Annual report pursuant to Section 13 and 15(d)

OIL AND NATURAL GAS PRODUCING ACTIVITIES (Tables)

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OIL AND NATURAL GAS PRODUCING ACTIVITIES (Tables)
12 Months Ended
Dec. 31, 2021
OIL AND NATURAL GAS PRODUCING ACTIVITIES  
Schedule of capitalized costs relating to Oil and Natural Gas producing activities

As of December 31, 

    

2021

    

2020

Oil and natural gas properties, full cost method

$

883,844,745

$

836,514,815

Financing lease asset subject to depreciation

1,422,487

858,513

Fixed assets subject to depreciation

 

2,089,722

 

1,520,890

Total Properties and Equipment

 

887,356,954

 

838,894,218

Accumulated depletion, depreciation and amortization

 

(235,997,307)

 

(200,111,658)

Net Properties and Equipment

$

651,359,647

$

638,782,560

Schedule of net costs incurred in Oil and Gas producing activities

Net Costs Incurred in Oil and Gas Producing Activities

For the years Ended December 31, 

    

2021

    

2020

Payments to purchase oil and natural gas properties

$

1,368,437

$

1,317,313

Proceeds from divestiture of oil and natural gas properties

(2,000,000)

Payments to develop oil and natural gas properties

51,302,131

42,457,745

Payments to acquire or improve fixed assets subject to depreciation

568,832

55,339

Total Net Costs Incurred

$

51,239,400

$

43,830,397