Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS & DIVESTITURES (Tables)

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ACQUISITIONS & DIVESTITURES (Tables)
12 Months Ended
Dec. 31, 2021
ACQUISITIONS  
Schedule of revenues and direct operating costs associated with the acquired properties

The revenues and direct operating costs associated with the acquired properties included in our financial statements for the year ended December 31, 2019 are as follows:

Revenue

    

$

105,102,038

Oil and natural gas production costs

 

17,037,228

Oil and natural gas production taxes

 

4,646,660

Total direct costs (1)

 

21,683,888

Earnings from the Acquired properties

$

83,418,150

(1) This includes only oil and natural gas production costs and oil and natural gas production taxes and does not give account to depreciation, depletion and amortization, accretion of asset retirement obligation, general and administrative expense, interest expense or any other cost that cannot be directly correlated to the Acquisition.
Wishbone Acquisition  
ACQUISITIONS  
Schedule of fair values of the assets acquired and the liabilities assumed

Assets acquired:

    

Proved oil and natural 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 obligations

(3,705,941)

Total Identifiable Net Assets

$

304,392,921