PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

The aggregate capitalized costs of oil and natural gas properties as of June 30, 2021, are as follows:

The aggregate capitalized costs of oil and natural gas properties as of June 30, 2021, are as follows:

Proved producing wells	$	18,632,940
Proved undeveloped		2,232,358
Lease, well and gathering equipment		4,913,874
Asset retirement obligation		18,696,199
Unproved leasehold costs		492,608
Gross capitalized costs		44,967,979
Less: accumulated depreciation, depletion and impairment		(15,880,231	)
	$	29,087,748

Other property and equipment consists of operating lease asset (See Note 11), vehicles, office furniture and equipment.

Other property and equipment consists of operating lease asset (See Note 11), vehicles, office furniture and equipment.

Other property and equipment, at cost	$	1,347,631
Less: accumulated depreciation		(101,916	)
Oher property and equipment, net	$	1,245,715