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Property
 12 Months Ended
Dec. 31, 2020
Property  
3. Property

In 2020, the Company, through its subsidiaries purchased oil and natural gas properties in Texas, North Dakota and Montana (See Note 4).

 

In 2019, the Company, through its subsidiary Empire North Dakota, LLC, purchased oil and gas properties in Montana and North Dakota (See Note 4).

 

The aggregate capitalized costs of oil and natural gas properties as of December 31, 2020 and 2019 are as follows:

 

 

 

2020

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

Proved producing wells

 

$

4,508,739

 

 

 

 

$

3,826,522

 

Proved undeveloped

 

 

2,715,980

 

 

 

 

 

2,232,358

 

Lease and well equipment

 

 

1,360,596

 

 

 

 

 

1,121,527

 

Asset retirement obligation

 

 

14,126,130

 

 

 

 

 

5,480,050

 

Gross capitalized costs

 

 

22,711,445

 

 

 

 

 

12,660,457

 

Accumulated Depreciation, Depletion, Amortization and Impairment

 

 

(15,148,444

)

 

 

 

 

(3,365,340

)

 

 

 

 

 

 

 

 

 

 

 

Net capitalized costs

 

$

7,563,001

 

 

 

 

$

9,295,117