Unproved Oil, Gas and Mineral Properties

6 Months Ended

Jun. 30, 2013

Unproved Oil, Gas and Mineral Properties

Note 4. Unproved Oil, Gas and Mineral Properties

The Company determined that its leases and capitalized development costs were impaired due to the time remaining under some of the leases, the Company being unable to establish quantifiable production on the leases, and in the case of less prospective leases, for nonpayment of lease rentals. During 2012 and 2011, the Company recorded impairment losses for all costs incurred for property leases, exploration, and development activities relating to these leases.