Note Receivable

9 Months Ended

Sep. 30, 2018

Receivables [Abstract]

Note Receivable

3. Note Receivable

In April 2015, the Company loaned $38,570 to a Bulgarian company pursuant to a revolving credit facility, enabling such Bulgarian company to buy and manage land in Bulgaria to be leased by the Company for future well sites. The credit facility has a maximum loan obligation of BGN 1,000,000 ($593,193 USD at September 30, 2018) bears interest at 6.32%, has a five-year term and is secured by the land the Bulgarian company buys. Payment on the facility is due the earlier of the end of the five-year term (April 6, 2020) or demand by the Company. As of September 30, 2018, the outstanding balance on the loan obligation was $47,322 (December 31, 2017: $46,109). The change in balance was due to changes in foreign currency translations.