Energy 11 10-Q 12 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
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		18,973,474
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, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 5,038,183	$ 86,800,596
Oil, natural gas and natural gas liquids revenue receivable	5,741,889	2,718,296
Other current assets	15,288	10,038,221
Total Current Assets	10,795,360	99,557,113
Oil and natural gas properties, successful efforts method, net of accumulated depreciation, depletion and amortization; March 31, 2017, $13,154,256; December 31, 2016, $9,908,800	331,187,673	151,554,972
Total Assets	341,983,033	251,112,085
Liabilities and Partners’ Equity
Note payable	33,000,000	0
Accounts payable and accrued expenses	3,736,024	2,622,400
Total Current Liabilities	36,736,024	2,622,400
Asset retirement obligations	1,189,875	70,623
Total Liabilities	37,925,899	2,693,023
Limited partners’ interest (17,695,945 common units and 14,582,963 units issued and outstanding at March 31, 2017 and December 31, 2016, respectively)	304,058,861	248,420,789
General partners’ interest	(1,727)	(1,727)
Class B Units (62,500 units issued and outstanding at March 31, 2017 and December 31, 2016, respectively)	0	0
Total Partners’ Equity	304,057,134	248,419,062
Total Liabilities and Partners’ Equity	$ 341,983,033	$ 251,112,085

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Oil and natural gas properties, accumulated depreciation, depletion and amortization (in Dollars)	$ 13,154,256	$ 9,908,800
Limited partners' interest, common units issued	17,695,945	14,582,963
Limited partners' interest, common units outstanding	17,695,945	14,582,963
Class B Units, units issued	62,500	62,500
Class B Units, units outstanding	62,500	62,500

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue
Oil, natural gas and natural gas liquids revenues	$ 10,141,266	$ 4,319,097
Operating costs and expenses
Production expenses	2,731,854	1,355,120
Production taxes	857,733	414,561
Management fees	0	886,306
General and administrative expenses	501,741	386,431
Depreciation, depletion, amortization and accretion	3,256,258	2,672,822
Total operating costs and expenses	7,347,586	5,715,240
Operating income (loss)	2,793,680	(1,396,143)
Interest expense, net	(172,609)	(2,196,313)
Net income (loss)	$ 2,621,071	$ (3,592,456)
Basic and diluted net income (loss) per common unit (in Dollars per share)	$ 0.17	$ (0.73)
Weighted average common units outstanding - basic and diluted (in Shares)	15,809,588	4,920,991

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flow from operating activities:
Net income (loss)	$ 2,621,071	$ (3,592,456)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation, depletion, amortization and accretion	3,256,258	2,672,822
Non-cash expenses, net	23,449	1,227,968
Changes in operating assets and liabilities:
Oil, natural gas and natural gas liquids revenue receivable	(2,977,569)	(2,232,209)
Other current assets	22,933	0
Accounts payable and accrued expenses	717,514	1,269,228
Net cash flow provided by (used in) operating activities	3,663,656	(654,647)
Cash flow from investing activities:
Cash paid for acquisition of oil and natural gas properties	(98,327,930)	0
Additions to oil and natural gas properties	(114,612)	(241,883)
Net cash flow used in investing activities	(98,442,542)	(241,883)
Cash flow from financing activities:
Net proceeds related to issuance of units	58,504,622	19,857,421
Distributions paid to limited partners	(5,488,149)	(1,584,847)
Payments on note payable	(40,000,000)	(17,000,000)
Net cash flow provided by financing activities	13,016,473	1,272,574
Increase (decrease) in cash and cash equivalents	(81,762,413)	376,044
Cash and cash equivalents, beginning of period	86,800,596	3,287,054
Cash and cash equivalents, end of period	5,038,183	3,663,098
Interest paid	158,904	906,783
Acquisition No. 2 [Member]
Supplemental non-cash information:
Note payable assumed in Acquisition	40,000,000	0
Acquisition No. 3 [Member]
Supplemental non-cash information:
Note payable assumed in Acquisition	$ 33,000,000	$ 0

