Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES

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COMMITMENTS AND CONTINGENCIES
9 Months Ended
Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 8– COMMITMENTS AND CONTINGENCIES

 

In March 2013, the Company licensed certain seismic data pursuant to two agreements. With respect to the first agreement, as of June 30, 2017, the Company has paid $6,135,500 in cash, with no additional amount due. With respect to the second agreement, as of June 30, 2017, the Company has paid $3,009,195 in cash and is obligated to pay $1,003,065.

 

In October 2016, the Company purchased a directors and officers’ insurance policy for $170,850 and financed $155,010 of the premium by executing a note payable. The balance of the note payable at June 30, 2017 is $31,494.