Victory Oilfield Tech (VYEY) 10-K 8 Apr 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Apr. 08, 2016	Jun. 30, 2015
Document And Entity Information
Trading Symbol	VYEY
Entity Registrant Name	VICTORY ENERGY CORP
Entity Central Index Key	700,764
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		31,220,326
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 5,246,281

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 2,384	$ 2,941
Accounts receivable - less allowance for doubtful accounts of $200,000, and $200,000 for 2015 and 2014, respectively	37,690	41,565
Accounts receivable - affiliate	131,584	124,367
Prepaid expenses	8,734	21,846
Total current assets	180,392	190,719
Fixed Assets
Furniture and equipment	46,883	46,883
Accumulated depreciation	(24,429)	(17,965)
Total furniture and fixtures, net	22,454	28,918
Oil gas properties, net of impairment (successful efforts method)	3,033,279	2,838,573
Accumulated depletion, depreciation and amortization	(2,274,188)	(1,942,380)
Total oil and gas properties, net	759,091	896,193
Other Assets
Deferred debt financing costs	47,060	87,883
Total Assets	1,008,997	1,203,713
Current Liabilities
Accounts payable	1,591,764	1,119,896
Accrued liabilities	534,619	221,209
Accrued liabilities - related parties	805,179	477,934
Liability for unauthorized preferred stock issued	9,283	9,283
Note payable	680,000	800,000
Asset retirement obligation	14,403	3,721
Total current liabilities	3,635,248	2,632,043
Other Liabilities
Asset retirement obligations	94,768	40,493
Total long term liabilities	94,768	40,493
Total liabilities	3,730,016	2,672,536
Stockholders' Equity (Deficit)
Common stock, $0.001 par value, 47,500,000 shares authorized, 31,220,326 shares and 29,202,826 shares issued and outstanding for 2015 and 2014, respectively	31,220	29,203
Additional paid-in capital	35,708,746	34,974,441
Accumulated deficit	(44,289,126)	(40,111,826)
Total Victory Energy Corporation stockholders' deficit	(8,549,160)	(5,108,182)
Non-controlling interest	5,828,141	3,639,359
Total stockholders' equity (deficit)	(2,721,019)	(1,468,823)
Total Liabilities and Stockholders' Equity	$ 1,008,997	$ 1,203,713

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 200	$ 200
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	47,500,000	47,500,000
Common stock, shares, issued	31,220,326	29,202,826
Common stock, shares outstanding	31,220,326	29,202,826

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues
Oil and gas sales	$ 650,648	$ 695,318
Total revenues	650,648	695,318
Operating Expenses:
Lease operating costs	159,800	190,207
Exploration and dry hole cost	2,513	56,351
Production taxes	32,704	34,867
General and administrative	4,389,788	2,687,405
Impairment of oil and natural gas properties	867,048	3,721,042
Depreciation/depletion/amortization	637,121	430,912
Total operating expenses	6,088,974	7,120,784
Loss from operations	(5,438,326)	(6,425,466)
Other Income (Expense):
Gain on sale of oil and gas properties	0	2,170,725
Gain from legal settlement	(637,248)	0
Management fee income	8,028	90,785
Interest expense	(112,468)	(65,181)
Total other income and expense	532,808	2,196,329
Loss before Tax Benefit	(4,905,518)	(4,229,137)
Tax benefit	0	0
Net loss	(4,905,518)	(4,229,137)
Less: Net loss attributable to non-controlling interest	(728,218)	(1,019,205)
Net loss attributable to Victory Energy Corporation	$ (4,177,300)	$ (3,209,932)
Weighted average shares, basic and diluted	29,803,358	28,453,976
Net income (loss) per share, basic and diluted (in dollars per share)	$ (0.14)	$ (0.11)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,905,518)	$ (4,229,137)
Adjustments to reconcile net loss to net cash used in operating activities
Accretion and revisions of asset retirement obligations	66,172	3,360
Amortization of debt discount and financing warrants	40,823	34,586
Depletion, depreciation, and amortization	570,337	430,912
Gain on settlement of asset retirement obligation	(3,721)	0
Gain on settlement of asset retirement obligation	0	(2,170,725)
Gain from legal settlement agreement	(637,248)	0
Impairment of oil and natural gas properties	867,048	3,721,042
Stock based compensation	567,112	490,174
Stock grants in exchange for services	169,210	81,667
Change in operating assets and liabilities
Accounts receivable	3,875	74,977
Accounts receivable - affiliate	(7,217)	(105,796)
Prepaid expense	13,112	16,817
Accounts payable	876,507	131,213
Accounts liabilities - related parties	327,245	359,392
Accrued liabilities	313,410	24,296
Net cash used in operating activities	(1,738,853)	(1,137,222)
CASH FLOWS FROM INVESTING ACTIVITIES:
Drilling capital expenditures	(1,058,704)	(841,270)
Acquisition of oil and gas properties	0	(3,214,872)
Proceeds from sale of oil and gas properties	0	4,031,625
Renewal of leasehold costs	0	(22,577)
Purchase of furniture and fixtures	0	(3,710)
Net cash used in investing activities	(1,058,704)	(50,804)
CASH FLOWS FROM FINANCING ACTIVITIES:
Non-controlling interest contributions	2,917,000	1,140,000
Non-controlling interest distributions	0	(647,422)
Debt financing costs	0	(122,469)
Proceeds from debt financing	0	1,233,000
Principal payments on debt financing	(120,000)	(433,000)
Net cash provided by financing activities	2,797,000	1,170,109
Net Change in Cash and Cash Equivalents	(557)	(17,917)
Beginning Cash and Cash Equivalents	2,941	20,858
Ending Cash and Cash Equivalents	2,384	2,941
Cash paid for:
Interest	40,053	30,595
Non-cash investing and financing activities:
Asset retirement obligation	63,338	3,721
Accrued capital expenditures	293,304	0
Drilling costs	0	637,248
Acquisition of properties	$ 0	$ 182,250

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT - USD ($)	Total	Common Stock	Additional Paid In Capital	Accumulated Deficit	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2013		27,563,619
Beginning balance at Dec. 31, 2013	$ 1,695,895	$ 27,564	$ 34,404,239	$ (36,901,894)	$ 4,165,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interest owners	1,140,000				1,140,000
Distributions to noncontrolling interest owners	(647,422)				(647,422)
Stock awards granted (in shares)		1,350,000
Stock awards granted	92,235	$ 1,350	90,885
Stock based compensation	397,939		397,939
Stock awards and options in exchange for services (in shares)		350,000
Stock awards and options in exchange for services		$ 350	81,317
Stock based compensation	81,667
Stock based compensation	490,174
Shares cancelled (in shares)		(60,793)
Shares cancelled	0	$ (61)	61		0
Net loss	(4,229,137)			(3,209,932)
Less: Net loss attributable to non-controlling interest	(1,019,205)				(1,019,205)
Ending balance (in shares) at Dec. 31, 2014		29,202,826
Ending balance at Dec. 31, 2014	(1,468,823)	$ 29,203	34,974,441	(40,111,826)	3,639,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions from noncontrolling interest owners	$ 2,917,000				2,917,000
Stock awards granted (in shares)	2,017,500	2,017,500
Stock awards granted	$ 508,739	$ 2,017	506,722
Stock based compensation	58,373		58,373
Stock awards and options in exchange for services (in shares)		0
Stock awards and options in exchange for services	169,210	$ 0	169,210
Stock based compensation	166,333
Stock based compensation	567,112
Net loss	(4,905,518)			(4,177,300)
Less: Net loss attributable to non-controlling interest	(728,218)				(728,218)
Ending balance (in shares) at Dec. 31, 2015		31,220,326
Ending balance at Dec. 31, 2015	$ (2,721,019)	$ 31,220	$ 35,708,746	$ (44,289,126)	$ 5,828,141

CONSOLIDATED STATEMENTS OF STO7

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies: Victory Energy Corporation ("Victory" or "the Company") is an independent, growth oriented oil and natural gas company engaged in the acquisition, exploration and production of oil and natural gas properties, through its partnership with Aurora Energy Partners ("Aurora"). In this report, “the Company” refers to the consolidated accounts and presentation of Victory and Aurora, with the equity of non-controlling interests stated separately. The Company is engaged in the exploration, acquisition, development, and production of domestic oil and natural gas properties. Current operations are primarily located onshore in Texas and New Mexico. The Company was organized under the laws of the State of Nevada on January 7, 1982. The Company is authorized to issue 47,500,000 shares of $0.001 par value common stock, and has 31,220,326 shares of common stock outstanding as of December 31, 2015 . Our corporate headquarters are located at 3355 Bee Caves Rd. Ste. 608, Austin, Texas. A summary of significant accounting policies followed in the preparation of the accompanying consolidated financial statements is set forth below. Basis of Presentation and Consolidation: Victory is the managing partner of Aurora, and holds a 50% partnership interest in Aurora. Aurora, a subsidiary of the Company, is consolidated with Victory for financial statement reporting purposes, as the terms of the partnership agreement that govern the operations of Aurora give Victory effective control of the partnership. The consolidated financial statements include the accounts of Victory and the accounts of Aurora. The Company’s management, in considering accounting policies pertaining to consolidation, has reviewed the relevant accounting literature. The Company follows that literature, in assessing whether the rights of the non-controlling interests should overcome the presumption of consolidation when a majority voting or controlling interest in its investee “is a matter of judgment that depends on facts and circumstances". In applying the circumstances and contractual provisions of the partnership agreement, management determined that the non-controlling rights do not, individually or in the aggregate, provide for the non-controlling interest to “effectively participate in significant decisions that would be expected to be made in the ordinary course of business.” The rights of the non-controlling interest are protective in nature. All intercompany balances have been eliminated in consolidation. Non-controlling Interests: The Navitus Energy Group ("Navitus") is a partner with Victory in Aurora. The two partners each own a 50% interest in Aurora. Victory is the Managing partner and has contractual authority to manage the business affairs of Aurora. The Navitus Energy Group currently has four partners. They are James Capital Consulting, LLC ("JCC"), James Capital Energy, LLC ("JCE"), Rodinia Partners, LLC and Navitus Partners, LLC. Although this partnership has been in place since January 2008, its members and other elements have changed since that time. The non-controlling interest in Aurora is held by Navitus), a Texas general partnership. As of December 31, 2015 , $ 5,828,141 was recorded as the equity of the non-controlling interest in our consolidated balance sheet representing Navitus' third-party investment in Aurora, with losses attributable to non-controlling interests of $ 728,218 for the year ended December 31, 2015 . As of December 31, 2014 , $3,639,359 was recorded as the equity of the non-controlling interest in our consolidated balance sheet representingNavitus' third-party investment in Aurora, with losses attributable to the non-controlling interests of $ 1,019,205 for the year ended December 31, 2014 . A total of $150,000 of previously designated capital contributions by Navitus were redesignated as temporary advances in December 31, 2014 and are included in the accrued liabilities - related parties total as of December 31, 2015 and December 31, 2014. Reclassifications: Certain reclassifications have been made to accounts receivable - affiliates (reduction of $50,000 ); accrued liabilities - related parties (increase of $100,000 ); and additional paid in capital (reduction of $150,000 ) on the December 31, 2014 Consolidated Balance Sheet to conform to the presentation on the current period Consolidated Balance Sheet and reflect the proper classification of working capital advances from a member of the Navitus Energy Group. The total $100,000 advance was repaid in January 2015. These reclassifications had no impact on the net income for the year ended December 31, 2014 . Use of Estimates: The preparation of our consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation, depletion, and amortization (“DD&A”) expense, property costs, estimated future net cash flows from proved reserves, cost to abandon and impaired oil and natural gas properties, taxes, accruals of capitalized costs, operating costs and production revenue, general and administrative costs and interest, purchase price allocation on properties acquired, various common stock, warrants and option transactions, and loss contingencies. Oil and Natural Gas Properties: We account for investments in oil and natural gas properties using the successful efforts method of accounting. Under this method of accounting, only successful exploration drilling costs that directly result in the discovery of proved reserves are capitalized. Unsuccessful exploration drilling costs that do not result in an asset with future economic benefit are expensed. All development costs are capitalized because the purpose of development activities is considered to be building a producing system of wells, and related equipment facilities, rather than searching for oil and natural gas. Items charged to expense generally include geological and geophysical costs. Capitalized costs for producing wells and associated land and other assets are depleted using a Units of Production methodology based on the proved, developed reserves and calculated on a by well basis, based upon reserve reports prepared by an independent petroleum engineer in accordance with SEC rules and guidelines. The net capitalized costs of proved oil and natural gas properties are subject to an impairment test which compares the net book value of assets, based on historical cost, to the undiscounted future cash flow of remaining oil and natural gas reserves based on current economic and operating conditions. Impairment of an individual producing oil and natural gas field is first determined by comparing the undiscounted future net cash flows associated with the proved property to the carrying value of the underlying property. If the cost of the underlying property is in excess of the undiscounted future net cash flows, the carrying amount of the impaired property is compared to the estimated fair value and the difference is recorded as an impairment loss. Management’s estimate of fair value takes into account many factors such as the present value discount rate, pricing, and when appropriate, possible and probable reserves when activities justified by economic conditions and actual or planned drilling or other development. For unproved property costs, management reviews for impairment on a property-by-property basis if a triggering event should occur that may suggest that impairment may be required. Capitalized acquisition costs attributable to proved oil and gas properties are depleted by field using the unit-of-production method based on proved reserves. Capitalized exploration well costs and development costs, including asset retirement obligations, are amortized similarly by field, based on proved developed reserves. We depreciate other property and equipment using the straight-line method based on estimated useful lives ranging from five to ten years. The Company recorded impairment expense of $ 867,048 and $ 3,721,042 for 2015 and 2014 respectively, upon determining that the oil and natural gas properties were impaired. Asset Retirement Obligations: The Company records the estimate of the fair value of liabilities related to future asset retirement obligations (“ARO”) in the period the obligation is incurred. Asset retirement obligations relate to the removal of facilities and tangible equipment at the end of an oil and natural gas property’s useful life. The application of this rule requires the use of management’s estimates with respect to future abandonment costs, inflation, market risk premiums, useful life and cost of capital and required government regulations. U.S. GAAP requires that the estimate of our asset retirement obligations does not give consideration to the value the related assets could have to other parties. The following table is a reconciliation of the ARO liability for the twelve months ended December 31, 2015 and 2014 . Years Ended December 31, 2015 2014 Asset retirement obligation at beginning of period $ 44,214 $ 51,954 Liabilities incurred 2,506 3,721 Revisions to previous estimates and sales of properties 60,832 (14,821 ) Liabilities on properties sold or settled (3,721 ) — Accretion expense 5,340 $ 3,360 Asset retirement obligation at end of period $ 109,171 $ 44,214 Other Property and Equipment: Our office equipment in Austin, Texas is being depreciated on the straight-line method over the estimated useful life of five to seven years. Cash and Cash Equivalents: The Company considers all liquid investments with original maturities of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents. The Company had no cash equivalents at December 31, 2015 and 2014. Accounts Receivable: Our accounts receivable are primarily from purchasers of natural gas and oil and exploration and production companies which own an interest in properties we operate. Allowance for Doubtful Accounts : The Company recognizes an allowance for doubtful accounts to ensure trade receivables are not overstated due to uncollectibility. Allowance for doubtful accounts are maintained for all customers based on a variety of factors, including the length of time receivables are past due, macroeconomic conditions, significant one-time events and historical experience. An additional allowance for individual accounts is recorded when we become aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. As of December 31, 2015 and 2014 , the Company has deemed $200,000 from the sale of oil and gas properties associated with the Jones County prospect, to be doubtful and thus, has recorded this amount as an allowance for doubtful accounts. Fair Value : At December 31, 2015 and 2014 , the carrying value of the Company's financial instruments such as prepaid expenses and payables approximated their fair values based on the short-term maturities of these instruments. The carrying value of other liabilities approximated their fair values because the underlying interest rates approximate market rates at the balance sheet dates. Management believes that due to the Company's current credit worthiness, the fair value of debt could be less than the book value; however, due to current market conditions and available information, the fair value of such debt is not readily determinable. Financial Accounting Standard Board ("FASB") ASC Topic 820 established a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring fair value. This framework defined three levels of inputs to the fair value measurement process and requires that each fair value measurement be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by FASB ASC Topic 820 hierarchy are as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Leve1 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Leve1 2 input must be observable for substantially the full term of the asset or liability; and Leve1 3 - unobservable inputs for the asset or liability. These unobservable inputs reflect the entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting entity's own data). The initial measurement of asset retirement obligations is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with proved oil and gas properties. Inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives, which are considered Level 3 inputs. A reconciliation of Victory’s asset retirement obligations is presented in Note 1. During 2015, proved oil and gas properties with a carrying value of $1,640,147 were written down, based upon engineering estimates, to their fair value of $759,091 as a result of $867,048 in impairment charges. Of this impairment amount, $303,312 was taken against the Eagle Ford properties, $297,212 was taken against the Adams Baggett properties, and $99,682 was taken against the Fairway properties. In addition, the Company has written off the entire balance associated with undeveloped properties, or $166,842 . During 2014, proved oil and gas properties with a carrying value of $792,530 were written down, based upon engineering estimates, to their fair value of $658,509 as a result of $3,721,041 in impairment charges. Of this amount, additional impairment charges of $3,587,020 were taken on the Fairway properties, which were written down from a carrying value of $3,826,525 to the fair value of $239,505 . Significant Level 3 assumptions associated with the calculation of discounted cash flows used in the impairment analysis include Victory’s estimate of future crude oil and natural gas prices, production costs, development expenditures, anticipated production of proved reserves, appropriate risk-adjusted discount rates and other relevant data, primarily derived from a third party independent reserve report. Revenue Recognition : The Company uses the sales method of accounting for oil and natural gas revenues. Under this method, revenues are recognized based on actual volumes of gas and oil sold to purchasers. The volumes sold may differ from the volumes to which the Company is entitled based on our interests in the properties. Differences between volumes sold and entitled volumes create oil and natural gas imbalances which are generally reflected as adjustments to reported proved oil and natural gas reserves and future cash flows in their supplemental oil and natural gas disclosures. If their excess takes of natural gas or oil exceed their estimated remaining proved reserves for a property, a natural gas or oil imbalance liability is recorded in the Consolidated Balance Sheets. Concentrations: There is a ready market for the sale of crude oil and natural gas. During 2015 and 2014, our gas field and our producing wells sold their respective gas and oil production to one purchaser for each field or well. However, because alternate purchasers of oil and natural gas are readily available at similar prices, we believe that the loss of any of our purchasers would not have a material adverse effect on our financial results. A majority of the Company’s production and reserves are from the Eagleford property in South Texas and the Permian Basin of West Texas. Earnings per Share: Basic earnings per share are computed using the weighted average number of common shares outstanding at December 31, 2015 and December 31, 2014, respectively. The weighted average number of common shares outstanding was 29,803,358 at December 31, 2015 . Diluted earnings per share reflect the potential dilutive effects of common stock equivalents such as options, warrants and convertible securities. Given the historical and projected future losses of the Company, all potentially dilutive common stock equivalents are considered anti-dilutive. The following table outlines outstanding common stock shares and common stock equivalents. Years Ended December 31, 2015 2014 Common Stock Shares Outstanding 31,220,326 29,202,826 Common Stock Equivalents Outstanding Warrants 8,622,486 5,937,386 Stock Options 1,430,000 610,000 Unconverted Class B Shares 137,932 137,932 Total Common Stock Equivalents Outstanding 10,190,418 6,685,318 Income Taxes: The Company accounts for income taxes in accordance with ASC 740 “Income Taxes” which requires an asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. Deferred tax assets include tax loss and credit carry forwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Stock-Based Compensation: The Company applies ASC 718, “Compensation-Stock Compensation” to account for the issuance of options and warrants to employees, key partners, directors, officers and Navitus investors. The standard requires all share-based payments, including employee stock options, warrants and restricted stock, be measured at the fair value of the award and expensed over the requisite service period (generally the vesting period). The fair value of options and warrants granted to employees, directors and officers is estimated at the date of grant using the Black-Scholes option pricing model by using the historical volatility of the Company’s stock price. The calculation also takes into account the common stock fair market value at the grant date, the exercise price, the expected term of the common stock option or warrant, the dividend yield and the risk-free interest rate. The Company from time to time may issue stock options, warrants and restricted stock to acquire goods or services from third parties. Restricted stock, options or warrants issued to third parties are recorded on the basis of their fair value, which is measured as of the date issued. The options or warrants are valued using the Black-Scholes option pricing model on the basis of the market price of the underlying equity instrument on the “valuation date,” which for options and warrants related to contracts that have substantial disincentives to non-performance, is the date of the contract, and for all other contracts is the vesting date. Expense related to the options and warrants is recognized on a straight-line basis over the shorter of the period over which services are to be received or the vesting period and is included in general and administrative expenses in the accompanying consolidated statements of operations. The Company recognized stock-based director's compensation expense from warrants and stock awards granted to directors for services of $508,739 and $92,235 , for the years ended December 31, 2015 and 2014 , respectively. The Company recognized stock-based incentive compensation expense from stock options granted to officers and employees of the company of $58,373 and $ 397,939 for the twelve months ended December 31, 2015 and 2014 , respectively. The Company also recognized stock-based general and administrative expense of $ 169,210 and $ 81,667 for the twelve months ended December 31, 2015 and 2014, respectively. Going Concern: The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As presented in the consolidated financial statements, the Company has incurred a net loss of $4,905,518 and $ 4,229,137 during the years ended December 31, 2015 and 2014 , respectively. Non-cash expenses and allowances were significant during the years ended December 31, 2015 and December 31, 2014 , and the net cash used in operating activities, or negative cash flows from operating activities, were $ 1,738,853 and $ 1,137,222 , respectively. The cash proceeds from the sale of the Company’s Lightnin Property in June 2014, new contributions to the Aurora partnership by Navitus, and loans from affiliates have allowed the Company to continue operations and invest in new oil and natural gas properties. See Note 4. Management anticipates that operating losses will continue in the near term until new wells are drilled, successfully completed and incremental production increases revenue. On a year to date basis, as of December 31, 2015 the Company has invested $1,058,704 in the drilling of wells and $0 in the acquisition of oil and gas properties. The Company remains in active discussions with Navitus and others related to longer term financing required for our capital expenditures planned for 2016. Without additional outside investment from the sale of equity securities and/or debt financing, our capital expenditures and overhead expenses must be reduced to a level commensurate with available cash flows. The accompanying consolidated financial statements are prepared as if the Company will continue as a going concern. The consolidated financial statements do not contain adjustments, including adjustments to recorded assets and liabilities, which might be necessary if the Company were unable to continue as a going concern.

