SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2015

Summary Of Significant Accounting Policies Tables

Cost of unproved properties

	Year of acquisition
	2015			2014		2013		Prior		Total
Leasehold acquisition cost	$	(9,039,268	)	$	154,194	$	1,704,190	$	19,247,036	$	12,066,152
Exploration and development cost		(1,739,341	)		891,610		1,059,262		172,159		383,690
Capitalized interest		(639,726	)		609,970		829,456		1,027,969		1,827,669
Total	$	(11,418,335	)	$	1,655,774	$	3,592,908	$	20,447,164	$	14,277,511

Other Property and Equipment

	Estimated
	useful	December 31,
	life in years	2015			2014
Land	n/a	$	2,469,000		$	2,469,000
Office business machines	3 - 5		1,381,968			1,361,149
Drilling and operating equipment	14		982,010			982,010
Furniture and fixtures	7		412,215			412,215
Automotive	5		351,707			351,707
Office leasehold improvements	5		332,607			332,607
Buildings and improvements	3 - 25		326,000			326,000
Total other property and equipment			6,255,507			6,234,688
Less:  Accumulated depreciation and
leasehold improvement amortization			(2,174,316	)		(1,909,352	)
Net book value		$	4,081,191		$	4,325,336

Other Taxes

	December 31,
	2015		2014		2013
Production and severance tax	$	1,678,825	$	2,693,396	$	2,403,263
Ad valorem tax		1,103,913		1,046,134		732,302
Sales tax		18,534		62,864		180,498
State franchise taxes		68,248		40,740		41,072
Total	$	2,869,520	$	3,843,134	$	3,357,135