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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Acquisition [Line Items] |
Schedule of revenues and direct operating costs associated with the acquired properties | The revenues and direct operating costs associated with the acquired properties included in our financial statements for the year ended December 31, 2019 are as follows:
​ | ​ | ​ | ​
Revenue |  | $ | 105,102,038
​ | ​ | ​ | ​
Oil and natural gas production costs | ​ |  | 17,037,228
Oil and natural gas production taxes | ​ |  | 4,646,660
​ | ​ | ​ | ​
Total direct costs (1) | ​ |  | 21,683,888
​ | ​ | ​ | ​
Earnings from the Acquired properties | ​ | $ | 83,418,150
​
(1) | This includes only oil and natural gas production costs and oil and natural gas production taxes and does not give account to depreciation, depletion and amortization, accretion of asset retirement obligation, general and administrative expense, interest expense or any other cost that cannot be directly correlated to the Acquisition.
Schedule of business acquisition pro forma information | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
For the years ended December 31, |  | 2019 |  | 2018
​ | ​ | ​ | ​ | ​ | ​ | ​
Oil and Gas Revenues | ​ | $ | 202,368,245 | ​ | $ | 196,385,905
Net Income | ​ | $ | 29,556,993 | ​ | $ | 29,105,827
​ | ​ | ​ | ​ | ​ | ​ | ​
Basic Earnings per Share | ​ | $ | 0.44 | ​ | $ | 0.49
Diluted Earnings per Share | ​ | $ | 0.44 | ​ | $ | 0.48
Oil and Natural Gas Assets in Andrews County |
Business Acquisition [Line Items] |
Schedule of fair values of the assets acquired and the liabilities assumed | ​
​ | ​ | ​ | ​
Assets acquired |  | ​ |
Proved oil and natural gas properties | ​ | $ | 13,775,807
Liabilities assumed | ​ |  |
Asset retirement obligations | ​ |  | (2,571,549)
Total Identifiable Net Assets | ​ | $ | 11,204,258
​
Wishbone Acquisition |
Business Acquisition [Line Items] |
Schedule of fair values of the assets acquired and the liabilities assumed | ​
​ | ​ | ​ | ​
Assets acquired: |  | ​ | ​
Proved oil and gas properties | ​ | $ | 305,004,775
Joint interest billing receivable | ​ | ​ | 1,464,394
Prepaid assets | ​ | ​ | 2,864,554
Liabilities assumed | ​ | ​ | ​
Accounts and revenues payable | ​ | ​ | (1,234,861)
Asset retirement obligations | ​ | ​ | (3,705,941)
Total Identifiable Net Assets | ​ | $ | 304,392,921

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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