RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2017

Error relating to calculation of depletion of oil and gas properties

Quantifying Misstatement in Current Year Financial Statements [Line Items]

Schedule of restatements to the consolidated balance sheets and the consolidated statements of operations

Consolidated Balance Sheets

	As of March 31, 2017
	As Reported		Adjustments		As Restated
Crude oil and natural gas properties, net:
Accumulated depletion, depreciation and amortization	$	(1,229,486)	$	115,254	$	(1,114,232)
Crude oil and natural gas properties, net	$	20,510,001	$	115,254	$	20,625,255
Total assets	$	28,739,336	$	115,254	$	28,854,590
Shareholders’ equity:
Accumulated deficit	$	(11,990,181)	$	115,254	$	(11,874,927)
Total shareholders’ equity	$	6,756,017	$	115,254	$	6,871,271
Total liabilities and shareholders’ equity	$	28,739,336	$	115,254	$	28,854,590
	As of June 30, 2017
	As Reported		Adjustments		As Restated
Crude oil and natural gas properties, net:
Accumulated depletion, depreciation and amortization	$	(2,765,660)	$	549,096	$	(2,216,564)
Crude oil and natural gas properties, net	$	24,958,027	$	549,096	$	25,507,123
Total assets	$	35,682,868	$	549,096	$	36,231,964
Shareholders’ equity:
Accumulated deficit	$	(12,723,650)	$	549,096	$	(12,174,554)
Total shareholders’ equity	$	7,532,947	$	549,096	$	8,082,043
Total liabilities and shareholders’ equity	$	35,682,868	$	549,096	$	36,231,964
	As of September 30, 2017
	As Reported		Adjustments		As Restated
Crude oil and natural gas properties, net:
Accumulated depletion, depreciation and amortization	$	(3,918,935)	$	865,697	$	(3,053,238)
Crude oil and natural gas properties, net	$	28,698,193	$	865,697	$	29,563,890
Total assets	$	32,918,686	$	865,697	$	33,784,383
Shareholders’ equity:
Accumulated deficit	$	(14,754,722)	$	865,697	$	(13,889,025)
Total shareholders’ equity	$	6,343,080	$	865,697	$	7,208,777
Total liabilities and shareholders’ equity	$	32,918,686	$	865,697	$	33,784,383

Consolidated Statements of Operations

	Three months ended		Three months ended		Six months ended		Three months ended		Nine months ended
	March 31, 2017		June 30, 2017		June 30, 2017		September 30, 2017		September 30, 2017
Net (loss), as reported	$	(2,139,139)	$	(733,469)	$	(2,872,608)	$	(2,031,072)	$	(4,903,680)
Adjustments:
Previously reported depletion, depreciation and amortization	$	(446,166)	$	(1,536,174)	$	(1,982,341)	$	(1,153,273)	$	(3,135,614)
Total adjustment		115,254		433,842		549,096		316,600		865,696
Corrected depletion, depreciation and amortization		(330,912)		(1,102,332)		(1,433,245)		(836,673)		(2,269,918)
Net (loss), as restated	$	(2,023,885)	$	(299,627)	$	(2,323,512)	$	(1,714,472)	$	(4,037,984)
Net (loss) per share, as reported	$	(0.10)	$	(0.03)	$	(0.13)	$	(0.09)	$	(0.22)
Net (loss) per share, as restated	$	(0.09)	$	(0.01)	$	(0.10)	$	(0.08)	$	(0.18)