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SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2021

Extractive Industries [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, 2021 and 2020 are provided in the table below:

 SCHEDULE OF COSTS INCURRED IN CRUDE OIL AND NATURAL GAS ACQUISITIONS, EXPLORATION AND DEVELOPMENT ACTIVITIES

		2021				2020
		(in thousands)
Proved property acquisition		$	46			$	1,851
Unproved property acquisition			5				-
Development			1,519				441
Exploration			-				-
Total		$	1,570			$	2,292

SCHEDULE OF CAPITALIZED COSTS ASSOCIATED WITH OIL AND NATURAL GAS PRODUCING ACTIVITIES

The following table presents the Company’s capitalized costs associated with oil and natural gas producing activities as of December 31, 2021 and 2020:

SCHEDULE OF CAPITALIZED COSTS ASSOCIATED WITH OIL AND NATURAL GAS PRODUCING ACTIVITIES 

		2021				2020
		(in thousands)
Oil and Natural Gas Properties:
Unevaluated properties:
Unproved leasehold costs		$	1,588			$	1,597
Evaluated properties in full cost pool			95,088				93,549
Less accumulated depletion and ceiling test impairment			(88,195	)			(87,708	)
Net capitalized costs		$	8,481			$	7,438

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, 2021 and 2020:

 SCHEDULE OF OIL AND NATURAL GAS PRODUCING ACTIVITIES

		2021				2020
		(in thousands)
Oil and natural gas sales		$	6,658			$	2,330
Lease operating expense			(2,421	)			(1,535	)
Production taxes			(471	)			(168	)
Depletion and amortization			(487	)			(356	)
Impairment of oil and natural gas properties			-				(2,943	)
Results of operations from oil and natural gas producing activities		$	3,279			$	(2,672	)

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, 2021 and 2020:

 SCHEDULE OF PROVED OIL AND GAS RESERVES AND CHANGES IN NET PROVED RESERVES

		(bbls)				(mcfe) (1)				(bbls)				(mcfe) (1)
		2021								2020
		Oil				Gas				Oil				Gas
		(bbls)				(mcfe) (1)				(bbls)				(mcfe) (1)
Total proved reserves:
Reserve quantities, beginning of year			975,745				1,676,948				807,505				1,129,258
Revisions of previous estimates			128,232				437,757				(248,770	)			(22,895	)
Discoveries and extensions			-				-				-				-
Purchases of minerals in place			11,365				-				477,479				686,670
Sale of minerals in place			-				-				-				-
Production			(93,722	)			(176,657	)			(60,469	)			(116,085	)
Reserve quantities, end of year			1,021,620				1,938,048				975,745				1,676,948

⁽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

 SCHEDULE OF PRICES AS ADJUSTED FOR TRANSPORTATION, QUALITY

		2021				2020
Oil per Bbl		$	66.56			$	39.57
Gas per Mcfe (1)		$	3.60			$	1.99

⁽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, 2021 and 2020:

 SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS

		2021				2020
		(in thousands)
Future cash inflows		$	76,041			$	39,090
Future cash outflows:
Production costs			(40,350	)			(24,189	)
Development costs			-				(302	)
Income taxes			(2,818	)			(142	)
Future net cash flows			32,873				14,457
10% annual discount factor			(13,706	)			(5,871	)
Standardized measure of discounted future net cash flows		$	19,167			$	8,586

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, 2021 and 2020 are as follows:

 SCHEDULE OF STANDARDIZED MEASURE OF FUTURE NET CASH FLOWS

		2021				2020
		(in thousands)
Standardized measure, beginning of year		$	8,586			$	10,348
Sales of oil and natural gas, net of production costs			(3,766	)			(627	)
Net changes in prices and production costs			11,675				(8,487	)
Changes in estimated future development costs			302				(302	)
Extensions and discoveries			-				-
Purchases of minerals in place			216				5,841
Sale of minerals in place			-				-
Revisions in previous quantity estimates			3,080				(1,148	)
Previously estimated development costs incurred			(302	)			-
Net changes in income taxes			(1,389	)			1,649
Accretion of discount			674				855
Changes in timing and other			91				457
Standardized measure, end of year		$	19,167			$	8,586

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