Energy 11 10-Q 13 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Energy 11, L.P.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		5,863,622
Amendment Flag	false
Entity Central Index Key	1,581,552
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash	$ 3,663,098	$ 3,287,054
Accounts Receivable:
Oil, natural gas and natural gas liquids revenues	2,946,154	1,417,751
Acquisition post-closing receivable	2,459,439	1,556,530
Total Current Assets	9,068,691	6,261,335
Oil and natural gas properties, successful efforts method, net of accumulated depreciation, depletion and amortization; March 31, 2016, $3,061,492; December 31, 2015, $391,624	157,623,654	158,895,191
Total Assets	166,692,345	165,156,526
Liabilities and Partners’ Equity
Note payable	65,735,932	81,684,758
Contingent consideration	4,871,876	4,743,752
Accounts payable and accrued expenses	6,125,844	3,449,442
Total Current Liabilities	76,733,652	89,877,952
Limited partners' interest (5,586,294 common units and 4,486,625 units issued and outstanding at March 31, 2016 and December 31, 2015, respectively)	89,960,420	75,280,301
General partners' interest	(1,727)	(1,727)
Class B Units (100,000 units issued and outstanding at March 31, 2016 and December 31, 2015)	0	0
Total Partners’ Equity	89,958,693	75,278,574
Total Liabilities and Partners’ Equity	$ 166,692,345	$ 165,156,526

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Oil and natural gas properties, accumulated depreciation, depletion and amortization (in Dollars)	$ 3,061,492	$ 391,624
Limited partners' interest, common units issued	5,586,294	4,486,625
Limited partners' interest, common units outstanding	5,586,294	4,486,625
Class B Units, units issued	100,000	100,000
Class B Units, units outstanding	100,000	100,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue
Oil, natural gas and natural gas liquids revenues	$ 4,319,097	$ 0
Operating costs and expenses
Lease operating expenses	1,012,507	0
Gathering and processing expenses	342,613	0
Production taxes	414,561	0
Management fees	886,306	0
General and administrative expenses	386,431	55,135
Depreciation, depletion and amortization	2,672,822	0
Total operating costs and expenses	5,715,240	55,135
Operating loss	(1,396,143)	(55,135)
Interest expense, net	(2,196,313)	0
Net loss	$ (3,592,456)	$ (55,135)
Basic and diluted net loss per common unit (in Dollars per share)	$ (0.73)	$ 0
Weighted average common shares outstanding - basic and diluted (in Shares)	4,920,991	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flow from operating activities:
Net loss	$ (3,592,456)	$ (55,135)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation, depletion and amortization	2,672,822	0
Non-cash fair value adjusted amortization	1,227,968	0
Changes in operating assets and liabilities:
Increase in accounts receivable oil, natural gas and natural gas liquids	(2,232,209)	0
Accounts payable and accrued expenses	1,269,228	55,135
Net cash flow used in operating activities	(654,647)	0
Cash flow from investing activities
Additions to oil, natural gas and natural gas liquid properties	(241,883)	0
Net cash flow used in investing activities	(241,883)	0
Cash flow from financing activities
Cash paid for offering costs	0	0
Net proceeds related to issuance of units	19,857,421	0
Distributions paid to limited partners	(1,584,847)	0
Payments on debt	(17,000,000)	0
Net cash flow provided by financing activities	1,272,574	0
Increase in cash and cash equivalents	376,044	0
Cash and cash equivalents, beginning of period	3,287,054	94
Cash and cash equivalents, end of period	3,663,098	94
Interest paid	$ 906,783	$ 0

