CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2017

CRUDE OIL AND NATURAL GAS PROPERTIES

Components of Aggregate Capitalized Costs

	March 31, 2017			December 31, 2016
Proved oil and gas properties	$	16,412,110		$	8,132,881
Unproved oil and gas properties(1)		4,923,814			4,092,550
Wells in progress(2)		403,563			2,168,092
Total capitalized costs		21,739,487			14,393,523
Accumulated depletion, depreciation and amortization		(1,229,486	)		(783,320	)
Net capitalized costs	$	20,510,001		$	13,610,203

(1)Unproved oil and gas properties represent unevaluated costs the Company excludes from the amortization base until proved reserves are established or impairment is determined.

(2)Costs from wells in progress are excluded from the amortization base until production commences.

Components of Costs Incurred in Crude Oil and Natural Gas Activities

	March 31,
	2017		2016
Exploration costs	$	64,705	$	2,700
Development costs		6,679,964		17,041
Acquisition of properties
Proved		—		590,274
Unproved		666,000		199,979
Total	$	7,410,669	$	809,994