XML 43 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Summary of Signigicant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of Subsequent Events Subsequent Events. We have evaluated subsequent events requiring potential accrual or disclosure in our condensed consolidated financial statements. On February 5, 2021, and in the ordinary course of business, the Company entered into a new five-year lease agreement for office space in Houston, Texas. The operating lease begins on May 18, 2021.
Through February 26, 2021, the Company entered into additional derivative contracts. The following tables summarize the weighted-average prices as well as future production volumes for our future derivative contracts entered into after December 31, 2020:

Oil Derivative Contracts
(New York Mercantile Exchange (“NYMEX”) West Texas Intermediate (“WTI”) Settlements)
Total Volumes
(Bbls)(1)
Weighted-Average Price
2021 Contracts
Swap Purchase Contracts
1Q21(2)
13,750 $53.10 
2Q21(2)
51,050 $53.22 
2022 Contracts
Swap Contracts
1Q2245,000 $50.00 
2Q2245,500 $50.00 
3Q2246,000 $50.00 
4Q2246,000 $50.00 
(1) Bbl refers to one barrel of oil.
(2) Transaction for a swap purchase to reduce overall hedge position.

Oil Derivative Contracts
(Argus Cushing (WTI) and Magellan East Houston)		Total Volumes
(Bbls)		Weighted-Average Price
Calendar Monthly Roll Differential Swaps
2022 Contracts
1Q2290,000 $0.18 
2Q2291,000 $0.18 
3Q2292,000 $0.18 
4Q2292,000 $0.18 

Natural Gas Derivative Contracts
(NYMEX Henry Hub Settlements)		Total Volumes
(MMBtu)		Weighted-Average Collar Floor Price Weighted-Average Collar Call Price
2021 Contracts
2Q211,820,000 $2.83 $2.98 
3Q211,850,000 $2.88 $3.09 
4Q211,840,000 $2.95 $3.18 
2022 Contracts
1Q223,150,000 $2.95 $3.31 

Natural Gas Basis Derivative Swaps
(East Texas Houston Ship Channel vs. NYMEX Settlements)		Total Volumes (MMBtu)Weighted Average Price
2022 Contracts
1Q22900,000 $(0.030)
2Q22910,000 $(0.030)
3Q22920,000 $(0.030)
4Q22920,000 $(0.030)
NGL ContractsTotal Volumes
(Bbls)		Weighted-Average Price
2021 Contracts
1Q21101,714 $23.14 
2Q21144,733 $24.13 
3Q21146,324 $24.13 
4Q21146,324 $24.13 
Property and Equipment The following is a detailed breakout of our “Property and Equipment” balances (in thousands):
December 31,
2020		December 31,
2019
Property and Equipment  
Proved oil and gas properties$1,310,008 $1,201,296 
Unproved oil and gas properties28,090 41,201 
Furniture, fixtures, and other equipment5,275 5,220 
Less – Accumulated depreciation, depletion, amortization & impairment(801,279)(380,728)
Property and Equipment, Net$542,094 $866,989 
Disaggregation of Revenue
The following table provides information regarding our oil and gas sales, by product, reported on the Consolidated Statements of Operations for years ended December 31, 2020 and 2019 (in thousands):
Year Ended December 31, 2020Year Ended December 31, 2019
Oil, natural gas and NGLs sales:
Oil$57,651 $92,833 
Natural gas105,234 170,558 
NGLs14,500 25,241 
Total$177,386 $288,631 
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,
2020		December 31,
2019
Trade accounts payable$15,930 $26,121 
Accrued operating expenses2,491 3,873 
Accrued compensation costs3,771 4,601 
Asset retirement obligations – current portion441 392 
Accrued non-income based taxes1,819 1,413 
Accrued corporate and legal fees150 109 
Other payables2,389 2,834 
Total accounts payable and accrued liabilities$26,991 $39,343 
Oil and Gas receipts greater than 10%
For the years ended December 31, 2020 and 2019, 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, 2020Year Ended December 31, 2019
Kinder Morgan19 %31 %
Plains Marketing17 %14 %
Twin Eagle17 %13 %
Trafigura US13 %*
Shell Trading*11 %