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Oil and natural gas properties, net of accumulated impairment (under successful efforts accounting)
 9 Months Ended
Sep. 30, 2016
Extractive Industries [Abstract]  
Oil and natural gas properties, net of accumulated impairment (under successful efforts accounting)
Oil and natural gas properties, net of accumulated impairment (under successful efforts accounting)

Oil and natural gas properties are comprised of the following:
 
 
September 30,
2016
 
December 31, 2015
Proved property
$
9,695,367

 
$
9,940,660

Unproved property
$
1,375,940

 
$
1,375,940

Total oil and natural gas properties, at cost
$
11,071,307

 
$
11,316,600

Less: accumulated impairment
$
(8,283,321
)
 
$
(8,283,321
)
Oil and natural gas properties, net of impairment
$
2,787,986

 
$
3,033,279

Less: accumulated depletion
(2,142,806
)
 
(2,274,188
)
Oil and natural gas properties, net
$
645,180

 
$
759,091


 
Depletion, depreciation, amortization and accretion expense for the three months ended September 30, 2016 and 2015 was $32,729 and $84,423, respectively, and $109,016 and $335,437 for the nine months ended September 30, 2016, and 2015, respectively. During the nine months ended September 30, 2016 and 2015, the Company recorded impairment losses of $0 and $309,539, respectively. 

During April 2016, as part of the legal settlement of the Trilogy suit, the Company assigned its interest in seven wells. Additionally, the Company sold its interest in the Morgan #1 well. As a result, a gain was recorded in the amount of $64,824. No additional gain was recognized as of September 30, 2016.