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OIL AND NATURAL GAS PRODUCING ACTIVITIES | 12 Months Ended
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Dec. 31, 2022
Extractive Industries [Abstract] |
OIL AND NATURAL GAS PRODUCING ACTIVITIES | 5. OIL AND NATURAL GAS PRODUCING ACTIVITIES Divestitures During year ended December 31, 2022, the Company divested of the Wildhorse Waterflood Unit in Osage County, Oklahoma, which was included in the assets acquired on January 5, 2022. Net proceeds from sale of the waterflood unit were $1.2 million. In addition, the Company sold its approximately 30% interest in two non-operated wells in Zavala County, Texas and associated acreage of approximately 4,500 acres for $1.1 million. During the year ended December 31, 2021, the Company divested an operated well in North Dakota for proceeds of $10 thousand and sold approximately 12 acres of undeveloped acreage in Midland County, Texas for total proceeds of approximately $30 thousand. The proceeds from divestitures are recorded as reductions in the full cost pool. 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, 2022, the Company used $93.67 per barrel for oil and $6.36 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 years ended December 31, 2022, and 2021, the Company did not record ceiling test write downs of its oil and natural gas properties.

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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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