Capitalization of Costs Incurred in Oil and Gas Activities

9 Months Ended

Jun. 30, 2016

Capitalization of Costs Incurred in Oil and Gas Activities [Abstract]

CAPITALIZATION OF COSTS INCURRED IN OIL AND GAS ACTIVITIES

4. CAPITALIZATION OF COSTS INCURRED IN OIL AND GAS ACTIVITIES

The following table illustrates capitalized costs relating to oil producing activities for the nine months ended June 30, 2016 and the fiscal year ended September 30, 2015:

	June 30, 2016			September 30, 2015
Unproved Oil and Gas Properties	$	21,135,557		$	21,044,015
Proved Oil and Gas Properties		–			–
Accumulated Depreciation and Depletion		(70,852	)		(62,363	)
Net Capitalized Cost	$	21,064,705		$	20,981,652

Depreciation and depletion expense for the nine months ended June 30, 2016 and 2015 were $8,489 and $10,800 respectively.