Partnership Organization

Partnership Organization	3 Months Ended
	Mar. 31, 2016
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Partnership Organization Energy 11, L.P. (the “Partnership”) was formed as a Delaware limited partnership. The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership is offering common units of limited partner interest (the “units”) on a best-efforts basis with the intention of raising up to $2,000,000,000 of capital, consisting of 100,263,158 units. The Partnership’s offering was declared effective by the Securities and Exchange Commission (“SEC”) on January 22, 2015. As of August 19, 2015, the Partnership completed the sale of the minimum offering of 1,315,790 units. The subscribers were admitted as Limited Partners of the Partnership at the initial closing and the Partnership has been admitting additional Limited Partners monthly since that time. The Partnership’s primary investment objectives are to (i) acquire producing and non-producing oil and gas properties with development potential, and to enhance the value of the properties through drilling and other development activities, (ii) make distributions to the holders of the units, (iii) engage in a liquidity transaction after five – seven years, in which all properties are sold and the sales proceeds are distributed to the partners, merge with another entity, or list the units on a national securities exchange, and (iv) permit holders of units to invest in oil and gas properties in a tax efficient basis. The proceeds from the sale of the units primarily will be used to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The general partner of the Partnership is Energy 11 GP, LLC (the “General Partner”). The General Partner manages and controls the business affairs of the Partnership. David Lerner Associates, Inc. (the “Managing Dealer”), is the dealer manager for the offering of the units. The Partnership’s fiscal year ends on December 31.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements included in its 2015 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2016. Offering Costs The Partnership is raising capital through an on-going best-efforts offering of units by David Lerner Associates, Inc., the managing underwriter, which receives a selling commission and a marketing expense allowance based on proceeds of the units sold. Additionally, the Partnership has incurred other offering costs including legal, accounting and reporting services. These offering costs are recorded by the Partnership as a reduction of partners’ equity. As of March 31, 2016, the Partnership had sold 5.6 million units for gross proceeds of $106.5 million and proceeds net of offering costs of $98.1 million. Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires the Partnership to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Loss Per Common Unit Basic loss per common unit is computed as net loss divided by the weighted average number of common units outstanding during the period. Diluted loss per unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no units with a dilutive effect for the three months ended March 31, 2016 and 2015. As a result, basic and diluted outstanding units were the same. The Class B Units and Incentive Distribution Rights, as defined below, are not included in loss per common unit until such time that it is probable Payout (as discussed in Note 6) would occur. Recent Accounting Standard In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-09, Compensation – Stock Compensation, which simplifies several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the guidance is effective for reporting periods beginning after December 15, 2016, and it is not expected to have a material impact on the Partnership’s consolidated financial statements.

Oil and Gas Investments

Oil and Gas Investments	3 Months Ended
	Mar. 31, 2016
Oil and Gas Property [Abstract]
Oil and Gas Properties [Text Block]	Note 3. Oil and Gas Investments On December 18, 2015, the Partnership completed its purchase of an approximate 11% working interest in approximately 215 existing producing wells and approximately 262 future development locations in the Sanish field located in Mountrail County, North Dakota (the “Sanish Field Assets”). The Partnership has expensed, as incurred, transaction costs associated with the acquisition of the Sanish Field Assets. These costs included but were not limited to due diligence, reserve reports, legal and engineering services and site visits. The Partnership did not incur any transaction costs in the three months ended March 31, 2016 and 2015. The Partnership is a non-operator of the Sanish Field Assets. Whiting Petroleum Corporation (“Whiting”), one of the largest producers in this basin, acts as the operator. The following unaudited pro forma financial information for the period ended March 31, 2015 has been prepared as if the acquisition of the Sanish Field Assets had occurred on January 1, 2015. The unaudited pro forma financial information was derived from the historical Statement of Operations of the Partnership and the historical information provided by the sellers (“Sellers”). The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisition of the Sanish Field Assets and related financing occurred on the basis assumed above, nor is such information indicative of the Partnership’s expected future results of operations. Three Months ended March 31, 2015 (Unaudited) Revenues $ 6,344,126 Net income $ 204,996

