CRUDE OIL AND NATURAL GAS PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2017

CRUDE OIL AND NATURAL GAS PROPERTIES

Schedule of net capitalized costs

	As of December 31,
	2017		2016
Proved oil and gas properties	$	22,144,366	$	8,132,881
Unproved oil and gas properties (1)		1,919,335		4,092,550
Wells in progress (2)		9,858,262		2,168,092
Total capitalized costs		33,921,963		14,393,523
Accumulated depletion, depreciation and amortization		(2,849,374)		(783,320)
Net capitalized costs	$	31,072,589	$	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.

Schedule of costs incurred in crude oil and natural gas activities

	December 31,
	2017		2016
Exploration costs	$	61,693	$	2,700
Development costs		18,771,794		3,038,339
Acquisition of properties
Proved		—		3,630,195
Unproved		4,049,380		4,045,022
Total	$	22,882,867	$	10,716,256