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SUPPLEMENTAL OIL AND NATURAL GAS INFORMATION (UNAUDITED) (Tables) | 12 Months Ended
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Dec. 31, 2022
Extractive Industries [Abstract] |
SCHEDULE OF COSTS INCURRED IN CRUDE OIL AND NATURAL GAS ACQUISITIONS, EXPLORATION AND DEVELOMENT ACTIVITIES | The capitalized costs incurred in crude oil and natural gas acquisitions, exploration and development activities for the years ended December 31, 2022 and 2021 are provided in the table below: SCHEDULE OF COSTS INCURRED IN CRUDE OIL AND NATURAL GAS ACQUISITIONS, EXPLORATION AND DEVELOMENT ACTIVITIES
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Proved property acquisition |  | $ | 102,223 |  |  | $ | 46 |
Unproved property acquisition |  |  | - |  |  |  | 5 |
Development |  |  | 7,808 |  |  |  | 1,519 |
Exploration |  |  | - |  |  |  | - |
Total |  | $ | 110,031 |  |  | $ | 1,570 |
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, 2022 and 2021: SCHEDULE OF CAPITALIZED COSTS ASSOCIATED WITH OIL AND NATURAL GAS PRODUCING ACTIVITIES
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Oil and Natural Gas Properties: |  |  |  |  |  |  |  |
Unevaluated properties: |  |  |  |  |  |  |  |
Unproved leasehold costs |  | $ | 1,584 |  |  | $ | 1,588 |
Evaluated properties in full cost pool |  |  | 203,144 |  |  |  | 95,088 |
Less accumulated depletion and ceiling test impairment |  |  | (96,725 | ) |  |  | (88,195 | )
Net capitalized costs |  | $ | 108,003 |  |  | $ | 8,481 |
SCHEDULE OF OIL AND NATURAL GAS PRODUCING ACTIVITIES | SCHEDULE OF OIL AND NATURAL GAS PRODUCING ACTIVITIES
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Oil and natural gas sales |  | $ | 44,552 |  |  | $ | 6,658 |
Lease operating expense |  |  | (17,240 | ) |  |  | (2,421 | )
Production taxes |  |  | (3,010 | ) |  |  | (471 | )
Depletion |  |  | (8,530 | ) |  |  | (487 | )
Income tax benefit |  |  | 1,893 |  |  |  | - |
Results of operations from oil and natural gas producing activities |  | $ | 17,665 |  |  | $ | 3,279 |
SCHEDULE OF PROVED OIL AND RESERVES 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, 2022 and 2021: SCHEDULE OF PROVED OIL AND RESERVES AND GAS RESERVES AND CHANGES IN NET PROVED RESERVES
|  | 2022 |  |  | 2021 |
|  | Oil |  |  | Gas |  |  | Oil |  |  | Gas |
|  | (bbls) |  |  | (mcfe) (1) |  |  | (bbls) |  |  | (mcfe) (1) |
Total proved reserves: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve quantities, beginning of year |  |  | 1,021,620 |  |  |  | 1,938,048 |  |  |  | 975,745 |  |  |  | 1,676,948 |
Revisions of previous estimates |  |  | (153,434 | ) |  |  | 4,066,007 |  |  |  | 128,232 |  |  |  | 437,757 |
Discoveries and extensions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Purchases of minerals in place |  |  | 4,777,193 |  |  |  | 11,753,283 |  |  |  | 11,365 |  |  |  | - |
Sale of minerals in place |  |  | (108,833 | ) |  |  | (64,338 | ) |  |  | - |  |  |  | - |
Production |  |  | (396,456 | ) |  |  | (1,344,736 | ) |  |  | (93,722 | ) |  |  | (176,657 | )
Reserve quantities, end of year |  |  | 5,140,090 |  |  |  | 16,348,264 |  |  |  | 1,021,620 |  |  |  | 1,938,048 |
| (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
|  | 2022 |  |  | 2021 |
Oil per Bbl |  | $ | 93.67 |  |  | $ | 66.56 |
Gas per Mcfe (1) |  | $ | 6.36 |  |  | $ | 3.60 |
| (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, 2022 and 2021: SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Future cash inflows |  | $ | 562,545 |  |  | $ | 76,041 |
Future cash outflows: |  |  |  |  |  |  |  |
Production costs |  |  | (227,365 | ) |  |  | (40,350 | )
Development costs |  |  | (12,716 | ) |  |  | - |
Income taxes |  |  | (48,833 | ) |  |  | (2,818 | )
Future net cash flows |  |  | 273,631 |  |  |  | 32,873 |
10% annual discount factor |  |  | (129,843 | ) |  |  | (13,706 | )
Standardized measure of discounted future net cash flows |  | $ | 143,788 |  |  | $ | 19,167 |
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, 2022 and 2021 are as follows: SCHEDULE OF STANDARDIZED MEASURE OF FUTURE NET CASH FLOWS
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Standardized measure, beginning of year |  | $ | 19,167 |  |  | $ | 8,586 |
Sales of oil and natural gas, net of production costs |  |  | (24,302 | ) |  |  | (3,766 | )
Net changes in prices and production costs |  |  | 52,053 |  |  |  | 11,675 |
Changes in estimated future development costs |  |  | (2,860 | ) |  |  | 302 |
Extensions and discoveries |  |  | - |  |  |  | - |
Purchases of minerals in place |  |  | 116,673 |  |  |  | 216 |
Sale of minerals in place |  |  | (1,606 | ) |  |  | - |
Revisions in previous quantity estimates |  |  | 12,662 |  |  |  | 3,080 |
Previously estimated development costs incurred |  |  | - |  |  |  | (302 | )
Net changes in income taxes |  |  | (27,021 | ) |  |  | (1,389 | )
Accretion of discount |  |  | 10,170 |  |  |  | 674 |
Changes in timing and other |  |  | (11,148 | ) |  |  | 91 |
Standardized measure, end of year |  | $ | 143,788 |  |  | $ | 19,167 |

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- Definition Tabular disclosure of the net quantities of an enterprise's interests in proved developed and undeveloped reserves of (a) crude oil (including condensate and natural gas liquids), (b) natural gas (including coal bed methane), (c) synthetic oil, (d) synthetic gas, and (e) other nonrenewable natural resources that are intended to be upgraded during the period as of the beginning of the period, changes in quantities during the period, and as of the end of the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Form 20-F -Section Item 18 -Subsection Instruction 2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61884-109447 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61858-109447 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61872-109447 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61831-109447 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61797-109447 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 932 -SubTopic 235 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126939881&loc=d3e61869-109447 + Details
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