Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS (Tables)

v3.20.4
ACQUISITIONS (Tables)
12 Months Ended
Dec. 31, 2020
ACQUISITIONS  
Schedule of revenues and direct operating costs associated with the acquired properties

The revenues and direct operating costs associated with the acquired properties included in our financial statements for the year ended December 31, 2019 are as follows:

Revenue

    

$

105,102,038

Oil and natural gas production costs

 

17,037,228

Oil and natural gas production taxes

 

4,646,660

Total direct costs (1)

 

21,683,888

Earnings from the Acquired properties

$

83,418,150

(1) This includes only oil and natural gas production costs and oil and natural gas production taxes and does not give account to depreciation, depletion and amortization, accretion of asset retirement obligation, general and administrative expense, interest expense or any other cost that cannot be directly correlated to the Acquisition.
Schedule of business acquisition pro forma information

For the years ended December 31,

    

2019

    

2018

Oil and Natural Gas Revenues

$

202,368,245

$

196,385,905

Net Income

$

29,556,993

$

29,105,827

Basic Earnings per Share

$

0.44

$

0.49

Diluted Earnings per Share

$

0.44

$

0.48

Oil and Natural Gas Assets in Andrews County  
ACQUISITIONS  
Schedule of fair values of the assets acquired and the liabilities assumed

Assets acquired

    

  

Proved oil and natural gas properties

$

13,775,807

Liabilities assumed

 

  

Asset retirement obligations

 

(2,571,549)

Total Identifiable Net Assets

$

11,204,258

Wishbone Acquisition  
ACQUISITIONS  
Schedule of fair values of the assets acquired and the liabilities assumed

Assets acquired:

    

Proved oil and natural gas properties

$

305,004,775

Joint interest billing receivable

1,464,394

Prepaid assets

2,864,554

Liabilities assumed

Accounts and revenues payable

(1,234,861)

Asset retirement obligations

(3,705,941)

Total Identifiable Net Assets

$

304,392,921