Supplemental Information Relating to Oil and Gas Producing Activities (Unaudited) (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Extractive Industries [Abstract] |
|
| Schedule of Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development |
| |
|
Fiscal
Year Ended
December 31, 2018 |
|
|
Fiscal
Year Ended
December 31, 2017 |
|
| Property
acquisitions |
|
$ |
1,189,480 |
|
|
$ |
745,788 |
|
| Unevaluated |
|
|
— |
|
|
|
— |
|
| Evaluated |
|
|
— |
|
|
|
— |
|
| Exploration |
|
|
— |
|
|
|
— |
|
| Development |
|
|
— |
|
|
|
— |
|
| Total
costs incurred |
|
$ |
1,189,480 |
|
|
$ |
745,788 |
|
|
| Schedule of Capitalized Costs in Oil and Gas Property Acquisition, Exploration and Development |
Capitalized costs for unproved properties include costs for acquiring oil and gas leaseholds and geological and geophysical expenses
where no proved reserves have been identified.
| |
|
December
31, 2018 |
|
|
December
31, 2017 |
|
| Capitalized
costs: |
|
|
|
|
|
|
|
|
| Unevaluated
properties |
|
$ |
— |
|
|
$ |
— |
|
| Evaluated
properties |
|
|
11,342,028 |
|
|
|
13,837,800 |
|
| |
|
|
11,342,028 |
|
|
|
13,837,800 |
|
| Less:
Accumulated DD&A |
|
|
(475,208 |
) |
|
|
(1,068,795 |
) |
| Net
capitalized costs |
|
$ |
10,866,820 |
|
|
$ |
12,769,005 |
|
|
| Schedule of Proved Oil and Gas Reserves |
The
following table sets forth estimates of the proved oil and gas reserves (net of royalty interests) for the Company and changes
therein, for the periods indicated.
| |
|
Oil
(Bbls) |
|
| |
|
|
|
| December
31, 2016 |
|
|
2,227,240 |
|
| Revisions
of prior estimates |
|
|
(2,186,554 |
) |
| Purchases
of reserves in place |
|
|
1,600,935 |
|
| Production |
|
|
(3,421 |
) |
| December
31, 2017 |
|
|
1,638,200 |
|
| Revisions
of prior estimates |
|
|
181,678 |
|
| Purchases
of reserves in place |
|
|
320,865 |
|
| Disposition
of mineral in place |
|
|
(194,650 |
) |
| Production |
|
|
(51,913 |
) |
| December
31, 2018 |
|
|
1,894,180 |
|
|
| Schedule of Proved Developed and Undeveloped Reserves |
| |
|
December
31, 2018 |
|
|
December
31, 2017 |
|
| |
|
|
|
|
|
|
| Estimated
quantities of proved developed reserves – Oil (Bbls) |
|
|
1,773,800 |
|
|
|
1,598,010 |
|
| Estimated
quantities of proved undeveloped reserves – Oil (Bbls) |
|
|
120,380 |
|
|
|
40,190 |
|
The
following table sets forth estimates of the proved developed and proved undeveloped oil and gas reserves (net of royalty interests)
for the Company and changes therein, for the period indicates.
| Proved
developed producing and non-producing reserve |
|
|
Oil
(bbls) |
|
| December
31, 2017 |
|
|
1,598,010 |
|
| Acquired
reserves |
|
|
320,865 |
|
| Disposition
of reserves |
|
|
(194,650 |
) |
| Revision
of prior estimates |
|
|
101,488 |
|
| Production |
|
|
(51,913 |
) |
| December
31, 2018 |
|
|
1,773,800 |
|
| Proved
undeveloped reserves |
|
|
Oil
(bbls) |
|
| December
31, 2017 |
|
|
40,190 |
|
| Acquired
reserves |
|
|
— |
|
| Revisions
to prior estimates |
|
|
80,190 |
|
| December
31, 2018 |
|
|
120,380 |
|
|
| Schedule of Standardized Measure of Discounted Future Net Cash Flows |
The
following table sets forth the changes in standardized measure of discounted future net cash flows relating to proved oil and
gas reserves for the periods indicated.
| |
|
December
31, 2018 |
|
|
December
31, 2017 |
|
| |
|
|
|
|
|
|
| Future
cash inflows |
|
$ |
89,797,082 |
|
|
$ |
62,964,150 |
|
| Future
production costs |
|
|
(37,021,141 |
) |
|
|
(27,336,630 |
) |
| Future
development costs |
|
|
(2,394,081 |
) |
|
|
(1,491,500 |
) |
| Future
income taxes |
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Future
net cash flows |
|
|
50,381,861 |
|
|
|
34,136,020 |
|
| Discount
of future net cash flows at 10% per annum |
|
|
(26,743,136 |
) |
|
|
(17,530,040 |
) |
| |
|
|
|
|
|
|
|
|
| Standardized
measure of discounted future net cash flows |
|
$ |
23,638,725 |
|
|
$ |
16,605,980 |
|
|
| Schedule of Changes in Standardized Measure of Discounted Future Cash Flows |
Changes
in standardized measure of discounted future cash flows
| |
|
December
31, 2018 |
|
|
December
31, 2017 |
|
| |
|
|
|
|
|
|
| Beginning
of year |
|
$ |
16,605,980 |
|
|
$ |
13,564,480 |
|
| Sales
and transfers of oil & gas produced, net of production costs |
|
|
368,421 |
|
|
|
267,997 |
|
| Net
changes in prices and production costs |
|
|
4,178,977 |
|
|
|
1,967,068 |
|
| Changes
in estimated future development costs |
|
|
(5,742,027 |
) |
|
|
1,806,404 |
|
| Acquisitions/dispositions
of minerals in place, net of production costs |
|
|
1,544,720 |
|
|
|
7,645,722 |
|
| Revision
of previous estimates |
|
|
2,462,457 |
|
|
|
(19,654,723 |
) |
| Change
in discount |
|
|
286,849 |
|
|
|
732,656 |
|
| Change
in production rate or other |
|
|
3,933,348 |
|
|
|
10,276,376 |
|
| |
|
|
|
|
|
|
|
|
| End
of year |
|
$ |
23,638,725 |
|
|
$ |
16,605,980 |
|
|