Recent accounting pronouncement

Recent accounting pronouncements	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements Recently Issued Accounting Standards In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for periods beginning after December 15, 2015 with early adoption permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition," and most industry-specific guidance. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. The new guidance is effective for annual reporting periods beginning after December 15, 2017 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption. In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 prospectively changes the criteria for reporting discontinued operations while enhancing disclosures around disposals of assets whether or not the disposal meets the definition of a discontinued operation. ASU 2014-08 is effective for annual and interim periods beginning after December 31, 2014 with early adoption permitted but only for disposals that have not been reported in financial statements previously issued. The impact of this guidance on the Company's consolidated financial statements will depend on the size and nature of the Company's disposal transactions in the future, which the Company cannot accurately predict. Several of the Company's past dispositions that were treated as discontinued operations may not have been classified as such had the new guidance been in effect.

Oil and natural gas properties

Oil and natural gas properties	12 Months Ended
	Dec. 31, 2015
Extractive Industries [Abstract]
Oil and natural gas properties	Oil and natural gas properties Oil and natural gas properties are comprised of the following: December 31, 2015 2014 Proved property $ 9,940,660 $ 8,903,060 Unproved property 1,375,940 1,365,951 Work in process — — Total oil and natural gas properties, at cost 11,316,600 10,269,011 Less: accumulated impairment (8,283,321 ) (7,430,438 ) Oil and natural gas properties, net of impairment 3,033,279 2,838,573 Less: accumulated depletion (2,274,188 ) (1,942,380 ) Oil and natural gas properties, net $ 759,091 $ 896,193 Depletion, depreciation, and amortization expense for the years ended December 31, 2015 and 2014 was $ 637,121 and $ 430,912 , respectively. During the years ended December 31, 2015 and 2014 , the Company recorded impairment losses of $ 867,048 and $ 3,721,042 , respectively. As a result of the impairment charges incurred for the year ended December 31, 2014, the Company's unproved property asset base has zero net book value as of December 31, 2015. Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) The following disclosures provide unaudited information required by ASC 932, “Extractive Activities – Oil and Gas” on oil and natural gas producing activities. These disclosures include non-controlling interests in Aurora which is managed and owned 50% by Victory. Results of operations from oil and natural gas producing activities (Successful Efforts Method) The Company’s oil and natural gas properties are located within the United States. The Company currently has no operations in foreign jurisdictions. Results of operations from oil and natural gas producing activities are summarized below for the years ended December 31: Years Ended December 31, 2015 2014 Revenues $ 650,648 $ 695,318 Costs incurred: Exploration and dry hole costs 2,513 56,351 Lease operating costs and production taxes 192,504 225,074 Impairment of oil and natural gas reserves 867,048 3,721,042 Depletion, depreciation and accretion 637,121 430,912 Totals, costs incurred 1,699,186 4,433,379 Pre-tax (loss) from producing activities (1,048,538 ) (3,738,061 ) Results (loss) from of oil and natural gas producing activities (excluding overhead, income taxes, and interest costs) $ (1,048,538 ) $ (3,738,061 ) Costs incurred in oil and natural gas property acquisition, exploration and development activities are summarized below for the years ended December 31: Years Ended December 31, 2015 2014 Property acquisition and developmental costs: Development $ 1,058,704 $ 841,270 Property Acquisition — 3,214,872 Undrilled Leaseholds — 22,577 Asset retirement obligations 2,506 3,721 Totals costs incurred $ 1,061,210 $ 4,082,440 Oil and natural gas reserves Proved reserves are estimated quantities of oil and natural gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. Proved oil and natural gas reserve quantities at December 31, 2015 and 2014 and the related discounted future net cash flows are based on estimates prepared by independent petroleum engineers. Such estimates have been prepared in accordance with guidelines established by the Securities and Exchange Commission. Standardized measure of discounted future net cash flows relating to proven oil and gas reserves (SMOG) The following information has been prepared in accordance with the Financial Accounting Standards Board pronouncements and the regulations of the Securities and Exchange Commission, which require the standardized measure of discounted future cash flows based on sales prices, costs and statutory interest rates. The standardized measure of oil and gas producing activities is the present value of estimated future cash inflow from proved oil and natural gas reserves, less future development, abandonment, production and income tax expenses, discounted to reflect timing of future cash flows. The Company’s proved oil and natural gas reserves for the years ended December 31, 2015 and December 31, 2014 are shown below: Years Ended December 31, Volumes 2015 2014 Natural gas: (Mcfs) Proved developed and undeveloped reserves (mcf) : Beginning of year 600,000 723,190 Purchase (sale) of natural gas properties in place — (46,770 ) Discoveries and extensions 26,680 — Revisions (410,362 ) (30,843 ) Production (37,568 ) (45,577 ) Proved reserves, at end of year (a) 178,750 600,000 Years Ended December 31, 2015 2014 Oil: (Bbls) Proved developed and undeveloped reserves: Beginning of year 20,700 49,020 Purchase (sale) of oil producing properties in place — (26,290 ) Discoveries and extensions 30,720 1,175 Revisions 2,112 3,700 Production (12,152 ) (6,905 ) Proved reserves, at end of year (a) 41,380 20,700 (a) Includes 89,375 Mcf and 20,690 bbl and 300,000 Mcf and 10,350 bbl for the twelve months ended December 31, 2015 and 2014 , respectively of proved reserves attributable to a consolidated subsidiary in which there is a 50% non-controlling interest. Years Ended December 31, Values 2015 2014 Future cash inflows $ 2,345,940 $ 4,920,190 Future costs: Production (964,520 ) (2,144,600 ) Development (87,650 ) (87,650 ) Future cash flows 1,293,770 2,687,940 10% annual discount for estimated timing of cash flow (421,640 ) (1,223,370 ) Standardized measure of discounted cash flow (a) $ 872,130 $ 1,464,570 (a) Includes $436,065 and $732,285 for the twelve months ended December 31, 2015 and 2014 , respectively, of discounted cash flows attributable to a consolidated subsidiary in which there is a 50% non-controlling interest. Using the SEC adjusted guidelines in place for 2016, the gas and oil prices for this analysis were set at the average price received on the “first-day-of-the-month” for 2015, for appropriate differentials. The “benchmark” prices are $50.28 per barrel and $2.58 per Mcf. The average quarterly price received for natural gas for 2015 ranged from $2.85 /Mcf to $3.33 /Mcf . The average quarterly price received oil for 2015 ranged from $39.41 /bbl to $46.54 /bbl. Future income taxes are based on year-end statutory rates, adjusted for tax basis of oil and natural gas properties and availability of applicable tax assets, such as net operating losses. A discount factor of 10% was used to reflect the timing of future net cash flows. The standardized measure of discounted future net cash flows is not intended to represent the replacement cost or fair market value of the Company’s oil and natural gas properties. An estimate of fair value may also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs, and may require a discount factor more representative of the time value of money and the risks inherent in reserve estimates. Changes in standardized measure Included within standardized measure are reserves purchased in place. The purchase of reserves in place includes undeveloped reserves which were acquired at minimal value that have been estimated by independent reserve engineers to be recoverable through existing wells utilizing equipment and operating methods available to the Company and that are expected to be developed in the near term based on an approved plan of development contingent on available capital. Changes in the standardized measure of future net cash flows relating to proved oil and natural gas reserves for the years ended December 31 is summarized below: For the years ended December 31, 2015 2014 Increase (decrease) Sale of gas and oil, net of operating expenses $ (458,144 ) $ (470,244 ) Discoveries, extensions and improved recovery, net of future production and development costs — — Accretion of discount 146,500 242,210 Net increase (decrease) $ (311,644 ) $ (228,034 ) Standardized measure of discounted future cash flows: Beginning of the year $ 1,464,570 $ 2,422,100 Before Income Taxes $ 872,130 $ 1,464,570 Income Taxes (287,358 ) (500,586 ) End of the year (a) $ 584,772 $ 963,984 (a) Includes $292,386 and $481,992 for the twelve months ended December 31, 2015 and 2014 , respectively of future net cash flows attributable to a consolidated subsidiary in which there is a 50% non-controlling interest.

