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OIL AND NATURAL GAS PROPERTIES (Tables)
12 Months Ended
Dec. 31, 2021
OIL AND NATURAL GAS PROPERTIES  
Schedule of oil and natural gas properties

Oil and natural gas properties as of December 31, 2021 and 2020 consisted of the following (in thousands):

    

December 31, 2021

December 31, 2020

Subject to depletion

$

569,886

$

509,274

Not subject to depletion:

Exploration and extension wells in progress

Other capital costs:

  

Incurred in 2021

1,427

Incurred in 2020

983

983

Incurred in 2019(1)

61,895

74,511

Incurred in 2018 and prior

Total not subject to depletion

64,305

75,494

Gross oil and natural gas properties

634,191

584,768

Less accumulated depletion

(339,776)

(295,163)

Net oil and natural gas properties

$

294,415

$

289,605

(1)In 2019, with the adoption of fresh-start accounting, the Company’s unevaluated properties were recorded at fair value.
Schedule of the Company's Oil and Natural Gas prices used in the calculation of the ceiling test value of the Company's reserves

    

West Texas
Intermediate
(per barrel) (1)

    

Henry Hub
(per MMBtu) (1)

December 31, 2021

$

66.55

$

3.60

December 31, 2020

39.54

1.99

(1)Unweighted average of the first day of the 12-months ended spot price, adjusted by lease or field for quality, transportation fees, and regional price differentials.