3. Debt Restructuring (Tables)

6 Months Ended

Jun. 30, 2017

Restructuring and Related Activities [Abstract]

Loss from discontinued operations, net of income taxes

	For the Three			For the Six
	Months Ended			Months Ended
	June 30, 2016			June 30, 2016
Oil and gas sales	$	2,877,058		$	5,539,613
Gain on settled derivatives		1,043,026			1,043,026
Gain (loss) on the mark-to-market of derivatives		(4,272,849	)		(4,288,736	)
Total revenues		(352,765	)		2,293,903
Operating expenses:
Production expenses		652,882			1,400,639
Production taxes		292,080			568,028
General and administrative expenses		311,061			476,461
Depletion of oil and gas properties		1,091,843			3,114,347
Impairment of oil and gas properties		–			5,219,000
Accretion of discount on asset retirement obligations		8,125			16,258
Total operating expenses		2,355,991			10,794,733
Net operating loss		(2,708,756	)		(8,500,830	)
Other income (expense):
Interest expense		(261,898	)		(1,696,544	)
Total other income (expense)		(261,898	)		(1,696,544	)
Loss before provision for income taxes		(2,970,654	)		(10,197,374	)
Provision for income taxes		–			–
Net loss	$	(2,970,654	)	$	(10,197,374	)