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OIL AND NATURAL GAS PRODUCING ACTIVITIES (Tables)

12 Months Ended

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

X

- 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.

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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.

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