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LEASES (Tables)

12 Months Ended

Dec. 31, 2019

LEASES

Schedule of future lease payments of operating lease and finance lease

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​	​	​	​	​	​	​	​	​	​
​		2020			2021			2022
Operating lease payments (1)	​	$	1,236,779	​	$	708,392	​	$	—
Financing lease payments (2)	​	​	311,206	​	​	311,206	​	​	132,499

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(1) The weighted average discount rate as of December 31, 2019 for operating leases was 4.49%. Based on this rate, the future lease payments above include imputed interest of $78,126. The weighted average remaining term of operating leases was 1.7 years.

(2) The weighted average discount rate as of December 31, 2019 for financing leases was 5.26%. Based on this rate, the future lease payments above include imputed interest of $49,815. The weighted average remaining term of financing leases was 2.42 years.

Schedule of lease cost

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​	​	​	​
​		2019
Operating lease costs	​	$	925,217
Short term lease costs (1)	​	​	5,692,924
Financing lease costs:	​	​	​
Amortization of financing lease assets (2)	​	​	178,132
Interest on lease liabilities (3)	​	​	26,090

​

(1) Amount included in Oil and gas production costs

(2) Amount included in Depreciation, depletion and amortization

(3) Amount included in Interest expense

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability and finance lease liability.

+ References

No definition available.

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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- References

No definition available.

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