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PROPERTY AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2021
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT On January 27, 2020, the Company purchased lease interests in approximately 4,936 acres in Montana for $500,000. In February 2020, the Company in two transactions sold all of its interest in leases of approximately 337 acres in Montana for $1,160,400. The Company recognized a gain on the transactions of $1,143,760. On April 6, 2020 the Company purchased oil and natural gas properties in Texas. In May 2021 the Company purchased oil and natural gas properties in New Mexico (See Note 5). NYMEX strip prices experienced significant volatility in 2020, resulting in a significant decrease in value of the Company’s economically recoverable proved oil and natural gas reserves. As such, the carrying amount of the Company’s proved oil and natural gas properties exceeded the expected undiscounted future net cash flows for certain leases, resulting in impairment charges against earnings of $800,452 for the nine months ended September 30, 2020. The Company did not recognize an impairment of proved oil and natural gas properties during the nine months ended September 30, 2021. The aggregate capitalized costs of oil and natural gas properties as of September 30, 2021, are as follows:
Proved producing wells |  | $ | 18,865,150 |
Proved undeveloped |  |  | 2,232,358 |
Lease, well and gathering equipment |  |  | 5,054,033 |
Asset retirement obligation |  |  | 18,696,199 |
Unproved leasehold costs |  |  | 492,607 |
Gross capitalized costs |  |  | 45,340,347 |
Less: accumulated depreciation, depletion and impairment |  |  | (17,081,053 | )
|  | $ | 28,259,294 |
Other property and equipment consists of operating lease assets (See Note 10), vehicles, office furniture and equipment.
Other property and equipment, at cost |  | $ | 1,514,322 |
Less: accumulated depreciation |  |  | (228,563 | )
Oher property and equipment, net |  | $ | 1,285,759 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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