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<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 1 </b>–<b> SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">This summary of significant accounting policies of Royale Energy, Inc. (in these notes sometimes called “Royale Energy,” “Royale,” or the “Company”) is presented to assist in understanding Royale Energy’s financial statements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">These consolidated financial statements include the accounts of our controlled subsidiaries. Investments in unincorporated joint ventures and undivided interests in certain operating assets are consolidated on a pro rata basis. The financial statements and notes are representations of Royale Energy’s management, which is responsible for their integrity and objectivity.  These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Description of Business</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy is an independent oil and gas producer which also has operations in the area of turnkey drilling.  Royale Energy owns wells and leases in major geological basins located primarily in California, Texas, Oklahoma, Colorado, and Utah. Royale Energy offers fractional working interests and seeks to minimize the risks of oil and gas drilling by selling multiple well drilling projects which do not include the use of debt financing.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Use of Estimates</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Estimated quantities of crude oil and condensate, NGLs and natural gas reserves is a significant estimate that requires judgment. All of the reserve data included in this Form 10-K are estimates. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and condensate, NGLs and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and condensate, NGLs and natural gas reserves. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, reserve estimates may be different from the quantities of crude oil and condensate, NGLs and natural gas that are ultimately recovered. See Note 17 – Supplemental Information About Oil and Gas Producing Activities (Unaudited) for further detail.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Other items subject to estimates and assumptions include the carrying amounts of accounts receivable, property, plant and equipment, equity method investments, asset retirement obligations, and valuation allowances for deferred tax assets, among others. Although we believe these estimates, actual results could differ from these estimates.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Liquidity and Going Concern</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The primary sources of liquidity have historically been issuances of common stock, oil and gas sales through ongoing operations and the sale of oil and gas properties.  There are factors that give rise to substantial doubt about the Company’s ability to meet liquidity demands, and we anticipate that our primary sources of liquidity will be from the issuance of debt and/or equity, the sale of oil and natural gas property participation interests through our normal course of business and the sale of non-strategic assets. At December 31, 2020, the Company has $1.529 million in Long Lived Assets Held for Sale.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company’s 2020 consolidated financial statements reflect a working capital deficiency of $4,044,437 and a net loss from operations of $2,674,329. These factors raise substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Management’s plans to alleviate the going concern by cost control measures that include the reduction of overhead costs and the sale of non-strategic assets.  There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company and whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, attempt to extend note repayments, and reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Correction of Immaterial Errors in Previously Issued Financial Statements</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Subsequent to the issuance of the consolidated financial statements for the year ended December 31, 2019, the Company concluded that the Statement of Cash Flows for the year ending December 31, 2019, contained immaterial errors related to the classification of payments arising from operating leases and to the quantification of the amount of capital expenditures that had been accrued for but not yet paid. These immaterial errors have been corrected for the comparative period, resulting in an increase in cash flows used in operating activities of $239,362; an increase in cash flows provided by investing activities of $94,546; and a decrease in cash flows used in financing activities of $144,816 for the period ending December 31, 2019. These immaterial errors did not have any impact on our financial position, net loss or total cash flow for the period ending December 31, 2019.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Restricted Cash</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale sponsors turnkey drilling arrangements in proved and unproved properties. The contracts require that participants pay Royale the full contract price upon execution of the drilling agreement. Each participant earns an undivided interest in the well bore at the completion of the well. A portion of the funds received in advance of the drilling of a well from a working interest participant are held for the expressed purpose of drilling a well. If something changes, the Company may designate these funds for a substitute well. Under certain conditions, a portion of these funds may be required to be returned to a participant. Once the well is drilled, the funds are used to satisfy the drilling cost. Royale classifies these funds prior to commencement of drilling as restricted cash based on guidance codified as under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 230-10-50-8. In the event that progress payments are made from these funds; they are recorded as Prepaid Expenses and Other Current Assets.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
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<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2601" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
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<td id="new_id-2603" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
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<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
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<td id="new_id-2607" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Cash and cash equivalents</p>
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<td id="new_id-2625" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total cash, cash equivalents, and restricted cash shown in the statement of cash flows</p>
</td>
<td id="new_id-2626" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2627" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2628" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,401,683</td>
<td id="new_id-2629" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2630" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2631" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2632" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,876,529</td>
<td id="new_id-2633" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Other Receivables</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our other receivables consist of receivables from direct working interest investors and industry partners. We provide for uncollectible accounts receivable using the allowance method of accounting for bad debts.  Under this method of accounting, a provision for uncollectible accounts is charged directly to bad debt expense when it becomes probable the receivable will not be collected.  The allowance account is increased or decreased based on past collection history and management’s evaluation of accounts receivable.  All amounts considered uncollectible are charged against the allowance account and recoveries of previously charged off accounts are added to the allowance.  At December 31, 2020 and 2019, the Company established an allowance for uncollectable accounts of $2,582,093 and $1,791,162, respectively, for receivables from direct working interest investors whose expenses on non-producing wells were unlikely to be collected from revenue. During 2020 and 2019, the Company closed a number of accounts as uncollectable, offsetting the allowance in the amount of $2,553 and $519,333 respectively.<font style="text-decoration:underline"> </font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Revenue Receivables</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our revenue receivables consist of receivables related to the sale of our natural gas and oil.  Once a production month is completed, we receive payment approximately 15 to 30 days later. Historically, Royale has not had issues related to the collection of revenue receivables, and as such has determined that an allowance for revenue receivables is not currently necessary.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Equity Method Investments</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by the equity method investees and is reflected in revenue and other income in our consolidated statements of income. Equity method investments are included as noncurrent assets on the consolidated balance sheet.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Equity method investments are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value may have occurred as called for under ASC 323, Investments—Equity Method and Joint Ventures. When a loss is deemed to have occurred and is other than temporary, the carrying value of the equity method investment is written down to fair value, and the amount of the write-down is included in income.