ACQUISITIONS	3 Months Ended
Mar. 31, 2017
ACQUISITIONS
ACQUISITIONS	NOTE 5—ACQUISITIONS During the quarter ended March 31, 2017, the Company acquired various mineral rights, royalty interests and oil and gas leases. The net acquisition cost to the Company for these interests was $666,000 after disposition of 50% of the Company's acquired interest to Providence Energy Operators, LLC ("Providence"), which is the Company's principal lender and an owner of 13.3% of the Company's common stock. On April 3, 2017, the Company completed the acquisition of oil and gas leases covering approximately 5,874 gross (1,462 net) acres in Adams and Weld Counties, Colorado. The seller reserved to itself all rights in the leases that exist below 50 feet above the top of the uppermost J Sand formation for those lands located in Township 7 North, Range 63 West in Weld County, Colorado. The acquisition was effective January 1, 2017. Providence acquired 50% of the Company's interest in the acquired assets in exchange for approximately $1.3 million. The net purchase price to the Company's retained interest in the assets following Providence's acquisition and a reduction in purchase price due to title defects was $1,284,589. The Company paid a deposit of $258,250 at the time it entered into the purchase agreement, which was credited against the net purchase price at closing. The Company paid the remainder of the net purchase price using cash in the amount of $216,339 and the issuance to the seller of 450,000 shares of the Company's common stock, valued at $1.80 per share. On April 21, 2017, the Company acquired a 9.37% royalty interest covering approximately 145 net acres located in Adams County, Colorado for a net purchase price of $569,225 following Providence's 50% participation in the transaction. The acquisition was effective April 1, 2017. In connection with the acquisition, the Company is obligated to pay to a lease broker a finders' fee of 20,555 shares of common stock valued at $1.80 per share. On May 9, 2017, the Company acquired 200 gross (70 net) acres in Adams County, Colorado for a net purchase price of $350,000 following Providence's 50% participation in the transaction. The transaction was effective April 1, 2017.

ACQUISITIONS

3 Months Ended

Mar. 31, 2017

NOTE 5—ACQUISITIONS

During the quarter ended March 31, 2017, the Company acquired various mineral rights, royalty interests and oil and gas leases. The net acquisition cost to the Company for these interests was $666,000 after disposition of 50% of the Company's acquired interest to Providence Energy Operators, LLC ("Providence"), which is the Company's principal lender and an owner of 13.3% of the Company's common stock.

On April 3, 2017, the Company completed the acquisition of oil and gas leases covering approximately 5,874 gross (1,462 net) acres in Adams and Weld Counties, Colorado. The seller reserved to itself all rights in the leases that exist below 50 feet above the top of the uppermost J Sand formation for those lands located in Township 7 North, Range 63 West in Weld County, Colorado. The acquisition was effective January 1, 2017. Providence acquired 50% of the Company's interest in the acquired assets in exchange for approximately $1.3 million. The net purchase price to the Company's retained interest in the assets following Providence's acquisition and a reduction in purchase price due to title defects was $1,284,589. The Company paid a deposit of $258,250 at the time it entered into the purchase agreement, which was credited against the net purchase price at closing. The Company paid the remainder of the net purchase price using cash in the amount of $216,339 and the issuance to the seller of 450,000 shares of the Company's common stock, valued at $1.80 per share.

On April 21, 2017, the Company acquired a 9.37% royalty interest covering approximately 145 net acres located in Adams County, Colorado for a net purchase price of $569,225 following Providence's 50% participation in the transaction. The acquisition was effective April 1, 2017. In connection with the acquisition, the Company is obligated to pay to a lease broker a finders' fee of 20,555 shares of common stock valued at $1.80 per share.

On May 9, 2017, the Company acquired 200 gross (70 net) acres in Adams County, Colorado for a net purchase price of $350,000 following Providence's 50% participation in the transaction. The transaction was effective April 1, 2017.