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Supplemental Oil and Natural Gas Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Oil and Gas Exploration and Production Industries Disclosures [Abstract]  
Schedule of Costs Incurred in Crude Oil and Natural Gas Acquisitions, Exploration and Development Activities

The capitalized costs incurred in crude oil and natural gas acquisitions, exploration and development activities for the years ended December 31, 2019 and 2018 are highlighted in the table below:

 

    2019     2018  
    (in thousands)  
Proved property acquisition   $ -     $ -  
Unproved property acquisition     12       244  
Development     305       39  
Exploration     552       1,234  
                 
Total   $ 869     $ 1,517  
Schedule of Capitalized Costs Associated with Oil and Natural Gas Producing Activities

The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2019 and 2018:

 

    2019     2018  
    (in thousands)  
Oil and Natural Gas Properties:                
Unevaluated properties:                
Unproved leasehold costs   $ 3,741     $ 3,728  
Evaluated properties in full cost pool     89,113       88,764  
Less accumulated depreciation, depletion and amortization     (84,400 )     (83,729 )
                 
Net capitalized costs   $ 8,454     $ 8,763  
Schedule of Oil and Natural Gas Producing Activities

Presented below are the results of operations from oil and natural gas producing activities for the years ended December 31, 2019 and 2018:

 

    2019     2018  
    (in thousands)  
Oil and natural gas sales   $ 6,573     $ 5,539  
Lease operating expense     (1,848 )     (1,898 )
Production taxes     (429 )     (392 )
Depreciation, depletion and amortization     (671 )     (368 )
Impairment of oil and natural gas properties     -       -  
                 
Results of operations from oil and natural gas producing activities   $ 3,625     $ 2,881  
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, 2019 and 2018:

 

    2019     2018  
    Oil     Gas     Oil     Gas  
    (bbls)     (mcfe) (1)     (bbls)     (mcfe) (1)  
                         
Total proved reserves:                                
Reserve quantities, beginning of year     751,260       737,998       676,030       888,507  
Revisions of previous estimates     99,352       511,969       88,956       58,177  
Discoveries and extensions     72,907       101,892       61,277       78,007  
Sale of minerals in place     (5,924 )     (13,083 )     -       -  
Production     (110,090 )     (209,518 )     (75,003 )     (286,692 )
                                 
Reserve quantities, end of year     807,505       1,129,258       751,260       737,998  

 

  (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:

 

    2019     2018  
             
Oil per Bbl   $ 55.69     $ 65.56  
Gas per Mcfe (1)   $ 2.58     $ 3.10  

 

  (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, 2019 and 2018:

 

    2019     2018  
    (in thousands)  
Future cash inflows   $ 45,528     $ 49,457  
Future cash outflows:                
Production costs     (21,435 )     (23,648 )
Development costs     -       -  
Income taxes     (3,747 )     (4,341 )
                 
Future net cash flows     20,436       21,468  
10% annual discount factor     (9,998 )     (9,869 )
                 
Standardized measure of discounted future net cash flows   $ 10,348     $ 11,599  
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, 2019 and 2018 are as follows:

 

    2019     2018  
    (in thousands)  
Standardized measure, beginning of year   $ 11,599     $ 9,253  
Sales of oil and natural gas, net of production costs     (4,296 )     (3,235 )
Net changes in prices and production costs     (2,499 )     3,419  
Changes in estimated future development costs     -       -  
Extensions and discoveries     2,231       1,912  
Sale of minerals in place     (83 )     -  
Revisions in previous quantity estimates     2,130       761  
Previously estimated development costs incurred     -       -  
Net changes in income taxes     (299 )     (1,425 )
Accretion of discount     1,068       925  
Changes in timing and other     499       (11 )
                 
Standardized measure, end of year   $ 10,348     $ 11,599