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The earnings from RMX reflected in these financial statements as Investment in JV, reflect our share of net earnings or losses directly attributable to this equity method investment. We evaluated our investment in RMX as of December 31, 2019, and determined that any losses were not other than temporary. At December 31, 2020, we evaluated our investment in RMX and determined that our investment was impaired as further described in Note 2 – RMX Joint Venture.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Revenue Recognition</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A significant portion of our revenues are derived from the sale of crude oil, condensate, natural gas liquids (“NGLs”) and natural gas under spot and term agreements with our customers.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2634" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2635" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2636" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2637" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2638" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2639" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2640" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2641" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2642" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oil & Condensate Sales</p>
</td>
<td id="new_id-2643" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2644" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2645" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,184,680</td>
<td id="new_id-2646" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2647" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2648" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2649" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,504,936</td>
<td id="new_id-2650" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Natural Gas Sales</p>
</td>
<td id="new_id-2651" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2652" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2653" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">357,587</td>
<td id="new_id-2654" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2655" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2656" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2657" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">824,339</td>
<td id="new_id-2658" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">NGL Sales</p>
</td>
<td id="new_id-2659" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2660" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2661" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">536</td>
<td id="new_id-2662" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2663" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2664" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2665" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">-</td>
<td id="new_id-2666" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2667" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td>
<td id="new_id-2668" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-2669" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">1,542,803</td>
<td id="new_id-2670" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> </td>
<td id="new_id-2671" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td>
<td id="new_id-2672" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-2673" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">2,329,275</td>
<td id="new_id-2674" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The pricing in our hydrocarbon sales agreements are variable, determined using various published benchmarks which are adjusted for negotiated quality and location differentials. As a result, revenue collected under our agreements with customers is highly dependent on the market conditions and may fluctuate considerably as the hydrocarbon market prices rise or fall. Typically, our customers pay us monthly, within a short period of time after we deliver the hydrocarbon products. As such, we do not have any financing element associated with our contracts. We do not have any issues related to returns or refunds, as product specifications are standardized for the industry and are typically measured when transferred to a common carrier or midstream entity, and other contractual mechanisms (e.g., price adjustments) are used when products do not meet those specifications.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In limited cases, we may also collect advance payments from customers as stipulated in our agreements; payments in excess of recognized revenue are recorded as contract liabilities on our consolidated balance sheet.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Under our hydrocarbon sales agreements, the entire consideration amount is variable either due to pricing and/or volumes. We recognize revenue in the amount of variable consideration allocated to distinct units of hydrocarbons transferred to a customer. Such allocation reflects the amount of total consideration we expect to collect for completed deliveries of hydrocarbons and the terms of variable payment relate specifically to our efforts to satisfy the performance obligations under these contracts. Our performance obligations under our hydrocarbon sales agreements are to deliver either the entire production from the dedicated wells or specified contractual volumes of hydrocarbons.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We often serve as the operator for jointly owned oil and gas properties. As part of this role, we perform activities to explore, develop and produce oil and gas properties in accordance with the joint operating arrangement and collective decisions of the joint parties. Other working interest owners reimburse us for costs incurred based on our agreements. We determined that these activities are not performed as part of customer relationships, and such reimbursements are recorded as cost reimbursements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We commonly market the share of production belonging to other working interest owners as the operator of jointly owned oil and gas properties. Those marketing activities are carried out as part of the collaborative arrangement, and we do not purchase or otherwise obtain control of other working interest owners’ share of production. Therefore, we act as a principal only in regard to the sale of our share of production and recognize revenue for the volumes associated with our net production.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The Company frequently sells a portion of the working interest in each well it drills or participates in to third-party investors and retains a portion of the prospect for its own account. The Company typically guarantees a cost to drill to the third-party drilling participants and records a loss or gain on the difference between the guaranteed price and the actual cost to drill the well. When monies are received from third parties for future drilling obligations, the Company records the liability as Turnkey Drilling Obligations. Once the contracted depth for the drilling of the well is reached and a determination as to the commercial viability of the well (typically call “Casing Point Election” or “Logging Point”), the difference in the actual cost to drill and the guaranteed cost is recorded as income or expense depending on whether there was a gain or loss.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Crude oil and condensate</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For the crude sales agreements, we satisfy our performance obligations and recognize revenue once customers take control of the crude at the designated delivery points, which include pipelines, trucks or vessels.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Natural Gas and NGLs</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">When selling natural gas and NGLs, we engage midstream entities to process our production stream by separating natural gas from the NGLs. Frequently, these midstream entities also purchase our natural gas and NGLs under the same agreements. In these situations, we determined the performance obligation is complete and satisfied at the tailgate of the processing plant when the natural gas and NGLs become identifiable and measurable products. We determined the plant tailgate is the point in time where control, as defined in the new revenue standard, is transferred to midstream entities and they are entitled to significant risks and rewards of ownership of the natural gas and NGLs.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The amounts due to midstream entities for gathering and processing services are recognized as shipping and handling cost and included as lease operating expense in our consolidated statement of operations, since we make those payments in exchange for distinct services with the exception of natural gas sold to PG&E where transportation is netted directly against revenue. Under some of our natural gas processing agreements, we have an option to take the processed natural gas and NGLs in-kind and sell to customers other than the processing company. In those circumstances, our performance obligations are complete after delivering the processed hydrocarbons to the customer at the designated delivery points, which may be the tailgate of the processing plant or an alternative delivery point requested by the customer.