INFINITY ENERGY RESOURCES, INC - FORM 10-K - XML - IDEA: XBRL DOCUMENT - April 16, 2012

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v2.4.0.6
Supplemental Oil and Gas Information
 12 Months Ended
Dec. 31, 2011
Supplemental Oil and Gas Information

Note 5 — Supplemental Oil and Gas Information

 

Estimated Proved Oil and Gas Reserves (Unaudited)

 

As of December 31, 2011 and 2010, the Company had no proved reserves. As such, there are no estimates of proved reserves to disclose, nor standardized measure of discounted future net cash flows relating to proved reserves.

 

Costs Incurred in Oil and Gas Activities

 

Costs incurred in connection with the Company’s oil and gas acquisition, exploration and development activities are shown below.

 

 

 

   December 31,
2011		     December 31,
2010		  
Property acquisition costs                
Proved   $        $     
Unproved     -       -  
Total property acquisition costs     -       -  
Development costs                
Exploration costs     731,347       945,080  
Total costs   $ 731,347     $ 945,080  

 

Aggregate capitalized costs relating to the Company’s oil and gas producing activities, and related accumulated depreciation, depletion, amortization and ceiling write-downs are as follows:

 

    December 31,
2011		     December 31,
2010		  
       
Proved oil and gas properties   $ -     $ -  
Unproved oil and gas properties     3,844,080       3,112,733  
Total     3,844,080       3,112,733  
Less accumulated depreciation, depletion, amortization and ceiling write-downs     -       -  
Net capitalized costs   $ 3,844,080     $ 3,112,733  

 

Costs Not Being Amortized

 

Oil and gas property costs not being amortized at December 31, 2011, by year that the costs were incurred, are as follows:

  

Year Ended December 31,          
2011     $ 731,347  
2010       945,080  
Prior       2,167,653  
Total costs not being amortized     $ 3,844,080  

 

The above unevaluated costs relate to the Company’s approximate 1,400,000 acre concessions offshore Nicaragua.

 

The Company anticipates that these unproved costs in the table above will be reclassified to proved costs within the next five years.

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