Oil and Gas Properties

12 Months Ended

Dec. 31, 2015

Extractive Industries [Abstract]

Oil and Gas Properties

4. Oil and Gas Properties

The following table sets forth information concerning the Company’s oil and gas properties:

	December31,
	2015			2014
Proved oil and gas properties at cost, net of impairment	$	8,683,273		$	10,222,668
Unevaluated oil and gas properties at cost, net of impairment		154,836			348,836
Accumulated depreciation, depletion and amortization		(3,223,000	)		(2,476,898	)
Oil and gas properties, net	$	5,615,109		$	8,094,606

During the years ended December 31, 2015 and 2014, the Company recorded depletion expense of $746,104 and $701,042, respectively. The Company recorded impairment expense of $3,037,000 and $194,000 against proved and unevaluated oil and gas properties, respectively at December 31, 2015. There was no impairment expense during fiscal year ended December 31, 2014.