ORGANIZATION AND NATURE OF BUSINESS
|9 Months Ended|
Jun. 30, 2017
|Organization, Consolidation and Presentation of Financial Statements [Abstract]|
|ORGANIZATION AND NATURE OF BUSINESS||
NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS
GulfSlope Energy, Inc. (the “Company,” “GulfSlope,” “our” and words of similar import), a Delaware corporation, is an independent crude oil and natural gas exploration and production company whose interests are concentrated in the United States Gulf of Mexico (“GOM”) federal waters offshore Louisiana. The Company currently has under lease eleven federal Outer Continental Shelf blocks (referred to as “prospect,” “portfolio” or “leases” in this Report).
Since March 2013, we have been singularly focused on identifying high-potential oil and gas prospects located on the shelf in the U.S. GOM. We have licensed 3-D seismic data covering approximately 2.2 million acres and have evaluated this data using advanced interpretation technologies. As a result of these analyses, we have identified and acquired leases on multiple prospects that we believe may contain economically recoverable hydrocarbon deposits, and we plan to continue to conduct more refined analyses of our prospects as well as target additional lease and property acquisitions. We have given preference to areas with water depths of 450 feet or less where production infrastructure already exists. We have nine prospects that we deem technically complete and ready to drill, all of which are located in such shallow waters. We believe this will allow for any discoveries to be developed faster and less expensively, given our goal to reduce economic risk while increasing returns. Recent actions of the Bureau of Ocean Energy Management (“BOEM”) have reduced the royalty rate for leases in future lease sales in water depths of less than 200 meters (approximately 656 feet) from 18.75% to 12.5%, further enhancing the economics for drilling.
As of June 30, 2017, we have no production or proved reserves.
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
Reference 1: http://www.xbrl.org/2003/role/presentationRef