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OIL AND GAS PROPERTIES
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2023 (in thousands):

 

 

 

Balance at

December 31, 2022

 

 

Additions

 

 

Disposals

 

 

Transfers

 

 

Balance at

June 30, 2023

 

Oil and gas properties, subject to amortization

 

$176,253

 

 

$8,083

 

 

$-

 

 

$-

 

 

$184,336

 

Oil and gas properties, not subject to amortization

 

 

775

 

 

 

4,195

 

 

 

-

 

 

 

-

 

 

 

4,970

 

Asset retirement costs

 

 

1,407

 

 

 

31

 

 

 

-

 

 

 

-

 

 

 

1,438

 

Accumulated depreciation, depletion and impairment

 

 

(98,288)

 

 

(5,474)

 

 

-

 

 

 

-

 

 

 

(103,762)

Total oil and gas assets

 

$80,147

 

 

$6,835

 

 

$-

 

 

$-

 

 

$86,982

 

 

For the six-month period ended June 30, 2023, the Company incurred $7,846,000 of capital costs primarily related to non-operated drilling and completion costs related to the Company’s participation in eight new non-operated wells in the D-J Basin Asset in which the Company participated, together with costs related to certain workovers for lift conversions and cleanouts in the Company’s Permian Basin Asset.

 

The Company also acquired approximately 267 net mineral acres, and 5,592 net lease acres, in and around its existing footprint in the D-J Basin through multiple transactions with total acquisition and due diligence costs of $483,000 for the net mineral acres and $3,949,000 for the net lease acres.

 

The depletion recorded for production on proved properties for the three and six months ended June 30, 2023 and 2022, amounted to $3,027,000, compared to $2,127,000, and $5,474,000, compared to $3,872,000, respectively.