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Turnkey Drilling Obligations</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">These Turnkey Agreements are managed by the Company for the participants of the well. The collections of pre-drilling AFE amounts are segregated by the Company and the gains and losses on the Turnkey Agreements are recorded in income or expense at the time of the casing point election in accordance with ASC 932-323-25 and 932-360. The Company manages the performance obligation for the well participants and only records revenue or expense at the time the performance obligation of the Turnkey Agreement has been satisfied.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Supervisory Fees and Other</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">These amounts include proceeds from the Master Service Agreement (“MSA”) with RMX for the providing of land, engineering, accounting and support services for the RMX joint venture. Revenues earned under the MSA were recorded at the end of each month that services were performed, in conformity with the Agreement. The service fee income was deemed earned at the end of each month that services were performed as prescribed by the contract. On December 31, 2018, Royale received notice of cancelation of the MSA by RMX effective March 31, 2019. For the year ended 2019, the Company recognized $540,000 in supervisory fees from RMX. Also included in the caption are Pipeline and Compressor fees which are received and allocated based on production volumes.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Oil and Gas Property and Equipment</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Successful Efforts</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy uses the “successful efforts” method to account for its exploration and production activities.  Under this method, Royale Energy accumulates its proportionate share of costs on a well-by-well basis with certain exploratory expenditures and exploratory dry holes being expensed as incurred, and capitalizes expenditures for productive wells.  Royale Energy amortizes the costs of productive wells under the unit-of-production method.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy carries, as an asset, exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where Royale Energy is making sufficient progress assessing the reserves and the economic and operating viability of the project.  Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred. Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and gas reserves.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using unit-of-production rates based on the amount of proved developed reserves of oil and gas that are estimated to be recoverable from existing facilities using current operating methods.  Under the unit-of-production method, oil and gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Production Cost</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Production costs are expensed as incurred. Production involves lifting the oil and gas to the surface and gathering, treating, field processing and field storage of the oil and gas. The production function normally terminates at the outlet valve on the lease or field production storage tank. Production costs are those incurred to operate and maintain Royale Energy’s wells and related equipment and facilities. They become part of the cost of oil and gas produced. These costs, sometimes referred to as lifting costs, include such items as labor costs to operate the wells and related equipment; repair and maintenance costs on the wells and equipment; materials, supplies and energy costs required to operate the wells and related equipment; and administrative expenses related to the production activity.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Depreciation, Depletion and Amortization</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Depreciation, depletion and amortization, based on cost less estimated salvage value of the asset, are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life taking obsolescence into consideration.  Maintenance and repairs, including planned major maintenance, are expensed as incurred.  Major renewals and improvements are capitalized, and the assets replaced are retired.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The project drilling phase commences with the development of the detailed engineering design and ends when the assets are ready for their intended use.  Interest costs, to the extent they are incurred to finance expenditures during the construction phase, are included in property, plant and equipment and are depreciated over the service life of the related assets.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Impairment</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We evaluate our oil and gas producing properties, including capitalized costs of exploratory wells and development costs, for impairment of value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset and its eventual disposition is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Oil and gas producing properties are reviewed for impairment on a field-by-field basis or, in certain instances, by logical grouping of assets if there is significant shared infrastructure or contractual terms that cause economic interdependency amongst separate, discrete fields. Oil and gas producing properties deemed to be impaired are written down to their fair value, as determined by discounted future net cash flows or, if available, comparable market value. We evaluate our unproved property investment and record impairment based on time or geologic factors. Information such as drilling results, reservoir performance, seismic interpretation or future plans to develop acreage is also considered. When unproved property investments are deemed to be impaired, this amount is reported in exploration expenses in our consolidated statements of income. During 2020 there were no impairment losses, while 2019 the Company recorded impairment losses of $977,682, on various capitalized base and land costs as well as certain fields acquired through the merger with the matrix entities.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Upon the sale or retirement of a complete field of a proved property, Royale Energy eliminates the cost from its books, and the resultant gain or loss is recorded to Royale Energy’s Statement of Operations.  Upon the sale of an entire interest in an unproved property where the property has been assessed for impairment individually, a gain or loss is recognized in Royale Energy’s Statement of Operations.  If a partial interest in an unproved property is sold, any funds received are accounted for as a recovery of the cost in the interest retained with any excess funds recognized as a gain. Should Royale Energy’s turnkey drilling agreements include unproved property, total drilling costs incurred to satisfy its obligations are recovered by the total funds received under the agreements.  Any excess funds are recorded as a Gain on Turnkey Drilling Programs, and any costs not recovered are capitalized and accounted for under the “successful efforts” method.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Long-Lived Assets Classified as Held for Sale</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale classifies long-lived assets as Held-for-Sale when the criteria of ASC 360-10-45-9 through 45-11, Impairment and Disposal of Long-Lived Assets, have been met. This criterion is listed below:</p><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Management has committed to a plan to sell the asset;</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The asset group is available for immediate sale in its present condition;</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">An active program is underway to locate potential buyers;</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The sale is probable within one year;</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The asset group is being marketed at a price that is reasonable relative to its current fair value; and</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn.</p>
</td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Assets held for sale are carried at the lower of cost or fair market value less cost of disposal in current assets. If the Company retains the responsibility for the P&A, equipment removal or site restoration, the associated anticipated expense is carried as current ARO. The Company has two property groups that are being Held for Sale as further described in Note 17 – Long-Lived Assets Held for Sale.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Turnkey Drilling</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy sponsors turnkey drilling agreement arrangements in proved and unproved properties as a pooling of assets in a joint undertaking, whereby proceeds from participants are reported as Deferred Drilling Obligations, and then reduced as costs to complete its obligations are incurred with any excess booked against its property account to reduce any basis in its own interest.  Gains on Turnkey Drilling Programs represent funds received from turnkey drilling participants in excess of all costs Royale incurs during the drilling programs (e.g., lease acquisition, exploration and development costs), including costs incurred on behalf of participants and costs incurred for its own account; and are recognized only upon making this determination after Royale’s obligations have been fulfilled.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The contracts require the participants pay Royale Energy the full contract price upon execution of the agreement.   Royale Energy completes the drilling activities typically between 10 and 30 days after drilling begins.  The participant retains an undivided or proportional beneficial interest in the property, and is also responsible for its proportionate share of operating costs.  