Quarterly report pursuant to Section 13 or 15(d)

Oil and natural gas properties, net of accumulated impairment (under successful efforts accounting)

v3.5.0.2
Oil and natural gas properties, net of accumulated impairment (under successful efforts accounting)
6 Months Ended
Jun. 30, 2016
Extractive Industries [Abstract]  
Oil and natural gas properties, net of accumulated impairment (under successful efforts accounting)
Oil and natural gas properties, net of accumulated impairment (under successful efforts accounting)

Oil and natural gas properties are comprised of the following:
 
 
June 30,
2016
 
December 31, 2015
Proved property
$
9,695,367

 
$
9,940,660

Unproved property
$
1,375,940

 
$
1,375,940

Total oil and natural gas properties, at cost
$
11,071,307

 
$
11,316,600

Less: accumulated impairment
$
(8,283,321
)
 
$
(8,283,321
)
Oil and natural gas properties, net of impairment
$
2,787,986

 
$
3,033,279

Less: accumulated depletion
(2,112,224
)
 
(2,274,188
)
Oil and natural gas properties, net
$
675,762

 
$
759,091


 
Depletion, depreciation, amortization and accretion expense for the three months ended June 30, 2016 and 2015 was $28,267 and $175,815, respectively, and $76,286 and $251,014 for the six months ended June 30, 2016, and 2015, respectively. During the six months ended June 30, 2016 and 2015, the Company recorded impairment losses of $0 and $306,387, respectively. 

During April 2016, as part of the legal settlement of the Trilogy suit, the Company assigned its interest in seven wells. Additionally, the Company sold its interest in the Morgan #1 well. As a result, a gain was recorded in the amount of $0.