XML 36 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Acquisitions of oil and gas properties (Tables)
 12 Months Ended
Dec. 31, 2020
Acquisitions of oil and gas properties  
Schedule of purchase price allocation

 

 

EnergyQuest

 

 

Pardus

 

Fair Value of Assets Acquired

 

 

 

 

 

 

Accounts receivable

 

$

1,308,748

 

 

$

100,208

 

Inventory of oil in tanks

 

 

438,320

 

 

 

147,297

 

Deposits

 

 

—

 

 

 

378,000

 

Equipment & gathering lines

 

 

—

 

 

 

109,200

 

Oil and natural gas properties

 

 

10,878,430

 

 

 

10,397,821

 

Total Assets Acquired

 

$

12,625,498

 

 

$

11,132,526

 

 

 

 

 

 

 

 

 

 

Fair Value of liabilities Assumed

 

 

 

 

 

 

 

 

Accounts payable – trade

 

 

1,861,433

 

 

 

20,455

 

Notes payable – current

 

 

—

 

 

 

378,000

 

Royalty suspense

 

 

—

 

 

 

1,185,587

 

Asset retirement obligations

 

 

5,117,939

 

 

 

9,508,484

 

Total Liabilities Assumed

 

$

6,979,372

 

 

$

11,092,526

 

 

 

 

 

 

 

 

 

 

Purchase Price

 

$

5,646,126

 

 

$

40,000