Subsequent Events	3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS Decline in crude oil prices Beginning in early March 2020 and continuing through May 6, 2020, the NYMEX WTI crude oil price has decreased significantly. Currently, we do not have any commodity derivative contracts in place to mitigate the effect of lower commodity prices on our revenues. Lower oil and natural gas prices not only decrease our revenues, but an extended decline in oil or gas prices may materially and adversely affect our future business, financial position, cash flows, results of operations, liquidity, ability to finance planned capital expenditures and the oil and natural gas reserves that we can economically produce. Lower crude prices could also affect the realizability of the Company’s oil and gas properties. In the calculation of the ceiling test as of March 31, 2020, the Company used $55.77 per barrel for oil and $2.30 per mcf for natural gas (as further adjusted for differentials related to property, specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company’s producing properties. The discount factor used was 10%. These prices represent the average of first day of the month prices for oil and natural gas for each month in the twelve-month period ended March 31, 2020. If current depressed prices continue, it is likely that the Company will experience ceiling test write-downs in 2020 as higher prices from last year and the first three months of 2020 used in the calculation of the average price are replaced with current lower pricing. To determine the possible effect of lower prices on the ceiling test, the Company re-ran the reserves as of March 31, 2020 using the May 6, 2020 forward strip price as further adjusted for differentials. As of May 6, 2020, the WTI front month price for crude oil was $23.82 and the 12-month strip price was $29.21. The Company determined that by using the forward strip prices the Company would have incurred a ceiling test write-down of approximately $1.0 million as of March 31, 2020. COVID-19 In early March 2020, there was a global outbreak of COVID-19 that has resulted in changes in global supply and demand of certain mineral and energy products including crude oil. These changes, including a potential economic downturn and any potential resulting direct and indirect negative impact to the Company cannot be determined, but they could have a prospective material impact to the Company’s operations, cash flows, and liquidity.

Subsequent Events

3 Months Ended

Mar. 31, 2020

16. SUBSEQUENT EVENTS

Decline in crude oil prices

Beginning in early March 2020 and continuing through May 6, 2020, the NYMEX WTI crude oil price has decreased significantly. Currently, we do not have any commodity derivative contracts in place to mitigate the effect of lower commodity prices on our revenues. Lower oil and natural gas prices not only decrease our revenues, but an extended decline in oil or gas prices may materially and adversely affect our future business, financial position, cash flows, results of operations, liquidity, ability to finance planned capital expenditures and the oil and natural gas reserves that we can economically produce.

Lower crude prices could also affect the realizability of the Company’s oil and gas properties. In the calculation of the ceiling test as of March 31, 2020, the Company used $55.77 per barrel for oil and $2.30 per mcf for natural gas (as further adjusted for differentials related to property, specific gravity, quality, local markets and distance from markets) to compute the future cash flows of the Company’s producing properties. The discount factor used was 10%. These prices represent the average of first day of the month prices for oil and natural gas for each month in the twelve-month period ended March 31, 2020. If current depressed prices continue, it is likely that the Company will experience ceiling test write-downs in 2020 as higher prices from last year and the first three months of 2020 used in the calculation of the average price are replaced with current lower pricing. To determine the possible effect of lower prices on the ceiling test, the Company re-ran the reserves as of March 31, 2020 using the May 6, 2020 forward strip price as further adjusted for differentials. As of May 6, 2020, the WTI front month price for crude oil was $23.82 and the 12-month strip price was $29.21. The Company determined that by using the forward strip prices the Company would have incurred a ceiling test write-down of approximately $1.0 million as of March 31, 2020.

COVID-19

In early March 2020, there was a global outbreak of COVID-19 that has resulted in changes in global supply and demand of certain mineral and energy products including crude oil. These changes, including a potential economic downturn and any potential resulting direct and indirect negative impact to the Company cannot be determined, but they could have a prospective material impact to the Company’s operations, cash flows, and liquidity.