Item 1B. Unresolved Staff Comments
ITEM 1B. UNRESOLVED STAFF COMMENTS.
Not applicable.
ITEM 2. PROPERTIES.
In 2020, the Company, through its subsidiaries purchased oil
and natural gas properties in Texas, North Dakota and Montana which cumulatively included approximately 35,000 developed and undeveloped
acres to the Company’s portfolio.
In 2019, the Company, through its subsidiary, Empire North
Dakota, LLC, purchased oil and natural gas properties in North Dakota and Montana. The acquisitions added approximately 20,700
developed and undeveloped acres to the Company’s portfolio.
For information on oil and gas reserves, see “Oil
and Natural Gas Reserves” under Item 1 of this Annual Report on Form 10-K.
The following table sets forth a summary of our production and
operating data for the years ended December 31, 2020 and 2019. Because of normal production declines, increased or decreased drilling
activities, fluctuations in commodity prices and the effects of acquisitions or divestitures, the historical information presented
below should not be interpreted as being indicative of future results.
Year
ended
December
31, 2020
Year
ended
December
31, 2019
Production and operating data:
Net production volumes:
Oil (Bbl)
164,869
112,971
Natural gas (Mcf)
139,412
40,714
Total (Boe)
188,104
119,756
Average price per unit:
Oil (a)
$ 42.00
$ 53.37
Natural gas (a)
$ 2.53
$ 2.95
Total (Boe)
$ 38.68
$ 51.35
Operating costs and expenses per Boe:
Oil and natural gas production
$ 25.90
$ 36.22
Production and ad valorem taxes
$ 1.84
$ 3.17
Depreciation, depletion, amortization and accretion
$ 21.52
$ 30.54
Impairment
$ 46.10
$ —
General & administrative
$ 39.20
$ 30.35
(a) Includes the effect of net cash receipts (payments on) derivatives.
- 6 -
At
December 31, 2020, the Company has 190 producing wells of which it operates 156. At December 31, 2019, the Company had 150 producing
wells, of which it operated 125.
The
Company has no wells in process as of December 31, 2020, or 2019 and had no drilling activity during such years.
The
Company has no delivery commitments for oil or natural gas.
ITEM
3. LEGAL PROCEEDINGS.
As
of December 31, 2020, the Company was not subject to any legal proceedings.
ITEM
4. MINE SAFETY DISCLOSURES.
Not
applicable.
- 7 -
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.