.10
March 9, 2016	January 1, 2017 – December 31, 2017	6,000 / month	$44.50