Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES

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COMMITMENTS AND CONTINGENCIES
9 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 8 – COMMITMENTS AND CONTINGENCIES

In March 2013, the Company licensed certain seismic data pursuant to an agreement for $4,012,260. As of June 30, 2018, the Company has paid $3,109,195 in cash and is obligated to pay $903,065 during 2018.

In October 2017, the Company purchased a directors and officers’ insurance policy for $171,360 and financed $156,718 of the premium by executing a note payable. The balance of the note payable at June 30, 2018 is $43,526.

In June 2018, the Company entered into a thirty-nine month office lease agreement effective July 1, 2018.  In addition, the Company paid a $24,785 security deposit in June 2018.

 

The Company signed a contract with Atlantic Maritime Services, LLC, a sub subsidiary of Rowan Companies plc, for the use of the Ralph Coffman drilling rig for its joint operations in the Gulf of Mexico. The company’s share of the cost of the drilling rig is approximately $1.1 million. As of June 30, 2018 $0.08 million of this amount has been paid.