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Unaudited Supplemental Oil and Gas Information (Tables)

12 Months Ended

Dec. 31, 2018

Oil and Gas Exploration and Production Industries Disclosures [Abstract]

Schedule of Proved Oil and Gas Reserves and Changes in Net Proved Reserves

The Company’s estimated quantities of proved oil and natural gas reserves and changes in net proved reserves are summarized below for the years ended December 31, 2018 and 2017:

		2018								2017
		Oil				Gas				Oil				Gas
		(bbls)				(mcfe) ⁽¹⁾				(bbls)				(mcfe) ⁽¹⁾

Total proved reserves:
Reserve quantities, beginning of year			676,030				888,507				657,280				1,379,163
Revisions of previous estimates			88,956				58,177				302,530				55,072
Discoveries and extensions			61,277				78,007				22,802				21,787
Sale of minerals in place			-				-				(194,667	)			(118,944	)
Production			(75,003	)			(286,692	)			(111,915	)			(448,571	)

Reserve quantities, end of year			751,260				737,998				676,030				888,507

⁽¹⁾

Mcf equivalents (Mcfe) consist of natural gas reserves in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.

Schedule of Prices as Adjusted for Transportation, Quality

The following prices as adjusted for transportation, quality, and basis differentials were used in the calculation of the standardized measure:

		2018				2017

Oil per Bbl		$	65.56			$	51.34
Gas per Mcfe ⁽¹⁾		$	3.10			$	2.98

⁽¹⁾

Consists of the weighted average price for natural gas in mcf plus NGLs converted to mcf using a factor of 6 mcf for each barrel of NGL.

Schedule of Standardized Measure of Discounted Future Net Cash Flows

The standardized measure of discounted future net cash flows relating to the Company’s proved oil and natural gas reserves is as follows as of December 31, 2018 and 2017:

		2018				2017
		(in thousands)
Future cash inflows		$	49,457			$	34,424
Future cash outflows:
Production costs			(23,648	)			(18,518	)
Development costs			-				-
Income taxes			(4,341	)			-

Future net cash flows			21,468				15,906
10% annual discount factor			(9,869	)			(6,653	)

Standardized measure of discounted future net cash flows		$	11,599			$	9,253

Schedule of Standardized Measure of Future Net Cash Flows

The changes in the standardized measure of future net cash flows relating to proved oil and natural gas reserves for the years ended December 31, 2018 and 2017 are as follows:

		2018				2017
		(in thousands)
Standardized measure, beginning of year		$	9,253			$	6,747
Sales of oil and natural gas, net of production costs			(3,235	)			(3,143	)
Net changes in prices and production costs			3,419				2,347
Changes in estimated future development costs			-				-
Extensions and discoveries			1,912				511
Sale of minerals in place			-				(1,049	)
Revisions in previous quantity estimates			761				3,416
Previously estimated development costs incurred			-				-
Net changes in income taxes			(1,425	)			-
Accretion of discount			925				675
Changes in timing and other			(11	)			(251	)

Standardized measure, end of year		$	11,599			$	9,253

Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period.

+ References + Details

Tabular disclosure of the future net cash flows relating to proved oil and gas reserves and oil and gas subject to purchase under long-term agreements in which the enterprise participates in the operation of the properties on which the oil and gas is located or otherwise serves as the producer. This information is presented in aggregate and for each geographic area for which reserve quantities are disclosed.

+ References + Details