Royale Energy retains legal title to the lease.  The participants purchase a working interest directly in the well bore.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In these working interest arrangements, the participants are responsible for sharing in the risk of development, but also sharing in a proportional interest in rights to revenues and proportional liability for the cost of operations after drilling is completed and the interest is conveyed to the participant.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A certain portion of the turnkey drilling participant’s funds received are non-refundable.  The Company holds all funds invested as Deferred Drilling Obligations until drilling is complete.  Occasionally, drilling is delayed for various reasons such as weather, permitting, drilling rig availability and/or contractual obligations.  At December 31, 2020 and 2019, Royale Energy had Deferred Drilling Obligations of $ 3,127,500 and $5,232,675, respectively.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If Royale Energy is unable to drill the wells, and a suitable replacement well is not found, Royale would retain the non-refundable portion of the contact and return the remaining funds to the participant.  Included in cash and cash equivalents are amounts for use in completion of turnkey drilling programs in progress. </p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Equipment and Fixtures</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Equipment and fixtures are stated at cost and depreciated over the estimated useful lives of the assets, which range from three to seven years, using the straight-line method. Repairs and maintenance are charged to expense as incurred. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in income. Maintenance and repairs, which neither materially add to the value of the property nor appreciably prolong its life, are charged to expense as incurred. Gains or losses on dispositions of property and equipment, other than oil and gas, are reflected in operations.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Income (Loss) Per Share</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Basic and diluted losses per share are calculated as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2675" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="14" id="new_id-2676" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2677" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2678" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2679" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2680" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2681" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2682" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2683" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2684" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2685" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Basic</b></p>
</td>
<td id="new_id-2686" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2687" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2688" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Diluted</b></p>
</td>
<td id="new_id-2689" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2690" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2691" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Basic</b></p>
</td>
<td id="new_id-2692" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2693" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2694" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Diluted</b></p>
</td>
<td id="new_id-2695" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss</p>
</td>
<td id="new_id-2696" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2697" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2698" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,148,147</td>
<td id="new_id-2699" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2700" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2701" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2702" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,148,147</td>
<td id="new_id-2703" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2704" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2705" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2706" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(348,383</td>
<td id="new_id-2707" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2708" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2709" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2710" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(348,383</td>
<td id="new_id-2711" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less: Preferred Stock Dividend</p>
</td>
<td id="new_id-2712" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2713" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2714" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">762,900</td>
<td id="new_id-2715" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2716" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2717" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2718" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">762,900</td>
<td id="new_id-2719" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2720" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2721" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2722" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">734,725</td>
<td id="new_id-2723" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2724" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2725" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2726" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">734,725</td>
<td id="new_id-2727" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less: Preferred Stock Dividend in Arrears</p>
</td>
<td id="new_id-2728" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2729" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2730" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2731" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2732" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2733" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2734" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2735" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2736" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2737" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2738" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2739" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2740" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2741" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2742" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2743" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss Attributable to Common Shareholders</p>
</td>
<td id="new_id-2744" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2745" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2746" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,911,047</td>
<td id="new_id-2747" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2748" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2749" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2750" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,911,047</td>
<td id="new_id-2751" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2752" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2753" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2754" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,083,108</td>
<td id="new_id-2755" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2756" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2757" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2758" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,083,108</td>
<td id="new_id-2759" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Weighted average common shares outstanding</p>
</td>
<td id="new_id-2760" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2761" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2762" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2763" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2764" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2765" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2766" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2767" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2768" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2769" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2770" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2771" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2772" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2773" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2774" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2775" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Effect of dilutive securities</p>
</td>
<td id="new_id-2776" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2777" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2778" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2779" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2780" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2781" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2782" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2783" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2784" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2785" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2786" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2787" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2788" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2789" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2790" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2791" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Weighted average common shares, including Dilutive effect</p>
