Energy 11 10-Q 3 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 44,873	$ 86,800,596
Oil, natural gas and natural gas liquids revenue receivable	5,470,375	2,718,296
Other current assets	123,750	10,038,221
Total Current Assets	5,638,998	99,557,113
Oil and natural gas properties, successful efforts method, net of accumulated depreciation, depletion and amortization of $21,161,505 and $9,908,800, respectively	324,040,087	151,554,972
Total Assets	329,679,085	251,112,085
Liabilities
Note payable	6,007,356	0
Accounts payable and accrued expenses	4,245,822	2,622,400
Total Current Liabilities	10,253,178	2,622,400
Asset retirement obligations	1,214,048	70,623
Total Liabilities	11,467,226	2,693,023
Partners’ Equity
Limited partners' interest (18,973,474 and 14,582,963 common units issued and outstanding, respectively)	318,213,586	248,420,789
General partners' interest	(1,727)	(1,727)
Class B Units (62,500 units issued and outstanding, respectively)	0	0
Total Partners’ Equity	318,211,859	248,419,062
Total Liabilities and Partners’ Equity	$ 329,679,085	$ 251,112,085

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Oil and natural gas properties, accumulated depreciation, depletion and amortization (in Dollars)	$ 21,161,505	$ 9,908,800
Limited partners' interest, common units issued	18,973,474	14,582,963
Limited partners' interest, common units outstanding	18,973,474	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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue
Oil, natural gas and natural gas liquids revenues	$ 9,717,996	$ 5,434,047	$ 30,068,002	$ 15,285,257
Operating costs and expenses
Production expenses	3,163,269	1,821,545	8,730,586	4,323,387
Production taxes	818,455	479,971	2,549,454	1,417,691
Management fees	0	0	0	886,306
General and administrative expenses	290,094	278,304	1,123,992	981,861
Depreciation, depletion, amortization and accretion	4,058,852	2,426,415	11,295,441	7,519,677
Total operating costs and expenses	8,330,670	5,006,235	23,699,473	15,128,922
Operating income	1,387,326	427,812	6,368,529	156,335
Interest expense, net	(106,767)	(1,938,958)	(480,495)	(6,119,320)
Net income (loss)	$ 1,280,559	$ (1,511,146)	$ 5,888,034	$ (5,962,985)
Basic and diluted net income (loss) per common unit (in Dollars per share)	$ 0.07	$ (0.20)	$ 0.33	$ (0.96)
Weighted average common units outstanding - basic and diluted (in Shares)	18,973,474	7,686,687	17,822,804	6,210,346

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flow from operating activities:
Net income (loss)	$ 5,888,034	$ (5,962,985)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation, depletion, amortization and accretion	11,295,441	7,519,677
Non-cash expenses, net	71,128	3,968,034
Changes in operating assets and liabilities:
Oil, natural gas and natural gas liquids revenue receivable	(2,752,079)	(2,035,124)
Other current assets	(85,529)	(61,153)
Accounts payable and accrued expenses	1,178,839	475,811
Net cash flow provided by (used in) operating activities	15,595,834	3,904,260
Cash flow from investing activities:
Cash paid for acquisition of oil and natural gas properties	(98,250,130)	0
Additions to oil and natural gas properties	(1,301,065)	(1,279,516)
Net cash flow used in investing activities	(99,551,195)	(1,279,516)
Cash flow from financing activities:
Cash paid for deferred loan costs	0	(250,000)
Net proceeds related to issuance of units	82,510,325	104,817,830
Distributions paid to limited partners	(18,610,687)	(6,483,665)
Payments on note payable	(66,700,000)	(88,917,833)
Net cash flow provided by financing activities	(2,800,362)	9,166,332
Increase (decrease) in cash and cash equivalents	(86,755,723)	11,791,076
Cash and cash equivalents, beginning of period	86,800,596	3,287,054
Cash and cash equivalents, end of period	44,873	15,078,130
Interest paid	433,013	2,171,573
Supplemental non-cash information:
Increase in note payable, payment of contingent consideration	0	5,000,000
Decrease in note payable, settlement of pre-close activity	292,644	1,082,167
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	9 Months Ended
	Sep. 30, 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”) is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership completed its best-efforts offering on April 24, 2017 with a total of approximately 19 million common units sold for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million. As of September 30, 2017, the Partnership owns an approximate 26-27% non-operated working interest in 216 existing producing wells and approximately 253 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 common units. The Partnership’s fiscal year ends on December 31.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2017. 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 and nine months ended September 30, 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) Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