Partnership Organization

Partnership Organization	3 Months Ended
	Mar. 31, 2017
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 began offering common units of limited partner interest (the “common units”) on a best-efforts basis on January 22, 2015, the date the Securities and Exchange Commission (“SEC”) declared the offering effective. The Partnership intended to raise up to $2,000,000,000 of capital, consisting of 100,263,158 common units. As of August 19, 2015, the Partnership completed the sale of the minimum offering of 1,315,790 common units. The subscribers were admitted as Limited Partners of the Partnership at the initial closing of the offering. The Partnership completed its offering on April 24, 2017 with a total of approximately 19.0 million common units sold for gross proceeds of approximately $374.2 million. The proceeds from the sale of the common units have been used to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. As of March 31, 2017, the Partnership owns an approximate 26-27% non-operated working interest in 216 existing producing wells and approximately 257 future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the “Sanish Field Assets”), which is part of the Bakken shale formation in the Greater Williston Basin. Whiting Petroleum Corporation (“Whiting”), one of the largest producers in the basin, operates substantially all of the Sanish Field Assets. 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 “Dealer Manager”), was the dealer manager for the offering of the common units. The Partnership’s fiscal year ends on December 31.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 generally accepted accounting principles (“GAAP”) 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 2016 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2017. Offering Costs On April 24, 2017, the Partnership completed its best-efforts offering of common units by the Dealer Manager, which received a selling commission and a marketing expense allowance based on proceeds of the common units sold. Additionally, the Partnership 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, 2017, the Partnership had sold 17.7 million common units for gross proceeds of $348.7 million and proceeds net of offering costs of $325.6 million. Use of Estimates The preparation of financial statements in conformity with United States GAAP requires management 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. Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income, partners’ equity or cash flows. Net Income (Loss) Per Common Unit Basic net income (loss) per common unit is computed as net income (loss) divided by the weighted average number of common units outstanding during the period. Diluted net income (loss) per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three months ended March 31, 2017 and 2016. As a result, basic and diluted outstanding common units were the same. The Class B units and Incentive Distribution Rights, as defined below, are not included in net income (loss) per common unit until such time that it is probable Payout (as discussed in Note 6) would occur. Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-01, Business Combinations (Topic 805), which amends the existing accounting standards to clarify the definition of a business and assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. For public entities, the guidance is effective for reporting periods beginning after December 15, 2017, including interim periods within those periods, and should be applied prospectively on or after the effective date. Early application is permitted for transactions that occur before the issuance or effective date of this amendment, provided the transaction has not been reported in financial statements that have been issued or made available for issuance. The Partnership adopted the standard effective January 1, 2017. The Partnership’s acquisitions prior to 2017 were accounted for as acquisitions of an existing business and therefore, all transaction costs were expensed as incurred. The Partnership’s acquisitions in the first quarter of 2017 were accounted for as asset purchases with acquisition costs, such as legal, title and accounting costs, being capitalized as part of the cost of the assets acquired. The Partnership will evaluate any future acquisition(s) of oil and gas properties under the revised standard and account for the acquisition as either an asset purchase or business combination depending on the particular facts and circumstances of the acquisition.

