NOTE 3 - OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES

9 Months Ended

Sep. 30, 2017

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:

	September 30, 2017			December 31, 2016
	(Unaudited)			(Audited)
Oil and Gas
Producing properties, including drilling costs	$	3,755,705		$	3,755,705
Undeveloped properties		143,608			307,158
Lease and well equipment		4,122,178			4,128,178
		8,021,491			8,191,041
Accumulated depletion, depreciation & amortization		(6,585,031	)		(6,468,279	)
		1,436,460			1,722,762
Commercial and Other
Vehicles		40,061			40,061
Furniture and equipment		1,092,926			1,089,648
		1,132,987			1,129,709
Accumulated depreciation		(1,124,287	)		(1,119,047	)
		8,700			10,662
	$	1,445,160		$	1,733,424

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 2017 or 2016.