</td>
<td id="new_id-2792" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2793" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2794" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2795" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2796" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2797" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2798" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2799" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2800" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2801" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2802" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2803" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2804" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2805" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2806" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2807" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Per share:</p>
</td>
<td id="new_id-2808" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2809" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2810" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2811" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2812" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2813" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2814" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2815" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2816" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2817" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2818" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2819" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2820" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2821" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2822" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2823" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss</p>
</td>
<td id="new_id-2824" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2825" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2826" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.17</td>
<td id="new_id-2827" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2828" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2829" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2830" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.17</td>
<td id="new_id-2831" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2832" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2833" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2834" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.02</td>
<td id="new_id-2835" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2836" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2837" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2838" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.02</td>
<td id="new_id-2839" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For the years ended December 31, 2020 and 2019, Royale Energy had dilutive securities of 25,137,267 and 23,947,519 respectively. These securities were not included in the dilutive loss per share due to their antidilutive nature.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Stock Based Compensation</font></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Royale has a stock-based employee compensation plan, which is more fully described in Note 11 – Stock Compensation Plan. The Company has adopted ASC 718, Compensation – Stock Compensation, for share-based payments. This topic requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. It further establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all entities to apply a fair-value based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee stock ownership plans.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Income Taxes</font></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Royale utilizes the asset and liability approach to measure deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates in accordance with the Income Taxes Topic of the ASC 740. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Under the Topic, deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The provision for income taxes is based on pretax financial accounting income. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported net amounts.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Fair Value Measurements</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">According to Fair Value Measurements and Disclosures guidance as provided by ASC 820 and 825, assets and liabilities that are measured at fair value on a recurring and nonrecurring basis in period subsequent to initial recognition, the reporting entity shall disclose information that enable users of its financial statements to assess the inputs used to develop those measurements and for recurring fair value measurements using significant unobservable inputs, the effect of the measurements on earnings for the period.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values as of the balance sheet dates because of their generally short maturities.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level 3: Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">At December 31, 2020 and 2019, Royale Energy does not have any financial assets measured and recognized at fair value on a recurring basis.  The Company estimates asset retirement obligations pursuant to the provisions of ASC 410, Asset Retirement and Environmental Obligations. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 3 –<b> </b>Oil and Gas Properties, Equipment and Fixtures for further discussion of the Company’s asset retirement obligations.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Accounts Payable and Accrued Expenses</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">At December 31, 2020 and 2019, the components of accounts payable and accrued expenses consisted of:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2840" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2841" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2842" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2843" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2844" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2845" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Trade Payables including accruals</p>
</td>
<td id="new_id-2846" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2847" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2848" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,264,562</td>
<td id="new_id-2849" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2850" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2851" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2852" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,107,012</td>
<td id="new_id-2853" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Direct working interest investors related accruals</p>
</td>
<td id="new_id-2854" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2855" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2856" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,277,428</td>
<td id="new_id-2857" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2858" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2859" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2860" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,811,649</td>
<td id="new_id-2861" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Current drilling efforts accrued expenses</p>
</td>
<td id="new_id-2862" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2863" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2864" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">20,924</td>
<td id="new_id-2865" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2866" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2867" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2868" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">508,246</td>
<td id="new_id-2869" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accrued Liabilities</p>
</td>
<td id="new_id-2870" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2871" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2872" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">391,434</td>
<td id="new_id-2873" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2874" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2875" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2876" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">393,245</td>
<td id="new_id-2877" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee related accruals</p>
</td>
<td id="new_id-2878" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2879" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2880" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">196,014</td>
<td id="new_id-2881" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2882" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2883" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2884" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">195,998</td>
<td id="new_id-2885" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred rent</p>
</td>
<td id="new_id-2886" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2887" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2888" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">10,747</td>
<td id="new_id-2889" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2890" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2891" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2892" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">14,884</td>