Oil and Natural Gas Investments

Oil and Natural Gas Investments	9 Months Ended
	Sep. 30, 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 completed its purchase (“Acquisition No. 2”) of an additional approximate 11% non-operated working interest in the Sanish Field Assets for approximately $128.5 million. In addition to using cash on hand and proceeds from the best-efforts offering, the Partnership partially funded Acquisition No. 2 with the delivery of a promissory note in favor of the sellers of $40.0 million, which was paid in full in February 2017. The Partnership accounted for Acquisition No. 2 as a purchase of a group of similar assets, and therefore capitalized transaction costs associated with this acquisition. Total transaction costs incurred during the nine months ended September 30, 2017 were approximately $43,000. The Partnership also recorded an asset retirement obligation liability of approximately $0.8 million in conjunction with this acquisition. 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 completed 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 253 future development locations in the Sanish Field Assets (“Additional Interest”) for approximately $52.4 million. In addition to using cash on hand and proceeds from the best-efforts offering, the Partnership partially funded Acquisition No. 3 with a promissory note in favor of the sellers of $33.0 million, discussed further in Note 4. Notes Payable. The Partnership accounted for Acquisition No. 3 as a purchase of a group of similar assets, and therefore capitalized transaction costs associated with this acquisition. Total transaction costs incurred during the nine months ended September 30, 2017 were approximately $80,000. The Partnership also recorded an asset retirement obligation liability of approximately $0.3 million in conjunction with this acquisition. 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- and nine-month periods ended September 30, 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 Statements 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 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Revenues $ 9,717,996 $ 12,704,063 $ 32,413,448 $ 35,684,151 Net income (loss) 1,517,198 (753,892 ) 6,210,488 (2,168,066 )

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4. Notes Payable As part of the financing for Acquisition No. 2 completed 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 completed 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 bore interest at 5% per annum and was payable in full no later than August 1, 2017 (“Maturity Date”). In July 2017, the Partnership and the sellers executed a First Amendment to the Seller Note (“Amended Note”), which extended the maturity date to June 29, 2018 (“Extended Maturity Date”) provided the Partnership meets certain terms and conditions of the Amended Note, including making a $2.0 million payment on the outstanding principal balance by July 31, 2017. The $2.0 million payment was made by the Partnership on July 31, 2017. The Amended Note continues to bear interest at 5% per annum with interest due on the last business day of each month until the Extended Maturity Date. In addition to the $2.0 million payment and interest payments on the outstanding principal balance of the Seller Note, the Partnership is required to make principal payments of $100,000 on the last business day of each remaining month in 2017 (August through December), and principal payments of the lesser of $1,000,000 or the remaining balance on the last business day of each month in 2018 up to the Extended Maturity Date (January through June). There is no penalty for prepayment of the Amended Note. Payment of the Amended Note continues to be secured by a mortgage and liens on the Additional Interest in the Sanish Field Assets in customary form. 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 September 30, 2017, the outstanding balance on the note of $6.0 million 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	9 Months Ended
	Sep. 30, 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 - Well additions - 1,868 Revisions 28,866 (46,380 ) Accretion expense 43,104 7,540 Balance as of September 30 $ 1,214,048 $ 68,487

