XML 15 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
REVENUE:    
Crude oil sales $ 1,219,391  
Natural gas sales 202,427  
NGL sales 39,567  
Total revenue 1,461,385  
COSTS AND EXPENSES:    
Lease operating expense 231,691 $ 180
Production taxes, gathering and marketing 189,962  
Exploration costs 64,705 2,700
Depreciation, depletion, amortization, and accretion 473,336 2,047
Plugging expense 21,048  
Loss on impairment of crude oil and natural gas properties   16,721
General and administrative expense 1,190,084 679,575
Total costs and expenses 2,170,826 701,223
Operating (loss) (709,441) (701,223)
OTHER INCOME (EXPENSE):    
Interest income 102 363
Interest expense (1,429,800) (21,946)
Total other income (expense) (1,429,698) (21,583)
Net (loss) $ (2,139,139) $ (722,806)
Net (loss) per share:    
Basic and diluted (in dollars per share) $ (0.10) $ (0.03)
Weighted average number of shares outstanding:    
Basic and diluted (in shares) 21,964,282 21,708,191