ACQUISITIONS - The fair values of the assets acquired and the liabilities assumed (Details) - USD ($) |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Assets acquired | |||
| Joint interest billing receivable | $ 0 | $ 1,464,394 | $ 0 |
| Prepaid assets | 0 | 2,864,554 | 0 |
| Liabilities assumed | |||
| Accounts and revenues payable | 0 | (1,234,861) | 0 |
| Asset retirement obligation incurred through acquisition | 0 | $ (3,705,941) | $ 0 |
| Wishbone Acquisition | |||
| Assets acquired | |||
| Proved oil and 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 obligation incurred through acquisition | (3,705,941) | ||
| Total Identifiable Net Assets | $ 304,392,921 |
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- Definition This represents asset retirement obligations. No definition available.
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities incurred for goods and services received that are used in an entity's business and related party payables, assumed at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount recognized as of the acquisition date for the identifiable assets acquired in excess of (less than) the aggregate liabilities assumed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Portion of accounts receivable attributable to joint interest partners in oil and gas properties. These are billings to the non-operators associated with the operation of wells and are based on those owners' working interests in the wells. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Oil and Gas properties with proved reserves under the successful effort method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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