Property and Equipment

12 Months Ended

Dec. 31, 2011

3. Property and Equipment

Property and equipment consists of the following at December 31:


	2011			2010
Oil and Natural Gas Properties:
Proved Properties	$	16,513,149		$	16,473,401
Unproved Properties		71,018			79,308
Well Material Inventory		50,349			50,349
Accumulated Depletion		(11,788,062	)		(10,613,130	)

Total Oil and Natural Gas Properties		4,846,454			5,989,928
Other Property and Equipment:
Land		307,780			307,780
Building and Improvements		2,402,983			2,402,983
Furniture and Equipment		257,270			248,120
Accumulated Depreciation		(1,632,896	)		(1,482,900	)

Total Other Property and Equipment		1,335,137			1,475,983

Property and Equipment, Net	$	6,181,591		$	7,465,911

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details

JOHN D. OIL & GAS CO 10-K