Property, Plant, and Equipment	12 Months Ended
Dec. 31, 2015
Property, Plant, and Equipment:
Property, Plant and Equipment	NOTE 5. Property, Plant and Equipment Pursuant to the Solar Logic Acquisition described in Note 3, $185,780 was assigned to property, plant and equipment effective December 1, 2015. On June 24, 2014 the Company engaged Enstream Capital Markets, LLC to provide financial advisory services to the Company on an exclusive basis to assist with the Company’s needs for equity and debt capital for several projects under evaluation. The Company entered into a Purchase and Sale Agreement on November 18, 2014 to acquire certain oil and gas assets in Ohio, Pennsylvania and New York which agreement was terminated on December 15, 2014 due to the Seller’s inability to satisfy certain conditions precedent to closing. The Company is continuing to negotiate the acquisition and has advanced $68,846 toward environmental, engineering and bank fees related thereto. The Company’s current oil and gas properties consist of interests in two productive wells and one injection well in Hill County, Texas. During the second quarter of 2015, we performed a geological and geophysical evaluation of our properties in Hill County, Texas. We engaged LGT Corporation to analyze the current productive fields and possible extensions related to our leaseholds. The results reflect several drillable Woodbine and Austin chalk formation anomalies determined utilizing gravity and magnetic mapping, near surface fault expressions, and the area mineralization and thermal analyses based on seepage models. Based on the success of the analysis, we initiated activity for the resumption of production from our current wells. The wells were placed back in production in July 2015 following a series of tests and previous stimulation treatments. The wells are currently shut-in waiting a workover of the injection well and pipeline. The net capitalized cost of our oil and gas properties for the periods ended December 31, 2015 and 2014 is $216,618 and $206,268, respectively. The net increase of $10,350 was due to the addition of the geological and geophysical evaluation plus a down-hole pump replacement less depletion, depreciation and amortization expense of $224. Under the Company’s review for impairment in accordance with ASC 360 for the period ended December 31, 2015, the Company recorded a non-cash impairment charge of $114,518. The carrying value of the Company’s proved oil and gas properties includes certain costs totaling $30,200 which have been excluded from the amortization base and therefore positively impact our full cost ceiling when measuring the amount of any write-down required under the full cost accounting rules. The majority of the impairment is due to the Company’s decision in December 2015 not to pursue the proved undeveloped reserves associated with its current leaseholds. Estimates of our proved reserves as of December 31, 2015 were prepared by a third party engineering firm (See Note 12). In April 2015, we negotiated a third-party exploratory agreement and earned a 2.5% carried non-op working interest in the first five wells drilled on 35,000 gross acres in Zavala County, Texas. After drilling three wells, the operator was unable to stimulate and complete the wells due to the sustained drop in the price of oil which resulted in the operator’s inability to raise the necessary capital. We do not anticipate that we will realize any value from the exploratory agreement which was terminated during the first quarter of 2016. The agreement and the drilling activity terminated without any loss or liability to the Company.

Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2015

NOTE 5. Property, Plant and Equipment

Pursuant to the Solar Logic Acquisition described in Note 3, $185,780 was assigned to property, plant and equipment effective December 1, 2015. On June 24, 2014 the Company engaged Enstream Capital Markets, LLC to provide financial advisory services to the Company on an exclusive basis to assist with the Company’s needs for equity and debt capital for several projects under evaluation. The Company entered into a Purchase and Sale Agreement on November 18, 2014 to acquire certain oil and gas assets in Ohio, Pennsylvania and New York which agreement was terminated on December 15, 2014 due to the Seller’s inability to satisfy certain conditions precedent to closing. The Company is continuing to negotiate the acquisition and has advanced $68,846 toward environmental, engineering and bank fees related thereto.

The Company’s current oil and gas properties consist of interests in two productive wells and one injection well in Hill County, Texas. During the second quarter of 2015, we performed a geological and geophysical evaluation of our properties in Hill County, Texas. We engaged LGT Corporation to analyze the current productive fields and possible extensions related to our leaseholds. The results reflect several drillable Woodbine and Austin chalk formation anomalies determined utilizing gravity and magnetic mapping, near surface fault expressions, and the area mineralization and thermal analyses based on seepage models. Based on the success of the analysis, we initiated activity for the resumption of production from our current wells. The wells were placed back in production in July 2015 following a series of tests and previous stimulation treatments. The wells are currently shut-in waiting a workover of the injection well and pipeline. The net capitalized cost of our oil and gas properties for the periods ended December 31, 2015 and 2014 is $216,618 and $206,268, respectively. The net increase of $10,350 was due to the addition of the geological and geophysical evaluation plus a down-hole pump replacement less depletion, depreciation and amortization expense of $224. Under the Company’s review for impairment in accordance with ASC 360 for the period ended December 31, 2015, the Company recorded a non-cash impairment charge of $114,518. The carrying value of the Company’s proved oil and gas properties includes certain costs totaling $30,200 which have been excluded from the amortization base and therefore positively impact our full cost ceiling when measuring the amount of any write-down required under the full cost accounting rules. The majority of the impairment is due to the Company’s decision in December 2015 not to pursue the proved undeveloped reserves associated with its current leaseholds. Estimates of our proved reserves as of December 31, 2015 were prepared by a third party engineering firm (See Note 12).

In April 2015, we negotiated a third-party exploratory agreement and earned a 2.5% carried non-op working interest in the first five wells drilled on 35,000 gross acres in Zavala County, Texas. After drilling three wells, the operator was unable to stimulate and complete the wells due to the sustained drop in the price of oil which resulted in the operator’s inability to raise the necessary capital. We do not anticipate that we will realize any value from the exploratory agreement which was terminated during the first quarter of 2016. The agreement and the drilling activity terminated without any loss or liability to the Company.

REGENT TECHNOLOGIES INC 10-K