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OIL AND GAS PROPERTIES

3 Months Ended

Mar. 31, 2023

OIL AND GAS PROPERTIES

Oil And Gas Properties

NOTE 6 – OIL AND GAS PROPERTIES

The following table summarizes the Company’s oil and gas activities by classification for the three months ended March 31, 2023 (in thousands):

		Balance at December 31, 2022				Additions				Disposals				Transfers				Balance at March 31, 2023
Oil and gas properties, subject to amortization		$	176,253			$	5,773			$	-			$	-			$	182,026
Oil and gas properties, not subject to amortization			775				725				-				-				1,500
Asset retirement costs			1,407				(6	)			-				-				1,401
Accumulated depreciation, depletion and impairment			(98,288	)			(2,447	)			-				-				(100,735	)
Total oil and gas assets		$	80,147			$	4,045			$	-			$	-			$	84,192

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- Definition

The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 932
-SubTopic 360
-URI https://asc.fasb.org/subtopic&trid=2145654

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