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OIL AND NATURAL GAS PRODUCTION ACTIVITIES | 6 Months Ended
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Jun. 30, 2021
Oil And Natural Gas Production Activities |
OIL AND NATURAL GAS PRODUCTION ACTIVITIES | 6. OIL AND NATURAL GAS PRODUCTION ACTIVITIES Divestitures During the six months ended June 30, 2021, the Company sold approximately 12 net acres of undeveloped acreage in Midland County, Texas for approximately $30 thousand. There were no divestures of oil and natural gas producing properties during the six months ended June 30, 2020. Ceiling Test and Impairment The Company did not record a ceiling test write-write down of its oil and natural gas properties during the six months ended June 30, 2021. During the six months ended June 30, 2020, the Company recorded a ceiling test write down of $1.8 million. 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 June 30, 2021, the Company used $49.78 per barrel for oil and $2.43 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%.

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