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Supplementary Information (Tables)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Capitalized Costs Relating to Oil and Gas Producing Activities
CAPITALIZED COSTS RELATING TO
OIL AND GAS PRODUCING ACTIVITIES
(Unaudited)
 
 
  
As of December 31,
 
(Thousands of dollars)
  
2021
 
  
2020
 
Proved Developed oil and gas properties
  
$
539,484
  
 
 $ 520,488  
Proved Undeveloped oil and gas properties
  
 
—  
 
 
   —    
 
  
 
 
 
 
 
 
  
Total Capitalized Costs
  
 
539,484
 
 
   520,488  
Accumulated depreciation, depletion and valuation allowance
  
 
(359,742
) 
 
   (335,390 )
 
  
 
 
 
 
 
 
  
Net Capitalized Costs
  
$
179,742
 
 
 $ 185,098  
 
  
 
 
 
 
 
 
  
Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities
COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION,
EXPLORATION AND DEVELOPMENT ACTIVITIES
(Unaudited) cash flow sched
 
 
  
Year Ended December 31,
 
(Thousands of dollars)
  
2021
 
  
2020
 
Development Costs
  
$
18,678
  
  
 $ 9,339  
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
STANDARDIZED MEASURE OF DISCOUNTED FUTURE
NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES
(Unaudited)
 
 
  
As of December 31,
 
(Thousands of dollars)
  
2021
 
  
2020
 
Future cash inflows
  
$
501,431
 
 
 $ 221,090  
Future production costs
  
 
(207,697
 )
 
   (100,691 ) 
Future development costs
  
 
(18,507
 )
 
   (39,167 ) 
Future income tax expenses
  
 
(57,798
 )
 
   (15,135 ) 
 
  
 
 
 
 
 
 
  
Future Net Cash Flows
  
 
217,429
 
 
   66,097  
10% annual discount for estimated timing of cash flows
  
 
(81,623
 )
 
   (24,479 ) 
 
  
 
 
 
 
 
 
  
Standardized Measure of Discounted Future Net Cash Flows
  
$
135,806
 
 
 $ 41,619  
 
  
 
 
 
 
 
 
  
Standardized Measure of Discounted Future Net Cash Flows and Changes therein Relating to Proved Oil and Gas Reserves
STANDARDIZED MEASURE OF DISCOUNTED FUTURE
NET CASH FLOWS AND CHANGES THEREIN
RELATING TO PROVED OIL AND GAS RESERVES
(Unaudited)
The following are the principal sources of change in the standardized measure of discounted future net cash flows during 2021 and 2020:
 
 
  
Year Ended December 31,
 
(Thousands of dollars)
  
2021
 
  
2020
 
Sales of oil and gas produced, net of production costs
  
 $
(45,322
)
 
 $  (13,945 ) 
Net changes in prices and production costs
  
  
143,750
 
 
   (16,578 ) 
Extensions, discoveries and improved recovery
  
  
6,440
 
 
   314  
Revisions of previous quantity estimates
  
  
18,991
 
 
   (36,919 ) 
Net change in development costs
  
  
(12,904
 )
 
 
   20,724  
Reserves sold
  
  
(136
) 
 
   (874 ) 
Reserves purchased
  
  
—  
 
 
   218  
Accretion of discount
  
  
4,162
 
 
   8,161  
Net change in income taxes
  
  
(21,180
 )
 
   5,386  
Changes in production rates (timing) and other
  
  
386
 
 
   (6,480 ) 
 
  
 
 
 
 
 
 
  
Net change
  
  
94,187
 
 
   (39,993 ) 
Standardized measure of discounted future net cash flow:
  
      
 
      
Beginning of year
  
  
41,619
 
 
   81,612  
 
  
 
 
 
 
 
 
  
End of year
  
$
135,806
 
 
 $ 41,619  
 
  
 
 
 
 
 
 
  
Reserve Quantity Information
RESERVE QUANTITY INFORMATION
Years Ended December 31, 2021 and 2020
(Unaudited)
 
 
  
As of December 31,
 
 
  
2021
 
 
2020
 
 
  
Oil
(MBbls)
 
 
NGL’s
(MBbls)
 
 
Gas
(MMcf)
 
 
Oil
(MBbls)
 
 
NGLs
(MBbls)
 
 
Gas
(MMcf)
 
Proved Developed Reserves:
  
      
 
      
 
      
 
      
 
      
 
      
Beginning of year
  
 
2,684
 
 
 
2,258
 
 
 
13,633
 
 
   4,381       2,914       19,995  
Extensions, discoveries and improved recovery
  
 
69
 
 
 
1
 
 
 
628
 
 
   11       7       36  
Revisions of previous estimates
  
 
133
 
 
 
(29
) 
 
 
5,312
 
 
   (995 )      (239 )      (1,721 ) 
Converted from undeveloped reserves
  
 
1,747
 
 
 
231
 
 
 
1,067
 
 
   25       5       66  
Reserves sold
  
 
15
 
 
 
5
 
 
 
26
 
 
   (29 )      0       (1,400 ) 
Reserve purchased
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
   24       8       38  
Production
  
 
738
 
 
 
416
 
 
 
3,236
 
 
   (733 )      (437 )      (3,381 ) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
  
End of year
  
 
5,386
 
 
 
2,882
 
 
 
23,902
 
 
   2,684       2,258       13,633  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
  
Proved Undeveloped Reserves:
  
      
 
      
 
      
 
                      
Beginning of year
  
 
1,784
 
 
 
787
 
 
 
3,897
 
 
   1,833       1,017       4,547  
Extensions, discoveries and improved recovery
  
 
(61
) 
 
 
(557
) 
 
 
(2,726
) 
 
   —         —         —    
Revisions of previous estimates
  
 
31
 
 
 
4
 
 
 
386
 
 
   (24 )      (224       (584 ) 
Converted to developed reserves
  
 
(1,747
) 
 
 
(231
) 
 
 
(1,067
) 
 
   (25 )      (5 )      (66 ) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
  
Reserves Sold
 
 
(7
)
 
 
(4
)
 
 
(489
)
 
 
—
 
 
 
—
 
 
 
—
 
End of year
  
 
—
 
 
 
—
 
 
 
—
 
 
   1,784       787       3,897  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
  
Total Proved Reserves at the End of the Year
  
 
5,386
 
 
 
2,882
 
 
 
23,902
 
 
   4,468       3,045       17,530  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
 
 
    
 
 
  
Results of Operations from Oil and Gas Producing Activities
RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES
Years Ended December 31, 2021 and 2020
(Unaudited)
 
 
  
Year Ended December 31,
 
(Thousands of dollars)
  
2021
 
  
2020
 
Revenue:
  
      
  
      
Oil and gas sales
    $
73,126
    
 
 $ 36,973  
Costs and Expenses:
           
 
      
Lease operating expenses
     
 
27,804
    
 
   23,028  
Depreciation, depletion and accretion
     
 
26,325
    
 
   25,921  
Income tax expense
     
 
3,989
    
 
   (2,515 ) 
    
 
 
    
 
 
  
Total Costs and Expenses
     
 
58,118
    
 
   46,434  
    
 
 
    
 
 
  
Results of Operations from Producing Activities (excluding corporate overhead and interest costs)
    $ 15,008    
 
 $ (9,461 )