XML 57 R36.htm IDEA: XBRL DOCUMENT v3.20.4
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Condensed Financial Statements (Details) - USD ($)
$ in Thousands
4 Months Ended 8 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Aug. 21, 2020
Sep. 30, 2019
Dec. 31, 2019
Operating revenues $ 16,400   $ 8,223   $ 8,115
Oil and natural gas production 2,653   4,870   3,372
Production and ad valorem taxes 886   566   449
Exploration and abandonments 5,032   4   2,850
Depletion, depreciation and amortization 9,877   6,385   4,269
Accretion of discount on asset retirement obligations 51   89   72
General and administrative 2,775   4,840   8,682
Total operating costs and expenses 37,050   16,754   19,694
Loss from operations (20,650)   (8,531)   (11,579)
Net loss (16,429)   (85,034)   (11,579)
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss (16,429)   (85,034)   (11,579)
Exploration and abandonment expense 4,854   4   2,850
Depletion, depreciation and amortization 9,877   6,385   4,269
Accretion expense 51   89   72
Accounts receivable (5,177)   844   70
Inventory and other current assets (506)   (196)   (209)
Accounts payable and accrued liabilities (1,990)   (2,694)   3,755
Net cash provided by (used in) operating activities 5,413   (4,102)   (772)
Additions to oil and natural gas properties (64,947)   (49,364)   (60,998)
Changes in working capital associated with oil and natural gas property additions (5,666)   7,348   24,682
Acquisitions of oil and natural gas properties (1,181)   (3,338)   (10,918)
Issuance of notes receivable   (7,482)   (4,193)
Net cash used in investing activities (71,939)   (67,886)   (51,434)
Contributions from partners   54,000   74,023
Net cash provided by financing activities 84,135   51,220   74,023
Net increase (decrease) in cash and cash equivalents 17,609   (20,768)   21,817
Cash and cash equivalents, beginning of period 1,943   22,711 $ 894 894
Cash and cash equivalents, end of period 19,552 $ 22,711 1,943   22,711
HighPeak II [Member]          
Operating revenues   3,858   942  
Oil and natural gas production   1,578   1,190  
Production and ad valorem taxes   188   59  
Exploration and abandonments   33   756  
Depletion, depreciation and amortization   1,612   650  
Accretion of discount on asset retirement obligations   34   86  
General and administrative   6,159      
Total operating costs and expenses   9,604   6,754  
Loss from operations   (5,746)   (5,812)  
Equity in losses of affiliate        
Net loss   (5,746)   (5,705)  
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss   (5,746)   (5,705)  
Exploration and abandonment expense   33      
Depletion, depreciation and amortization   1,612   650  
Accretion expense   34      
Equity in loss off affiliate        
Accounts receivable   (1,355)      
Inventory and other current assets   (88)      
Accounts payable and accrued liabilities   3,010      
Net cash provided by (used in) operating activities   (2,500)      
Additions to oil and natural gas properties   (45,318)      
Changes in working capital associated with oil and natural gas property additions   19,097      
Acquisitions of oil and natural gas properties   (2,456)      
Investment in affiliate        
Issuance of notes receivable   (4,193)      
Net cash used in investing activities   (32,870)      
Contributions from partners   58,081      
Net cash provided by financing activities   58,081      
Net increase (decrease) in cash and cash equivalents   22,711      
Cash and cash equivalents, beginning of period   22,711    
Cash and cash equivalents, end of period   22,711     22,711
HighPeak I [Member]          
Operating revenues         4,257
Oil and natural gas production         1,794
Production and ad valorem taxes         261
Exploration and abandonments         2,817
Depletion, depreciation and amortization         2,657
Accretion of discount on asset retirement obligations         38
General and administrative         2,523
Total operating costs and expenses         10,090
Loss from operations         (5,833)
Equity in losses of affiliate         (3,175)
Net loss         (9,008)
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss         (9,008)
Exploration and abandonment expense         2,817
Depletion, depreciation and amortization         2,657
Accretion expense         38
Equity in loss off affiliate         3,175
Accounts receivable         1,425