Note Payable

Note Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4. Note Payable As part of the financing for the purchase of the Sanish Field Assets, on December 18, 2015, the Partnership executed a note in favor of the Sellers of the assets in the original principal amount of $97.5 million. The note bears interest at 5% per annum and is payable in full no later than September 30, 2016 (“Maturity Date”). The Partnership’s right to extend the Maturity Date to March 31, 2017 is subject to the satisfaction of the following conditions: (i) the Partnership must deliver to Seller written notice of the election to extend the Maturity Date no later than September 1, 2016, (ii) the Partnership must pay to Seller an extension fee equal to 0.5% of the outstanding principal balance outstanding at September 30, 2016, (iii) during the extension period and until the note is paid in full, in cash, the interest rate on the outstanding principal amount of the note will bear interest at the fixed rate of 7.0% per annum, (iv) the outstanding principal amount of the note as of September 1, 2016 shall not be in excess of $60 million, and (v) both at the time of the delivery of the extension notice and as of September 30, 2016, no event of default shall exist under the note or any collateral document. There is no penalty for prepayment of the note. Payment of the note is secured by a mortgage and liens on all of the Sanish Field Assets in customary form. If the Partnership has not fully repaid all amounts outstanding under the note on or before June 30, 2016, the Partnership must also pay a deferred origination fee in an amount equal to $250,000. Interest is due monthly on the last day of each month while the note remains outstanding. In addition to interest payments on the outstanding principal balance of the note, the Partnership must make mandatory principal payments monthly in an amount equal to 75% of the net proceeds the Partnership receives from the sale of its equity securities until the principal amount of the note is reduced to $60 million, and then 50% of the net proceeds the Partnership receives from the sale of its equity securities thereafter, until the note is paid in full. In addition, if the Partnership sells any of the property that is collateral for the note, the Partnership must make a mandatory principal payment equal to 100% of the net proceeds of such sale until the principal amount of the note is paid in full. As of March 31, 2016 and December 31, 2015, the outstanding balance on the note was $68.0 million and $85.0 million, respectively. As of March 31, 2016 and December 31, 2015, the carrying value of the note, which approximates its fair market value, was $65.7 million and $81.7 million. The carrying value of all of the other financial instruments of the Partnership approximate fair value due to their short-term nature. The Partnership estimates the fair value of its notes payable by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity.

Management Agreement

Management Agreement	3 Months Ended
	Mar. 31, 2016
Contractors [Abstract]
Long-term Contracts or Programs Disclosure [Text Block]	Note 5. Management Agreement At the initial closing of the sale of its common units, on August 19, 2015, the Partnership entered into a Management Services Agreement (the “Management Agreement”) with E11 Management, LLC, (the “Manager”), and E11 Incentive Holdings, LLC, an affiliate of the Manager (“Incentive Holdings”), whereby the Manager agreed to provide management and operating services regarding substantially all aspects of our business. The Manager was formed by Aubrey K. McClendon and he served as its Chief Executive Officer. Under the Management Agreement, the Manager agreed to provide management and other services to the Partnership including, but not limited to, the following: · Identifying and evaluating oil and natural gas properties for acquisition, development, integration, sale or monetization; · Conducting (or overseeing one of its affiliated companies or third-parties to conduct) drilling, completion, production, marketing and hedging operations as the operator of the Partnership’s oil and natural gas properties; · Overseeing the drilling, completion, production, marketing and hedging operations of our oil and natural gas properties operated by other persons or entities; · Identifying and evaluating financing alternatives for acquisitions of producing oil and natural gas properties; and · Managing the financial, accounting and other back office support functions associated with the drilling, completion, production, marketing and hedging of the Partnership’s oil and natural gas properties. Pursuant to the Management Agreement, the Partnership agreed to pay the Manager a monthly fee. Upon entering into the Management Agreement, we issued 100,000 Class B units to Incentive Holdings. The Class B units entitle the holder to receive a portion of distributions made after Payout, as described in Note 6 below. The Management Agreement was terminable by the Partnership if, among other reasons, Mr. McClendon, the Manager’s key employee, ceased to be employed by the Manager and we did not approve of a proposed replacement of such key employee. On March 2, 2016, Mr. McClendon was killed in a car accident. Following Mr. McClendon’s death and subsequent correspondence between the Manager and us, on April 5, 2016, the Partnership elected not to approve a replacement key employee for Mr. McClendon and exercised our right to terminate the Management Agreement. Accordingly, the fees under the Management Agreement were no longer accrued as of the effective date of termination. Also, upon termination of the Management Agreement and in accordance with the terms therewith, 37.5% of the Class B Units owned by Incentive Holdings have been cancelled. As of April 5, 2016, the Class B units owned by Incentive Holdings totaled 62,500. Substantially all of the Partnership’s properties are currently being operated by Whiting, an independent third party. Since the Partnership only owns a non-operating interest in the Sanish Field Assets, most of the services that the Manager had been contracted to perform are being performed by Whiting, as operator of those properties. Consequently, the Partnership does not anticipate that the termination of the Management Agreement will have an adverse effect. The Partnership has not yet determined whether it will enter into any similar agreements to provide any or all of the services that the Manager had agreed to provide. For the three months ended March 31, 2016, the Partnership incurred fees and reimbursable costs of approximately $0.9 million under the Management Agreement.

