SUBSEQUENT EVENTS (Details 3) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
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| SUBSEQUENT EVENTS | ||
| Future cash inflows | $ 6,198,100 | $ 3,889,900 |
| Future production costs | (2,617,830) | (1,638,400) |
| Future development costs | 0 | 0 |
| Future income tax expense | 0 | 0 |
| Future net cash flows | 3,580,270 | 2,251,500 |
| 10% annual discount for estimated timing of cash flows | (1,692,970) | (993,500) |
| Standardized measure of DFNCF | $ 1,887,300 | $ 1,258,000 |
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- References No definition available.
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- References No definition available.
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- Definition Amount of increase (decrease) in standardized measure of discounted future net cash flow as a result of changes from other sources. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The capitalized costs incurred during the period (excluded from amortization) to obtain access to proved reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The quantified amount of the future effect on cash flows. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The capitalized costs incurred during the period (excluded from amortization) to operate and maintain wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. They become part of the cost of oil and gas produced. Examples of production costs (sometimes called lifting costs) are: costs of labor to operate the wells and related equipment and facilities; repairs and maintenance; materials, supplies, and fuel consumed and supplies utilized in operating the wells and related equipment and facilities; property taxes and insurance applicable to proved properties and wells and related equipment and facilities; severance taxes; some support equipment or facilities may serve two or more oil and gas producing activities and may also serve transportation, refining, and marketing activities. To the extent that the support equipment and facilities are used in oil and gas producing activities, their depreciation and applicable operating costs become exploration, development or production costs, as appropriate. Depreciation, depletion, and amortization of capitalized acquisition, exploration, and development costs are not production costs but also become part of the cost of oil and gas produced along with production (lifting) costs identified above. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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