Quarterly report pursuant to Section 13 or 15(d)

4. OIL & GAS PROPERTIES (Tables)

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4. OIL & GAS PROPERTIES (Tables)
9 Months Ended
Sep. 30, 2019
Oil and Gas Property [Abstract]  
Schedule of oil and gas properties
Evaluated costs subject to amortization   $ 12,458,270     $ 11,664,586  
Unevaluated costs     37,529,864       31,746,477  
Total capitalized costs     49,988,134       43,411,063  
Less accumulated depreciation, depletion and amortization     (7,671,198 )     (6,845,602 )
Total oil and gas properties   $ 42,316,936     $ 36,565,461  
Schedule of revenue and working interest
    Revenue     Working  
    Interest     Interest  
             
University Lands - Mineral Owner     20.000 %     n/a  
                 
ORRI - Magdalena Royalties, LLC, an entity controlled by Gregory McCabe, Chairman     4.500 %     n/a  
                 
ORRI - Unrelated Party     0.500 %     n/a  
                 
                 
Hudspeth Oil Corporation, a subsidiary of Torchlight Energy Resources Inc.     54.375 %     72.500 %
                 
Wolfbone Investments LLC, an entity controlled by Gregory McCabe, Chairman     18.750 %     25.000 %
                 
Unrelated Party     1.875 %     2.500 %
      100.000 %     100.000 %