Oil and Natural Gas Investments

Oil and Natural Gas Investments	3 Months Ended
	Mar. 31, 2017
Oil and Gas Property [Abstract]
Oil and Gas Properties [Text Block]	Note 3. Oil and Natural Gas Investments On December 18, 2015, the Partnership completed its purchase (“Acquisition No. 1”) of an approximate 11% non-operated working interest in the Sanish Field Assets for approximately $159.6 million. The Partnership accounted for Acquisition No. 1 as a business combination, and therefore expensed, as incurred, transaction costs associated with this acquisition. These costs included, but were not limited to, due diligence, reserve reports, legal and engineering services and site visits. On January 11, 2017, the Partnership closed on its purchase (“Acquisition No. 2”) of an additional approximate 11% non-operated working interest in the Sanish Field Assets for approximately $130.0 million, consisting of cash payments totaling $90.0 million and the delivery of a promissory note in favor of the seller of $40.0 million. See Note 4. Notes Payable for further discussion on this promissory note. The Partnership recorded an asset retirement obligation liability of approximately $0.8 million in conjunction with Acquisition No. 2. See Note 5. Asset Retirement Obligations for further discussion. During the first quarter of 2017, the Partnership and the sellers adjusted the purchase price for the settlement of operating activity that occurred prior to the closing date, which resulted in a net decrease of approximately $1.6 million to the purchase price of the asset. The Partnership accounted for Acquisition No. 2 as a business combination through December 31, 2016; all transaction costs incurred on or prior to December 31, 2016 were expensed as incurred. As discussed above in Note 2, the Partnership adopted ASU 2017-01 on January 1, 2017. Therefore, Acquisition No. 2 was accounted for as an acquisition of a group of assets and transaction costs incurred during the first quarter of 2017 were capitalized, increasing the purchase price of the asset. For the three months ended March 31, 2017, the Partnership capitalized approximately $31,000 of transaction costs related to Acquisition No. 2. After purchase price adjustments, the Partnership recorded the assets acquired in this transaction at a cost of approximately $128.5 million. Acquisition No. 2 increased the Partnership’s non-operated working interest in the Sanish Field Assets to approximately 22-23%. On March 31, 2017, the Partnership closed on its purchase (“Acquisition No. 3”) of an additional approximate average 10.5% non-operated working interest in 82 of the Partnership’s 216 existing producing wells and 150 of the Partnership’s 257 future development locations in the Sanish Field Assets (“Additional Interest”) for approximately $53.0 million of consideration consisting of cash payments totaling $20.0 million and the delivery of a promissory note in favor of the seller of $33.0 million. See Note 4. Notes Payable for further discussion on this promissory note. The Partnership recorded an asset retirement obligation liability of approximately $0.3 million in conjunction with Acquisition No. 3. See Note 5. Asset Retirement Obligations for further discussion. The purchase was accounted for as an acquisition of a group of assets; as a result, transaction costs were capitalized, increasing the purchase price of the asset. For the three months ended March 31, 2017, the Partnership capitalized approximately $56,000 of transactions costs related to Acquisition No. 3. Acquisition No. 3 increased the Partnership’s total non-operated working interest in the Sanish Field Assets to approximately 26-27%. The following unaudited pro forma financial information for the three-month periods ended March 31, 2017 and 2016 have been prepared as if Acquisitions No. 2 and No. 3 of the Sanish Field Assets had occurred on January 1, 2016. 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. The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisitions of the Sanish Field Assets and related financings occurred on the basis assumed above, nor is such information indicative of the Partnership’s expected future results of operations. Three Months ended Three Months ended March 31, 2017 March 31, 2016 (Unaudited) (Unaudited) Revenues $ 12,456,650 $ 10,075,232 Net income (loss) $ 2,869,027 $ (3,534,775 )

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4. Notes Payable As part of the financing for Acquisition No. 2, as described above in Note 3. Oil and Natural Gas Investments, on January 11, 2017, the Partnership executed a note in favor of the sellers in the original principal amount of $40.0 million. The Partnership paid the $40.0 million promissory note, which bore interest at 5%, in full on February 23, 2017. As part of the financing for Acquisition No. 3, as described above in Note 3. Oil and Natural Gas Investments, on March 31, 2017, the Partnership executed a note (“Seller Note”) in favor of the sellers in the original principal amount of $33.0 million. The Seller Note bears interest at 5% per annum and is payable in full no later than August 1, 2017 (“Maturity Date”). There is no penalty for prepayment of the Seller Note. Payment of the Seller Note is secured by a mortgage and liens on the Additional Interest in the Sanish Field Assets in customary form. The first interest payment is due April 30, 2017 and subsequent interest is due on the last day of each month until the Maturity Date. In addition to interest payments on the outstanding principal balance of the Seller Note, the Partnership was required to make a principal payment on or before April 28, 2017 in an amount equal to 100% of the net proceeds the Partnership received from the sale of its equity securities in April 2017. As a result, the Partnership made a principal payment of $24.5 million in April 2017. As of April 30, 2017, the outstanding balance on the Seller Note was $8.5 million. If the Partnership sells any of its owned property, the Partnership is required to make a principal payment equal to 100% of the net proceeds of such sale until the principal amount of the Seller Note is paid in full. As of March 31, 2017, the outstanding balance on the note was $33.0 million, which approximates its fair market value. The carrying value of all of the other financial instruments of the Partnership approximate fair value due to their short-term nature. The Partnership estimated the fair value of its note 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. The market rate, which approximated the Partnership’s interest rate for the Seller Note, takes into consideration general market conditions and maturity.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation Disclosure [Text Block]	Note 5. Asset Retirement Obligations The Partnership records an asset retirement obligation (“ARO”) and capitalizes the asset retirement costs in oil and natural gas properties in the period in which the asset retirement obligation is incurred based upon the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO is accreted to its future estimated value using an assumed cost of funds and the additional capitalized costs are depreciated on a unit-of-production basis. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions of these assumptions impact the present value of the existing asset retirement obligation, a corresponding adjustment is made to the oil and natural gas property balance. The changes in the aggregate ARO are as follows: 2017 2016 Balance as of January 1 $ 70,623 $ 105,459 Liabilities incurred - Acquisition No. 2 781,628 - Liabilities incurred - Acquisition No. 3 289,827 - Revisions 36,625 - Accretion expense 11,172 2,954 Balance as of March 31 $ 1,189,875 $ 108,413

