Summary of Signigicant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

The following is a detailed breakout of our “Property and Equipment” balances (in thousands):




	December 31, 2019			December 31, 2018
Property and Equipment
Proved oil and gas properties	$	1,201,296		$	925,865
Unproved oil and gas properties	41,201			56,715
Furniture, fixtures, and other equipment	5,220			3,520
Less – Accumulated depreciation, depletion, amortization & impairment	(380,728		)	(284,804		)
Property and Equipment, Net	$	866,989		$	701,296

Disaggregation of Revenue

The following table provides information regarding our oil and gas sales, by product, reported on the Statements of Operations for years ended December 31, 2019 and 2018 (in thousands):



	Year Ended December 31, 2019		Year Ended December 31, 2018
Oil, natural gas and NGLs sales:
Oil	$	92,833	$	45,375
Natural gas	170,472		183,288
NGLs	25,241		28,639
Other	86		(16		)
Total	$	288,631	$	257,286

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities. The “Accounts payable and accrued liabilities” balances on the accompanying consolidated balance sheets are summarized below (in thousands):



	December 31, 2019		December 31, 2018
Trade accounts payable	$	26,121	$	32,683
Accrued operating expenses	3,873		3,549
Accrued compensation costs	4,601		4,785
Asset retirement obligations – current portion	392		302
Accrued non-income based taxes	1,413		3,583
Accrued corporate and legal fees	109		534
Other payables	2,834		3,485
Total accounts payable and accrued liabilities	$	39,343	$	48,921

Oil and Gas receipts greater than 10%

For the years ended December 31, 2019 and 2018, parties that accounted for 10% or more of our total oil and gas receipts were as follows:



Purchasers greater than 10%	Year Ended December 31, 2019		Year Ended December 31, 2018
Kinder Morgan	31	%	37	%
Plains Marketing	14	%	*
Twin Eagle	13	%	*
Shell Trading	11	%	*