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LEASES | 12 Months Ended
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Dec. 31, 2022
Leases |
LEASES | 4. LEASES During the year ended December 31, 2022, the Company acquired right-of-use assets and operating lease liabilities of $953 thousand associated with entering into a non-cancellable, long-term lease agreement for office space in Houston, Texas. The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value under the following captions in the consolidated balance sheets at December 31, 2022 and 2021: SCHEDULE OF CONSOLIDATED BALANCE SHEET
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Right of use asset |  |  |  |  |  |  |  |
Operating lease |  | $ | 868 |  |  | $ | 120 |
Lease liability |  |  |  |  |  |  |  |
Short-term operating lease |  |  | 189 |  |  |  | 114 |
Long-term operating lease |  |  | 794 |  |  |  | 19 |
Total operating leases |  | $ | 983 |  |  | $ | 133 |
The Company recognizes lease expense on a straight-line basis excluding short-term and variable lease payments, which are recognized as incurred. Short-term lease cost represents payments for office leases with original terms less than one year. Beginning in March 2020, the Company subleased its Denver, Colorado office and recognizes sublease income as a reduction of rent expense. The term of the sublease is through the term of the Company’s Denver office lease, which terminates in January 2023. Following are the amounts recognized as components of rental expense for the years ended December 31, 2022 and 2021: SCHEDULE OF LEASE COSTS
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Operating lease cost |  | $ | 246 |  |  |  | 125 |
Short-term lease cost |  |  | 560 |  |  |  | 9 |
Sublease income |  |  | (71 | ) |  |  | (64 | )
Total lease costs |  | $ | 735 |  |  | $ | 70 |
The Houston operating lease commenced in May 2022 and is for a term of 67 months. The lease contains a seven-month rent abatement period. The base rent under the lease escalates $0.50 per square foot each twelve-month period during the term of the lease. In addition, the Company is responsible for its share of operating expenses and tax expenses as defined in the lease. Short-term lease cost is associated with short-term lease agreements primarily related to compressors and field equipment rentals contracted for 12 months or less. The Company’s Denver and Houston office operating leases do not contain implicit interest rates that can be readily determined; therefore, the Company used the incremental borrowing rates in effect at the time the Company entered into the leases. SCHEDULE OF WEIGHTED AVERAGE LEASE
|  | As of December 31, |
|  | 2022 |  |  | 2021 |
Weighted average lease term (years) |  |  | 4.8 |  |  |  | 1.1 |
Weighted average discount rate |  |  | 4.34 | % |  |  | 9.26 | %
Maturity of operating lease liabilities with terms of one year or more as of December 31, 2022 are presented in the following table: SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS
|  | December 31, 2022 |
|  | (in thousands) |
2023 |  |  | 225 |
2024 |  |  | 213 |
2025 |  |  | 218 |
2026 |  |  | 224 |
2027 |  |  | 209 |
Total lease payments |  | $ | 1,089 |
Less: imputed interest |  |  | (106 | )
Total lease liability |  | $ | 983 |
In August 2021, the Company sold a 14-acre tract in Riverton, Wyoming with a two-story, 30,400 square foot office building for $440 thousand and recognized a $151 thousand loss. The Company recognized net rental property income of $8 thousand related to the Riverton, Wyoming office building for the year ended December 31, 2021.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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