SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Extractive Industries [Abstract] |
|
| SCHEDULE OF COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION AND DEVELOPMENT |
SCHEDULE OF COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION AND DEVELOPMENT
| |
|
|
1 |
|
|
|
1 |
|
| |
|
Fiscal Year Ended
December 31,
2020
|
|
|
Fiscal Year Ended
December 31,
2019
|
|
| Property acquisitions |
|
$ |
678,765 |
|
|
$ |
— |
|
| Unevaluated |
|
|
— |
|
|
|
— |
|
| Evaluated |
|
|
— |
|
|
|
— |
|
| Exploration |
|
|
— |
|
|
|
— |
|
| Development |
|
|
— |
|
|
|
— |
|
| Total costs incurred |
|
$ |
678,765 |
|
|
$ |
— |
|
|
| SCHEDULE OF CAPITALIZED COSTS IN OIL AND GAS PROPERTY ACQUISITION, EXPLORATION AND DEVELOPMENT |
Capitalized
costs include the cost of properties, equipment and facilities for oil and natural-gas producing activities, excluding any asset retirement
obligations. Capitalized costs for proved properties include costs for oil and natural-gas leaseholds where proved reserves have been
identified, development wells, and related equipment and facilities, including development wells in progress. 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.
SCHEDULE OF CAPITALIZED COSTS IN OIL AND GAS PROPERTY ACQUISITION,
EXPLORATION AND DEVELOPMENT
|
|
|
1 |
|
|
|
1 |
|
| |
|
December 31,
2020
|
|
|
December 31,
2019
|
|
| Capitalized costs: |
|
|
|
|
|
|
|
|
| Unevaluated properties |
|
$ |
— |
|
|
$ |
— |
|
| Evaluated properties |
|
|
6,456,367 |
|
|
|
11,400,285 |
|
| Gross capitalized costs |
|
|
6,456,367 |
|
|
|
11,400,284 |
|
| Less: Accumulated DD&A |
|
|
(2,693,300 |
) |
|
|
(1,520,527 |
) |
| Net capitalized costs |
|
$ |
3,763,067 |
|
|
$ |
9,879,758 |
|
|
| 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.
SCHEDULE OF PROVED OIL AND GAS RESERVES
| |
|
Oil (Bbls) |
|
| |
|
|
|
| December 31, 2018 |
|
|
1,894,180 |
|
| Revisions of prior estimates |
|
|
(11,217 |
) |
| Purchases of reserves in place |
|
|
— |
|
| Disposition of mineral in place |
|
|
— |
|
| Production |
|
|
(82,506 |
) |
| December 31, 2019 |
|
|
1,800,457 |
|
| Revisions of prior estimates |
|
|
(860,450 |
) |
| Purchases of reserves in place |
|
|
466,800 |
|
| Disposition of mineral in place |
|
|
— |
|
| Production |
|
|
(95,135 |
) |
| December 31, 2020 |
|
|
1,311,672 |
|
|
| SCHEDULE OF PROVED DEVELOPED AND UNDEVELOPED RESERVES |
SCHEDULE OF PROVED DEVELOPED AND UNDEVELOPED RESERVES
| |
|
December 31,
2020
|
|
|
December 31,
2019
|
|
| |
|
|
|
|
|
|
| Estimated quantities of proved developed reserves – Oil (Bbls) |
|
|
1,245,512 |
|
|
|
1,668,437 |
|
| Estimated quantities of proved undeveloped reserves – Oil (Bbls) |
|
|
66,160 |
|
|
|
112,020 |
|
Proved
developed and proved undeveloped reserves decreased from December 31, 2019 to December 31, 2020, primarily due the forfeiture of wells
in New Mexico, production and revision of prior estimates, partially offset by the acquisition of the Canadian Properties.
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, 2019 |
|
|
1,688,439 |
|
| Acquired reserves |
|
|
466,800 |
|
| Disposition of reserves |
|
|
— |
|
| Revision of prior estimates |
|
|
(827,234 |
) |
| Production |
|
|
(95,135 |
) |
| December 31, 2020 |
|
|
1,245,512 |
|
| Proved undeveloped reserves |
|
Oil (bbls) |
|
| December 31, 2019 |
|
|
112,020 |
|
| Acquired reserves |
|
|
|
|
| Revisions to prior estimates |
|
|
(45,860 |
) |
| December 31, 2020 |
|
|
66,160 |
|
|
| 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.
SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS
| |
|
|
1 |
|
|
|
2 |
|
| |
|
December 31,
2020 |
|
|
December 31,
2019 |
|
| |
|
|
|
|
|
|
| Future cash inflows |
|
$ |
47,647,500 |
|
|
$ |
95,308,120 |
|
| Future production costs |
|
|
(25,203,830 |
) |
|
|
(30,349,800 |
) |
| Future development costs |
|
|
(2,148,510 |
) |
|
|
(2,051,730 |
) |
| Future income taxes |
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
| Future net cash flows |
|
|
20,295,160 |
|
|
|
62,906,590 |
|
| Discount of future net cash flows at 10% per annum |
|
|
(12,339,240 |
) |
|
|
(37,081,860 |
) |
| |
|
|
|
|
|
|
|
|
| Standardized measure of discounted future net cash flows |
|
$ |
7,956,920 |
|
|
$ |
25,824,730 |
|
|
| SCHEDULE OF CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE CASH FLOWS |
Changes
in standardized measure of discounted future cash flows
SCHEDULE OF CHANGES IN STANDARDIZED MEASURE OF DISCOUNTED FUTURE CASH FLOWS
| |
|
|
1 |
|
|
|
2 |
|
| |
|
December 31,
2020
|
|
|
December 31,
2019
|
|
| |
|
|
|
|
|
|
| Beginning of year |
|
$ |
25,824,730 |
|
|
$ |
23,638,725 |
|
| Sales and transfers of oil & gas produced, net of production costs |
|
|
(735,300 |
) |
|
|
(1,514,335 |
) |
| Net changes in prices and production costs |
|
|
(249,508 |
) |
|
|
5,780,704 |
|
| Changes in estimated future development costs |
|
|
96,780 |
|
|
|
(676,141 |
) |
| Acquisitions/dispositions of minerals in place, net of production costs |
|
|
— |
|
|
|
— |
|
| Revision of previous estimates |
|
|
(14,938,598 |
) |
|
|
(878,772 |
) |
| Change in discount |
|
|
436,490 |
|
|
|
1,386,793 |
|
| Change in production rate or other |
|
|
(2,477,674 |
) |
|
|
(1,912,244 |
) |
| |
|
|
|
|
|
|
|
|
| End of year |
|
$ |
7,956,920 |
|
|
$ |
25,824,730 |
|
|