Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Reconciliation

 Actual income tax benefit (expense) for the years ended December 31, 2013 and 2014 differs from the amounts computed using the federal statutory tax rate of 34%, as follows:

	2013			2014
Income tax benefit (expense) at the statutory rate	$	(152,000	)	$	(21,000	)
Benefit (expense) resulting from:
Increase in Federal valuation allowance		152,000			—
Utilization of net operating loss carryforwards		—			21,000
Income tax benefit (expense)	$	—		$	—

Significant Deferred Tax assets and Liabilities

At December 31, 2013 and 2014, the tax effects of temporary differences that give rise to significant deferred tax assets and liabilities are presented below:

	2013			2014
Federal net operating loss carryforwards	$	2,677,000		$	2,465,000
State net operating loss carryforwards		268,000			264,000
Oil and gas properties		(222,000	)		(222,000	)
Asset retirement obligations		241,000			241,000
Net deferred tax assets		2,964,000			2,748,000
Less valuation allowance		(2,964,000	)		(2,748,000	)
Net deferred tax assets	$	—		$	—