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions As previously disclosed in the Company's Form 8-K filed on February 4, 2015, Victory entered into a letter of intent ("LOI") relating to a proposed business combination with Lucas Energy, Inc. ("Lucas"). The business combination was contingent on, among other things, the parties completing due diligence, including title due diligence, the mutual negotiation of definitive documents, regulatory approvals and the registration of the securities to be issued to the shareholders of the combined company resulting from the Combination (the “Combined Company”). On February 26, 2015, Victory entered into (a) the Pre-Merger Collaboration Agreement (the “Collaboration Agreement”) by and among Victory, Lucas, Navitus and AEP Assets, LLC ("AEP"), a wholly-owned subsidiary of Aurora; and (b) the Pre-Merger Loan and Funding Agreement (the “Loan Agreement”) between Victory and Lucas. Subsequently the parties entered into Amendment No. 1 to the Pre-Merger Collaboration Agreement on March 3, 2015, which amendments affected thereby are included in the discussion of the Collaboration Agreement below. On March 2, 2015, payments of $195,928 and $317,027 were made by Aurora, on behalf of Victory, to Earthstone Energy/Oak Valley Resources and Penn Virginia, respectively, pursuant to the Pre-Merger Collaboration Agreement for costs related to the two Earthstone Energy/Oak Valley Resources and the five Penn Virginia operated Eagle Ford wells, respectively. The initial draw, and any other amounts borrowed by Lucas under the Loan Agreement were evidenced by a Secured Subordinated Delayed Draw Term Note issued by Lucas in favor of Victory, which was in an initial amount of $250,000 (the “Draw Note”). Borrowings evidenced by the Draw Note accrued interest at 0.5% per annum, with accrued interest payable in one lump sum on maturity. The maturity date of the Draw Note was February 26, 2016. A total of $600,000 was paid to Lucas through May 11, 2015, under the Draw Note. On May 11, 2015, the Company terminated the LOI pursuant to its terms, which permitted either the Company or Lucas to terminate the LOI by written notification to the other party. The Company also notified Lucas pursuant to the Loan Agreement, that it would not extend any further credit to Lucas under the Loan Agreement. Merger and merger termination related direct costs total $1,326,850 and are included in general and administrative expenses for the twelve months ended December 31, 2015. Lucas Settlement Agreement Pursuant to the Lucas Settlement Agreement, the Company and Lucas agreed to terminate any and all obligations between the parties arising under the LOI and the Collaboration Agreement. The Company and Lucas further agreed that the Company would retain ownership and control over five Penn Virginia well-bores previously assigned by Lucas to the Company (the “Penn Virginia Well-Bores”), as well as the obligations to pay the expenses associated with such Penn Virginia Well-Bores effective after August 1, 2014. Under the terms of the Lucas Settlement Agreement, Lucas agreed to assign to the Company all of Lucas’ rights in a certain oil and gas property located in the same field as the Penn Virginia Well-Bores (the “Additional Penn Virginia Property”), including the rights to all revenues from all wells on some properties. Lucas acknowledged the principal amount of $600,000 previously advanced to Lucas by the Company pursuant to the terms of the Loan Agreement and agreed that the Company has no further obligations to advance any additional funds to Lucas pursuant to the terms of the Loan Agreement. Pursuant to the terms of the Lucas Settlement Agreement, Lucas agreed to issue 1,101,729 shares ( 44,069 post-split declared by Lucas as of July 15, 2015) shares of its common stock (the “Settlement Shares”) to the Company in full consideration of the $600,000 owed under the Loan Agreement. The Settlement Shares and an assignment of the Additional Penn Virginia Property was held in escrow pending the payment by the Company of amounts owed to Rogers under the Rogers Settlement (as described below). The Company has charged the $600,000 to general and administrative expenses as a cost of the merger termination. Rogers Settlement Agreement Pursuant to the Rogers Settlement Agreement, the Company and Rogers agreed, among other things, (i) to terminate the contingent promissory note in the principal amount of $250,000 payable to Rogers that was issued by Victory in connection with the entry by Lucas and the Company into the Collaboration Agreement, (ii) that the Company would pay Rogers, on or before July 15,2015, $253,750 , and (iii) that Rogers’ legal counsel will hold the assignment of the Additional Penn Virginia Property and the Settlement Shares in escrow until such time as the payment of $253,750 is made by the Company to the Rogers. Amendment to Rogers Settlement Agreement As of July 16, 2015, the Company entered into an Amendment (the “Rogers Amendment”). Pursuant to the Rogers Amendment, the Company and Rogers agreed that the amount to be paid by the Company to Rogers under the Rogers Settlement Agreement is $258,125 , instead of $253,750 . The Amendment further specified that if the Company failed to make the payment of $258,125 on or before July 15, 2015, the Company would be in default under the Rogers Settlement Agreement and default interest on the amount due would begin to accrue at a per diem rate of $129.0625 . Additionally, the Company acknowledged in the Amendment its obligation to pay Rogers’ attorney’s fees in the amount of $22,500 . As of the date of this Annual Report on Form 10-K, the Company has not made any payments to Rogers pursuant to the Rogers Settlement Agreement. As described above, Rogers’ legal counsel held the assignment to the Company of Lucas Energy, Inc.’s rights additional Penn Virginia Property and the Settlement Shares in escrow pending the Company’s payment of all amounts due under the Rogers Settlement Agreement. The Company failed to make the required payment to Roger’s by August 27, 2015, and has still not made all the required payments. As a result, the additional Penn Virginia Property was returned to Lucas Energy, Inc. on or about September 3, 2015. The full amount due under the Roger’s obligation including accrued interest at December 31, 2015 totals $300,432 . Earthstone Settlement Agreement Pursuant to the terms of the Earthstone Settlement Agreement, the Company assigned to Earthstone certain oil and gas interests in the wells which were previously transferred to the Company by Lucas in February 2015. The Company and Earthstone also agreed to release each other from any and all claims, demands and causes of action which either party had against the other prior to the effective date of the Earthstone Settlement Agreement, whether known or unknown, except in connection with the breach, enforcement or interpretation of the Earthstone Settlement Agreement. Lucas and Earthstone similarly agreed to release each other from such claims pursuant to the terms of the Earthstone Settlement Agreement. The Company has charged $195,928 related to the Earthstone Settlement Agreement to general and administrative expenses as a cost of the merger termination. Dispositions On June 5, 2014, Victory, through its controlling interest and as managing partner in Aurora, sold certain leasehold properties and all of Aurora’s related interests in approximately 640 gross and 128 net mineral acres located in Glascock County, Texas (the “ Lightnin' Assets ”) to an unrelated third party (the “ Lightnin' Buyer ”) for approximately $4 million in cash gross to Aurora. The sale was made pursuant to a Purchase and Sale Agreement dated as of April 30, 2014 by and among the working interest owner/sellers, including Aurora, and the Lightnin' Buyer. The effective date for the transaction was April 1, 2014. Aurora held a 20% working and 15% net revenue interest in the Lightnin' Assets which were operated by a third party. Estimated daily net production to Aurora's interest was approximately 36 BOEPD (barrels of oil equivalent per day) at the time of the sale from the 3 producing wells. The Company recognized a gain on the sale of the Lightnin' Assets of $2,160,099 in its consolidated statement of operations for the year ended December 31, 2014. Acquisitions On June 30, 2014, Aurora completed the First Closing of a purchase of a 10% working and 7.5% net revenue interest in the proved and unproved Permian Basin Fairway Operations from Target Energy Limited, which we refer to as TELA for an initial payment of $2,491,888 in cash, subject to customary purchase price adjustments (the "Fairway Acquisition"), pursuant to the terms and conditions of the Purchase and Sale Agreement dated June 30, 2014 between Aurora and TELA (the "Fairway PSA"). On the First Closing, TELA assigned certain assets in its Permian Basin Fairway Operation (the “First Closing Assets”) to Aurora. The second closing (the “Second Closing”) was planned to follow the completion of curative title work and was expected in August 2014. On July 31, 2014, the Company made an additional payment related to its Fairway Property acquisition. The payment of $558,246 to the seller of the Fairway properties was a purchase price adjustment made in accordance with the purchase and sale agreement related thereto. On the Second Closing, TELA was to assign the remainder of its assets in its Permian Basin Fairway Operations to Aurora. The Effective Date for the transfer of all assets was May 1, 2014. The acquisition of the First Closing Assets included seven producing wells and four wells completed and awaiting production start-up. On September 23, 2014, the Company mutually agreed to the termination of the Fairway PSA. Pursuant to the termination of the Fairway PSA, the Second Closing did not occur as the result of certain title impairment issues that were uncovered during the due diligence process and that were not remedied to the satisfaction of the Company and TELA. No penalties or payments were due as a result of the termination of the Fairway PSA. See footnote 12 for further discussion. In the fourth quarter of 2014, the Company made a final determination as to the purchase price resulting in a final purchase price of $3,214,872 . The amount of the total purchase price allocated to undeveloped oil and gas properties was reduced by these adjustments. The adjusted purchase price was allocated as follows: Fairway Purchase Price Allocation Fair Value of Assets Acquired - Tangible and Intangible Well costs $ 2,240,530 Fair Value of Assets Acquired - Proved Producing Leasehold Costs 197,654 Fair Value of Assets Acquired Unproved Leasehold Costs 776,688 Net Asset Fair Value Final $ 3,214,872 The acquisitions qualified as a business combination under ASC 805. The valuation to determine the fair values were principally based on the discounted cash flows of the producing and undeveloped properties, including projected drilling and equipment costs, recoverable reserves, production streams, future prices and operating costs, and risk-adjusted discount rates reflective of the market at the time of acquisition. These measurements of fair value are considered Level 3 measurements because of the significance of unobservable inputs.

Gain from Settlement Agreement

Gain from Settlement Agreement	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Gain from Settlement Agreement	Gain from Settlement Agreement As previously reported in the Company’s Form 8-K report filed November 27, 2015, effective as of November 21, 2015, Aurora entered into a Settlement Agreement and Release (the “ Settlement Agreement and Release ”) to settle the outstanding litigation between Aurora and Trilogy in the case styled Trilogy Operating, Inc. v. Aurora Energy Partners , which was pending in Howard County, Texas (the “ Litigation ”). Pursuant to the Settlement Agreement and Release, Aurora agreed to assign any and all of its interests in four specified wells located in Glasscock and Howard Counties, those being Wagga Wagga #2, Homar #1, Ballarat ‘185’ #1 and BOA North #5 (collectively, the “ Obligation Wells ”). The Company has not historically included any production or reserve information in its financial or operational reporting in any of its prior filings for these Obligation Wells. The Company recorded these costs, billed to it by the operator, in 2014 to oil and gas property acquisitions. In accordance with the Company’s impairment policy these costs were charged to impairment expense in the Company’s Consolidated Statement of Operations for the year ending December 31, 2014. Due to continuing litigation the related joint interest payable balance to the operator remained outstanding until the settlement on November 21, 2015. This settlement included the reversal or cancellation of all related outstanding joint interest billings payable to the operator. The Company therefore recorded a $637,248 non-cash gain on the settlement of this matter in the Company’s Consolidated Statement of Operations for the year ending December 31, 2015.

Liability for Unauthorized Pref

Liability for Unauthorized Preferred Stock Issued	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Liability for Unauthorized Preferred Stock Issued	Liability for Unauthorized Preferred Stock Issued During the year ended December 31, 2006, the Company authorized the issuance of 10,000,000 shares of Preferred Stock, convertible at the shareholder’s option to common stock at the rate of 100 shares of common stock for every share of preferred stock. During the year ended December 31, 2006, the Company issued 715,517 shares of preferred stock for cash of $246,950 . The Company subsequently issued additional preferred stock and had several preferred shareholders convert their shares into common stock during the years ended December 31, 2009, 2008, and 2007. The Company’s legal counsel determined that the preferred shares had not been duly authorized by the State of Nevada. Since the Company had issued and received consideration for the preferred stock, notwithstanding that the stock was not legally authorized, the Company has presented the preferred stock as a liability in the consolidated balance sheets. The Company has offered to settle the debt with the remaining holders of the unauthorized preferred stock by honoring the terms of conversion of two shares of preferred stock into 100 shares of common stock. The Company intends to cancel the preferred stock once all remaining preferred stockholders have converted. There were 68,966 and 68,966 shares of unconverted preferred stock outstanding at December 31, 2015 and 2014, respectively. The Company needs approximately 138,000 common shares in order to settle the outstanding debt as stated below. The remaining liability for the unconverted preferred stock is based on the original cash tendered and consisted of the following as of: December 31, 2015 2014 Liability for unauthorized preferred stock $ 9,283 $ 9,283

Revolving Credit Agreement

Revolving Credit Agreement	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Revolving Credit Agreement	Revolving Credit Agreement On February 20, 2014, Aurora, as borrower, entered a credit agreement (the "Credit Agreement") with Texas Capital Bank (“the Lender”). Guarantors on the Credit Agreement are Victory and Navitus, the two partners of Aurora. Pursuant to the Credit Agreement, the Lender agreed to extend credit to Aurora in the form of (a) one or more revolving credit loans (each such loan, a “Loan”) and (b) the issuance of standby letters of credit, of up to an aggregate principal amount at any one time not to exceed the lesser of (i) $25,000,000 or (ii) the borrowing base in effect from time to time (the “Commitment”). The initial borrowing base on February 20, 2014 was set at $1,450,000 . The borrowing base is determined by the Lender, in its sole discretion, based on customary lending practices, review of the oil and natural gas properties included in the borrowing base, financial review of Aurora, the Company and Navitus and such other factors as may be deemed relevant by the Lender. The borrowing base is re-determined (i) on or about June 30 of each year based on the previous December 31 reserve report prepared by an independent reserve engineer, and (ii) on or about August 31 of each year based on the previous June 30 reserve report prepared by Aurora’s internal reserve engineers or an independent reserve engineer and certified by an officer of Aurora. The Credit Agreement will mature on February 20, 2017. Amounts borrowed under the Credit Agreement will bear interest at rates equal to the lesser of (i) the maximum rate of interest which may be charged or received by the Lender in accordance with applicable Texas law and (ii) the interest rate per annum publicly announced from time to time by the Lender as the prime rate in effect at its principal office plus the applicable margin. The applicable margin is, (i) with respect to Loans, one percent ( 1.00% ) per annum, (ii) with respect to letter of credit fees, two percent ( 2.00% ) per annum and (iii) with respect to commitment fees, one-half of one percent ( 0.50% ) per annum. Loans made under the Credit Agreement are secured by (i) a first priority lien in the oil and gas properties of Aurora, the Company and Navitus, and (ii) a first priority security interest in substantially all of the assets of Aurora and its subsidiaries, if any, as well as in 100% of the partnership interests in Aurora held by the Company and Navitus. Loans made under the Credit Agreement to Aurora are fully guaranteed by the Company and Navitus. The Credit Agreement contains various affirmative and negative covenants. These covenants, among other things, limit additional indebtedness, additional liens and transactions with affiliates. Among the covenants contained in the Credit Agreement are financial covenants that Aurora will maintain a minimum EBITDAX to Cash Interest Ratio of 3.5 to 1.0 and a minimum Current Ratio of not less than 1.0 to 1.0. The Current Ratio is defined under the covenants to include, as a current asset, the revolving credit availability. At December 31, 2015, Aurora's Current Ratio was 0.10 to 1 and it was therefore not in compliance with the aforementioned Current Ratio covenant requiring a ratio of current assets to current liabilities of not less than 1 to 1. As of December 31, 2015, the $680,000 outstanding balance of the Credit Agreement was classified as a current liability in accordance with GAAP. On April 13, 2015, the Company received the annual Borrowing Base Adjustment called for under the terms of the Credit Agreement, which called for a decrease in the borrowing base of $300,000 payable by May 13, 2015, and an increase in the monthly reduction amount to $10,000 commencing as of June 1, 2015. Additionally, the Lender notified Aurora that, based on the Lender’s redetermination of Aurora’s borrowing base, the monthly reduction amount under the Credit Agreement was increased, commencing on June 1, 2015, from $0 to $10,000 . Pursuant to this increase in the monthly reduction amount, Aurora’s borrowing base will be automatically reduced by $10,000 on the first day of each calendar month beginning on June 2015 until the Lender’s next periodic borrowing base redetermination. On August 21, 2015, the Company executed a Forbearance Agreement whereby the Lender would forbear all existing events of default which includes all payments under the previously mentioned Borrowing Base Deficiency payments not yet paid under the April 13, 2015 Redetermination Date notification, as well as the late interest payments for June, July and August 2015, violations of Aurora financial covenants for the three months ended March 31, 2015, and June 30, 2015, and default notice for the late filing of March 31, 2015 financial reports. On August 26, 2015, the Company paid the Lender $76,081 to cover a portion of the deficiency payment, as well as a Forbearance document fee and Lender's legal expenses, as required by the Forbearance Agreement, and the aforementioned Forbearance Agreement went into effect for the $260,000 remaining borrowing base deficiency payment. On August 31, 2015, the Forbearance Agreement terminated pursuant to its terms. The Company did not make the above payment and has been in continuous contact with its lender regarding its plan of payment of the $260,000 as well as the remaining credit facility balance. The Company made a $50,000 principle payment to the lender on October 14, 2015 as part of that plan. As of December 31,2015, the Company was out of compliance with the Current Ratio, and out of compliance with the EBITDAX to Cash Interest Ratio due to its reduced revenue streams from price and production declines and continued high general and administrative expenses for the quarter ended December 31, 2015. Therefore, the Company is in technical default of the Credit Agreement and related agreements. The Company’s lender has not yet been advised by the lender of an additional actions the lender plans to take. Amortization of debt financing costs on this debt was $ 40,823 and $34,586 for the twelve months ended December 31, 2015 and December 31, 2014, respectively. Interest expense was $40,053 and 30,595 for the twelve months ended December 31, 2015, and December 31, 2014, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes There was no provision for (benefit of) income taxes for the years ended December 31, 2015 and 2014 , after the application of ASC 740 “Income Taxes.” The Internal Revenue Code of 1986, as amended, imposes substantial restrictions on the utilization of net operating losses in the event of an “ownership change” of a corporation. Accordingly, a company’s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (“IRC Section 382”). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. There have been transactions that have changed the Company’s ownership structure since inception that may have resulted in one or more ownership changes as defined by the IRC section 382. The Company’s stock issuance arising from convertible debt in 2012 has resulted in a limitation of net operating loss carry forward for the Company of $13,807,335 over a 20 -year period. At December 31, 2015 , the Company had available Federal operating loss carry forwards to reduce future taxable income. Additional Federal net operating loss carry forward of $ 2,734,175 for 2015 would make available approximately $20,490,123 as of December 31, 2015 . The Federal net operating loss carry forwards begin to expire in 2028. Capital loss carryovers may only be used to offset capital gains. Given the Company’s history of net operating losses, management has determined that it is more likely than not the Company will not be able to realize the tax benefit of the net operating loss carry forwards. ASC 740 requires that a valuation allowance be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. Accordingly, the Company has recorded a full valuation allowance against its net deferred tax assets at December 31, 2015 and 2014 , respectively. Upon the attainment of taxable income by the Company, management will assess the likelihood of realizing the deferred tax benefit associated with the use of the net operating loss carry forwards and will recognize a deferred tax asset at that time. Significant components of the Company’s deferred income tax assets are as follows: December 31, 2015 December 31, 2014 Net operating loss carry forward $ 6,966,642 $ 6,037,022 Depreciation and accretion 7,222 3,209 Equity based expenses 1,920,230 1,912,720 Impairment losses on oil and gas properties 1,559,951 1,265,154 Deferred taxes 10,449,482 9,218,105 Valuation allowance (10,449,482 ) (9,218,105 ) Net Deferred Income Tax Assets $ — $ — Reconciliation of the effective income tax rate to the U.S. statutory rate is as follows: 12/31/2015 12/31/2014 Net operating loss 34 % 34 % Meals and entertainment 0.03 % 0.15 % Debt discount accretion 0.04 % 0.10 % Net operating loss reduction due to IRC 382 — — % Change in valuation allowance 33.92 % 33.75 % Effective income tax rate — % — % ASC 740 provides guidance which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under the current accounting guidelines, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. As of December 31, 2015 and 2014 the Company does not have a liability for unrecognized tax benefits. The Company has elected to include interest and penalties related to uncertain tax positions as a component of income tax expense. To date, no penalties or interest has been accrued. Tax years 2011 forward are open and subject to examination by the Federal taxing authority. The Company is not currently under examination and it has not been notified of a pending examination.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Long-Term Incentive Plan On February 24, 2014, the Board of Directors (the “Board”) of the Victory Energy Corporation (the “Company”) approved and adopted the Victory Energy Corporation 2014 Long Term Incentive Plan (the “LTIP”) for the employees, directors and consultants of the Company and its affiliates. The LTIP provides for the grant of all or any of the following components: (1) stock options, (2) restricted stock, (3) other stock-based awards, (4) performance awards and (5) dividends and dividend equivalents. Subject to adjustment in accordance with the LTIP, the maximum aggregate number of shares of the common stock of the Company, par value $0.001 per share (the “Common Stock”) that may be issued with respect to awards under the LTIP is fifteen percent ( 15% ) of the outstanding shares of Common Stock at the end of the preceding calendar quarter, of which the maximum number of such shares that may be issued as incentive stock options, as defined in Section 422(b) of the Internal Revenue Code of 1986 is two million ( 2,000,000 ) shares of Common Stock. Common Stock withheld to satisfy exercise prices or tax withholding obligations will be available for delivery pursuant to other awards. The LTIP will be administered by the Board, until such time as a compensation committee of the Board is established (the “Compensation Committee”), at which time the LTIP will be administered by the Compensation Committee. The total number of shares of common stock initially available for issuance under the LTIP was 4,591,174 . As of December 31, 2015, 3,367,500 shares of unrestricted common stock and 970,000 options were issued under the LTIP. The maximum contractual term is five years. As of December 31, 2015, 253,674 shares of common stock are available for issuance under the LTIP. Stock Based Compensation The Company estimates the fair value of employee stock options and warrants granted using the Black-Scholes Option Pricing Model. Key assumptions used to estimate the fair value of warrants and stock options include the exercise price of the award, the fair value of the Company’s common stock on the date of grant, the expected warrant or option term, the risk free interest rate at the date of grant, the expected volatility and the expected annual dividend yield on the Company’s common stock. During the year ended December 31, 2015, the Company granted 2,017,500 stock awards to directors, officers, and employees at fair value of the stock on the date of issuance, of $508,739 .

