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Supplementary Information (Tables)

12 Months Ended

Dec. 31, 2022

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)		2022				2021
Proved Developed oil and gas properties		$	555,280			$	539,484
Proved Undeveloped oil and gas properties			—				—
Total Capitalized Costs			555,280				539,484
Accumulated depreciation, depletion and valuation allowance			(385,811	)			(359,742	)
Net Capitalized Costs		$	169,469			$	179,742

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)

		Years Ended December 31,
(Thousands of dollars)		2022				2021
Development Costs		$	13,598			$	18,678

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)		2022				2021
Future cash inflows		$	994,842			$	501,431
Future production costs			(378,160	)			(207,697	)
Future development costs			(95,746	)			(18,507	)
Future income tax expenses			(110,439	)			(57,798	)
Future Net Cash Flows			410,497				217,429
10% annual discount for estimated timing of cash flows			(165,961	)			(81,623	)
Standardized Measure of Discounted Future Net Cash Flows		$	244,536			$	135,806

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 2022 and 2021:

		Years Ended December 31,
(Thousands of dollars)		2022				2021
Sales of oil and gas produced, net of production costs		$	(86,302	)		$	(45,322	)
Net changes in prices and production costs			72,640				143,750
Extensions, discoveries and improved recovery			126,029				6,440
Revisions of previous quantity estimates			(10,902	)			18,991
Net change in development costs			(2,814	)			(12,904	)
Reserves sold			(818	)			(136	)
Reserves purchased			—				—
Accretion of discount			13,581				4,162
Net change in income taxes			(8,435	)			(21,180	)
Changes in production rates (timing) and other			5,751				386
Net change			108,730				94,187
Standardized measure of discounted future net cash flow:
Beginning of year			135,806				41,619
End of year		$	244,536			$	135,806

Reserve Quantity Information

RESERVE QUANTITY INFORMATION

Years Ended December 31, 2022 and 2021

(Unaudited)

		As of December 31,
		2022												2021
		Oil (MBbls)				NGL’s (MBbls)				Gas (MMcf)				Oil (MBbls)				NGLs (MBbls)				Gas (MMcf)
Proved Developed Reserves:
Beginning of year			5,386				2,882				23,902				2,684				2,258				13,633
Extensions, discoveries and improved recovery			99				74				464				69				1				628
Revisions of previous estimates			(375	)			(37	)			1,309				1,639				813				11,836
Converted from undeveloped reserves			—				—				—				1,747				231				1,067
Reserves sold			(28	)			(5	)			(73	)			(15	)			(5	)			(26	)
Reserve purchased			—				—				—				—				—				—
Production			(939	)			(417	)			(3,325	)			(738	)			(416	)			(3,236	)
End of year			4,143				2,497				22,277				5,386				2,882				23,902
Proved Undeveloped Reserves:
Beginning of year			—				—				—				1,784				787				3,897
Extensions, discoveries and improved recovery			3,028				1,833				9,030				(61	)			(557	)			(2,726	)
Revisions of previous estimates			—				—				—				31				4				386
Converted to developed reserves			—				—				—				(1,747	)			(231	)			(1,067	)
Reserves Sold			—				—				—				(7	)			(4	)			(489	)
End of year			3,028				1,833				9,030				—				—				—
Total Proved Reserves at the End of the Year			7,171				4,330				31,307				5,386				2,882				23,902

Results of Operations from Oil and Gas Producing Activities

RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

Years Ended December 31, 2022 and 2021

(Unaudited)

		Years Ended December 31,
(Thousands of dollars)		2022				2021
Revenue:
Oil and gas sales		$	124,118			$	73,126
Costs and Expenses:
Lease operating expenses			37,816				27,804
Depreciation, depletion and accretion			28,068				26,325
Income tax expense			10,329				3,989
Total Costs and Expenses			76,213				58,118
Results of Operations from Producing Activities (excluding corporate overhead and interest costs)		$	47,905			$	15,008

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- Definition

Tabular disclosure of the aggregate change in the standardized measure of discounted future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchases under long-term agreements in which the enterprise participates in the operation of the properties on which oil and gas is located or otherwise serves as the producer.

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Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

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Tabular disclosure of aggregate capitalized costs relating to an enterprise's oil and gas producing activities and the aggregate related accumulated depreciation, depletion, amortization, and valuation allowances.

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