Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.20.4
LEASES (Tables)
12 Months Ended
Dec. 31, 2020
LEASES  
Schedule of future lease payments of operating lease and finance lease

    

2021

    

2022

    

2023

    

2024

    

2025

Operating lease payments (1)

$

909,035

$

186,127

$

178,377

$

164,527

$

164,527

Financing lease payments (2)

311,206

132,499

(1)

The weighted average discount rate as of December 31, 2020 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $108,195. The weighted average remaining term of operating leases was 3.0 years.

(2)

The weighted average discount rate as of December 31, 2020 for financing leases was 5.26%. Based on this rate, the future lease payments above include imputed interest of $21,538. The weighted average remaining term of financing leases was 1.42 years.

Schedule of lease cost

2020

 

Operating lease costs

$

1,196,373

Short term lease costs (1)

5,337,433

Financing lease costs:

Amortization of financing lease assets (2)

287,413

Interest on lease liabilities (3)

30,237

(1)

Amount included in Oil and gas production costs

(2)

Amount included in Depreciation, depletion and amortization

(3)

Amount included in Interest expense