Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes Tables

Schedule of Income Tax Reconciliation

	2016			2015
Income tax benefit (expense) at the statutory rate	$	1,530,000		$	1,614,000
Benefit (expense) resulting from:
Increase in Federal valuation allowance		(1,530,000	)		(1,884,000	)
Other permanent differences		-			270,000
Utilization of net operating loss carryforwards		-			-
Income tax benefit (expense)	$	-		$	-

Schedule of Deferred Tax assets and Liabilities

At December 31, 2016 and 2015, the tax effects of temporary differences that give rise to significant deferred tax assets and liabilities are presented below:

	2016			2015
Federal net operating loss carryforwards	$	3,473,000		$	3,030,000
State net operating loss carryforwards		358,000			315,000
Oil and gas properties		1,927,000			917,000
Asset retirement obligations		405,000			371,000
Net deferred tax assets		6,163,000			4,633,000
Less valuation allowance		(6,163,000	)		(4,633,000	)
Net deferred tax assets	$	—		$	—