<td id="new_id-2893" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Federal and State income taxes payable</p>
</td>
<td id="new_id-2894" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2895" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2896" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td id="new_id-2897" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
<td id="new_id-2898" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2899" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2900" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td id="new_id-2901" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2902" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2903" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2904" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,161,109</td>
<td id="new_id-2905" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2906" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2907" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2908" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,031,034</td>
<td id="new_id-2909" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Accrued – Non-current</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">At December 31, 2020, the Company had non-current accrued liabilities of $1,306,605 and accrued unpaid guaranteed payment of $1,616,205, due to certain Matrix principals, from periods prior to the merger with the Matrix entities during March of 2018.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Business Combinations</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">From time-to-time, the Company acquires businesses in the oil and gas industry. Royale primarily targets businesses in geological basins that the Company considers to be in a focus area. Businesses are included in the consolidated financial statements from the date of acquisition.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">We recognize, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition-date fair values. We measure and recognize goodwill as of the acquisition date as the excess of: (1) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of our previously held equity interest in the acquiree (if any), over (2) the fair value of assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, we report provisional amounts for the items for which the accounting is incomplete. The measurement or allocation period ends once we receive the information we are seeking; however, this period will generally not exceed one year from the acquisition date. Any material adjustments recognized during the measurement period will be reflected retrospectively in the consolidated financial statements of the subsequent period. We recognize third-party transaction-related costs as expense currently in the period in which they are incurred.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Changes in Accounting Standards</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Recently Adopted</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2017-04, Simplifying the test for goodwill impairment</i></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied goodwill fair value. This guidance simplifies the accounting as compared to prior Generally Accepted Accounting Principles “GAAP.” This ASU was effective for SEC filers beginning after December 15, 2019. Adoption of this standard did not have a material impact on our consolidated financial statements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2018-13, Changes to the fair value disclosure requirements</i></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This pronouncement modifies, eliminates and adds disclosure requirements for fair value measurements. This ASU was effective for SEC filers beginning after December 15, 2019. Adoption of this standard did not have a material impact on our consolidated financial statements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2020-04, Changes to the fair value disclosure requirements</i></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the effects of Reference Rate Reform on Financial Reporting. This pronouncement provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by the anticipated transition away from LIBOR. This new ASU is eligible to be applied upon release and has various transition requirements. The Company acquired certain hedge contracts with the merger with the Matrix Companies in 2018. Those hedge contracts were transferred to RMX with the formation of the RMX Joint Venture as more fully described in Note 2 – RMX Joint Venture. The transition from LIBOR currently taking place in the financial markets will not have any impact on the Company or its existing financial instruments or agreements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2018-18, Clarifying the interaction between ASC 808 and ASC 606</i></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In November 2018, FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808). This pronouncement clarifies that certain transactions between collaborative partners should be accounted for as revenue under Topic 606 (Revenue Recognition) when one is a customer of the other. Adoption of this standard did not have a material impact on our consolidated financial statements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Not Adopted</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2016-13, Credit Impairment</i></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In June of 2016, the FASB issued ASC Topic 326, Financial Instruments – Credit Losses. This new guidance replaces the current incurred loss impairment model with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. This new Current Expected Credit Losses (“CECL”) model applies to (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and financial assets measured at fair value, and (4) beneficial interests in securitized financial assets. This ASU was effective for SEC filers beginning after December 15, 2019; however, on November 15, 2019, the FASB issued ASU 2019-10, which delayed the effective date for “smaller reporting companies.” Therefore, ASU 2016-13 is effective for "smaller reporting companies" (as defined by the Securities and Exchange Commission) such as Royale, for fiscal years beginning after December 15, 2022, including interim periods within those years, and must be adopted under the modified retrospective method. Entities may adopt ASU 2016-13 earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those years. Adoption of this standard is not expected to have a material impact on our consolidated financial statements and cash flows.</p><br/></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Description of Business</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy is an independent oil and gas producer which also has operations in the area of turnkey drilling.  Royale Energy owns wells and leases in major geological basins located primarily in California, Texas, Oklahoma, Colorado, and Utah. Royale Energy offers fractional working interests and seeks to minimize the risks of oil and gas drilling by selling multiple well drilling projects which do not include the use of debt financing.</p></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Use of Estimates</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Estimated quantities of crude oil and condensate, NGLs and natural gas reserves is a significant estimate that requires judgment. All of the reserve data included in this Form 10-K are estimates. Reservoir engineering is a subjective process of estimating underground accumulations of crude oil and condensate, NGLs and natural gas. There are numerous uncertainties inherent in estimating quantities of proved crude oil and condensate, NGLs and natural gas reserves. The accuracy of any reserves estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. As a result, reserve estimates may be different from the quantities of crude oil and condensate, NGLs and natural gas that are ultimately recovered. See Note 17 – Supplemental Information About Oil and Gas Producing Activities (Unaudited) for further detail.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Other items subject to estimates and assumptions include the carrying amounts of accounts receivable, property, plant and equipment, equity method investments, asset retirement obligations, and valuation allowances for deferred tax assets, among others. Although we believe these estimates, actual results could differ from these estimates.</p></div>
Liquidity and Going Concern The primary sources of liquidity have historically been issuances of common stock, oil and gas sales through ongoing operations and the sale of oil and gas properties. There are factors that give rise to substantial doubt about the Company’s ability to meet liquidity demands, and we anticipate that our primary sources of liquidity will be from the issuance of debt and/or equity, the sale of oil and natural gas property participation interests through our normal course of business and the sale of non-strategic assets. At December 31, 2020, the Company has $1.529 million in Long Lived Assets Held for Sale. The Company’s 2020 consolidated financial statements reflect a working capital deficiency of $4,044,437 and a net loss from operations of $2,674,329. These factors raise substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management’s plans to alleviate the going concern by cost control measures that include the reduction of overhead costs and the sale of non-strategic assets. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company and whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, attempt to extend note repayments, and reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.
