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Oil and Natural Gas Producing Activities | 12 Months Ended
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Dec. 31, 2020
Oil and Gas Property [Abstract] |
Oil and Natural Gas Producing Activities | 6. OIL AND NATURAL GAS PRODUCING ACTIVITIES Divestitures There were no divestures of oil and natural gas producing properties during the year ended December 31, 2020. In December 2019, the Company completed the sale of its interest in four Texas wells for $75 thousand in cash and the assumption of $130 thousand of asset retirement obligations associated with the wells. The total was recorded as a reduction in the balance of the full cost pool. Ceiling Test and Impairment The reserves used in the ceiling test incorporate assumptions regarding pricing and discount rates over which management has no influence in the determination of present value. In the calculation of the ceiling test as of December 31, 2020, the Company used $39.57 per barrel for oil and $1.99 per one million British Thermal Units (MMbtu) for natural gas (as further adjusted for 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%. The Company recorded ceiling test write-downs of its oil and natural gas properties of $2.9 million during the year ended December 31, 2020, due to a reduction in the value of proved oil and natural gas reserves, primarily as a result of a decrease in crude oil prices and the performance of a South Texas well drilled in the prior year. In addition, the Company evaluated its unevaluated property and recorded a reclassification to the depletable base of the full cost pool of $2.1 million during the year ended December 31, 2020, related to a reduction in value of certain of its acreage.

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