ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2017

PDC Assets

Summary of Consideration Transferred, Fair Value of Assets Acquired and Liabilities Assumed

	December 31,
	2016
Consideration:
Cash		2,260,890
Total consideration	$	2,260,890
Fair Value of Liabilities Assumed:
Current liabilities		93,225
Asset retirement obligations		542,611
Total consideration plus liabilities assumed	$	2,896,726
Fair Value of Assets Acquired:
Proved crude oil and gas properties		2,473,082
Unproved crude oil and gas properties		423,644
Amount attributable to assets acquired	$	2,896,726

Pro forma Financial Information

	Year Ended December 31,
	2016		2015
Crude oil and natural gas revenues	$	466,138	$	423,653
Net income (loss)	$	(4,498,325)	$	(1,439,823)
Net income (loss) per common share basic and diluted	$	(0.21)	$	(0.08)

Crimson Assets

Summary of Consideration Transferred, Fair Value of Assets Acquired and Liabilities Assumed

	December 31,
	2016
Consideration:
Cash		2,559,852
Total consideration	$	2,559,852
Fair Value of Liabilities Assumed:
Current liabilities		13,938
Asset retirement obligations		337,468
Total consideration plus liabilities assumed	$	2,911,258
Fair Value of Assets Acquired:
Current assets		20,907
Proved crude oil and gas properties		899,591
Unproved crude oil and gas properties		1,990,760
Amount attributable to assets acquired	$	2,911,258

Pro forma Financial Information

	Year Ended December 31,
	2016		2015
Crude oil and natural gas revenues	$	595,074	$	237,035
Net income (loss)	$	(4,437,877)	$	(1,551,850)
Net income (loss) per common share basic and diluted	$	(0.20)	$	(0.09)