Warrants for Stock

Warrants for Stock	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Warrants for Stock	Warrants for Stock At December 31, 2015 and 2014 warrants outstanding for common stock of the Company were as follows: Number of Shares Underlying Warrants Weighted Average Exercise Price Balance at January 1, 2015 5,937,386 $ 0.66 Granted 2,917,000 0.29 Exercised — — Canceled (231,900 ) 2.18 Balance at December 31, 2015 8,622,486 $ 0.48 Number of Shares Underlying Warrants Weighted Average Exercise Price Balance at January 1, 2014 4,931,386 $ 0.76 Granted 1,140,000 0.30 Exercised — — Canceled (134,000 ) 1.10 Balance at December 31, 2014 5,937,386 $ 0.66 During the year ended December 31, 2015 , the Company granted 2,917,000 warrants for $2,917,000 in capital contributions through Navitus Partners, LLC valued with the Black Scholes pricing model. The following table summarizes information about underlying outstanding warrants for common stock of the Company outstanding and exercisable as of December 31, 2015 : Warrants Outstanding Warrants Exercisable Range of Exercise Prices Number of Shares Underlying Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Underlying Warrants Weighted Average Exercise Price $12.50 – $17.50 104,845 $ 12.50 6.79 104,845 $ 12.50 $0.13 – $2.50 8,517,641 $ 0.30 2.88 8,517,641 $ 0.30 8,622,486 8,622,486 The following table summarizes information about underlying outstanding warrants for common stock of the Company outstanding and exercisable as of December 31, 2014 : Warrants Outstanding Warrants Exercisable Range of Exercise Prices Number of Shares Underlying Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Underlying Warrants Weighted Average Exercise Price $12.50 – $17.50 125,245 $ 13.03 6.62 125,245 $ 13.03 $0.25 – $2.50 5,812,141 $ 0.39 3.17 5,812,141 $ 0.31 5,937,386 5,937,386 These common stock purchase warrants do not trade in an active securities market, and as such, we estimate the fair value of these warrants using the Black-Scholes Option Pricing Model using the following assumptions: 2015 2014 Risk free interest rates 1.25% – 1.72% 0.77% – 1.73% Expected life 5 years 5 years Estimated volatility 422.9% – 667.5% 629.8% – 788.7% Dividend yield — % — % Expected volatility is based primarily on historical volatility. Historical volatility was computed using daily pricing observations for recent periods that correspond to the expected term of the warrants. We believe this method produces an estimate that is representative of our expectations of future volatility over the expected term of these warrants. We currently have no reason to believe future volatility over the expected term of these warrants is likely to differ materially from historical volatility. The expected term is based on the remaining term of the warrants. The risk-free interest rate is based on U.S. Treasury securities. At December 31, 2015 and 2014 the aggregate intrinsic value of the warrants outstanding and exercisable was $50,580 and $5,295 , respectively. The intrinsic value of a warrant is the amount by which the market value of the underlying warrant exercise price exceeds the market price of the stock at December 31 of each year.

Stock Options

Stock Options	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options	Stock Options The following table summarizes stock option activity in the Company’s stock-based compensation plans for the year ended December 31, 2015 . All options issued were non-qualified stock options. Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value (1) Number of Options Exercisable Weighted Average Fair Value At Date of Grant Outstanding at December 31, 2013 150,000 $ 0.64 $ — 150,000 $ 0.64 Granted at Fair Value 400,000 $ 0.33 $ — 91,667 $ 0.33 Exercised — $ — $ — — $ — Forfeited (90,000 ) $ 0.35 $ — (67,500 ) $ 0.35 Outstanding at December 31, 2014 460,000 $ 0.43 $ — 174,167 $ 0.59 Granted at Fair Value 1,000,000 $ 0.27 $ — 483,333 $ 0.27 Exercised — $ — $ — — $ — Cancelled (30,000 ) $ 0.50 $ — (30,000 ) $ 0.50 Outstanding at December 31, 2015 1,430,000 $ 0.31 $ — 627,500 $ 0.34 (1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at December 31, 2015 . If the exercise price exceeds the market value, there is no intrinsic value. During the year ended December 31, 2015 , the Company granted 600,000 employee stock options at fair value on the date of issuance, totaling $160,080 . During the year ended December 31, 2015, the Company granted 400,000 stock options for consulting services measurable at fair value on the date of issuance at $107,960 . The fair value of the stock option grants are amortized over the respective vesting period using the straight-line method and assuming no forfeitures and cancellations. Compensation expense related to stock options included in general and administrative expense in the accompanying consolidated statements of operations for the years ended December 31, 2015 and December 31, 2014 , was $166,333 , and $81,667 , respectively. Stock options are granted at the fair market value of the Company’s common stock on the date of grant. Options granted to officers and other employees vest immediately or over 36 months as provided in the option agreements at the date of grant. The fair value of each option granted in 2015 and 2014 was estimated using the Black-Scholes Option Pricing Model. The following assumptions were used to compute the weighted average fair value of options granted during the periods presented. 2015 2014 Expected term of option 3 years 3 years Risk free interest rates 1.52 % 0.8 % Estimated volatility 606.3 629.8 - 785.7 Dividend yield — % — % The following table summarizes information about stock options outstanding at December 31, 2015 : Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value (1) Number Exercisable Weighted Average Exercise Price of Exercisable Options Aggregate Intrinsic Value (1) $0.27 - $1.00 1,430,000 2.13 $ 0.31 $ — 750,833 $ 0.34 $ — (1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at December 31, 2013. If the exercise price exceeds the market value, there is no intrinsic value. The following table summarizes information about options outstanding at December 31, 2014 : Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value (1) Number Exercisable Weighted Average Exercise Price of Exercisable Options Aggregate Intrinsic Value $0.27 - 1.00 460,000 2.28 $ 0.43 $ — 241,667 $ 0.59 $ — A summary of the Company’s non-vested stock options at December 31, 2015 and December 31, 2014 and changes during the years are presented below. Non-Vested Stock Options Options Weighted Average Grant Date Fair Value Non-Vested at December 31, 2014 285,833 $ 0.33 Granted 1,000,000 $ 0.27 Vested (576,667 ) $ 0.34 Forfeited (30,000 ) $ — Non-Vested at December 31, 2015 679,166 $ 0.28

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases Rent expense for the years ended December 31, 2015 and 2014 was $ 29,250 and $ 28,500 , respectively. Future annual minimum payments under non-cancellable operating leases are $0 and $0 for the years ending December 31, 2015 and 2016, respectively. Partnership Distributions Under terms of the Second Amended Partnership Agreement of Aurora, Navitus earns a net profits interest respective to its 50% partnership interest. In addition, Navitus is entitled to a respective proportion of proceeds from the sale of Aurora assets. Any distributions of the net profits interest or asset sale proceeds to partners are at the discretion of Victory, as managing partner, together with 100% of the partnership interests. The accumulated net deficits of Navitus, along with historical contributions, net of paid distributions, are reported as non-controlling interests in the equity section of the consolidated balance sheets. Under the terms of Aurora’s Seconded Amended Partnership Agreement, Navitus Partners, LLC, the fourth partner of the Navitus Energy Group, admitted under the Navitus Private Placement Memorandum (the "Navitus PPM"), earns a preferred return distribution of 10% based upon capital contributions to Aurora used by Victory to acquire or develop oil and gas prospects or related enterprises on behalf of Aurora. The preferred return distribution is in addition to and does not reduce any net profits or asset sale proceeds interests distributions. The table below summarizes the net profit distributions, proceeds of asset sales and preferred return distributions earned by Navitus Energy Group during the years ended December 31, 2015 and 2014, respectively. Navitus Energy Group Distribution Earned Year Ended December 31, 2015 2014 Aurora Net Profits Interests $ 78,963 $ 41,895 Proceeds from the Sale of Aurora Assets — 1,824,398 Preferred Distributions Due to Navitus Partners, LLC 656,256 401,081 Total Distributions Earned By Navitus Energy Group $ 735,219 $ 2,267,374 The table below summarizes the net profit distributions, proceeds of asset sales and preferred return distributions paid to Navitus Energy Group during the years ended December 31, 2015 and 2014, respectively. Payments Made to Navitus Energy Group Year Ended December 31, 2015 2014 Distributions of Aurora Net Profits $ — $ 86,517 Proceeds from the Sale of Aurora Assets — 219,029 Preferred Distributions Due to Navitus Partners, LLC — 341,876 Total Distributions Paid By Navitus Energy Group $ — $ 647,422 Navitus Partners, LLC, a partner in Navitus, also receives warrants for Victory’s common stock, allocated as 50,000 warrants for every Unit purchased under the Navitus PPM (equivalent of 1 warrant for every $1.00 invested), exercisable under the terms of Aurora’s Second Amended Partnership Agreement and the Navitus PPM. Since August 23, 2012, $7,332,900 of capital contributions have resulted in issuance of 7,332,900 common stock warrants ( 1,089,900 in 2012, 2,186,000 in 2013, 1,140,000 in 2014, and 2,917,000 in 2015). Litigation Cause No. 08-04-07047-CV; Oz Gas Corporation v. Remuda Operating Company, et al. v. Victory Energy Corporation.; In the 112th District Court of Crockett County, Texas. Plaintiff Oz Gas Corporation (“Oz”) filed a lawsuit in April 2008 against various parties for bad faith trespass, among other claims, regarding the drilling of two wells on lands that Oz claims title to. On November 18, 2009, Victory Energy Corporation intervened in the lawsuit to protect its 50% interest in one of the named wells in the lawsuit (that being the 155-2 well located on the Adams Baggett Ranch in Crockett County, Texas). This case was mediated, with no settlement reached. It went to trial February 8-9, 2012. The Court found in favor of Oz and rendered verdict against Victory and the other Defendants, jointly and severally. Victory appealed this case to the 8th Court of Appeals in El Paso, Texas where the Court of Appeals affirmed the verdict of the District Court and Victory filed a Motion for Rehearing, which was denied. Victory filed a Petition for Review in the Supreme Court of Texas on December 15, 2014 which was denied. Victory filed a Motion for Rehearing with the Supreme Court which was denied. Oz filed Interrogatories and Request for Production in Aid of Judgment which have been answered by Victory. A Settlement and Forbearance Agreement was entered into on March 22, 2016 between the parties wherein no further post-judgment discovery or collection efforts will be made by Oz, for $140,000 net of a $14,000 payment received by the Oz receiver (see next following Cause No. C-1-CV-16-001610), with monthly payments of $7,500 commencing April, 15, 2016. This amount is included in Accrued Liabilities as of December 31, 2015. Cause No. C-1-CV-16-001610; Oz Gas Corporation v. Victory Energy Corporation; In the County Court at Law No. 1 of Travis County, Texas. Plaintiff Oz Gas Corporation (“Oz”) filed an Application for Turnover Relief in Travis County, Texas on February 19, 2016. This order was granted and Thomas L. Kolker was appointed as Receiver to assist in the collection of non-exempt assets. Victory itself has not been placed into Receivership. Victory filed its Motion to Vacate the Turnover that was heard and denied by the trial court. Oz has since filed an Amended Application for Turnover Relief and Appointment of a Receiver to be heard March 10, 2016. Victory filed its Notice of Appeal March 4, 2016. Victory and Oz are now in the process of attempting to resolve the case outside of the judicial process. A Settlement and Forbearance Agreement was entered into on March 22, 2016 between the parties wherein no further post-judgment discovery or collection efforts will be made by Oz, for $140,000 net of a $14,000 payment received by the Oz receiver, with monthly payments of $7,500 commencing April 15, 2016, and an Agreed Motion Vacating Turnover Order with a Proposed Order Vacating Appointment of Receiver has been filed with the court. Cause No. CV-47,230; James Capital Energy, LLC and Victory Energy Corporation v. Jim Dial, et al.; In the 142nd District Court of Midland County, Texas. This is a lawsuit filed on or about January 19, 2010 by James Capital Energy, LLC and Victory Energy Corporation against numerous parties for fraud, fraudulent inducement, negligent misrepresentation, breach of contract, breach of fiduciary duty, trespass, conversion and a few other related causes of action. This lawsuit stems from an investment Victory entered into for the purchase of six wells on the Adams Baggett Ranch with the right of first refusal on option acreage. On December 9, 2010, Victory was granted an interlocutory Default Judgment against Defendants Jim Dial, 1st Texas Natural Gas Company, Inc., Universal Energy Resources, Inc., Grifco International, Inc., and Precision Drilling & Exploration, Inc. The total judgment amounted to approximately $17,183,987 . Victory has added a few more parties to this lawsuit. Discovery is ongoing in this case and no trial date has been set at this time. Victory believes they will be victorious against all the remaining Defendants in this case. On October 20, 2011 Defendant Remuda filed a Motion to Consolidate and a Counterclaim against Victory. Remuda is seeking to consolidate this case with two other cases wherein Remuda is the named Defendant. An objection to this motion was filed and the cases have not been consolidated. Additionally, we do not believe that the counterclaim made by Remuda has any legal merit. Cause No. 10-09-07213; Perry Howell, et al. v. Charles Gary Garlitz, et al.; In the 112th District Court of Crockett County, Texas. The above referenced lawsuit was filed on or about September 6, 2010. This lawsuit alleges that Cambrian Management, Ltd. and Victory were trespassers on their land, and that they, along with other Defendants, drilled a well (115 #8) on land belonging to Plaintiffs. Plaintiffs claim trespass and unjust enrichment by certain Defendants because of the drilling of the 115 #8 well. Discovery is ongoing in this case and no trial date has been set. Victory believes that the claims made by Plaintiffs have no merit and that they will prevail at trial. Mediation began on August 8, 2013 and was adjourned to a later date which has not been set yet. Cause No. D-1-GN-13-000044; Aurora Energy Partners and Victory Energy Corporation v. Crooked Oaks, LLC; In the 261st District Court of Travis County, Texas. Victory Energy Corporation sued Crooked Oaks, LLC a/k/a Crooked Oak, LLC for breach of a purchase and sale agreement dated May 7, 2012 in which Victory sold certain assets to Crooked Oaks, LLC for $400,000 of which only $200,000 has been paid as of December 31, 2014. The lawsuit seeks to recover the remaining balance owed of $200,000 from Crooked Oaks, LLC in addition to attorney’s fees and all costs of court. Crooked Oaks, LLC has asserted a counterclaim for rescission of the underlying contract. Victory and Crooked Oaks attended a mediation on February 10, 2016 where it was determined that Crooked Oaks was insolvent and since that date the case has been dismissed with prejudice. Cause No. 50198; Trilogy Operating, Inc. v. Aurora Energy Partners; In the 118th Judicial District Court of Howard County, Texas. This lawsuit was filed on January 9, 2015. This lawsuit alleges causes of action for declaratory judgment, breach of contract, and suit to quiet title regarding the drilling and completion of four wells. On or about February 12, 2015, the parties met at an informal settlement conference. At the adjournment of the meeting, Trilogy was to provide Aurora with a detailed accounting before proceeding forward. The accounting provided by Trilogy was not helpful and Aurora has asked for an audit under the terms set out in the Joint Operating Agreement. Discovery is ongoing in this case and no trial date has been set at this time. Victory does not believe that all of Plaintiff’s claims have merit, and thus an audit is needed before proceeding any further. The parties entered into a Settlement Agreement and Release on November 20, 2015 and an Agreed Order to Dismiss with Prejudice was granted on November 24, 2015. Cause No. 50,916; Trilogy Operating Inc. v. Aurora Energy Partners; In the 118 th Judicial District Court of Howard County, Texas. This lawsuit was filed on January 6, 2016. This lawsuit alleges causes of action for a suit on a sworn account, breach of contract and a suit to foreclose on liens regarding the drilling and completion of seven wells. Aurora filed an answer on January 29, 2016. Trilogy filed a Motion for Partial Summary Judgment on March 23, 2016 to which Aurora will respond. Discovery is ongoing in this case and no trial date has been set at this time. The potential liability of Aurora is the $123,354 (the costs associated with the wells and recorded in the Company's Joint Interest Billing - Accounts Payable) and attorney’s fees. Cause No. 2015-05280; TELA Garwood Limited, LP. v. Aurora Energy Partners, Victory Energy Corporation, Kenneth Hill, David McCall, Robert Miranda, Robert Grenley, Ronald Zamber, and Patrick Barry; In the 164th District Court of Harris County, Texas. This lawsuit was filed on January 30, 2015 and supplemented on March 4, 2015. This lawsuit alleges breach of contract regarding a Purchase and Sale Agreement that TELA Garwood Limited, LP and Aurora Energy Partners entered into on June 30, 2014. A first closing was held on June 30, 2014 and a purchase price adjustment payment was made on July 31, 2014. Between these two dates Aurora paid TELA approximately $3,050,134 . A second closing was to take place in September, however several title defect were found to exist. The title defects could not be cured and a purchase price reduction could not be agreed upon by the parties in relation to the title defects, therefore, the second closing was terminated by TELA. Aurora and Victory have filed an answer in this case. Both parties have filed opposing motions for summary judgment and are awaiting a hearing date from the court. If this case is not resolved by summary judgment or by settlement, then a trial date has been set for August 2016.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the year ended December 31, 2015 we incurred a total of $411,059 in legal fees with The McCall Firm. David McCall, our general counsel and a director, is a partner in The McCall Firm. The fees are attributable to litigation involving the Company’s oil and natural gas operations in Texas. As of December 31, 2015 , the Company owed The McCall Firm approximately $371,826 for these professional services. During the year ended December 31, 2015, a member of management made a $29,553 temporary advance to the Company, a member of the board of directors made a $15,000 temporary advance to the Company, and temporary capital advances totaling $388,800 had been made by Navitus Energy Group Partnership. All the above amounts are recorded in Accrued Liabilities - related parties. As of July 1, 2014, Ralph Kehle was appointed as a Board of Director for the Company. Mr. Kehle was also the Chairman of the Board for TELA (USA), Inc. Aurora and TELA entered into a letter of intent on May 8, 2014 and followed by entering into a Purchase and Sale Agreement dated June 30, 2014 for the Fairway Acquisition. Mr. Kehle received 95,000 shares of common stock, valued at $32,200 , for his board services as of December 31, 2014. Mr. Kehle resigned from our Board of Directors in December 2014.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events During the period of January 1, 2016 through and March 31, 2016, additional contributions of $402,000 were received, resulting in the issuance of an additional 402,000 common stock warrants for the purchase of shares of common stock of the Company. On January 6, 2016, Cause No. 50916, Trilogy Operating, Inc. v. Aurora Energy Partners, was filed in the 118th District Court of Howard County, Texas. This lawsuit alleges causes of action for a suit on a sworn account, breach of contract and a suit to foreclose on liens regarding the drilling and completion of seven wells. Aurora filed an answer on January 29, 2016. Discovery is ongoing in this case and no trial date has been set at this time. A Settlement and Forbearance Agreement was entered into on March 22, 2016 between the parties wherein no further post-judgment discovery or collection efforts will be made by Oz, for $154,000 of which $14,000 has been settled and $140,000 is remaining to be paid with monthly payments of $7,500 commencing April 15, 2016. This amount is included in Accrued Liabilities as of December 31, 2015.

