COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION, AND DEVELOPMENT ACTIVITIES

12 Months Ended

Dec. 31, 2012

Costs Incurred In Oil And Gas Property Acquisition Exploration And Development Activities

COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION, AND DEVELOPMENT ACTIVITIES

Note 8 – COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION, AND DEVELOPMENT ACTIVITIES

All of the Company’s oil and gas operations are within the continental United States. In connection with its oil and gas operations, the following costs were incurred:

	Year Ended December 31,
	2012		2011
Acquisition of Properties:
Unproved	$	227,050	$	476,658
Proved		—		—
Exploration Costs		2,713,181		2,953,503
Development Costs		4,484,572		3,705,081
Asset Retirement Obligation		146,359		120,002