Capital Contribution and Partne

Capital Contribution and Partners' Equity	3 Months Ended
	Mar. 31, 2016
Partners' Capital Notes [Abstract]
Partners' Capital Notes Disclosure [Text Block]	Note 6. Capital Contribution and Partners’ Equity At inception the General Partner and organizational limited partner made initial capital contributions totaling $1,000 to the Partnership. Upon closing of the minimum offering the organizational limited partner withdrew its initial capital contribution of $990, the General Partner received Incentive Distribution Rights (defined below), and has been and will be reimbursed for its documented third party out-of-pocket expenses incurred in organizing the Partnership and offering the units. As of August 19, 2015, the Partnership completed its minimum offering of 1,315,790 common units at $19.00 per common unit. In March 2016, the Partnership completed the sale of 5,263,158 common units at $19.00 per common unit. All subsequent shares of common units are being sold at $20.00 per common unit. As of March 31, 2016, the Partnership had completed the sale of 5,586,294 common units for total gross proceeds of $106.5 million and proceeds net of offering costs including selling commissions and marketing expenses of $98.1 million. The Partnership intends to continue to raise capital through its best-efforts offering of units by the Managing Dealer at $20.00. Under the agreement with the Managing Dealer, the Managing Dealer receives a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the units sold. The Managing Dealer will also be paid a contingent incentive fee, which is a cash payment of up to an amount equal to 4% of gross proceeds of the units sold based on the performance of the Partnership. Based on the units sold through March 31, 2016, the total contingent fee is approximately $4.3 million. Prior to “Payout,” which is defined below, all of the distributions made by the Partnership, if any, will be paid to the holders of units. Accordingly, the Partnership will not make any distributions with respect to the Incentive Distribution Rights or with respect to Class B units and will not make the contingent, incentive payments to the Managing Dealer, until Payout occurs. The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines “Payout Accrual” as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per Unit, regardless of the amount paid for the Unit. If at any time the Partnership distributes to holders of units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount. All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership’s assets, will be made as follows: · First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B Units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000; (iii) to the Managing Dealer, as the Managing Dealer contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any, to the Record Holders of outstanding units, pro rata based on their percentage interest until such time as the Managing Dealer receives the full amount of the Managing Dealer contingent incentive fee under the Dealer Manager Agreement; · Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B Units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000; (iii) the remaining amount to the Record Holders of outstanding units, pro rata based on their percentage interest. The Class B units canceled in conjunction with the termination of the Management Agreement discussed above in “Note 5. Management Agreement” may be reissued by the Partnership. All items of income, gain, loss and deduction will be allocated to each Partner’s capital account in a manner generally consistent with the distribution procedures outlined above. During the three months ended March 31, 2016, the Partnership paid distributions of $0.326027 per unit or $1.6 million.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 7. Related Parties The Partnership has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Partnership’s operations may be different than if conducted with non-related parties. The General Partner’s Board of Directors will oversee and review the Partnership’s related party relationships and is required to approve any significant modifications to any existing related party transactions, as well as any new significant related party transactions. On December 18, 2015, the General Partner appointed Clifford J. Merritt as its President. Prior to being appointed President, Mr. Merritt provided consulting services to the General Partner. For the three months ended March 31, 2016, Mr. Merritt was paid $77,099. During the three months ended March 31, 2016 and 2015, approximately $12,000 and $55,000 of general and administrative costs were incurred by the General Partner and reimbursed by the Partnership.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 8. Subsequent Events In April 2016, the Partnership declared and paid $0.7 million, or $0.134247 per outstanding common unit, in distributions to its holders of common units. In April 2016, the Partnership closed on the issuance of approximately 277,328 units through its ongoing best-efforts offering, representing gross proceeds to the Partnership of approximately $5.5 million and proceeds net of selling and marketing costs of approximately $5.2 million. On April 5, 2016, the Partnership terminated the Management Agreement with E11 Management, LLC. Reference “Note 5. Management Agreement” for more information.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements included in its 2015 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2016.
Deferred Charges, Policy [Policy Text Block]	Offering Costs The Partnership is raising capital through an on-going best-efforts offering of units by David Lerner Associates, Inc., the managing underwriter, which receives a selling commission and a marketing expense allowance based on proceeds of the units sold. Additionally, the Partnership has incurred other offering costs including legal, accounting and reporting services. These offering costs are recorded by the Partnership as a reduction of partners’ equity. As of March 31, 2016, the Partnership had sold 5.6 million units for gross proceeds of $106.5 million and proceeds net of offering costs of $98.1 million.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with United States generally accepted accounting principles requires the Partnership to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Earnings Per Share, Policy [Policy Text Block]	Loss Per Common Unit Basic loss per common unit is computed as net loss divided by the weighted average number of common units outstanding during the period. Diluted loss per unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no units with a dilutive effect for the three months ended March 31, 2016 and 2015. As a result, basic and diluted outstanding units were the same. The Class B Units and Incentive Distribution Rights, as defined below, are not included in loss per common unit until such time that it is probable Payout (as discussed in Note 6) would occur.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Standard In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-09, Compensation – Stock Compensation, which simplifies several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the guidance is effective for reporting periods beginning after December 15, 2016, and it is not expected to have a material impact on the Partnership’s consolidated financial statements.

