Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.19.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2019
LEASES  
Schedule of future lease payments of operating lease and finance lease

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2019

    

2020

    

2021

    

2022

Operating lease payments (1)

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$

256,350

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$

42,725

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$

—

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$

—

Financing lease payments (2)

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115,783

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231,565

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231,565

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88,478

(1) The weighted average discount rate as of June 30, 2019 for operating leases was 5.01%. Based on this rate, the future lease payments above include imputed interest of $4,980.
(2) The weighted average discount rate as of June 30, 2019 for financing leases was 5.28%. Based on this rate, the future lease payments above included imputed interest of $53,710.

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Schedule of lease cost

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2019

Operating lease costs

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$

256,350

Short term lease costs (1)

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307,518

Financing lease costs:

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Amortization of financing lease assets (2)

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25,956

Interest on lease liabilities (3)

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4,029

(1) Amount included in Oil and gas production costs
(2) Amount included in Depreciation, depletion and amortization
(3) Amount included in Interest expense