Note 8 - Costs Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Text Block]

Note

8

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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,
	2016		2015
Acquisition of Properties:
Unproved	$	715,520	$	360,685
Proved		---		108,384
Exploration Costs		856,075		846,879
Development Costs		254,351		620,893
Asset Retirement Obligation		18,321		49,275