Supplementary Financial Informa

Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited)	12 Months Ended
	Dec. 31, 2015
Extractive Industries [Abstract]
Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited)	Oil and natural gas properties Oil and natural gas properties are comprised of the following: December 31, 2015 2014 Proved property $ 9,940,660 $ 8,903,060 Unproved property 1,375,940 1,365,951 Work in process — — Total oil and natural gas properties, at cost 11,316,600 10,269,011 Less: accumulated impairment (8,283,321 ) (7,430,438 ) Oil and natural gas properties, net of impairment 3,033,279 2,838,573 Less: accumulated depletion (2,274,188 ) (1,942,380 ) Oil and natural gas properties, net $ 759,091 $ 896,193 Depletion, depreciation, and amortization expense for the years ended December 31, 2015 and 2014 was $ 637,121 and $ 430,912 , respectively. During the years ended December 31, 2015 and 2014 , the Company recorded impairment losses of $ 867,048 and $ 3,721,042 , respectively. As a result of the impairment charges incurred for the year ended December 31, 2014, the Company's unproved property asset base has zero net book value as of December 31, 2015. Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) The following disclosures provide unaudited information required by ASC 932, “Extractive Activities – Oil and Gas” on oil and natural gas producing activities. These disclosures include non-controlling interests in Aurora which is managed and owned 50% by Victory. Results of operations from oil and natural gas producing activities (Successful Efforts Method) The Company’s oil and natural gas properties are located within the United States. The Company currently has no operations in foreign jurisdictions. Results of operations from oil and natural gas producing activities are summarized below for the years ended December 31: Years Ended December 31, 2015 2014 Revenues $ 650,648 $ 695,318 Costs incurred: Exploration and dry hole costs 2,513 56,351 Lease operating costs and production taxes 192,504 225,074 Impairment of oil and natural gas reserves 867,048 3,721,042 Depletion, depreciation and accretion 637,121 430,912 Totals, costs incurred 1,699,186 4,433,379 Pre-tax (loss) from producing activities (1,048,538 ) (3,738,061 ) Results (loss) from of oil and natural gas producing activities (excluding overhead, income taxes, and interest costs) $ (1,048,538 ) $ (3,738,061 ) Costs incurred in oil and natural gas property acquisition, exploration and development activities are summarized below for the years ended December 31: Years Ended December 31, 2015 2014 Property acquisition and developmental costs: Development $ 1,058,704 $ 841,270 Property Acquisition — 3,214,872 Undrilled Leaseholds — 22,577 Asset retirement obligations 2,506 3,721 Totals costs incurred $ 1,061,210 $ 4,082,440 Oil and natural gas reserves Proved reserves are estimated quantities of oil and natural gas which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are proved reserves that can reasonably be expected to be recovered through existing wells with existing equipment and operating methods. Proved oil and natural gas reserve quantities at December 31, 2015 and 2014 and the related discounted future net cash flows are based on estimates prepared by independent petroleum engineers. Such estimates have been prepared in accordance with guidelines established by the Securities and Exchange Commission. Standardized measure of discounted future net cash flows relating to proven oil and gas reserves (SMOG) The following information has been prepared in accordance with the Financial Accounting Standards Board pronouncements and the regulations of the Securities and Exchange Commission, which require the standardized measure of discounted future cash flows based on sales prices, costs and statutory interest rates. The standardized measure of oil and gas producing activities is the present value of estimated future cash inflow from proved oil and natural gas reserves, less future development, abandonment, production and income tax expenses, discounted to reflect timing of future cash flows. The Company’s proved oil and natural gas reserves for the years ended December 31, 2015 and December 31, 2014 are shown below: Years Ended December 31, Volumes 2015 2014 Natural gas: (Mcfs) Proved developed and undeveloped reserves (mcf) : Beginning of year 600,000 723,190 Purchase (sale) of natural gas properties in place — (46,770 ) Discoveries and extensions 26,680 — Revisions (410,362 ) (30,843 ) Production (37,568 ) (45,577 ) Proved reserves, at end of year (a) 178,750 600,000 Years Ended December 31, 2015 2014 Oil: (Bbls) Proved developed and undeveloped reserves: Beginning of year 20,700 49,020 Purchase (sale) of oil producing properties in place — (26,290 ) Discoveries and extensions 30,720 1,175 Revisions 2,112 3,700 Production (12,152 ) (6,905 ) Proved reserves, at end of year (a) 41,380 20,700 (a) Includes 89,375 Mcf and 20,690 bbl and 300,000 Mcf and 10,350 bbl for the twelve months ended December 31, 2015 and 2014 , respectively of proved reserves attributable to a consolidated subsidiary in which there is a 50% non-controlling interest. Years Ended December 31, Values 2015 2014 Future cash inflows $ 2,345,940 $ 4,920,190 Future costs: Production (964,520 ) (2,144,600 ) Development (87,650 ) (87,650 ) Future cash flows 1,293,770 2,687,940 10% annual discount for estimated timing of cash flow (421,640 ) (1,223,370 ) Standardized measure of discounted cash flow (a) $ 872,130 $ 1,464,570 (a) Includes $436,065 and $732,285 for the twelve months ended December 31, 2015 and 2014 , respectively, of discounted cash flows attributable to a consolidated subsidiary in which there is a 50% non-controlling interest. Using the SEC adjusted guidelines in place for 2016, the gas and oil prices for this analysis were set at the average price received on the “first-day-of-the-month” for 2015, for appropriate differentials. The “benchmark” prices are $50.28 per barrel and $2.58 per Mcf. The average quarterly price received for natural gas for 2015 ranged from $2.85 /Mcf to $3.33 /Mcf . The average quarterly price received oil for 2015 ranged from $39.41 /bbl to $46.54 /bbl. Future income taxes are based on year-end statutory rates, adjusted for tax basis of oil and natural gas properties and availability of applicable tax assets, such as net operating losses. A discount factor of 10% was used to reflect the timing of future net cash flows. The standardized measure of discounted future net cash flows is not intended to represent the replacement cost or fair market value of the Company’s oil and natural gas properties. An estimate of fair value may also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated future changes in prices and costs, and may require a discount factor more representative of the time value of money and the risks inherent in reserve estimates. Changes in standardized measure Included within standardized measure are reserves purchased in place. The purchase of reserves in place includes undeveloped reserves which were acquired at minimal value that have been estimated by independent reserve engineers to be recoverable through existing wells utilizing equipment and operating methods available to the Company and that are expected to be developed in the near term based on an approved plan of development contingent on available capital. Changes in the standardized measure of future net cash flows relating to proved oil and natural gas reserves for the years ended December 31 is summarized below: For the years ended December 31, 2015 2014 Increase (decrease) Sale of gas and oil, net of operating expenses $ (458,144 ) $ (470,244 ) Discoveries, extensions and improved recovery, net of future production and development costs — — Accretion of discount 146,500 242,210 Net increase (decrease) $ (311,644 ) $ (228,034 ) Standardized measure of discounted future cash flows: Beginning of the year $ 1,464,570 $ 2,422,100 Before Income Taxes $ 872,130 $ 1,464,570 Income Taxes (287,358 ) (500,586 ) End of the year (a) $ 584,772 $ 963,984 (a) Includes $292,386 and $481,992 for the twelve months ended December 31, 2015 and 2014 , respectively of future net cash flows attributable to a consolidated subsidiary in which there is a 50% non-controlling interest.

