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Property | 12 Months Ended
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Dec. 31, 2020
Property |
3. Property | In 2020, the Company, through its subsidiaries purchased oil and natural gas properties in Texas, North Dakota and Montana (See Note 4). In 2019, the Company, through its subsidiary Empire North Dakota, LLC, purchased oil and gas properties in Montana and North Dakota (See Note 4). The aggregate capitalized costs of oil and natural gas properties as of December 31, 2020 and 2019 are as follows:
|  | 2020 |  |  |  |  | 2019 |
Proved producing wells |  | $ | 4,508,739 |  |  |  |  | $ | 3,826,522 |
Proved undeveloped |  |  | 2,715,980 |  |  |  |  |  | 2,232,358 |
Lease and well equipment |  |  | 1,360,596 |  |  |  |  |  | 1,121,527 |
Asset retirement obligation |  |  | 14,126,130 |  |  |  |  |  | 5,480,050 |
Gross capitalized costs |  |  | 22,711,445 |  |  |  |  |  | 12,660,457 |
Accumulated Depreciation, Depletion, Amortization and Impairment |  |  | (15,148,444 | ) |  |  |  |  | (3,365,340 | )
Net capitalized costs |  | $ | 7,563,001 |  |  |  |  | $ | 9,295,117 |

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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