1529000
-4044437
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Correction of Immaterial Errors in Previously Issued Financial Statements</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Subsequent to the issuance of the consolidated financial statements for the year ended December 31, 2019, the Company concluded that the Statement of Cash Flows for the year ending December 31, 2019, contained immaterial errors related to the classification of payments arising from operating leases and to the quantification of the amount of capital expenditures that had been accrued for but not yet paid. These immaterial errors have been corrected for the comparative period, resulting in an increase in cash flows used in operating activities of $239,362; an increase in cash flows provided by investing activities of $94,546; and a decrease in cash flows used in financing activities of $144,816 for the period ending December 31, 2019. These immaterial errors did not have any impact on our financial position, net loss or total cash flow for the period ending December 31, 2019.</p></div>
These immaterial errors have been corrected for the comparative period, resulting in an increase in cash flows used in operating activities of $239,362; an increase in cash flows provided by investing activities of $94,546; and a decrease in cash flows used in financing activities of $144,816 for the period ending December 31, 2019.
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Restricted Cash</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale sponsors turnkey drilling arrangements in proved and unproved properties. The contracts require that participants pay Royale the full contract price upon execution of the drilling agreement. Each participant earns an undivided interest in the well bore at the completion of the well. A portion of the funds received in advance of the drilling of a well from a working interest participant are held for the expressed purpose of drilling a well. If something changes, the Company may designate these funds for a substitute well. Under certain conditions, a portion of these funds may be required to be returned to a participant. Once the well is drilled, the funds are used to satisfy the drilling cost. Royale classifies these funds prior to commencement of drilling as restricted cash based on guidance codified as under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 230-10-50-8. In the event that progress payments are made from these funds; they are recorded as Prepaid Expenses and Other Current Assets.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2601" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2602" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2603" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2604" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2605" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2606" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2607" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2608" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2609" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Cash and cash equivalents</p>
</td>
<td id="new_id-2610" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2611" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2612" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">255,112</td>
<td id="new_id-2613" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2614" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2615" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2616" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,031,014</td>
<td id="new_id-2617" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Restricted cash</p>
</td>
<td id="new_id-2618" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2619" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2620" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">2,146,571</td>
<td id="new_id-2621" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
<td id="new_id-2622" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2623" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2624" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">2,845,515</td>
<td id="new_id-2625" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total cash, cash equivalents, and restricted cash shown in the statement of cash flows</p>
</td>
<td id="new_id-2626" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2627" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2628" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,401,683</td>
<td id="new_id-2629" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2630" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2631" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2632" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,876,529</td>
<td id="new_id-2633" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Other Receivables</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our other receivables consist of receivables from direct working interest investors and industry partners. We provide for uncollectible accounts receivable using the allowance method of accounting for bad debts.  Under this method of accounting, a provision for uncollectible accounts is charged directly to bad debt expense when it becomes probable the receivable will not be collected.  The allowance account is increased or decreased based on past collection history and management’s evaluation of accounts receivable.  All amounts considered uncollectible are charged against the allowance account and recoveries of previously charged off accounts are added to the allowance.  At December 31, 2020 and 2019, the Company established an allowance for uncollectable accounts of $2,582,093 and $1,791,162, respectively, for receivables from direct working interest investors whose expenses on non-producing wells were unlikely to be collected from revenue. During 2020 and 2019, the Company closed a number of accounts as uncollectable, offsetting the allowance in the amount of $2,553 and $519,333 respectively.</p></div>
2582093
1791162
2553
519333
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Revenue Receivables</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our revenue receivables consist of receivables related to the sale of our natural gas and oil.  Once a production month is completed, we receive payment approximately 15 to 30 days later. Historically, Royale has not had issues related to the collection of revenue receivables, and as such has determined that an allowance for revenue receivables is not currently necessary.</p></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Equity Method Investments</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Investments in entities over which we have significant influence, but not control, are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by the equity method investees and is reflected in revenue and other income in our consolidated statements of income. Equity method investments are included as noncurrent assets on the consolidated balance sheet.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Equity method investments are assessed for impairment whenever changes in the facts and circumstances indicate a loss in value may have occurred as called for under ASC 323, Investments—Equity Method and Joint Ventures. When a loss is deemed to have occurred and is other than temporary, the carrying value of the equity method investment is written down to fair value, and the amount of the write-down is included in income.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The earnings from RMX reflected in these financial statements as Investment in JV, reflect our share of net earnings or losses directly attributable to this equity method investment. We evaluated our investment in RMX as of December 31, 2019, and determined that any losses were not other than temporary. At December 31, 2020, we evaluated our investment in RMX and determined that our investment was impaired as further described in Note 2 – RMX Joint Venture</p></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Revenue Recognition</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A significant portion of our revenues are derived from the sale of crude oil, condensate, natural gas liquids (“NGLs”) and natural gas under spot and term agreements with our customers.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2634" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2635" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2636" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2637" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2638" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2639" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2640" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2641" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2642" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oil & Condensate Sales</p>