Organization and Summary of S23

Organization and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation: Victory is the managing partner of Aurora, and holds a 50% partnership interest in Aurora. Aurora, a subsidiary of the Company, is consolidated with Victory for financial statement reporting purposes, as the terms of the partnership agreement that govern the operations of Aurora give Victory effective control of the partnership. The consolidated financial statements include the accounts of Victory and the accounts of Aurora. The Company’s management, in considering accounting policies pertaining to consolidation, has reviewed the relevant accounting literature. The Company follows that literature, in assessing whether the rights of the non-controlling interests should overcome the presumption of consolidation when a majority voting or controlling interest in its investee “is a matter of judgment that depends on facts and circumstances". In applying the circumstances and contractual provisions of the partnership agreement, management determined that the non-controlling rights do not, individually or in the aggregate, provide for the non-controlling interest to “effectively participate in significant decisions that would be expected to be made in the ordinary course of business.” The rights of the non-controlling interest are protective in nature. All intercompany balances have been eliminated in consolidation.
Non-controlling Interests	Non-controlling Interests: The Navitus Energy Group ("Navitus") is a partner with Victory in Aurora. The two partners each own a 50% interest in Aurora. Victory is the Managing partner and has contractual authority to manage the business affairs of Aurora. The Navitus Energy Group currently has four partners. They are James Capital Consulting, LLC ("JCC"), James Capital Energy, LLC ("JCE"), Rodinia Partners, LLC and Navitus Partners, LLC. Although this partnership has been in place since January 2008, its members and other elements have changed since that time. The non-controlling interest in Aurora is held by Navitus), a Texas general partnership.
Reclassifications	Reclassifications: Certain reclassifications have been made to accounts receivable - affiliates (reduction of $50,000 ); accrued liabilities - related parties (increase of $100,000 ); and additional paid in capital (reduction of $150,000 ) on the December 31, 2014 Consolidated Balance Sheet to conform to the presentation on the current period Consolidated Balance Sheet and reflect the proper classification of working capital advances from a member of the Navitus Energy Group. The total $100,000 advance was repaid in January 2015. These reclassifications had no impact on the net income for the year ended December 31, 2014 .
Use of Estimates	Use of Estimates: The preparation of our consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation, depletion, and amortization (“DD&A”) expense, property costs, estimated future net cash flows from proved reserves, cost to abandon and impaired oil and natural gas properties, taxes, accruals of capitalized costs, operating costs and production revenue, general and administrative costs and interest, purchase price allocation on properties acquired, various common stock, warrants and option transactions, and loss contingencies.
Oil and Natural Gas Properties	Oil and Natural Gas Properties: We account for investments in oil and natural gas properties using the successful efforts method of accounting. Under this method of accounting, only successful exploration drilling costs that directly result in the discovery of proved reserves are capitalized. Unsuccessful exploration drilling costs that do not result in an asset with future economic benefit are expensed. All development costs are capitalized because the purpose of development activities is considered to be building a producing system of wells, and related equipment facilities, rather than searching for oil and natural gas. Items charged to expense generally include geological and geophysical costs. Capitalized costs for producing wells and associated land and other assets are depleted using a Units of Production methodology based on the proved, developed reserves and calculated on a by well basis, based upon reserve reports prepared by an independent petroleum engineer in accordance with SEC rules and guidelines. The net capitalized costs of proved oil and natural gas properties are subject to an impairment test which compares the net book value of assets, based on historical cost, to the undiscounted future cash flow of remaining oil and natural gas reserves based on current economic and operating conditions. Impairment of an individual producing oil and natural gas field is first determined by comparing the undiscounted future net cash flows associated with the proved property to the carrying value of the underlying property. If the cost of the underlying property is in excess of the undiscounted future net cash flows, the carrying amount of the impaired property is compared to the estimated fair value and the difference is recorded as an impairment loss. Management’s estimate of fair value takes into account many factors such as the present value discount rate, pricing, and when appropriate, possible and probable reserves when activities justified by economic conditions and actual or planned drilling or other development. For unproved property costs, management reviews for impairment on a property-by-property basis if a triggering event should occur that may suggest that impairment may be required. Capitalized acquisition costs attributable to proved oil and gas properties are depleted by field using the unit-of-production method based on proved reserves. Capitalized exploration well costs and development costs, including asset retirement obligations, are amortized similarly by field, based on proved developed reserves. We depreciate other property and equipment using the straight-line method based on estimated useful lives ranging from five to ten years.
Asset Retirement Obligations	Asset Retirement Obligations: The Company records the estimate of the fair value of liabilities related to future asset retirement obligations (“ARO”) in the period the obligation is incurred. Asset retirement obligations relate to the removal of facilities and tangible equipment at the end of an oil and natural gas property’s useful life. The application of this rule requires the use of management’s estimates with respect to future abandonment costs, inflation, market risk premiums, useful life and cost of capital and required government regulations. U.S. GAAP requires that the estimate of our asset retirement obligations does not give consideration to the value the related assets could have to other parties.
Other Property and Equipment	Other Property and Equipment: Our office equipment in Austin, Texas is being depreciated on the straight-line method over the estimated useful life of five to seven years.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all liquid investments with original maturities of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents.
Accounts Receivable	Accounts Receivable: Our accounts receivable are primarily from purchasers of natural gas and oil and exploration and production companies which own an interest in properties we operate.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts : The Company recognizes an allowance for doubtful accounts to ensure trade receivables are not overstated due to uncollectibility. Allowance for doubtful accounts are maintained for all customers based on a variety of factors, including the length of time receivables are past due, macroeconomic conditions, significant one-time events and historical experience. An additional allowance for individual accounts is recorded when we become aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted.
Fair Value	Fair Value : At December 31, 2015 and 2014 , the carrying value of the Company's financial instruments such as prepaid expenses and payables approximated their fair values based on the short-term maturities of these instruments. The carrying value of other liabilities approximated their fair values because the underlying interest rates approximate market rates at the balance sheet dates. Management believes that due to the Company's current credit worthiness, the fair value of debt could be less than the book value; however, due to current market conditions and available information, the fair value of such debt is not readily determinable. Financial Accounting Standard Board ("FASB") ASC Topic 820 established a hierarchical disclosure framework associated with the level of pricing observability utilized in measuring fair value. This framework defined three levels of inputs to the fair value measurement process and requires that each fair value measurement be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by FASB ASC Topic 820 hierarchy are as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Leve1 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Leve1 2 input must be observable for substantially the full term of the asset or liability; and Leve1 3 - unobservable inputs for the asset or liability. These unobservable inputs reflect the entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances (which might include the reporting entity's own data). The initial measurement of asset retirement obligations is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with proved oil and gas properties. Inputs used in the calculation of asset retirement obligations include plugging costs and reserve lives, which are considered Level 3 inputs. A reconciliation of Victory’s asset retirement obligations is presented in Note 1. During 2015, proved oil and gas properties with a carrying value of $1,640,147 were written down, based upon engineering estimates, to their fair value of $759,091 as a result of $867,048 in impairment charges. Of this impairment amount, $303,312 was taken against the Eagle Ford properties, $297,212 was taken against the Adams Baggett properties, and $99,682 was taken against the Fairway properties. In addition, the Company has written off the entire balance associated with undeveloped properties, or $166,842 . During 2014, proved oil and gas properties with a carrying value of $792,530 were written down, based upon engineering estimates, to their fair value of $658,509 as a result of $3,721,041 in impairment charges. Of this amount, additional impairment charges of $3,587,020 were taken on the Fairway properties, which were written down from a carrying value of $3,826,525 to the fair value of $239,505 . Significant Level 3 assumptions associated with the calculation of discounted cash flows used in the impairment analysis include Victory’s estimate of future crude oil and natural gas prices, production costs, development expenditures, anticipated production of proved reserves, appropriate risk-adjusted discount rates and other relevant data, primarily derived from a third party independent reserve report.
Revenue Recognition	Revenue Recognition : The Company uses the sales method of accounting for oil and natural gas revenues. Under this method, revenues are recognized based on actual volumes of gas and oil sold to purchasers. The volumes sold may differ from the volumes to which the Company is entitled based on our interests in the properties. Differences between volumes sold and entitled volumes create oil and natural gas imbalances which are generally reflected as adjustments to reported proved oil and natural gas reserves and future cash flows in their supplemental oil and natural gas disclosures. If their excess takes of natural gas or oil exceed their estimated remaining proved reserves for a property, a natural gas or oil imbalance liability is recorded in the Consolidated Balance Sheets.
Concentrations	Concentrations: There is a ready market for the sale of crude oil and natural gas. During 2015 and 2014, our gas field and our producing wells sold their respective gas and oil production to one purchaser for each field or well. However, because alternate purchasers of oil and natural gas are readily available at similar prices, we believe that the loss of any of our purchasers would not have a material adverse effect on our financial results. A majority of the Company’s production and reserves are from the Eagleford property in South Texas and the Permian Basin of West Texas.
Earnings per Share	Earnings per Share: Basic earnings per share are computed using the weighted average number of common shares outstanding at December 31, 2015 and December 31, 2014, respectively. The weighted average number of common shares outstanding was 29,803,358 at December 31, 2015 . Diluted earnings per share reflect the potential dilutive effects of common stock equivalents such as options, warrants and convertible securities. Given the historical and projected future losses of the Company, all potentially dilutive common stock equivalents are considered anti-dilutive.
Income Taxes	Income Taxes: The Company accounts for income taxes in accordance with ASC 740 “Income Taxes” which requires an asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. Deferred tax assets include tax loss and credit carry forwards and are reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Stock-Based Compensation	Stock-Based Compensation: The Company applies ASC 718, “Compensation-Stock Compensation” to account for the issuance of options and warrants to employees, key partners, directors, officers and Navitus investors. The standard requires all share-based payments, including employee stock options, warrants and restricted stock, be measured at the fair value of the award and expensed over the requisite service period (generally the vesting period). The fair value of options and warrants granted to employees, directors and officers is estimated at the date of grant using the Black-Scholes option pricing model by using the historical volatility of the Company’s stock price. The calculation also takes into account the common stock fair market value at the grant date, the exercise price, the expected term of the common stock option or warrant, the dividend yield and the risk-free interest rate. The Company from time to time may issue stock options, warrants and restricted stock to acquire goods or services from third parties. Restricted stock, options or warrants issued to third parties are recorded on the basis of their fair value, which is measured as of the date issued. The options or warrants are valued using the Black-Scholes option pricing model on the basis of the market price of the underlying equity instrument on the “valuation date,” which for options and warrants related to contracts that have substantial disincentives to non-performance, is the date of the contract, and for all other contracts is the vesting date. Expense related to the options and warrants is recognized on a straight-line basis over the shorter of the period over which services are to be received or the vesting period and is included in general and administrative expenses in the accompanying consolidated statements of operations.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. ASU 2015-02 is effective for periods beginning after December 15, 2015 with early adoption permitted. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," which supersedes the revenue recognition requirements in Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition," and most industry-specific guidance. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. The new guidance is effective for annual reporting periods beginning after December 15, 2017 for public companies. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance and has not determined the impact this standard may have on its financial statements or decided upon the method of adoption. In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 prospectively changes the criteria for reporting discontinued operations while enhancing disclosures around disposals of assets whether or not the disposal meets the definition of a discontinued operation. ASU 2014-08 is effective for annual and interim periods beginning after December 31, 2014 with early adoption permitted but only for disposals that have not been reported in financial statements previously issued. The impact of this guidance on the Company's consolidated financial statements will depend on the size and nature of the Company's disposal transactions in the future, which the Company cannot accurately predict. Several of the Company's past dispositions that were treated as discontinued operations may not have been classified as such had the new guidance been in effect.

Organization and Summary of S24

Organization and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reconciliation of the ARO Liability	The following table is a reconciliation of the ARO liability for the twelve months ended December 31, 2015 and 2014 . Years Ended December 31, 2015 2014 Asset retirement obligation at beginning of period $ 44,214 $ 51,954 Liabilities incurred 2,506 3,721 Revisions to previous estimates and sales of properties 60,832 (14,821 ) Liabilities on properties sold or settled (3,721 ) — Accretion expense 5,340 $ 3,360 Asset retirement obligation at end of period $ 109,171 $ 44,214
Schedule of Common Stock and Common Stock Equivalents	The following table outlines outstanding common stock shares and common stock equivalents. Years Ended December 31, 2015 2014 Common Stock Shares Outstanding 31,220,326 29,202,826 Common Stock Equivalents Outstanding Warrants 8,622,486 5,937,386 Stock Options 1,430,000 610,000 Unconverted Class B Shares 137,932 137,932 Total Common Stock Equivalents Outstanding 10,190,418 6,685,318

Oil and natural gas properties

Oil and natural gas properties (Tables)	12 Months Ended
	Dec. 31, 2015
Extractive Industries [Abstract]
Schedule of oil and natural gas properties	Oil and natural gas properties are comprised of the following: December 31, 2015 2014 Proved property $ 9,940,660 $ 8,903,060 Unproved property 1,375,940 1,365,951 Work in process — — Total oil and natural gas properties, at cost 11,316,600 10,269,011 Less: accumulated impairment (8,283,321 ) (7,430,438 ) Oil and natural gas properties, net of impairment 3,033,279 2,838,573 Less: accumulated depletion (2,274,188 ) (1,942,380 ) Oil and natural gas properties, net $ 759,091 $ 896,193

Acquisitions and Dispositions (

Acquisitions and Dispositions (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Schedule of Adjusted Purchase Price Allocation	The adjusted purchase price was allocated as follows: Fairway Purchase Price Allocation Fair Value of Assets Acquired - Tangible and Intangible Well costs $ 2,240,530 Fair Value of Assets Acquired - Proved Producing Leasehold Costs 197,654 Fair Value of Assets Acquired Unproved Leasehold Costs 776,688 Net Asset Fair Value Final $ 3,214,872

Liability for Unauthorized Pr27

Liability for Unauthorized Preferred Stock Issued (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of Other Assets and Other Liabilities	The remaining liability for the unconverted preferred stock is based on the original cash tendered and consisted of the following as of: December 31, 2015 2014 Liability for unauthorized preferred stock $ 9,283 $ 9,283

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred income tax assets are as follows: December 31, 2015 December 31, 2014 Net operating loss carry forward $ 6,966,642 $ 6,037,022 Depreciation and accretion 7,222 3,209 Equity based expenses 1,920,230 1,912,720 Impairment losses on oil and gas properties 1,559,951 1,265,154 Deferred taxes 10,449,482 9,218,105 Valuation allowance (10,449,482 ) (9,218,105 ) Net Deferred Income Tax Assets $ — $ —
Schedule of Effective Income Tax Rate Reconciliation	Reconciliation of the effective income tax rate to the U.S. statutory rate is as follows: 12/31/2015 12/31/2014 Net operating loss 34 % 34 % Meals and entertainment 0.03 % 0.15 % Debt discount accretion 0.04 % 0.10 % Net operating loss reduction due to IRC 382 — — % Change in valuation allowance 33.92 % 33.75 % Effective income tax rate — % — %

Warrants for Stock (Tables)

Warrants for Stock (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of warrants outstanding for common stock	At December 31, 2015 and 2014 warrants outstanding for common stock of the Company were as follows: Number of Shares Underlying Warrants Weighted Average Exercise Price Balance at January 1, 2015 5,937,386 $ 0.66 Granted 2,917,000 0.29 Exercised — — Canceled (231,900 ) 2.18 Balance at December 31, 2015 8,622,486 $ 0.48 Number of Shares Underlying Warrants Weighted Average Exercise Price Balance at January 1, 2014 4,931,386 $ 0.76 Granted 1,140,000 0.30 Exercised — — Canceled (134,000 ) 1.10 Balance at December 31, 2014 5,937,386 $ 0.66
Information about stock warrants	The following table summarizes information about underlying outstanding warrants for common stock of the Company outstanding and exercisable as of December 31, 2015 : Warrants Outstanding Warrants Exercisable Range of Exercise Prices Number of Shares Underlying Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Underlying Warrants Weighted Average Exercise Price $12.50 – $17.50 104,845 $ 12.50 6.79 104,845 $ 12.50 $0.13 – $2.50 8,517,641 $ 0.30 2.88 8,517,641 $ 0.30 8,622,486 8,622,486 The following table summarizes information about underlying outstanding warrants for common stock of the Company outstanding and exercisable as of December 31, 2014 : Warrants Outstanding Warrants Exercisable Range of Exercise Prices Number of Shares Underlying Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Number of Shares Underlying Warrants Weighted Average Exercise Price $12.50 – $17.50 125,245 $ 13.03 6.62 125,245 $ 13.03 $0.25 – $2.50 5,812,141 $ 0.39 3.17 5,812,141 $ 0.31 5,937,386 5,937,386
Fair value of each warrant	These common stock purchase warrants do not trade in an active securities market, and as such, we estimate the fair value of these warrants using the Black-Scholes Option Pricing Model using the following assumptions: 2015 2014 Risk free interest rates 1.25% – 1.72% 0.77% – 1.73% Expected life 5 years 5 years Estimated volatility 422.9% – 667.5% 629.8% – 788.7% Dividend yield — % — %

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	The following table summarizes stock option activity in the Company’s stock-based compensation plans for the year ended December 31, 2015 . All options issued were non-qualified stock options. Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value (1) Number of Options Exercisable Weighted Average Fair Value At Date of Grant Outstanding at December 31, 2013 150,000 $ 0.64 $ — 150,000 $ 0.64 Granted at Fair Value 400,000 $ 0.33 $ — 91,667 $ 0.33 Exercised — $ — $ — — $ — Forfeited (90,000 ) $ 0.35 $ — (67,500 ) $ 0.35 Outstanding at December 31, 2014 460,000 $ 0.43 $ — 174,167 $ 0.59 Granted at Fair Value 1,000,000 $ 0.27 $ — 483,333 $ 0.27 Exercised — $ — $ — — $ — Cancelled (30,000 ) $ 0.50 $ — (30,000 ) $ 0.50 Outstanding at December 31, 2015 1,430,000 $ 0.31 $ — 627,500 $ 0.34 (1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at December 31, 2015 . If the exercise price exceeds the market value, there is no intrinsic value.
Schedule of stock option fair value assumptions	The following assumptions were used to compute the weighted average fair value of options granted during the periods presented. 2015 2014 Expected term of option 3 years 3 years Risk free interest rates 1.52 % 0.8 % Estimated volatility 606.3 629.8 - 785.7 Dividend yield — % — %
Information about stock options	The following table summarizes information about stock options outstanding at December 31, 2015 : Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value (1) Number Exercisable Weighted Average Exercise Price of Exercisable Options Aggregate Intrinsic Value (1) $0.27 - $1.00 1,430,000 2.13 $ 0.31 $ — 750,833 $ 0.34 $ — (1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option at December 31, 2013. If the exercise price exceeds the market value, there is no intrinsic value. The following table summarizes information about options outstanding at December 31, 2014 : Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value (1) Number Exercisable Weighted Average Exercise Price of Exercisable Options Aggregate Intrinsic Value $0.27 - 1.00 460,000 2.28 $ 0.43 $ — 241,667 $ 0.59 $ —
Schedule of nonvested restricted stock units activity	A summary of the Company’s non-vested stock options at December 31, 2015 and December 31, 2014 and changes during the years are presented below. Non-Vested Stock Options Options Weighted Average Grant Date Fair Value Non-Vested at December 31, 2014 285,833 $ 0.33 Granted 1,000,000 $ 0.27 Vested (576,667 ) $ 0.34 Forfeited (30,000 ) $ — Non-Vested at December 31, 2015 679,166 $ 0.28