Oil and Gas Investments (Tables

Oil and Gas Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Oil and Gas Property [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	The following unaudited pro forma financial information for the period ended March 31, 2015 has been prepared as if the acquisition of the Sanish Field Assets had occurred on January 1, 2015. The unaudited pro forma financial information was derived from the historical Statement of Operations of the Partnership and the historical information provided by the sellers (“Sellers”). The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisition of the Sanish Field Assets and related financing occurred on the basis assumed above, nor is such information indicative of the Partnership’s expected future results of operations. Three Months ended March 31, 2015 (Unaudited) Revenues $ 6,344,126 Net income $ 204,996

Partnership Organization (Detai

Partnership Organization (Details) - USD ($)	Jul. 09, 2013	Mar. 31, 2016
Partnership Organization (Details) [Line Items]
Limited Liability Company or Limited Partnership, Business, Formation State	Delaware
Partners' Capital Account, Contributions	$ 1,000
Subsidiary of Limited Liability Company or Limited Partnership, Business Purpose		(i) acquire producing and non-producing oil and gas properties with development potential, and to enhance the value of the properties through drilling and other development activities, (ii) make distributions to the holders of the units, (iii) engage in a liquidity transaction after five – seven years, in which all properties are sold and the sales proceeds are distributed to the partners, merge with another entity, or list the units on a national securities exchange, and (iv) permit holders of units to invest in oil and gas properties in a tax efficient basis. The proceeds from the sale of the units primarily will be used to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties
Best-Efforts Offering [Member]
Partnership Organization (Details) [Line Items]
Total amount of Unit offering		$ 2,000,000,000
Total amount of Units offered		100,263,158
Minimum Unit Offering		1,315,790

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 04, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016
Summary of Significant Accounting Policies (Details) [Line Items]
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units (in Dollars)		$ 19,857,421	$ 0
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		0	0
Best-Efforts Offering [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units	5,263,158			5,586,294
Proceeds from Issuance of Common Limited Partners Units (in Dollars)				$ 106,500,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units (in Dollars)				$ 98,100,000

