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Supplemental Oil and Natural Gas Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020 and 2019 are provided in the table below:

 

    2020     2019  
    (in thousands)  
Proved property acquisition   $ 1,851     $ -  
Unproved property acquisition     -       12  
Development     441       305  
Exploration     -       552  
                 
Total   $ 2,292     $ 869  
Schedule of Capitalized Costs Associated with Oil and Natural Gas Producing Activities

Capitalized Costs

 

The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2020 and 2019:

 

    2020     2019  
    (in thousands)  
Oil and Natural Gas Properties:                
Unevaluated properties:                
Unproved leasehold costs   $ 1,597     $ 3,741  
Evaluated properties in full cost pool     93,549       89,113  
Less accumulated depletion and ceiling test impairment     (87,700 )     (84,400 )
                 
Net capitalized costs   $ (87,708 )   $ 8,454  
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, 2020 and 2019:

 

    2020     2019  
    (in thousands)  
Oil and natural gas sales   $ 2,330     $ 6,573  
Lease operating expense     (1,535 )     (1,848 )
Production taxes     (168 )     (429 )
Depletion and amortization     (356 )     (671 )
Impairment of oil and natural gas properties     (2,943 )     -  
                 
Results of operations from oil and natural gas producing activities   $ (2,672 )   $ 3,625  
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, 2020 and 2019:

 

    2020     2019  
    Oil     Gas     Oil     Gas  
    (bbls)     (mcfe) (1)     (bbls)     (mcfe) (1)  
                         
Total proved reserves:                                
Reserve quantities, beginning of year     807,505       1,129,258       751,260       737,998  
Revisions of previous estimates     (248,770 )     (22,895 )     99,352       511,969  
Discoveries and extensions     -       -       72,907       101,892  
Purchases of minerals in place     477,479       686,670                  
Sale of minerals in place     -       -       (5,924 )     (13,083 )
Production     (60,469 )     (116,085 )     (110,090 )     (209,518 )
                                 
Reserve quantities, end of year     975,745       1,676,948       807,505       1,129,258  

 

  (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:

 

    2020     2019  
             
Oil per Bbl   $ 39.57     $ 55.69  
Gas per Mcfe (1)   $ 1.99     $ 2.58  

 

  (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, 2020 and 2019:

 

    2020     2019  
    (in thousands)  
Future cash inflows   $ 39,090     $ 45,528  
Future cash outflows:                
Production costs     (24,189 )     (21,435 )
Development costs     (302 )     -  
Income taxes     (142 )     (3,747 )
                 
Future net cash flows     14,457       20,436  
10% annual discount factor     (5,871 )     (9,998 )
                 
Standardized measure of discounted future net cash flows   $ 8,586     $ 10,348  
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, 2020 and 2019 are as follows:

 

    2020     2019  
    (in thousands)  
Standardized measure, beginning of year   $ 10,348     $ 11,599  
Sales of oil and natural gas, net of production costs     (627 )     (4,296 )
Net changes in prices and production costs     (8,487 )     (2,499 )
Changes in estimated future development costs     (302 )     -  
Extensions and discoveries     -       2,231  
Purchases of minerals in place     5,841       -  
Sale of minerals in place     -       (83 )
Revisions in previous quantity estimates     (1,148 )     2,130  
Previously estimated development costs incurred     -       -  
Net changes in income taxes     1,649       (299 )
Accretion of discount     855       1,068  
Changes in timing and other     457       497  
                 
Standardized measure, end of year   $ 8,586     $ 10,348