8. Oil and Gas Properties

6 Months Ended

Jun. 30, 2017

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Oil and Gas Properties

The following table summarizes gross and net productive oil wells by state at June 21, 2016 (prior to their disposition in our debt restructuring). A net well represents our percentage ownership of a gross well. The following table does not include wells in which our interest is limited to royalty and overriding royalty interests. The following table also does not include wells which were awaiting completion, in the process of completion or awaiting flow back subsequent to fracture stimulation.

	June 21, 2016
	Gross		Net
North Dakota		352		10.64
Montana		5		0.37
Total		357		11.01

The Company’s oil and gas properties consisted of all acreage acquisition costs (including cash expenditures and the value of stock consideration), drilling costs and other associated capitalized costs. As of June 21, 2016 (prior to the their disposition through our debt restructuring) our principal oil and gas assets included approximately 7,016 net acres located in North Dakota and Montana and were disposed by the Company on June 21, 2016 as part of the debt restructuring transaction summarized in Note 3 – Debt Restructuring.

The following table summarizes our capitalized costs for the purchase and development of our oil and gas properties for the six months ended June 30, 2016:

	Six Months Ended
	June 30, 2016
Purchases of oil and gas properties and development costs for cash	$	4,858,134
Purchase of oil and gas properties accrued at period-end		3,155,016
Purchase of oil and gas properties accrued at beginning of period (prior to disposition)		(6,899,503	)
Capitalized asset retirement costs		4,737
Total purchase and development costs, oil and gas properties	$	1,118,384

2016 Acquisitions

During the six months ended June 30, 2016, we did not purchase any oil and gas properties.

2016 Divestitures

During the six months ended June 30, 2016, we sold approximately 14 net leasehold acres of oil and gas properties for total proceeds of $94,628. No gain or loss was recorded pursuant to the sales.

2016 Disposition in Debt Restructuring

On June 21, 2016 we disposed of all of our oil and gas properties, with net carrying costs $24,498,638, as part of our debt restructuring as outlined in Note 3 – Debt Restructuring.