Oil and Gas Investments (Detail

Oil and Gas Investments (Details) - Sanish Field Located in Mountrail County, North Dakota [Member]	Dec. 18, 2015
Oil and Gas Investments (Details) [Line Items]
Working Interest	11.00%
Productive Oil Wells, Number of Wells, Net	215
Oil Wells, Future Development Locations	262

Oil and Gas Investments (Deta19

Oil and Gas Investments (Details) - Business Acquisition, Pro Forma Information	3 Months Ended
	Mar. 31, 2015USD ($)
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 6,344,126
Net income	$ 204,996

Note Payable (Details)

Note Payable (Details) - Notes Payable, Other Payables [Member] - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Note Payable (Details) [Line Items]
Debt Instrument, Face Amount	$ 97,500,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Instrument, Maturity Date	Sep. 30, 2016
Debt Instrument, Maturity Date, Description	The Partnership’s right to extend the Maturity Date to March 31, 2017 is subject to the satisfaction of the following conditions: (i) the Partnership must deliver to Seller written notice of the election to extend the Maturity Date no later than September 1, 2016, (ii) the Partnership must pay to Seller an extension fee equal to 0.5% of the outstanding principal balance outstanding at September 30, 2016, (iii) during the extension period and until the note is paid in full, in cash, the interest rate on the outstanding principal amount of the note will bear interest at the fixed rate of 7.0% per annum, (iv) the outstanding principal amount of the note as of September 1, 2016 shall not be in excess of $60 million, and (v) both at the time of the delivery of the extension notice and as of September 30, 2016, no event of default shall exist under the note or any collateral document. There is no penalty for prepayment of the note.
Debt Instrument, Collateral	Payment of the note is secured by a mortgage and liens on all of the Sanish Field Assets in customary form.
Debt Instrument, Description	If the Partnership has not fully repaid all amounts outstanding under the note on or before June 30, 2016, the Partnership must also pay a deferred origination fee in an amount equal to $250,000.
Debt Instrument, Fee Amount	$ 250,000
Debt Instrument, Payment Terms	Interest is due monthly on the last day of each month while the note remains outstanding. In addition to interest payments on the outstanding principal balance of the note, the Partnership must make mandatory principal payments monthly in an amount equal to 75% of the net proceeds the Partnership receives from the sale of its equity securities until the principal amount of the note is reduced to $60 million, and then 50% of the net proceeds the Partnership receives from the sale of its equity securities thereafter, until the note is paid in full. In addition, if the Partnership sells any of the property that is collateral for the note, the Partnership must make a mandatory principal payment equal to 100% of the net proceeds of such sale until the principal amount of the note is paid in full.
Debt Instrument, Outstanding Balance	$ 68,000,000	$ 85,000,000
Notes Payable	$ 65,700,000	$ 81,700,000

Management Agreement (Details)

Management Agreement (Details) - USD ($)	Apr. 05, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Management Agreement (Details) [Line Items]
Owned Property, Reimbursable Management Costs		$ 900,000
Owned Property Management Costs		$ 886,306	$ 0
Subsequent Event [Member]
Management Agreement (Details) [Line Items]
Subsequent Event, Description	Substantially all of the Partnership’s properties are currently being operated by Whiting, an independent third party. Since the Partnership only owns a non-operating interest in the Sanish Field Assets, most of the services that the Manager had been contracted to perform are being performed by Whiting, as operator of those properties. Consequently, the Partnership does not anticipate that the termination of the Management Agreement will have an adverse effect. The Partnership has not yet determined whether it will enter into any similar agreements to provide any or all of the services that the Manager had agreed to provide.
E11 Incentive Holdings [Member]
Management Agreement (Details) [Line Items]
Class B Units Issued to Manager				100,000
Management Termination Description		The Management Agreement was terminable by the Partnership if, among other reasons, Mr. McClendon, the Manager’s key employee, ceased to be employed by the Manager and we did not approve of a proposed replacement of such key employee. On March 2, 2016, Mr. McClendon was killed in a car accident. Following Mr. McClendon’s death and subsequent correspondence between the Manager and us, on April 5, 2016, the Partnership elected not to approve a replacement key employee for Mr. McClendon and exercised our right to terminate the Management Agreement. Accordingly, the fees under the Management Agreement were no longer accrued as of the effective date of termination. Also, upon termination of the Management Agreement and in accordance with the terms therewith, 37.5% of the Class B Units owned by Incentive Holdings have been cancelled. As of April 5, 2016, the Class B units owned by Incentive Holdings totaled 62,500.
E11 Incentive Holdings [Member] | Subsequent Event [Member]
Management Agreement (Details) [Line Items]
Percentage of Manager Shares Canceled upon Termination of Agreement	37.50%
Capital Units held by Manager affiliate	62,500

