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Revenue Recognition | 3 Months Ended
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Mar. 31, 2019
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | 2. REVENUE RECOGNITION The Company’s revenues are derived from its interest in the sales of oil and natural gas production. The sales of oil and natural gas are made under contracts that third-party operators of oil and natural gas wells have negotiated with customers. The Company receives payment from the sale of oil and natural gas production between one to three months after delivery. At the end of each period when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from customers are accrued in oil and natural gas sales receivable in the consolidated balance sheets. Variances between the Company’s estimated revenue and actual payments are recorded in the month the payment is received; however, differences have been and are insignificant. Accordingly, the variable consideration is not constrained. As a non-operator of its oil and natural gas properties, the Company records its share of the revenues and expenses based upon the information provided by the operators within the revenue statements. The Company does not disclose the values of unsatisfied performance obligations under its contracts with customers as it applies the practical exemption in accordance with ASC 606. The exemption applies to variable consideration that is recognized as control of the product is transferred to the customer. Since each unit of product represents a separate performance obligation, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to the remaining performance obligations is not required. The Company’s oil and natural gas production is typically sold at delivery points to various purchasers under contract terms that are common in the oil and natural gas industry. Regardless of the contract type, the terms of these contracts compensate the well operators for the value of the oil and natural gas at specified prices, and then the well operators remit payment to the Company for its share in the value of the oil and natural gas sold. Generally, the Company reports revenue as the gross amount received from the well operators before taking into account production taxes and transportation costs. Production taxes are reported separately and transportation costs are included in lease operating expense in the accompanying condensed consolidated statements of operations. The revenues and costs in the condensed consolidated financial statements were reported gross for the three months ended March 31, 2019, as the gross amounts were known. The following table presents our disaggregated revenue by major source and geographic area for the three months ended March 31, 2019 and 2018.
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
|  |  | (in thousands) |
Revenue: |  |  |  |
North Dakota |  |  |  |  |  |  |  |
Oil |  | $ | 522 |  |  | $ | 795 |
Natural gas and liquids |  |  | 51 |  |  |  | 88 |
Total |  | $ | 573 |  |  | $ | 883 |
Texas |  |  |  |  |  |  |  |
Oil |  | $ | 893 |  |  | $ | 435 |
Natural gas and liquids |  |  | 95 |  |  |  | 77 |
Total |  | $ | 988 |  |  | $ | 512 |
Louisiana |  |  |  |  |  |  |  |
Oil |  | $ | - |  |  | $ | - |
Natural gas and liquids |  |  | - |  |  |  | 160 |
Total |  | $ | - |  |  | $ | 160 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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