Supplementary Financial Infor31

Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Extractive Industries [Abstract]
Supplementary result of oil and gas operations	The Company currently has no operations in foreign jurisdictions. Results of operations from oil and natural gas producing activities are summarized below for the years ended December 31: Years Ended December 31, 2015 2014 Revenues $ 650,648 $ 695,318 Costs incurred: Exploration and dry hole costs 2,513 56,351 Lease operating costs and production taxes 192,504 225,074 Impairment of oil and natural gas reserves 867,048 3,721,042 Depletion, depreciation and accretion 637,121 430,912 Totals, costs incurred 1,699,186 4,433,379 Pre-tax (loss) from producing activities (1,048,538 ) (3,738,061 ) Results (loss) from of oil and natural gas producing activities (excluding overhead, income taxes, and interest costs) $ (1,048,538 ) $ (3,738,061 )
Supplementary schedule of oil and gas properties	Costs incurred in oil and natural gas property acquisition, exploration and development activities are summarized below for the years ended December 31: Years Ended December 31, 2015 2014 Property acquisition and developmental costs: Development $ 1,058,704 $ 841,270 Property Acquisition — 3,214,872 Undrilled Leaseholds — 22,577 Asset retirement obligations 2,506 3,721 Totals costs incurred $ 1,061,210 $ 4,082,440
Supplementary schedule of oil and gas reserves	The Company’s proved oil and natural gas reserves for the years ended December 31, 2015 and December 31, 2014 are shown below: Years Ended December 31, Volumes 2015 2014 Natural gas: (Mcfs) Proved developed and undeveloped reserves (mcf) : Beginning of year 600,000 723,190 Purchase (sale) of natural gas properties in place — (46,770 ) Discoveries and extensions 26,680 — Revisions (410,362 ) (30,843 ) Production (37,568 ) (45,577 ) Proved reserves, at end of year (a) 178,750 600,000 Years Ended December 31, 2015 2014 Oil: (Bbls) Proved developed and undeveloped reserves: Beginning of year 20,700 49,020 Purchase (sale) of oil producing properties in place — (26,290 ) Discoveries and extensions 30,720 1,175 Revisions 2,112 3,700 Production (12,152 ) (6,905 ) Proved reserves, at end of year (a) 41,380 20,700 (a) Includes 89,375 Mcf and 20,690 bbl and 300,000 Mcf and 10,350 bbl for the twelve months ended December 31, 2015 and 2014 , respectively of proved reserves attributable to a consolidated subsidiary in which there is a 50% non-controlling interest. Years Ended December 31, Values 2015 2014 Future cash inflows $ 2,345,940 $ 4,920,190 Future costs: Production (964,520 ) (2,144,600 ) Development (87,650 ) (87,650 ) Future cash flows 1,293,770 2,687,940 10% annual discount for estimated timing of cash flow (421,640 ) (1,223,370 ) Standardized measure of discounted cash flow (a) $ 872,130 $ 1,464,570 (a) Includes $436,065 and $732,285 for the twelve months ended December 31, 2015 and 2014 , respectively, of discounted cash flows attributable to a consolidated subsidiary in which there is a 50% non-controlling interest.
Supplementary schedule of change in measures	Changes in the standardized measure of future net cash flows relating to proved oil and natural gas reserves for the years ended December 31 is summarized below: For the years ended December 31, 2015 2014 Increase (decrease) Sale of gas and oil, net of operating expenses $ (458,144 ) $ (470,244 ) Discoveries, extensions and improved recovery, net of future production and development costs — — Accretion of discount 146,500 242,210 Net increase (decrease) $ (311,644 ) $ (228,034 ) Standardized measure of discounted future cash flows: Beginning of the year $ 1,464,570 $ 2,422,100 Before Income Taxes $ 872,130 $ 1,464,570 Income Taxes (287,358 ) (500,586 ) End of the year (a) $ 584,772 $ 963,984 (a) Includes $292,386 and $481,992 for the twelve months ended December 31, 2015 and 2014 , respectively of future net cash flows attributable to a consolidated subsidiary in which there is a 50% non-controlling interest.

Organization and Summary of S32

Organization and Summary of Significant Accounting Policies - Organization and Basis of Presentation (Details) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock, shares authorized	47,500,000	47,500,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares outstanding	31,220,326	29,202,826
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	50.00%
Subsidiaries
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	50.00%

Organization and Summary of S33

Organization and Summary of Significant Accounting Policies - Non-controlling Interests (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	50.00%
Equity of non-controlling interest	$ (2,721,019)	$ (1,468,823)	$ 1,695,895
Net loss attributable to non-controlling interest	(728,218)	(1,019,205)
Non-controlling Interest
Noncontrolling Interest [Line Items]
Equity of non-controlling interest	5,828,141	3,639,359	$ 4,165,986
Net loss attributable to non-controlling interest	$ (728,218)	(1,019,205)
Subsidiaries
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	50.00%
Navitus
Noncontrolling Interest [Line Items]
Reclass prior period contribution to related party payable	$ 150,000	$ 150,000

Organization and Summary of S34

Organization and Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reduction in accounts receivable - affiliates		$ 50
Increase in accrued liabilities - related parties		100
Decrease to additional paid in capital from reclassifications		$ 150
Payment of related party payable	$ 100

Organization and Summary of S35

Organization and Summary of Significant Accounting Policies - Oil and Natural Gas Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Impairment losses	$ 867,048	$ 3,721,042
Property, Plant and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Property, Plant and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

Organization and Summary of S36

Organization and Summary of Significant Accounting Policies - Asset Retirement Obligation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation at beginning of period	$ 44,214	$ 51,954
Liabilities incurred	2,506	3,721
Revisions to previous estimates and sales of properties	60,832	(14,821)
Liabilities on properties sold or settled	(3,721)	0
Accretion expense	5,340	3,360
Asset retirement obligation at end of period	$ 109,171	$ 44,214

Organization and Summary of S37

Organization and Summary of Significant Accounting Policies - Other Property and Equipment (Details) - Office Equipment	12 Months Ended
	Dec. 31, 2015
Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years

Organization and Summary of S38

Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash equivalents	$ 0	$ 0

Organization and Summary of S39

Organization and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Allowance for doubtful accounts	$ 200	$ 200

Organization and Summary of S40

Organization and Summary of Significant Accounting Policies - Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Proved oil and gas properties, subject to write down	$ 1,640,147
Fair value of proved oil and gas properties	759,091	$ 896,193
Impairment losses	867,048	3,721,042
Eagleford Properties
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment losses	303,312
Adams Baggett Properties
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment losses	297,212
Permian Basin Fairway Operations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Proved oil and gas properties, subject to write down		3,826,525
Impairment losses	99,682	3,587,020
Proved oil and gas property, subject to write down, fair value		239,505
Undeveloped Properties
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment losses	$ 166,842
Properties other than Permian Basin Fairway Operations
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Proved oil and gas properties, subject to write down		792,530
Impairment losses		3,721,041
Proved oil and gas property, subject to write down, fair value		$ 658,509

Organization and Summary of S41

Organization and Summary of Significant Accounting Policies - Earnings per Share (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Weighted average number of common shares outstanding	29,803,358	28,453,976

Organization and Summary of S42

Organization and Summary of Significant Accounting Policies - Common Stock and Common Stock Equivalents (Details) - shares	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common Stock Shares Outstanding (in shares)	31,220,326	29,202,826
Common Stock Equivalents Outstanding
Warrants (in shares)	8,622,486	5,937,386
Stock options (in shares)	1,430,000	610,000
Unconverted Class B Shares (in shares)	137,932	137,932
Total Common Stock Equivalents Outstanding (in shares)	10,190,418	6,685,318

Organization and Summary of S43

Organization and Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 567,112	$ 490,174
Stock grants in exchange for services	169,210	81,667
Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants issued for services	508,739	92,235
Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation	$ 58,373	$ 397,939

Organization and Summary of S44

Organization and Summary of Significant Accounting Policies - Going Concern (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (4,905,518)	$ (4,229,137)
Net cash used in operating activities	(1,738,853)	(1,137,222)
Payments to explore and develop oil and gas properties	1,058,704	841,270
Acquisition of oil and gas properties	$ 0	$ 3,214,872

Oil and natural gas propertie45

Oil and natural gas properties - Schedule of Oil and Natural Gas Properties (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Extractive Industries [Abstract]
Proved property	$ 9,940,660	$ 8,903,060
Unproved property	1,375,940	1,365,951
Work in process	0	0
Total oil and natural gas properties, at cost	11,316,600	10,269,011
Less: accumulated impairment	(8,283,321)	(7,430,438)
Oil and natural gas properties, net of impairment	3,033,279	2,838,573
Less: accumulated depletion	(2,274,188)	(1,942,380)
Total oil and gas properties, net	$ 759,091	$ 896,193

Oil and natural gas propertie46

Oil and natural gas properties - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Extractive Industries [Abstract]
Depletion, depreciation, and amortization expense	$ 637,121	$ 430,912
Impairment losses	$ 867,048	$ 3,721,042

Acquisitions and Dispositions -

Acquisitions and Dispositions - Lucas Settlement Agreement (Details) - Lucas Energy, Inc,	Mar. 02, 2015USD ($)	Feb. 26, 2015USD ($)producing_well	Dec. 31, 2015USD ($)	Jul. 15, 2015shares	May. 11, 2015USD ($)shares
Business Acquisition [Line Items]
Pre-merger loan and funding agreement, initial loan receivable amount paid to counterparty		$ 250,000
Pre-merger loan and funding agreement, loan receivable, stated interest rate		0.50%
Pre-merger loan and funding agreement, loan receivable, amount outstanding					$ 600,000
Pre-merger loan and funding agreement, settlement agreement, shares received in settlement | shares					1,101,729
Pre-merger loan and funding agreement, settlement agreement, shares received in settlement after stock split | shares				44,069
General and Administrative Expenses
Business Acquisition [Line Items]
Noncash merger related costs			$ 1,326,850
Loss on contract termination			$ 600,000
Penn Virginia
Business Acquisition [Line Items]
Pre-merger loan and funding agreement, number of well rights assigned | producing_well		5
Aurora Energy Partners
Business Acquisition [Line Items]
Pre-merger loan and funding agreement, payment one of well funding requirement, made by related party	$ 195,928
Pre-merger loan and funding agreement, payment two of well funding requirement, made by related party	$ 317,027

Acquisitions and Dispositions48

Acquisitions and Dispositions - Rogers Settlement Agreement (Details) - Louise H. Rogers - USD ($)	Jul. 16, 2015	Dec. 31, 2015	Jul. 15, 2015	May. 11, 2015
Business Acquisition [Line Items]
Notes payable				$ 250,000
Collaboration agreement, settlement agreement, total settlement payments due	$ 258,125	$ 300,432	$ 253,750
Collaboration agreement, settlement agreement, settlement payments, past due, daily interest accrual	129.0625
Collaboration agreement, settlement agreement, legal fees	$ 22,500

Acquisitions and Dispositions49

Acquisitions and Dispositions - Earthstone Settlement Agreement (Details)	12 Months Ended
	Dec. 31, 2015USD ($)
Earthstone Energy/Oak Vally Resources | General and Administrative Expenses
Business Acquisition [Line Items]
Loss on contract termination	$ 195,928

Acquisitions and Dispositions50

Acquisitions and Dispositions - Dispositions (Details)	Jun. 05, 2014USD ($)aBoe / dproducing_well	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of oil and gas properties		$ 0	$ 4,031,625
Gain on sale of oil and gas properties		$ 0	2,170,725
Lightnin’ Property | Subsidiaries
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gas and oil area, developed, gross (in acres) | a	640
Gas and oil area, developed, net (in acres) | a	128
Proceeds from sale of oil and gas properties	$ 4,000,000
Investment, working interest held before transaction (as a percent)	20.00%
Investment, net revenue interest held before transaction (as a percent)	15.00%
Production, barrels of oil equivalents | Boe / d	36
Productive oil wells, number of wells, gross | producing_well	3
Gain on sale of oil and gas properties			$ 2,160,099

Acquisitions and Dispositions51

Acquisitions and Dispositions - Acquisitions (Details)	Jul. 31, 2014USD ($)	Jun. 30, 2014USD ($)completed_wellproducing_well	Dec. 31, 2014USD ($)	Sep. 18, 2014USD ($)
Business Acquisition [Line Items]
Payment for purchase price adjustment	$ 558,246
Permian Basin Fairway Operations
Business Acquisition [Line Items]
Business acquisition, percentage of working interest acquired		10.00%
Business acquisition, percentage of net revenue interest acquired		7.50%
Payments to acquire businesses, gross		$ 2,491,888
Productive oil wells, number of wells, gross | producing_well		7
Number of wells in process of drilling | completed_well		4
Final purchase price			$ 3,214,872	$ 3,214,872

Acquisitions and Dispositions52

Acquisitions and Dispositions - Adjusted Purchase Price Allocation (Details) - Permian Basin Fairway Operations - USD ($)	Dec. 31, 2014	Sep. 18, 2014
Business Acquisition [Line Items]
Fair Value of Assets Acquired - Tangible and Intangible Well costs		$ 2,240,530
Fair Value of Assets Acquired - Proved Producing Leasehold Costs		197,654
Fair Value of Assets Acquired Unproved Leasehold Costs		776,688
Net Asset Fair Value Final	$ 3,214,872	$ 3,214,872

Gain from Settlement Agreement

Gain from Settlement Agreement (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 21, 2015well
Gain Contingencies [Line Items]
Gain from legal settlement	$ 637,248	$ 0
Trilogy Operating, Inc. v. Aurora Energy Partners | Settlement Agreement and Release
Gain Contingencies [Line Items]
Number of obligation wells | well			4
Gain from legal settlement	$ 637,248

Liability for Unauthorized Pr54

Liability for Unauthorized Preferred Stock Issued - Liability for Unconverted Preferred Stock (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Liability for unauthorized preferred stock	$ 9,283	$ 9,283

Liability for Unauthorized Pr55

Liability for Unauthorized Preferred Stock Issued - Narrative (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2006
Payables and Accruals [Abstract]
Preferred stock, shares authorized			10,000,000
Common stock issued upon conversion of preferred stock (in shares)	50		100
Preferred stock, shares issued			715,517
Value of preferred stock issued			$ 246,950
Unconverted preferred stock (in shares)	68,966	68,966
Common stock needed to settle convertible preferred stock (in shares)	138,000

Revolving Credit Agreement (Det

Revolving Credit Agreement (Details)	Oct. 14, 2015USD ($)	Aug. 26, 2015USD ($)	Feb. 20, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Aug. 31, 2015USD ($)	Aug. 21, 2015USD ($)	Jun. 01, 2015USD ($)	Apr. 13, 2015USD ($)	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Forebearance agreement, payment of borrowing base deficiency	$ 50,000	$ 76,081
Forebearance agreement, remaining borrowing base deficiency due							$ 260,000
Forebearance agreement, required payment of borrowing base deficiency due to expiration						$ 260,000
Texas Capital Bank | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 25,000,000
Texas Capital Bank | Revolving Credit Facility
Debt Instrument [Line Items]
Minimum borrowing capacity			$ 1,450,000
Debt instrument, interest rate (as a percent)			0.50%
Decrease in borrowing base									$ (300,000)
Line of credit facility, monthly increase (decrease) in maximum borrowing capacity								$ (10,000)	$ (10,000)	$ 0
Amortization of financing costs				$ 40,823	$ 34,586
Interest expense				$ 40,053	$ 30,595
Texas Capital Bank | Revolving Credit Facility | Subsidiaries
Debt Instrument [Line Items]
Current ratio during current period			1	0.10
Outstanding balance of Credit Agreement				$ 680,000
Texas Capital Bank | Revolving Credit Facility | Subsidiaries | Minimum
Debt Instrument [Line Items]
Cash interest ratio			3.5
Current ratio			1
Texas Capital Bank | Revolving Credit Facility | Loans Payable
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			1.00%
Debt instrument, collateral, percentage of interest in subsidiary			100.00%
Texas Capital Bank | Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			2.00%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Provision for (benefit of) income taxes	$ 0	$ 0
Operating loss carryforwards	20,490,123		$ 13,807,335
Limitation on operating loss carryforwards, period			20 years
Additional operating loss carryforwards for period	$ 2,734,175

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 6,966,642	$ 6,037,022
Depreciation and accretion	7,222	3,209
Equity based expenses	1,920,230	1,912,720
Impairment losses on oil and gas properties	1,559,951	1,265,154
Deferred taxes	10,449,482	9,218,105
Valuation allowance	(10,449,482)	(9,218,105)
Net Deferred Income Tax Assets	$ 0	$ 0

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Net operating loss	34.00%	34.00%
Meals and entertainment	0.03%	0.15%
Debt discount accretion	0.04%	0.10%
Net operating loss reduction due to IRC 382	0.00%	0.00%
Change in valuation allowance	33.92%	33.75%
Effective income tax rate	0.00%	0.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Feb. 24, 2014	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001	$ 0.001
Stock awards granted in period (in shares)		2,017,500
Stock awards granted in period, valuation		$ 508,739
Long-Term Incentive Plan
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001
Percentage of outstanding stock to determine number of shares available to grant	15.00%
Number of shares authorized	4,591,174
Maximum contractual term	5 years
Number of shares available for grant	2,000,000	253,674	253,674
Employee Stock Option | Long-Term Incentive Plan
Class of Stock [Line Items]
Shares issued in period			970,000
Common Stock | Long-Term Incentive Plan
Class of Stock [Line Items]
Shares issued in period			3,367,500

Warrants for Stock - Schedule o

Warrants for Stock - Schedule of Warrants Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of Shares Underlying Warrants
Beginning balance (in shares)	610,000
Ending balance (in shares)	1,430,000	610,000
Warrants
Number of Shares Underlying Warrants
Beginning balance (in shares)	5,937,386	4,931,386
Granted (in shares)	2,917,000	1,140,000
Exercised (in shares)	0	0
Canceled (in shares)	(231,900)	(134,000)
Ending balance (in shares)	8,622,486	5,937,386
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0.66	$ 0.76
Granted (in dollars per share)	0.29	0.30
Exercised (in dollars per share)	0	0
Canceled (in dollars per share)	2.18	1.10
Ending balance (in dollars per share)	$ 0.48	$ 0.66