Capital Contribution and Partne

Capital Contribution and Partners' Equity	3 Months Ended
	Mar. 31, 2017
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 common units. The Partnership completed its best-efforts offering of common units on April 24, 2017. The Partnership completed its minimum offering of 1,315,790 common units at $19.00 per common unit on August 19, 2015. All subsequent shares of common units were sold at $20.00 per common unit. As of March 31, 2017, the Partnership had completed the sale of 17.7 million common units for total gross proceeds of $348.7 million and proceeds net of selling commissions and marketing expenses of $327.7 million. As of the conclusion of the offering on April 24, 2017, the Partnership had completed the sale of approximately 19.0 million common units for total gross proceeds of $374.2 million and proceeds net of selling commissions and marketing expenses of $351.8 million. Under the agreement with the Dealer Manager, the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold. The Dealer Manager 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 common units sold based on the performance of the Partnership. Based on the common units sold through April 24, 2017, the total contingent fee is a maximum of approximately $15.0 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 common 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 Dealer Manager, until Payout occurs. The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common 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 common 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 Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any, to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager 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 common units, pro rata based on their percentage interest. For the three months ended March 31, 2017 and 2016, the Partnership paid distributions of $0.349041 and $0.326027 per common unit, or $5.5 million and $1.6 million, respectively.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2017
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 July 1, 2016, the Partnership entered into a one-year lease agreement with an affiliate of the General Partner for office space in Oklahoma City, Oklahoma. Under the terms of the agreement, the Partnership will make twelve monthly payments of $8,537. For the three months ended March 31, 2017, the Partnership paid $25,611 to the affiliate of the General Partner. For the three months ended March 31, 2017 and 2016, approximately $80,000 and $12,000 of general and administrative costs were incurred by a member of the General Partner and have been or will be reimbursed by the Partnership. At March 31, 2017, approximately $71,000 was due to a member of the General Partner. Glade M. Knight, Chief Executive Officer of the General Partner, and David S. McKenney, Chief Financial Officer of the General Partner, are the Chief Executive Officer and Chief Financial Officer of Energy Resources 12 GP, LLC, the General Partner of Energy Resources 12, L.P., a newly-formed partnership with the primary investment objective to acquire non-operated working interests in oil and natural gas properties.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 8. Subsequent Events In April 2017, the Partnership declared and paid $1.7 million, or $0.095890 per outstanding common unit, in distributions to its holders of common units. In April 2017, the Partnership closed on the issuance of approximately 1.3 million common units through its best-efforts offering, representing gross proceeds to the Partnership of approximately $25.6 million and proceeds net of selling and marketing costs of approximately $24.0 million. As discussed in Note 6. Capital Contribution and Partners’ Equity, the offering was completed on April 24, 2017. In April 2017, the Partnership made a principal payment of $24.5 million on its note payable issued as part of the purchase price in Acquisition No. 3, which is described in Note 4. Notes Payable. As of April 30, 2017, the outstanding balance on the note was $8.5 million. E11 Incentive Holdings, LLC (“Incentive Holdings”) was the owner of all Class B units outstanding (62,500) as of March 31, 2017. Since March 31, 2017, Incentive Holdings has transferred substantially all of its assets; on April 5, 2017, Incentive Holdings transferred 18,125 of the 62,500 Class B units to E11 Incentive Carry Vehicle, LLC, an affiliate of Incentive Holdings, for de minimis consideration. On April 6, 2017, the remaining 44,375 Class B units were acquired by Regional Energy Incentives, LP in exchange for approximately $98,000. Regional Energy Incentives, LP is owned by entities that are controlled by Anthony F. Keating, III, Co-Chief Operating Officer of the General Partner, Michael J. Mallick, Co-Chief Operating Officer of the General Partner, and David S. McKenney, Chief Financial Officer of the General Partner. The Class B units entitle the holder to certain distribution rights after Payout, as described in Note 6. Capital Contribution and Partners’ Equity.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2017
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 generally accepted accounting principles (“GAAP”) 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 2016 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2017.
Offering Costs, Policy [Policy Text Block]	Offering Costs On April 24, 2017, the Partnership completed its best-efforts offering of common units by the Dealer Manager, which received a selling commission and a marketing expense allowance based on proceeds of the common units sold. Additionally, the Partnership 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, 2017, the Partnership had sold 17.7 million common units for gross proceeds of $348.7 million and proceeds net of offering costs of $325.6 million.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with United States GAAP requires management 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.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income, partners’ equity or cash flows.
Earnings Per Share, Policy [Policy Text Block]	Net Income (Loss) Per Common Unit Basic net income (loss) per common unit is computed as net income (loss) divided by the weighted average number of common units outstanding during the period. Diluted net income (loss) per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three months ended March 31, 2017 and 2016. As a result, basic and diluted outstanding common units were the same. The Class B units and Incentive Distribution Rights, as defined below, are not included in net income (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]	Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-01, Business Combinations (Topic 805), which amends the existing accounting standards to clarify the definition of a business and assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. For public entities, the guidance is effective for reporting periods beginning after December 15, 2017, including interim periods within those periods, and should be applied prospectively on or after the effective date. Early application is permitted for transactions that occur before the issuance or effective date of this amendment, provided the transaction has not been reported in financial statements that have been issued or made available for issuance. The Partnership adopted the standard effective January 1, 2017. The Partnership’s acquisitions prior to 2017 were accounted for as acquisitions of an existing business and therefore, all transaction costs were expensed as incurred. The Partnership’s acquisitions in the first quarter of 2017 were accounted for as asset purchases with acquisition costs, such as legal, title and accounting costs, being capitalized as part of the cost of the assets acquired. The Partnership will evaluate any future acquisition(s) of oil and gas properties under the revised standard and account for the acquisition as either an asset purchase or business combination depending on the particular facts and circumstances of the acquisition.