Capital Contribution and Partne

Capital Contribution and Partners' Equity	9 Months Ended
	Sep. 30, 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 was 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. 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 offerings costs of $349.6 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 the best-efforts offering, 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 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (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 (currently 13.125%), 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 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%). For the three and nine months ended September 30, 2017, the Partnership paid distributions of $0.349041 and $1.047123 per common unit, or $6.6 million and $18.6 million, respectively. For the three and nine months ended September 30, 2016, the Partnership paid distributions of $0.375891 and $1.050959 per common unit, or $2.8 million and $6.5 million, respectively.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 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 oversees and reviews 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 made twelve monthly payments of $8,537. The terms of the agreement will continue on a month-to-month basis at the same monthly rate for the remainder of 2017. For the three and nine months ended September 30, 2017, the Partnership paid $25,611 and $76,833 to the affiliate of the General Partner. For the three and nine months ended September 30, 2016, the Partnership paid $25,611 to the affiliate of the General Partner. For the three and nine months ended September 30, 2017, approximately $72,000 and $242,000 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 September 30, 2017, approximately $72,000 was due to a member of the General Partner. For the three and nine months ended September 30, 2016, approximately $70,000 and $187,000 of general and administrative costs were incurred by a member of the General Partner and have been reimbursed by the Partnership. The members of the General Partner are affiliates of Glade M. Knight, Chairman and Chief Executive Officer, David S. McKenney, Chief Financial Officer, Anthony F. Keating, III, Co-Chief Operating Officer and Michael J. Mallick, Co-Chief Operating Officer. Mr. Knight and Mr. McKenney are also affiliated with Energy Resources 12, L.P. Energy Resources 12, L.P. is not affiliated with the Partnership other than through Mr. Knight and Mr. McKenney. Mr. Mallick and Mr. Keating have no relationship with Energy Resources 12, L.P. The Partnership’s accounting and administrative functions are shared by both partnerships and the associated costs are allocated between the entities for cost sharing purposes. The Partnership’s remaining resources provide no services to Energy Resources 12, L.P. Accordingly, the Partnership disclaims any and all matters or activities in any manner related to Energy Resources 12, L.P. E11 Incentive Holdings, LLC (“Incentive Holdings”) was the owner of all Class B units outstanding (62,500) as of March 31, 2017. During the second quarter of 2017, Incentive Holdings 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 8. Subsequent Events In October 2017, the Partnership declared and paid $2.0 million, or $0.107397 per outstanding common unit, in distributions to its holders of common units. In October 2017, an affiliate of the General Partner provided approximately $0.4 million in short-term working capital to the Partnership. The Partnership repaid the $0.4 million to the affiliate of the General Partner in November 2017.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2017.
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 and nine months ended September 30, 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) Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

Oil and Natural Gas Investmen15

Oil and Natural Gas Investments (Tables)	9 Months Ended
	Sep. 30, 2017
Oil and Gas Property [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	The following unaudited pro forma financial information for the three- and nine-month periods ended September 30, 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 Statements 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 Nine Months Ended Nine Months Ended September 30, 2017 September 30, 2016 September 30, 2017 September 30, 2016 Revenues $ 9,717,996 $ 12,704,063 $ 32,413,448 $ 35,684,151 Net income (loss) 1,517,198 (753,892 ) 6,210,488 (2,168,066 )

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 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 - Well additions - 1,868 Revisions 28,866 (46,380 ) Accretion expense 43,104 7,540 Balance as of September 30 $ 1,214,048 $ 68,487

Partnership Organization (Detai

Partnership Organization (Details) shares in Millions	Jul. 09, 2013USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Apr. 24, 2017USD ($)shares
Partnership Organization (Details) [Line Items]
Limited Liability Company or Limited Partnership, Business, Formation State	Delaware
Partners' Capital Account, Contributions (in Dollars)	$ 1,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units (in Dollars)		$ 82,510,325	$ 104,817,830
Best-Efforts Offering [Member]
Partnership Organization (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares) | shares				19
Proceeds from Issuance of Common Limited Partners Units (in Dollars)				$ 374,200,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units (in Dollars)				$ 349,600,000
Sanish Field Located in Mountrail County, North Dakota [Member]
Partnership Organization (Details) [Line Items]
Productive Oil Wells, Number of Wells, Net		216
Gas and Oil Area Undeveloped, Net		253
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%

Oil and Natural Gas Investmen18

Oil and Natural Gas Investments (Details)	Mar. 31, 2017USD ($)	Jan. 11, 2017USD ($)	Dec. 18, 2015USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)
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 (in Dollars)			$ 159,600,000
Acquisition No. 2 [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Asset Retirement Obligation, Liabilities Incurred (in Dollars)					$ 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 (in Dollars)		$ 128,500,000
Debt Instrument, Face Amount (in Dollars)		40,000,000
Acquisition Costs, Period Cost (in Dollars)					43,000
Asset Retirement Obligation, Liabilities Incurred (in Dollars)		$ 800,000
Acquisition No. 2 [Member] | Minimum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Working Interest		22.00%
Acquisition No. 2 [Member] | Maximum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Working Interest		23.00%
Acquisition No. 3 [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Asset Retirement Obligation, Liabilities Incurred (in Dollars)					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 (in Dollars)				$ 52,400,000
Debt Instrument, Face Amount (in Dollars)	$ 33,000,000			$ 33,000,000
Acquisition Costs, Period Cost (in Dollars)					$ 80,000
Asset Retirement Obligation, Liabilities Incurred (in Dollars)	$ 300,000
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	253			253
Acquisition No. 3 [Member] | Minimum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Working Interest	26.00%			26.00%
Acquisition No. 3 [Member] | Maximum [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 Investmen19

