Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent Events

In preparing the consolidated financial statements, management has evaluated all subsequent events and transactions for potential recognition or disclosure through the date the accompanying consolidated financial statements were issued.

Purchase and Sale Agreement

On March 13, 2017 Eagleford Gas 8, LLC (“Buyer”), a wholly-owned subsidiary of the Company, entered into a purchase and sale agreement with Modern Exploration, Inc. (“Seller”) whereby the Buyer obtained an undivided 33.5% working interest / 26.8% net revenue interest of Seller’s interest in six producing wells and each well’s respective oil and gas leases located in southern Gonzales County, Texas.  The total purchase price paid by Buyer was approximately $7,600,000.  Closing occurred on April 3, 2017, with the effective date of the acquisition being April 1, 2017.