- Definition

The capitalized costs incurred during the period (excluded from amortization) to operate and maintain wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. They become part of the cost of oil and gas produced. Examples of production costs (sometimes called lifting costs) are: costs of labor to operate the wells and related equipment and facilities; repairs and maintenance; materials, supplies, and fuel consumed and supplies utilized in operating the wells and related equipment and facilities; property taxes and insurance applicable to proved properties and wells and related equipment and facilities; severance taxes; some support equipment or facilities may serve two or more oil and gas producing activities and may also serve transportation, refining, and marketing activities. To the extent that the support equipment and facilities are used in oil and gas producing activities, their depreciation and applicable operating costs become exploration, development or production costs, as appropriate. Depreciation, depletion, and amortization of capitalized acquisition, exploration, and development costs are not production costs but also become part of the cost of oil and gas produced along with production (lifting) costs identified above.

+ References + Details

Basis of Presentation (Details Narrative) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
Basis of Presentation (Details Narrative) - USD ($)	Jul. 31, 2016	Mar. 31, 2017	Sep. 30, 2016	Sep. 30, 2015
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share		2,868,571
Oil and Gas Properties
Oil and natural gas expenses		$ 0
Unproved oil and natural gas properties		$ 171,000	$ 171,000	$ 608,000
Common stock cancelled and returned to treasury	1,030,000		8,567,800
Partial Cancellation Agreement, description			In exchange for the return of 8,567,800 shares of Common Stock for cancellation, the Company returned 55,000 acres of the Company's property rights held in the form of oil and gas leases from Chisholm II (approximately 68.75% of its total holdings) to Chisholm II.