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

12 Months Ended

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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