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OIL AND NATURAL GAS PRODUCING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2019
OIL AND NATURAL GAS PRODUCING ACTIVITIES |
Schedule of capitalized costs relating to Oil and Natural Gas producing activities | Capitalized Costs Relating to Oil and Natural Gas Producing Activities
​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, |  | 2019 |  | 2018
Proved oil and natural gas properties | ​ | $ | 1,083,966,135 | ​ | $ | 641,121,398
Financing lease asset subject to depreciation | ​ | ​ | 858,513 | ​ | ​ | —
Fixed assets subject to depreciation | ​ |  | 1,465,551 | ​ |  | 1,465,551
Total capitalized costs | ​ |  | 1,086,290,199 | ​ |  | 642,586,949
Accumulated depletion, depreciation and amortization | ​ |  | (157,074,044) | ​ |  | (100,576,087)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net Capitalized Costs | ​ | $ | 929,216,155 | ​ | $ | 542,010,862
​
Schedule of net costs incurred in Oil and Gas producing activities | Net Costs Incurred in Oil and Gas Producing Activities
​ | ​ | ​ | ​ | ​ | ​ | ​
For the years Ended December 31, |  | 2019 |  | 2018
Payments for the Wishbone Acquisition | ​ | $ | 276,061,594 | ​ | $ | —
Payments to purchase oil and natural gas properties | ​ |  | 3,400,411 | ​ |  | 4,656,484
Proceeds from divestiture of oil and natural gas properties | ​ | ​ | (8,547,074) | ​ | ​ | —
Payments to develop oil and natural gas properties | ​ | ​ | 152,125,320 | ​ | ​ | 198,870,366
​ | ​ | ​ | ​ | ​ | ​ | ​
Total Net Costs Incurred | ​ | $ | 423,040,251 | ​ | $ | 203,526,850

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61926-109447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61901-109447 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63019-109448 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e61929-109447 + Details
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- Definition Tabular disclosure of the aggregate of costs (whether the costs are capitalized or charged to expense at the time they are incurred ) incurred for the year in oil and gas property acquisition, exploration and development activities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62059-109447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6392692&loc=d3e7535-110849 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 55 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=34713648&loc=d3e63042-109448 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62014-109447 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=68064819&loc=d3e62038-109447 + Details
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