Supplementary Information (Tables)

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Capitalized Costs Relating to Oil and Gas Producing Activities

CAPITALIZED COSTS RELATING TO

OIL AND GAS PRODUCING ACTIVITIES

(Unaudited)

	As of December 31,
(Thousands of  dollars)	2019		2018
Proved Developed oil and gas properties	$	527,729	$	514,821
Proved Undeveloped oil and gas properties		—		—
Total Capitalized Costs		527,729		514,821
Accumulated depreciation, depletion and valuation allowance		322,409		291,152
Net Capitalized Costs	$	205,320	$	223,669

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities

COSTS INCURRED IN OIL AND GAS PROPERTY ACQUISITION,

EXPLORATION AND DEVELOPMENT ACTIVITIES

(Unaudited)

	Year Ended December 31,
(Thousands of  dollars)	2019		2018
Development Costs	$	15,348	$	42,079

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

STANDARDIZED MEASURE OF DISCOUNTED FUTURE

NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES

(Unaudited)

	As of December 31,
(Thousands of  dollars)	2019			2018
Future cash inflows	$	423,839		$	518,783
Future production costs		(202,169	)		(253,896	)
Future development costs		(62,379	)		(24,584	)
Future income tax expenses		(29,678	)		(38,589	)
Future Net Cash Flows		129,613			201,714
10% annual discount for estimated timing of cash flows		(48,001	)		(63,805	)
Standardized Measure of Discounted Future Net Cash Flows	$	81,612		$	137,909

Standardized Measure of Discounted Future Net Cash Flows and Changes therein Relating to Proved Oil and Gas Reserves

STANDARDIZED MEASURE OF DISCOUNTED FUTURE

NET CASH FLOWS AND CHANGES THEREIN

RELATING TO PROVED OIL AND GAS RESERVES

(Unaudited)

The following are the principal sources of change in the standardized measure of discounted future net cash flows during 2019 and 2018:

	Year Ended December 31,
(Thousands of  dollars)	2019			2018
Sales of oil and gas produced, net of production costs	$	(15,938	)	$	(22,065	)
Net changes in prices and production costs		(42,409	)		24,826
Extensions, discoveries and improved recovery		31,276			46,885
Revisions of previous quantity estimates		(3,319	)		1,942
Net change in development costs		(53,143	)		3,062
Reserves sold		(113	)		(274	)
Reserves purchased		174			971
Accretion of discount		13,791			10,691
Net change in income taxes		5,572			(17,704	)
Changes in production rates (timing) and other		7,812			(17,339	)
Net change		(56,297	)		30,995
Standardized measure of discounted future net cash flow:
Beginning of year		137,909			106,914
End of year	$	81,612		$	137,909

Reserve Quantity Information

RESERVE QUANTITY INFORMATION

Years Ended December 31, 2019 and 2018

(Unaudited)

	As of December 31,
	2019									2018
	Oil (MBbls)			NGLs (MBbls)			Gas (MMcf)			Oil (MBbls)			NGLs (MBbls)			Gas (MMcf)
Proved Developed Reserves:
Beginning of year		6,404			2,707			21,065			5,333			1,703			17,143
Extensions, discoveries and improved recovery		471			264			1,330			1,284			438			2237
Revisions of previous estimates		(1,260	)		506			2,033			192			662			4,144
Converted from undeveloped reserves		7			7			65			605			258			870
Reserves sold		(5	)		0			(120	)		(3	)		—			(368	)
Reserve purchased		6			4			19			75			35			179
Production		(1,242	)		(574	)		(4,397	)		(1,082	)		(389	)		(3,140	)
End of year		4,381			2,914			19,995			6,404			2,707			21,065
Proved Undeveloped Reserves:
Beginning of year		10			12			124			505			156			709
Extensions, discoveries and improved recovery		1,834			1,013			4,530			(123	)		(22	)		(34	)
Revisions of previous estimates		(4	)		(1	)		(42	)		233			136			319
Converted to developed reserves		(7	)		(7	)		(65	)		(605	)		(258	)		(870	)
End of year		1,833			1,017			4,547			10			12			124
Total Proved Reserves at the End of the Year		6,214			3,931			24,542			6,414			2,719			21,189

Results of Operations from Oil and Gas Producing Activities

RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

Years Ended December 31, 2019 and 2018

(Unaudited)

	Year Ended December 31,
(Thousands of  dollars)	2019		2018
Revenue:
Oil and gas sales	$	84,015	$	93,215
Costs and Expenses:
Lease operating expenses		33,461		34,996
Depreciation, depletion and accretion		34,616		36,154
Income tax expense		1,421		3,724
Total Costs and Expenses		69,498		74,874
Results of Operations from Producing Activities (excluding corporate overhead and interest costs)	$	14,517	$	18,341