Capital Contribution and Part22

Capital Contribution and Partners' Equity (Details) - USD ($)	Mar. 04, 2016	Jul. 09, 2013	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016
Capital Contribution and Partners' Equity (Details) [Line Items]
Partners' Capital Account, Contributions		$ 1,000
Distributions to organizational limited partner				$ 990
Managing Dealer, Selling Commissions, Percentage				6.00%
Managing Dealer, Maximum Contingent Incentive Fee on Gross Proceeds, Percentage				4.00%
Maximum Contingent Offering Costs, Selling Commissions and Marketing Expenses			$ 4,300,000	$ 4,300,000		$ 4,300,000
Key Provisions of Operating or Partnership Agreement, Description				The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines “Payout Accrual” as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per Unit, regardless of the amount paid for the Unit. If at any time the Partnership distributes to holders of units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount.All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership’s assets, will be made as follows:· First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B Units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000; (iii) to the Managing Dealer, as the Managing Dealer contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any, to the Record Holders of outstanding units, pro rata based on their percentage interest until such time as the Managing Dealer receives the full amount of the Managing Dealer contingent incentive fee under the Dealer Manager Agreement;· Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B Units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000; (iii) the remaining amount to the Record Holders of outstanding units, pro rata based on their percentage interest.The Class B units canceled in conjunction with the termination of the Management Agreement discussed above in “Note 5. Management Agreement” may be reissued by the Partnership.All items of income, gain, loss and deduction will be allocated to each Partner’s capital account in a manner generally consistent with the distribution procedures outlined above.
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)				$ 0.326027
Distribution Made to Limited Partner, Cash Distributions Paid				$ 1,584,847	$ 0
Best-Efforts Offering [Member]
Capital Contribution and Partners' Equity (Details) [Line Items]
Minimum Unit Offering (in Shares)				1,315,790
Partners Capital Account, Units Sold, Price Per Unit	$ 19		$ 20	$ 19
Partners' Capital Account, Units, Sale of Units (in Shares)	5,263,158					5,586,294
Proceeds from Issuance of Common Limited Partners Units						$ 106,500,000
Proceeds, Net of Selling Commissions and Marketing Expenses, from Issuance of Common Limited Partners Units						$ 98,100,000
Partners' Capital Account, Description of Units Sold				The Partnership intends to continue to raise capital through its best-efforts offering of units by the Managing Dealer at $20.00.

Related Parties (Details)

Related Parties (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
General Partner [Member]
Related Parties (Details) [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 12,000	$ 55,000
Consulting Services Provided to General Partner [Member] | President [Member]
Related Parties (Details) [Line Items]
Costs and Expenses, Related Party	$ 77,099

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Mar. 04, 2016	Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016
Subsequent Events (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Paid			$ 1,584,847	$ 0
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)			$ 0.326027
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units			$ 19,857,421	$ 0
Best-Efforts Offering [Member]
Subsequent Events (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)	5,263,158				5,586,294
Proceeds from Issuance of Common Limited Partners Units					$ 106,500,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units					$ 98,100,000
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Paid		$ 700,000
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)		$ 0.134247
Subsequent Event [Member] | Best-Efforts Offering [Member]
Subsequent Events (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)		277,328
Proceeds from Issuance of Common Limited Partners Units		$ 5,500,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units		$ 5,200,000