Oil and Gas Properties

9 Months Ended

Sep. 30, 2015

Extractive Industries [Abstract]

Oil and Gas Properties

NOTE 4 — OIL AND GAS PROPERTIES

Total reductions and additions for oil and gas properties for the three months ended September 30, 2015 and 2014 were $(79,082) and $8,056,902, respectively. The reduction reported for the three months ended September 30, 2015 is the result of change in ownership percentages due to unitization of various leases. Total additions for oil and gas properties for the nine months ended September 30, 2015 and 2014 were $114,515 and $24,064,991, respectively. Depreciation, depletion, and amortization expenses on oil and gas properties were $1,931,979 and $2,511,970 for the three months ended September 30, 2015 and 2014, respectively. Depreciation, depletion, and amortization expenses on oil and gas properties were $5,313,113 and $6,750,318 for the nine months ended September 30, 2015 and 2014, respectively.