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OIL AND NATURAL GAS PRODUCING ACTIVITIES | 12 Months Ended
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Dec. 31, 2021
Extractive Industries [Abstract] |
OIL AND NATURAL GAS PRODUCING ACTIVITIES | 6. OIL AND NATURAL GAS PRODUCING ACTIVITIES Divestitures During the year ended December 31, 2021, the Company divested an operated well in North Dakota for proceeds of $10 thousand and assumption of asset retirement obligations of $53 thousand. In addition, the Company sold approximately 12 acres of undeveloped acreage in Midland County, Texas for total proceeds of approximately $30 thousand. The proceeds from divestitures of $40 thousand were recorded as a reduction in full cost pool. There were no divestures of oil and natural gas producing properties during the year ended December 31, 2020. 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, 2021, the Company used $66.56 per barrel for oil and $3.60 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%. For the year ended December 31, 2021, the Company did not have a ceiling test write down of its oil and natural gas properties. During the year ended December 31, 2020, the Company recorded ceiling test write-downs of its oil and natural gas properties of $2.9 million 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, during the year ended December 31, 2020, the Company recorded a reclassification to the depletable base of the full cost pool of $2.1 million related to a reduction in value of certain acreage.

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- Definition The entire disclosure for properties used in normal conduct of oil and gas exploration and producing operations. This disclosure may include property accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 360 -URI http://asc.fasb.org/subtopic&trid=2145654 + Details
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