Inventory and other current assets         (121)
Accounts payable and accrued liabilities         745
Net cash provided by (used in) operating activities         1,728
Additions to oil and natural gas properties         (15,687)
Changes in working capital associated with oil and natural gas property additions         5,585
Acquisitions of oil and natural gas properties         (8,462)
Investment in affiliate         (7,796)
Issuance of notes receivable        
Net cash used in investing activities         (26,360)
Contributions from partners         23,738
Net cash provided by financing activities         23,738
Net increase (decrease) in cash and cash equivalents         (894)
Cash and cash equivalents, beginning of period     894 894
Cash and cash equivalents, end of period      
HighPeak I and HighPeak II [Member]          
Operating revenues         8,115
Oil and natural gas production         3,372
Production and ad valorem taxes         449
Exploration and abandonments         2,850
Depletion, depreciation and amortization         4,269
Accretion of discount on asset retirement obligations         72
General and administrative         8,682
Total operating costs and expenses         19,694
Loss from operations         (11,579)
Equity in losses of affiliate        
Net loss         (11,579)
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss         (11,579)
Exploration and abandonment expense         2,850
Depletion, depreciation and amortization         4,269
Accretion expense         72
Equity in loss off affiliate        
Accounts receivable         70
Inventory and other current assets         (209)
Accounts payable and accrued liabilities         3,755
Net cash provided by (used in) operating activities         (772)
Additions to oil and natural gas properties         (61,005)
Changes in working capital associated with oil and natural gas property additions         24,682
Acquisitions of oil and natural gas properties         (10,918)
Investment in affiliate        
Issuance of notes receivable         (4,193)
Net cash used in investing activities         (51,434)
Contributions from partners         74,023
Net cash provided by financing activities         74,023
Net increase (decrease) in cash and cash equivalents         21,817
Cash and cash equivalents, beginning of period     22,711 894 894
Cash and cash equivalents, end of period   22,711     22,711
HighPeak I and HighPeak II [Member] | Consolidation, Eliminations [Member]          
Depletion, depreciation and amortization        
Equity in losses of affiliate         3,175
Net loss         3,175
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss         3,175
Exploration and abandonment expense        
Depletion, depreciation and amortization        
Accretion expense        
Equity in loss off affiliate         (3,175)
Accounts receivable        
Inventory and other current assets        
Accounts payable and accrued liabilities        
Net cash provided by (used in) operating activities        
Additions to oil and natural gas properties        
Changes in working capital associated with oil and natural gas property additions        
Acquisitions of oil and natural gas properties        
Investment in affiliate         7,796
Issuance of notes receivable        
Net cash used in investing activities         7,796
Contributions from partners         (7,796)
Net cash provided by financing activities         (7,796)
Net increase (decrease) in cash and cash equivalents        
Cash and cash equivalents, beginning of period    
Cash and cash equivalents, end of period      
Crude Oil Sales [Member]          
Operating revenues 15,988   8,069   7,849
Crude Oil Sales [Member] | HighPeak II [Member]          
Operating revenues   3,695   719  
Crude Oil Sales [Member] | HighPeak I [Member]          
Operating revenues         4,154
Crude Oil Sales [Member] | HighPeak I and HighPeak II [Member]          
Operating revenues         7,849
Natural Gas and NGL Sales [Member]          
Operating revenues $ 412   $ 154   266
Natural Gas and NGL Sales [Member] | HighPeak II [Member]          
Operating revenues   $ 163   $ 223  
Natural Gas and NGL Sales [Member] | HighPeak I [Member]          
Operating revenues         103
Natural Gas and NGL Sales [Member] | HighPeak I and HighPeak II [Member]          
Operating revenues         $ 266