Capitalization of Costs Incurred in Oil and Gas Activities

6 Months Ended

Mar. 31, 2017

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 six months ended March 31, 2017 and the fiscal year ended September 30, 2016:

	March 31, 2017			September 30, 2016
Unproved Oil and Gas Properties	$	21,278,570		$	21,238,052
Proved Oil and Gas Properties		–			–
Accumulated Depreciation and Depletion		(79,208	)		(73,637	)
Net Capitalized Cost	$	21,199,362		$	21,164,415

Depreciation and depletion expense for the six months ended March 31, 2017 and 2016 were $5,571 and $5,703 respectively.