Oil and Natural Gas Investmen15

Oil and Natural Gas Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Oil and Gas Property [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	The following unaudited pro forma financial information for the three-month periods ended March 31, 2017 and 2016 have been prepared as if Acquisitions No. 2 and No. 3 of the Sanish Field Assets had occurred on January 1, 2016. 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. The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisitions of the Sanish Field Assets and related financings occurred on the basis assumed above, nor is such information indicative of the Partnership’s expected future results of operations. Three Months ended Three Months ended March 31, 2017 March 31, 2016 (Unaudited) (Unaudited) Revenues $ 12,456,650 $ 10,075,232 Net income (loss) $ 2,869,027 $ (3,534,775 )

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations [Table Text Block]	The changes in the aggregate ARO are as follows: 2017 2016 Balance as of January 1 $ 70,623 $ 105,459 Liabilities incurred - Acquisition No. 2 781,628 - Liabilities incurred - Acquisition No. 3 289,827 - Revisions 36,625 - Accretion expense 11,172 2,954 Balance as of March 31 $ 1,189,875 $ 108,413

Partnership Organization (Detai

Partnership Organization (Details)	Jul. 09, 2013USD ($)	Apr. 30, 2017USD ($)shares	Mar. 31, 2017	Dec. 31, 2015USD ($)shares	Aug. 19, 2015shares	Mar. 31, 2017USD ($)shares	Apr. 24, 2017USD ($)shares
Partnership Organization (Details) [Line Items]
Limited Liability Company or Limited Partnership, Business, Formation State	Delaware
Partners' Capital Account, Contributions (in Dollars) | $	$ 1,000
Best-Efforts Offering [Member]
Partnership Organization (Details) [Line Items]
Total amount of Unit offering (in Dollars) | $				$ 2,000,000,000
Total amount of Units offered (in Shares) | shares				100,263,158
Minimum Unit Offering (in Shares) | shares				1,315,790	1,315,790
Partners' Capital Account, Units, Sale of Units (in Shares) | shares						17,700,000
Proceeds from Issuance of Common Limited Partners Units (in Dollars) | $						$ 348,700,000
Best-Efforts Offering [Member] | Subsequent Event [Member]
Partnership Organization (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares) | shares		1,300,000					19,000,000
Proceeds from Issuance of Common Limited Partners Units (in Dollars) | $		$ 25,600,000					$ 374,200,000
Sanish Field Located in Mountrail County, North Dakota [Member]
Partnership Organization (Details) [Line Items]
Productive Oil Wells, Number of Wells, Net			216			216
Gas and Oil Area Undeveloped, Net			257			257
Minimum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Partnership Organization (Details) [Line Items]
Gas and Oil Area Developed, Net			26.00%
Maximum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Partnership Organization (Details) [Line Items]
Gas and Oil Area Developed, Net			27.00%

