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

12 Months Ended

Dec. 31, 2018

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,
	2018		2017
Acquisition of Properties:
Unproved	$	485,348	$	568,893
Proved		---		---
Exploration Costs		1,770,215		1,274,931
Development Costs		622,024		976,731
Asset Retirement Obligation		16,470		39,956