You need to spend some time determining you tax basis in this investment before you are able to compute your loss.
Your tax basis begins with the original capital contribution and is adjusted annually for the applicable lines on the K-1 you received.
Currently, your calculation of the loss is incorrect as income is added to your basis, not subtracted.
Another factor is whether or not this oil and gas investment was deemed active and made you a material participant. Whether you were a material or passive investor based on the facts, the end result will be the same, it is just a matter of whether any losses were taken annually or have been carried over due to the passive activity rules. I suppose this company could also be a PTP which could change the timing somewhat as well.
For the $$ you have invested, I believe you would be wise to consult with a tax professional who could help you determine your tax basis and ultimately your overall loss.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