Oil and Natural Gas Investments (Details) - Business Acquisition, Pro Forma Information - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Business Acquisition, Pro Forma Information [Abstract]
Revenues	$ 9,717,996	$ 12,704,063	$ 32,413,448	$ 35,684,151
Net income (loss)	$ 1,517,198	$ (753,892)	$ 6,210,488	$ (2,168,066)

Notes Payable (Details)

Notes Payable (Details) - USD ($)	Mar. 31, 2017	Feb. 23, 2017	Jul. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Jan. 11, 2017
Notes Payable (Details) [Line Items]
Repayments of Debt				$ 66,700,000	$ 88,917,833
Acquisition No. 2 [Member] | Notes Payable, Other Payables [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%
Acquisition No. 3 [Member] | Notes Payable, Other Payables [Member]
Notes Payable (Details) [Line Items]
Debt Instrument, Face Amount	$ 33,000,000
Repayments of Debt			$ 2,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Instrument, Maturity Date	Aug. 1, 2017		Jun. 29, 2018
Debt Instrument, Periodic Payment			$ 2,000,000
Debt Instrument, Payment Terms	In addition to the $2.0 million payment and interest payments on the outstanding principal balance of the Seller Note, the Partnership is required to make principal payments of $100,000 on the last business day of each remaining month in 2017 (August through December), and principal payments of the lesser of $1,000,000 or the remaining balance on the last business day of each month in 2018 up to the Extended Maturity Date (January through June).
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				$ 6,000,000

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations [Line Items]
Balance	$ 70,623	$ 105,459
Balance	1,214,048	68,487
Revisions	28,866	(46,380)
Accretion expense	43,104	7,540
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
Well Additions [Member]
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations [Line Items]
Liabilities incurred	$ 0	$ 1,868

Capital Contribution and Part22

Capital Contribution and Partners' Equity (Details) - USD ($) $ / shares in Units, shares in Millions	Jul. 09, 2013	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Apr. 24, 2017
Capital Contribution and Partners' Equity (Details) [Line Items]
Partners' Capital Account, Contributions	$ 1,000
Distributions to organizational limited partner	$ 990
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units				$ 82,510,325	$ 104,817,830
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 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (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 (currently 13.125%), 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 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%).
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)		$ 0.349041	$ 0.375891	$ 1.047123	$ 1.050959
Distribution Made to Limited Partner, Cash Distributions Paid		$ 6,600,000	$ 2,800,000	$ 18,610,687	$ 6,483,665
Best-Efforts Offering [Member]
Capital Contribution and Partners' Equity (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)						19
Proceeds from Issuance of Common Limited Partners Units						$ 374,200,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units						$ 349,600,000

Related Parties (Details)

Related Parties (Details) - USD ($)	Apr. 06, 2017	Apr. 05, 2017	Jul. 01, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2017	Dec. 31, 2016
Related Parties (Details) [Line Items]
Class B Units, units outstanding (in Shares)				62,500		62,500			62,500
E11 Incentive Holdings [Member]
Related Parties (Details) [Line Items]
Class B Units, units outstanding (in Shares)								62,500
Units transferred to E11 Incentive Carry Vehicle, LP for Minimis Consideration [Member] | E11 Incentive Holdings [Member]
Related Parties (Details) [Line Items]
Class B Units, Transferred (in Shares)		18,125
Units Sold to Regional Energy Incentives, LP [Member] | E11 Incentive Holdings [Member]
Related Parties (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
Affiliated Entity [Member]
Related Parties (Details) [Line Items]
Operating Leases, Rent Expense, Minimum Rentals			$ 8,537
Operating Leases, Rent Expense				$ 25,611	$ 25,611	$ 76,833	$ 25,611
General Partner [Member]
Related Parties (Details) [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party				72,000	$ 70,000	242,000	$ 187,000
Due to Related Parties, Current				$ 72,000		$ 72,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Subsequent Events (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Paid		$ 6,600,000	$ 2,800,000	$ 18,610,687	$ 6,483,665
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)		$ 0.349041	$ 0.375891	$ 1.047123	$ 1.050959
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Paid	$ 2,000,000
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)	$ 0.107397
Proceeds from Related Party Debt	$ 400,000
Repayments of Related Party Debt	$ 400,000