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OIL AND NATURAL GAS PRODUCTION ACTIVITIES | 3 Months Ended
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Mar. 31, 2022
Extractive Industries [Abstract] |
OIL AND NATURAL GAS PRODUCTION ACTIVITIES | 5. OIL AND NATURAL GAS PRODUCTION ACTIVITIES Divestitures During the three months ended March 31, 2022, there were no divestitures of oil and gas properties. During the three months ended March 31, 2021, the Company sold approximately 12 acres of undeveloped acreage in Midland County, Texas for approximately $30 thousand. Ceiling Test and Impairment The Company did not record a ceiling test write-down of its oil and natural gas properties during the three months ended March 31, 2022 or 2021. 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 March 31, 2022, the Company used $75.24 per barrel for oil and $4.09 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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- 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 https://asc.fasb.org/subtopic&trid=2145654 + Details
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