OIL AND GAS PROPERTIES

6 Months Ended

Jun. 30, 2013

OIL AND GAS PROPERTIES

OIL AND GAS PROPERTIES

7. OIL AND GAS PROPERTIES

The following table sets forth the composition of impairment expenses:

	Three months ended				Six months ended
	June 30,				June 30,
	2013		2012		2013		2012
Impairments of unproved properties	827,677		806,067		1,645,415		1,482,541
	$	827,677	$	806,067	$	1,645,415	$	1,482,541

2013 Asset Impairments. Non-cash impairments of unproved properties are related to individually insignificant acreage.  There were no impairments or abandonments of proved properties for the three and six months ended June 30, 2013.

2012 Asset Impairments. Non-cash impairments of unproved properties are related to individually insignificant acreage.  There were no impairments or abandonments of proved properties for the three and six months ended June 30, 2012.