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

12 Months Ended

Dec. 31, 2019

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,
	2019		2018
Acquisition of Properties:
Unproved	$	513,309	$	485,348
Proved		231,000		---
Exploration Costs		970,994		1,770,215
Development Costs		111,810		622,024
Asset Retirement Obligation		1,823		16,470