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OIL AND NATURAL GAS PRODUCING ACTIVITIES

12 Months Ended

Dec. 31, 2019

OIL AND NATURAL GAS PRODUCING ACTIVITIES

OIL AND NATURAL GAS PRODUCING ACTIVITIES

NOTE 7 – OIL AND NATURAL GAS PRODUCING ACTIVITIES

Set forth below is certain information regarding the aggregate capitalized costs of oil and natural gas properties and costs incurred by the Company for its oil and natural gas property acquisitions, development and exploration 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

​

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

The entire disclosure for oil and gas producing industries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-URI http://asc.fasb.org/topic&trid=2145477

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