v3.25.1
OIL AND GAS PROPERTIES
 12 Months Ended
Dec. 31, 2024
Extractive Industries [Abstract]  
OIL AND GAS PROPERTIES

NOTE 3-OIL AND GAS PROPERTIES

 

Evaluated Oil and Gas Properties

 

Evaluated oil and gas properties subject to amortization at December 31, 2024 included the following:

  

   United States   South America   Total 
             
Evaluated properties being amortized  $13,326,003   $49,444,654   $62,770,657 
Accumulated depreciation, depletion, amortization and impairment   (12,208,367)   (49,444,654)   (61,653,021)
Net capitalized costs  $1,117,636   $-   $1,117,636 

 

Evaluated oil and gas properties subject to amortization at December 31, 2023 included the following:

 

   United States   South America   Total 
             
Evaluated properties being amortized  $13,321,907   $49,444,654   $62,766,561 
Accumulated depreciation, depletion, amortization and impairment   (11,762,288)   (49,444,654)   (61,206,942)
Net capitalized costs  $1,559,619   $-   $1,559,619 

 

Impairments

 

During 2024, the Company realized a full cost ceiling test impairment of $275,760. The impairment of the US assets was attributable to declines in energy prices and production relating to the Company’s Reeves County properties, partially offset by the addition of the Company’s proved non-producing properties.