Annual report pursuant to Section 13 and 15(d)

OIL AND NATURAL GAS PRODUCING ACTIVITIES

v3.20.4
OIL AND NATURAL GAS PRODUCING ACTIVITIES
12 Months Ended
Dec. 31, 2020
OIL AND NATURAL GAS PRODUCING ACTIVITIES  
OIL AND NATURAL GAS PRODUCING ACTIVITIES

NOTE 7 – OIL AND NATURAL GAS PRODUCING ACTIVITIES

Set forth below is certain information regarding the aggregate capitalized costs of oil and natural gas properties and costs incurred by the Company for its oil and natural gas property acquisitions, development and exploration activities:

As of December 31, 

    

2020

    

2019

Proved oil and natural gas properties

$

836,514,815

$

1,083,966,135

Financing lease asset subject to depreciation

858,513

858,513

Fixed assets subject to depreciation

 

1,520,890

 

1,465,551

Total capitalized costs

 

838,894,218

 

1,086,290,199

Accumulated depletion, depreciation and amortization

 

(200,111,658)

 

(157,074,044)

Net Capitalized Costs

$

638,782,560

$

929,216,155

Net Costs Incurred in Oil and Gas Producing Activities

For the years Ended December 31, 

    

2020

    

2019

Payments for the Wishbone Acquisition

$

$

276,061,594

Payments to purchase oil and natural gas properties

 

1,317,313

 

3,400,411

Proceeds from divestiture of oil and natural gas properties

(8,547,074)

Payments to develop oil and natural gas properties

42,457,745

152,125,320

Payments to acquire or improve fixed assets subject to depreciation

55,339

Total Net Costs Incurred

$

43,830,397

$

423,040,251