Warrants for Stock - Warrants O

Warrants for Stock - Warrants Outstanding and Exercisable (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Outstanding Warrants
Number of Shares Underlying Warrants	1,430,000	610,000
Warrants
Outstanding Warrants
Number of Shares Underlying Warrants	8,622,486	5,937,386	4,931,386
Weighted Average Exercise Price (in dollars per share)	$ 0.48	$ 0.66	$ 0.76
Exercisable Warrants
Number of Shares Underlying Warrants	8,622,486	5,937,386
$12.50 – $17.50 | Warrants
Exercise price range, lower limit (in dollars per share)	$ 12.50	$ 12.50
Exercise price range, upper limit (in dollars per share)	$ 17.50	$ 17.50
Outstanding Warrants
Number of Shares Underlying Warrants	104,845	125,245
Weighted Average Exercise Price (in dollars per share)	$ 12.50	$ 13.03
Weighted Average Remaining Contractual Life (in years)	6 years 9 months 14 days	6 years 7 months 13 days
Exercisable Warrants
Number of Shares Underlying Warrants	104,845	125,245
Weighted Average Exercise Price (in dollars per share)	$ 12.50	$ 13.03
$0.13 – $2.50 | Warrants
Exercise price range, lower limit (in dollars per share)	0.13
Exercise price range, upper limit (in dollars per share)	$ 2.50
Outstanding Warrants
Number of Shares Underlying Warrants	8,517,641
Weighted Average Exercise Price (in dollars per share)	$ 0.30
Weighted Average Remaining Contractual Life (in years)	2 years 10 months 17 days
Exercisable Warrants
Number of Shares Underlying Warrants	8,517,641
Weighted Average Exercise Price (in dollars per share)	$ 0.30
$0.25 – $2.50 | Warrants
Exercise price range, lower limit (in dollars per share)		0.25
Exercise price range, upper limit (in dollars per share)		$ 2.50
Outstanding Warrants
Number of Shares Underlying Warrants		5,812,141
Weighted Average Exercise Price (in dollars per share)		$ 0.39
Weighted Average Remaining Contractual Life (in years)		3 years 2 months 1 day
Exercisable Warrants
Number of Shares Underlying Warrants		5,812,141
Weighted Average Exercise Price (in dollars per share)		$ 0.31

Warrants for Stock - Fair Value

Warrants for Stock - Fair Value Assumptions for Warrants (Details) - Warrants	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Expected life	5 years	5 years
Dividend yield	0.00%	0.00%
Minimum
Risk free interest rates	1.30%	0.80%
Estimated volatility	422.90%	629.80%
Maximum
Risk free interest rates	1.70%	1.70%
Estimated volatility	667.50%	788.70%

Warrants for Stock - Narrative

Warrants for Stock - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related party contribution	$ 2,917,000	$ 1,140,000
Warrants
Aggregate intrinsic value	$ 50,580	$ 5,295
Navitus
Warrants issued	2,917,000
Related party contribution	$ 2,917,000

Stock Options - Summary of Stoc

Stock Options - Summary of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of Options
Beginning balance (in shares)	610,000
Ending balance (in shares)	1,430,000	610,000
Non-Qualified Stock Options
Number of Options
Beginning balance (in shares)	460,000	150,000
Granted at Fair Value (in shares)	1,000,000	400,000
Exercised (in shares)	0	0
Canceled (in shares)	(30,000)	(90,000)
Ending balance (in shares)	1,430,000	460,000
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 0.43	$ 0.64
Granted at Fair Value (in dollars per share)	0.27	0.33
Exercised (in dollars per share)	0	0
Canceled (in dollars per share)	0.50	0.35
Ending balance (in dollars per share)	$ 0.31	$ 0.43
Aggregate Intrinsic Value
Beginning balance	$ 0	$ 0
Granted at Fair Value	0	0
Exercised	0	0
Forfeited	0	0
Ending balance	$ 0	$ 0
Number of Options Exercisable
Beginning balance (in shares)	174,167	150,000
Granted at Fair Value (in shares)	483,333	91,667
Exercised (in shares)	0	0
Forfeited (in shares)	(30,000)	(67,500)
Ending balance (in shares)	627,500	174,167
Weighted Average Fair Value At Date of Grant
Beginning balance (in dollars per share)	$ 0.59	$ 0.64
Granted at Fair Value (in dollars per share)	0.27	0.33
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	0.50	0.35
Ending balance (in dollars per share)	$ 0.34	$ 0.59

Stock Options - Fair Value Assu

Stock Options - Fair Value Assumptions (Details) - Non-Qualified Stock Options	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Expected term of option	3 years	3 years
Risk free interest rates	1.52%	0.80%
Estimated volatility	606.30%	629.90%
Dividend yield	0.00%	0.00%
Maximum
Estimated volatility		785.70%

Stock Options - Summary of Info

Stock Options - Summary of Information About Stock Options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock options (in shares)	1,430,000	610,000
Non-Qualified Stock Options
Stock options (in shares)	1,430,000	460,000	150,000
Weighted Average Exercise Price (in dollars per share)	$ 0.31	$ 0.43	$ 0.64
Number Exercisable (in shares)	627,500	174,167	150,000
$0.27 - $1.00 | Non-Qualified Stock Options
Exercise price range, lower limit (in dollars per share)	$ 0.27	$ 0.27
Exercise price range, upper limit (in dollars per share)	$ 1	$ 1
Stock options (in shares)	1,430,000	460,000
Weighted Average Remaining Contractual Life (Years)	2 years 1 month 17 days	2 years 3 months 10 days
Weighted Average Exercise Price (in dollars per share)	$ 0.31	$ 0.43
Aggregate Intrinsic Value	$ 0	$ 0
Number Exercisable (in shares)	750,833	241,667
Weighted Average Exercise Price of Exercisable Options (in dollars per share)	$ 0.34	$ 0.59
Aggregate Intrinsic Value	$ 0	$ 0

Stock Options - Summary of Non-

Stock Options - Summary of Non-Vested Stock Options Activity (Details) - Non-Qualified Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Options
Non-vested beginning balance (in shares)	285,833
Granted (in shares)	1,000,000	400,000
Vested (in shares)	(576,667)
Forfeited (in shares)	(30,000)
Non-vested ending balance (in shares)	679,166	285,833
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share)	$ 0.33
Granted (in dollars per share)	0.27
Vested (in dollars per share)	0.34
Forfeited (in dollars per share)	0
Non-vested ending balance (in dollars per share)	$ 0.28	$ 0.33

Stock Options - Narrative (Deta

Stock Options - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation		$ 166,333	$ 81,667
Award vesting period		36 months
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		600,000
Fair value of options granted		$ 160,080
Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,000,000	400,000
Consultants | Non-Qualified Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	400,000
Fair value of options granted	$ 107,960

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 29,250	$ 28,500
Future minimum lease payments due in the next twelve months	0
Future minimum lease payments due in two years	$ 0

Commitments and Contingencies71

Commitments and Contingencies - Partnership Distributions (Details) - USD ($)	12 Months Ended				40 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	50.00%				50.00%
Percentage of partnership interests distributable at company's discretion	100.00%				100.00%
Navitus
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	50.00%				50.00%
Noncontrolling interest, preferred return distribution, percentage	10.00%
Warrant conversion ratio, per unit acquired	50,000
Warrant issuance ratio per $1.00 invested	1
Capital contributions					$ 7,332,900
Navitus | Common Stock
Noncontrolling Interest [Line Items]
Warrants issued as a result of capital contributions	$ 2,917,000	$ 1,140,000	$ 2,186,000	$ 1,089,900	$ 7,332,900

Commitments and Contingencies72

Commitments and Contingencies - Distributions Earned and Payments Made to Navitus Energy Group (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Navitus
Payments Made to Navitus Energy Group
Distributions of Aurora Net Profits	$ 0	$ 86,517
Proceeds from the Sale of Aurora Assets	0	219,029
Preferred Distributions Due to Navitus Partners, LLC	0	341,876
Total Distributions Paid By Navitus Energy Group	0	647,422
Navitus
Navitus Energy Group Distribution Earned
Aurora Net Profits Interests	78,963	41,895
Proceeds from the Sale of Aurora Assets	0	1,824,398
Preferred Distributions Due to Navitus Partners, LLC	656,256	401,081
Total Distributions Earned By Navitus Energy Group	$ 735,219	$ 2,267,374

Commitments and Contingencies73

Commitments and Contingencies - Litigation (Details)	Apr. 05, 2016USD ($)	Mar. 22, 2016USD ($)	May. 07, 2012USD ($)	Dec. 09, 2010USD ($)	Jul. 31, 2014USD ($)	Jan. 06, 2016USD ($)producing_well	Jan. 09, 2015producing_well	Jan. 19, 2010producing_well	Apr. 30, 2008
Oz Gas Corporation v. Remuda Operating Company, et al. v. Victory Energy Corporation
Loss Contingencies [Line Items]
Interest in oil and gas well									50.00%
Oz Gas Corporation v. Remuda Operating Company, et al. v. Victory Energy Corporation | Subsequent Event
Loss Contingencies [Line Items]
Litigation settlement amount outstanding		$ 140,000
Payments for legal settlements	$ 14,000	14,000
Monthly payments amount for litigation settlement		7,500
Litigation settlement amount		$ (154,000)
Victory v. Jim Dial, et al. | Pending Litigation
Loss Contingencies [Line Items]
Number of oil wells subject to litigation | producing_well								6
Litigation settlement amount				$ 17,183,987
Aurora Energy Partners and Victory Energy Corporation v. Crooked Oaks
Loss Contingencies [Line Items]
Agreed upon selling price of property, plant, and equipment			$ 400,000
Proceeds from sale of property, plant, and equipment			200,000
Divestiture of business, receivable, past due			$ 200,000
Trilogy Operating, Inc. v. Aurora Energy Partners
Loss Contingencies [Line Items]
Number of oil wells subject to litigation | producing_well							4
Trilogy Operating, Inc. v. Aurora Energy Partners | Subsequent Event
Loss Contingencies [Line Items]
Number of oil wells subject to litigation | producing_well						7
Estimate of possible loss						$ 123,354
TELA Garwood v. Aurora Energy Partners and Victory Energy Corporation
Loss Contingencies [Line Items]
Payments to acquire working interest					$ 3,050,134

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Accrued liabilities - related parties	$ 805,179	$ 477,934
Stock awards and options in exchange for services	169,210
General Counsel and Director | Legal Fees
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	411,059
Accrued liabilities - related parties	371,826
Management | Temporary Advance
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	29,553
Board of Director | Temporary Advance
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	15,000
Navitus | Temporary Capital Advances
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 388,800
Ralph Kehle
Related Party Transaction [Line Items]
Stock in exchange for services (in shares)		95,000
Stock awards and options in exchange for services		$ 32,200

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 05, 2016USD ($)	Mar. 22, 2016USD ($)	Mar. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jan. 06, 2016producing_well	Jan. 09, 2015producing_well
Subsequent Event [Line Items]
Contributions from noncontrolling interest owners				$ 2,917,000	$ 1,140,000
Trilogy Operating, Inc. v. Aurora Energy Partners
Subsequent Event [Line Items]
Number of oil wells subject to litigation | producing_well							4
Subsequent Event
Subsequent Event [Line Items]
Contributions from noncontrolling interest owners			$ 402,000
Warrants issued | shares			402,000
Subsequent Event | Trilogy Operating, Inc. v. Aurora Energy Partners
Subsequent Event [Line Items]
Number of oil wells subject to litigation | producing_well						7
Subsequent Event | Oz Gas Corporation v. Remuda Operating Company, et al. v. Victory Energy Corporation
Subsequent Event [Line Items]
Litigation settlement amount		$ 154,000
Payments for legal settlements	$ 14,000	14,000
Litigation settlement amount outstanding		140,000
Monthly payments amount for litigation settlement		$ 7,500

Supplementary Financial Infor76

Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Narrative (Details)	12 Months Ended
	Dec. 31, 2015$ / Mcf$ / bbl
Extractive Industries [Abstract]
Ownership percentage by noncontrolling owners	50.00%
Natural Gas
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Benchmark sales price | $ / Mcf	2.58
Crude Oil
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Benchmark sales price | $ / bbl	50.28
Minimum | Natural Gas
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Average prices | $ / Mcf	2.85
Minimum | Crude Oil
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Average prices | $ / bbl	39.41
Maximum | Natural Gas
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Average prices | $ / Mcf	3.33
Maximum | Crude Oil
Average Sales Price and Production Costs Per Unit of Production [Line Items]
Average prices | $ / bbl	46.54

Supplementary Financial Infor77

Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Results of Operations from Oil and Natural Gas Producing Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Extractive Industries [Abstract]
Revenues	$ 650,648	$ 695,318
Costs incurred:
Exploration and dry hole costs	2,513	56,351
Lease operating costs and production taxes	192,504	225,074
Impairment of oil and natural gas reserves	867,048	3,721,042
Depletion, depreciation and accretion	637,121	430,912
Totals, costs incurred	1,699,186	4,433,379
Pre-tax (loss) from producing activities	(1,048,538)	(3,738,061)
Results (loss) from of oil and natural gas producing activities (excluding overhead, income taxes, and interest costs)	$ (1,048,538)	$ (3,738,061)

Supplementary Financial Infor78

Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property acquisition and developmental costs:
Development	$ 1,058,704	$ 841,270
Property Acquisition	0	3,214,872
Undrilled Leaseholds	0	22,577
Asset retirement obligations	2,506	3,721
Totals costs incurred	$ 1,061,210	$ 4,082,440

Supplementary Financial Infor79

Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Proved Oil and Natural Gas Reserves (Details)	12 Months Ended
	Dec. 31, 2015Mcfbbl	Dec. 31, 2014Mcfbbl
Proved developed and undeveloped reserves:
Ownership percentage by noncontrolling owners	50.00%
Natural Gas
Proved developed and undeveloped reserves:
Proved developed and undeveloped reserves, at the beginning of year | Mcf	600,000	723,190
Purchase (sale) of natural gas properties in place | Mcf	0	(46,770)
Discoveries and extensions | Mcf	26,680	0
Revisions | Mcf	(410,362)	(30,843)
Production | Mcf	(37,568)	(45,577)
Proved reserves, at the end of year | Mcf	178,750	600,000
Natural Gas | Consolidated Entities
Proved developed and undeveloped reserves:
Proved developed and undeveloped reserves, at the beginning of year | bbl	10,350
Proved reserves, at the end of year | bbl	20,690	10,350
Oil
Proved developed and undeveloped reserves:
Proved developed and undeveloped reserves, at the beginning of year | bbl	20,700	49,020
Purchase (sale) of natural gas properties in place | bbl	0	(26,290)
Discoveries and extensions | bbl	30,720	1,175
Revisions | bbl	2,112	3,700
Production | bbl	(12,152)	(6,905)
Proved reserves, at the end of year | bbl	41,380	20,700
Oil | Consolidated Entities
Proved developed and undeveloped reserves:
Proved developed and undeveloped reserves, at the beginning of year | Mcf	300,000
Proved reserves, at the end of year | Mcf	89,375	300,000

Supplementary Financial Infor80

Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Proved Reserves Attributable to Consolidated Subsidiary (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Future cash inflows	$ 2,345,940	$ 4,920,190
Future costs:
Production	(964,520)	(2,144,600)
Development	(87,650)	(87,650)
Future cash flows	1,293,770	2,687,940
10% annual discount for estimated timing of cash flow	(421,640)	(1,223,370)
Standardized measure of discounted cash flow	$ 872,130	1,464,570	$ 2,422,100
Ownership percentage by noncontrolling owners	50.00%
Consolidated Entities
Future costs:
Standardized measure of discounted cash flow	$ 436,065	$ 732,285

Supplementary Financial Infor81

Supplementary Financial Information on Oil and Natural Gas Exploration, Development and Production Activities (Unaudited) - Changes in Standardized Measure of Future Net Cash Flows (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Increase (decrease)
Sale of gas and oil, net of operating expenses	$ (458,144)	$ (470,244)
Discoveries, extensions and improved recovery, net of future production and development costs	0	0
Accretion of discount	146,500	242,210
Net increase (decrease)	(311,644)	(228,034)
Standardized measure of discounted future cash flows:
Beginning of the year	872,130	1,464,570	$ 2,422,100
Before Income Taxes	872,130	1,464,570
Income Taxes	(287,358)	(500,586)
End of the year	$ 584,772	963,984
Ownership percentage by noncontrolling owners	50.00%
Consolidated Entities
Standardized measure of discounted future cash flows:
Beginning of the year	$ 436,065	732,285
End of the year	$ 292,386	$ 481,992