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions	3 Months Ended		45 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017
Summary of Significant Accounting Policies (Details) [Line Items]
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units	$ 58,504,622	$ 19,857,421	$ 325,600,000
Best-Efforts Offering [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)			17.7
Proceeds from Issuance of Common Limited Partners Units			$ 348,700,000

Oil and Natural Gas Investmen19

Oil and Natural Gas Investments (Details)	Mar. 31, 2017USD ($)	Jan. 11, 2017USD ($)	Dec. 18, 2015USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Oil and Natural Gas Investments (Details) [Line Items]
Payments to Acquire Oil and Gas Property				$ 98,327,930	$ 0
Acquisition No. 1 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net			11.00%
Business Combination, Consideration Transferred			$ 159.6
Acquisition No. 2 [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Asset Retirement Obligation, Liabilities Incurred				781,628	0
Acquisition No. 2 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net		11.00%
Business Combination, Consideration Transferred		$ 130,000,000
Payments to Acquire Oil and Gas Property		90,000,000
Debt Instrument, Face Amount		40,000,000
Asset Retirement Obligation, Liabilities Incurred		$ 800,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets				1,600,000
Acquisition Costs, Period Cost				31,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 128,500,000			128,500,000
Acquisition No. 3 [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Asset Retirement Obligation, Liabilities Incurred				289,827	$ 0
Acquisition No. 3 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net	10.50%
Business Combination, Consideration Transferred				53,000,000
Payments to Acquire Oil and Gas Property				20,000,000
Debt Instrument, Face Amount	$ 33,000,000			33,000,000
Asset Retirement Obligation, Liabilities Incurred	$ 300,000
Acquisition Costs, Period Cost				$ 56,000
Number of Producing Partnership Wells Acquired	82
Productive Oil Wells, Number of Wells, Net	216			216
Number of Future Development Partnership Locations Acquired	150
Gas and Oil Area Undeveloped, Net	257			257
Minimum [Member] | Acquisition No. 2 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Working Interest		22.00%
Minimum [Member] | Acquisition No. 3 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Working Interest	26.00%			26.00%
Maximum [Member] | Acquisition No. 2 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Working Interest		23.00%
Maximum [Member] | Acquisition No. 3 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Working Interest	27.00%			27.00%

Oil and Natural Gas Investmen20

Oil and Natural Gas Investments (Details) - Business Acquisition, Pro Forma Information - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 12,456,650	$ 10,075,232
Net income (loss)	$ 2,869,027	$ (3,534,775)

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Mar. 31, 2017	Feb. 23, 2017	Apr. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Jan. 11, 2017
Notes Payable (Details) [Line Items]
Repayments of Debt				$ 40,000,000	$ 17,000,000
Subsequent Event [Member]
Notes Payable (Details) [Line Items]
Notes Payable			$ 8,500,000
Notes Payable, Other Payables [Member] | Acquisition No. 2 [Member]
Notes Payable (Details) [Line Items]
Debt Instrument, Face Amount						$ 40,000,000
Repayments of Debt		$ 40,000,000
Debt Instrument, Interest Rate, Stated Percentage						5.00%
Notes Payable, Other Payables [Member] | Acquisition No. 3 [Member]
Notes Payable (Details) [Line Items]
Debt Instrument, Face Amount	$ 33,000,000			$ 33,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%			5.00%
Debt Instrument, Maturity Date	Aug. 1, 2017
Debt Instrument, Payment Terms	In addition to interest payments on the outstanding principal balance of the Seller Note, the Partnership was required to make a principal payment on or before April 28, 2017 in an amount equal to 100% of the net proceeds the Partnership received from the sale of its equity securities in April 2017.
Notes Payable	$ 33,000,000			$ 33,000,000
Debt Instrument, Description	If the Partnership sells any of its owned property, the Partnership is required to make a principal payment equal to 100% of the net proceeds of such sale until the principal amount of the Seller Note is paid in full.
Notes Payable, Other Payables [Member] | Acquisition No. 3 [Member] | Subsequent Event [Member]
Notes Payable (Details) [Line Items]
Repayments of Debt			24,500,000
Notes Payable			$ 8,500,000

