NOTE 3 - OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES

6 Months Ended

Jun. 30, 2016

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Oil and Gas Exploration and Production Industries Disclosures [Text Block]

NOTE 3 – OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES

Oil and gas properties, equipment and fixtures consist of the following:

	June 30, 2016			December 31, 2015
	(Unaudited)			(Audited)
Oil and Gas
Producing properties, including drilling costs	$	5,212,837		$	5,217,637
Undeveloped properties		2,333,221			2,381,564
Lease and well equipment		4,255,390			4,339,122
		11,801,448			11,938,323
Accumulated depletion, depreciation & amortization		(7,772,047	)		(7,656,731	)
		4,029,401			4,281,592
Commercial and Other
Real Estate, Bldg Improvements, including furn and fix		-			2,266,050
Vehicles		118,061			118,061
Furniture and equipment		1,120,760			1,120,760
		1,238,821			3,504,871
Accumulated depreciation		(1,194,525	)		(1,253,985	)
		44,296			2,250,886
	$	4,073,697		$	6,532,478

The guidance set forth in the Continued Capitalization of Exploratory Well Costs paragraph of the Extractive Activities Topic of the FASB Accounting Standards Codification requires that we evaluate all existing capitalized exploratory well costs and disclose the extent to which any such capitalized costs have become impaired and are expensed or reclassified during a fiscal period. We did not make any additions to capitalized exploratory well costs pending a determination of proved reserves during the periods in 2016 or 2015.