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10-K - DYM ENERGY, INC. - DYM ENERGY Corpdym10k083112.htm
v2.4.0.6
Oil and Gas Properties
12 Months Ended
Aug. 31, 2012
Extractive Industries [Abstract]  
Oil and Gas Properties
3.   Oil and Gas Properties

During the year ended August 31, 2012, the Company acquired three contiguous oil and gas leases located in Clay County, Texas (the “Clay County Property”), containing total area of approximately 3,017 acres for cash payment of $172,026.   The three leases are as follows:

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The Meyers Ranch Lease Block is comprised of the following:
 
The Meyers Ranch Lease Block contains approximately 1,840 acres, which is broken into a north lease of approximately 1,057 acres and a south lease of 783 acres. There are three different mineral owners in this entire lease block.  One mineral owner owns an interest in both the north and south leases, with one mineral owner having an interest in each of the leases.
 
Acquired on January 27, 2012, the first lease has a three year term and carries a 21% landowner’s royalty and contains acreage in both the north and south leases. Acquired on February 2, 2012, the second lease contains the remaining acreage in the north lease and has a three year term and carries a 25% landowner’s royalty.

During June, 2012 the first well was spudded on the Meyers Ranch Lease of which the Company owns 19.2211% of the 75% working interest, and a private partnership partially owned by the sole director and officer of the Company owns 20% of the 75% working interest.

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The Belcher Lease was acquired on January 27, 2012, covering approximately 120 acres.  This lease has a one year term and for so long thereafter as oil and/or gas is produced therefrom.  This lease carries a 12.5% landowner’s royalty.

During the year ended August 31, 2012 the Company incurred $73,589 on earning 16.9997% of the 75% working interest in the first well on the Belcher Lease. A private partnership partially owned by the sole director and officer of the Company owns 19.9869% of the 75% working interest.

The well carries 12.5% overriding interest. A private partnership partially owned by the sole director and officer of the Company owns 3.8333% overriding interest.

During the year ended August 31, 2012, the Company incurred professional fees and consulting fees of $24,750 in relation to the acquisition of the leases and $12,525 on property development.
 
As of August 31, 2012, all of the Company’s oil and gas properties were unproven and excluded from depletion.