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations [Line Items]
Balance as of	$ 70,623	$ 105,459
Revisions	36,625	0
Accretion expense	11,172	2,954
Balance as of	1,189,875	108,413
Acquisition No. 2 [Member]
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations [Line Items]
Liabilities incurred	781,628	0
Acquisition No. 3 [Member]
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations [Line Items]
Liabilities incurred	$ 289,827	$ 0

Capital Contribution and Part23

Capital Contribution and Partners' Equity (Details) - USD ($)	Jul. 09, 2013	Apr. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2017	Aug. 19, 2015	Mar. 31, 2017	Apr. 24, 2017
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										$ 15,000,000
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 common 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 common 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 Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any, to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager 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 common units, pro rata based on their percentage interest.
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)			$ 0.349041	$ 0.326027
Distribution Made to Limited Partner, Cash Distributions Paid			$ 5,488,149	$ 1,584,847
Subsequent Event [Member]
Capital Contribution and Partners' Equity (Details) [Line Items]
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)		$ 0.095890
Distribution Made to Limited Partner, Cash Distributions Paid		$ 1,700,000
Best-Efforts Offering [Member]
Capital Contribution and Partners' Equity (Details) [Line Items]
Minimum Unit Offering (in Shares)						1,315,790		1,315,790
Partners Capital Account, Units Sold, Price Per Unit							$ 20	$ 19
Partners' Capital Account, Units, Sale of Units (in Shares)									17,700,000
Proceeds from Issuance of Common Limited Partners Units									$ 348,700,000
Proceeds, Net of Selling Commissions and Marketing Expenses, from Issuance of Common Limited Partners Units									$ 327,700,000
Best-Efforts Offering [Member] | Subsequent Event [Member]
Capital Contribution and Partners' Equity (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)		1,300,000								19,000,000
Proceeds from Issuance of Common Limited Partners Units		$ 25,600,000								$ 374,200,000
Proceeds, Net of Selling Commissions and Marketing Expenses, from Issuance of Common Limited Partners Units										$ 351,800,000

Related Parties (Details)

Related Parties (Details) - USD ($)	Jul. 01, 2016	Mar. 31, 2017	Mar. 31, 2016
Affiliated Entity [Member]
Related Parties (Details) [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	$ 8,537
Operating Leases, Rent Expense		$ 25,611
General Partner [Member]
Related Parties (Details) [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party		80,000	$ 12,000
Due to Related Parties, Current		$ 71,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Apr. 06, 2017	Apr. 05, 2017	Apr. 30, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Apr. 24, 2017	Dec. 31, 2016
Subsequent Events (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Paid				$ 5,488,149	$ 1,584,847
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)				$ 0.349041	$ 0.326027
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units				$ 58,504,622	$ 19,857,421	$ 325,600,000
Class B Units, units outstanding (in Shares)				62,500		62,500		62,500
E11 Incentive Holdings [Member]
Subsequent Events (Details) [Line Items]
Class B Units, units outstanding (in Shares)				62,500		62,500
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Paid			$ 1,700,000
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)			$ 0.095890
Repayments of Notes Payable			$ 24,500,000
Notes Payable			$ 8,500,000
Best-Efforts Offering [Member]
Subsequent Events (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)						17,700,000
Proceeds from Issuance of Common Limited Partners Units						$ 348,700,000
Best-Efforts Offering [Member] | Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)			1,300,000				19,000,000
Proceeds from Issuance of Common Limited Partners Units			$ 25,600,000				$ 374,200,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units			$ 24,000,000
Units transferred to E11 Incentive Carry Vehicle, LP for Minimis Consideration [Member] | Subsequent Event [Member] | E11 Incentive Holdings [Member]
Subsequent Events (Details) [Line Items]
Class B Units, transferred (in Shares)		18,125
Units Sold to Regional Energy Incentives, LP [Member] | Subsequent Event [Member] | E11 Incentive Holdings [Member]
Subsequent Events (Details) [Line Items]
Class B Units, units sold (in Shares)	44,375
Class B Units, total sales price for sale of capital units	$ 98,000