</td>
<td id="new_id-2643" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2644" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2645" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,184,680</td>
<td id="new_id-2646" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2647" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2648" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2649" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,504,936</td>
<td id="new_id-2650" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Natural Gas Sales</p>
</td>
<td id="new_id-2651" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2652" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2653" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">357,587</td>
<td id="new_id-2654" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2655" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2656" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2657" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">824,339</td>
<td id="new_id-2658" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">NGL Sales</p>
</td>
<td id="new_id-2659" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2660" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2661" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">536</td>
<td id="new_id-2662" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2663" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2664" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2665" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">-</td>
<td id="new_id-2666" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2667" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td>
<td id="new_id-2668" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-2669" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">1,542,803</td>
<td id="new_id-2670" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> </td>
<td id="new_id-2671" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td>
<td id="new_id-2672" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-2673" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">2,329,275</td>
<td id="new_id-2674" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The pricing in our hydrocarbon sales agreements are variable, determined using various published benchmarks which are adjusted for negotiated quality and location differentials. As a result, revenue collected under our agreements with customers is highly dependent on the market conditions and may fluctuate considerably as the hydrocarbon market prices rise or fall. Typically, our customers pay us monthly, within a short period of time after we deliver the hydrocarbon products. As such, we do not have any financing element associated with our contracts. We do not have any issues related to returns or refunds, as product specifications are standardized for the industry and are typically measured when transferred to a common carrier or midstream entity, and other contractual mechanisms (e.g., price adjustments) are used when products do not meet those specifications.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In limited cases, we may also collect advance payments from customers as stipulated in our agreements; payments in excess of recognized revenue are recorded as contract liabilities on our consolidated balance sheet.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Under our hydrocarbon sales agreements, the entire consideration amount is variable either due to pricing and/or volumes. We recognize revenue in the amount of variable consideration allocated to distinct units of hydrocarbons transferred to a customer. Such allocation reflects the amount of total consideration we expect to collect for completed deliveries of hydrocarbons and the terms of variable payment relate specifically to our efforts to satisfy the performance obligations under these contracts. Our performance obligations under our hydrocarbon sales agreements are to deliver either the entire production from the dedicated wells or specified contractual volumes of hydrocarbons.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We often serve as the operator for jointly owned oil and gas properties. As part of this role, we perform activities to explore, develop and produce oil and gas properties in accordance with the joint operating arrangement and collective decisions of the joint parties. Other working interest owners reimburse us for costs incurred based on our agreements. We determined that these activities are not performed as part of customer relationships, and such reimbursements are recorded as cost reimbursements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We commonly market the share of production belonging to other working interest owners as the operator of jointly owned oil and gas properties. Those marketing activities are carried out as part of the collaborative arrangement, and we do not purchase or otherwise obtain control of other working interest owners’ share of production. Therefore, we act as a principal only in regard to the sale of our share of production and recognize revenue for the volumes associated with our net production.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The Company frequently sells a portion of the working interest in each well it drills or participates in to third-party investors and retains a portion of the prospect for its own account. The Company typically guarantees a cost to drill to the third-party drilling participants and records a loss or gain on the difference between the guaranteed price and the actual cost to drill the well. When monies are received from third parties for future drilling obligations, the Company records the liability as Turnkey Drilling Obligations. Once the contracted depth for the drilling of the well is reached and a determination as to the commercial viability of the well (typically call “Casing Point Election” or “Logging Point”), the difference in the actual cost to drill and the guaranteed cost is recorded as income or expense depending on whether there was a gain or loss.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Crude oil and condensate</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For the crude sales agreements, we satisfy our performance obligations and recognize revenue once customers take control of the crude at the designated delivery points, which include pipelines, trucks or vessels.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Natural Gas and NGLs</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">When selling natural gas and NGLs, we engage midstream entities to process our production stream by separating natural gas from the NGLs. Frequently, these midstream entities also purchase our natural gas and NGLs under the same agreements. In these situations, we determined the performance obligation is complete and satisfied at the tailgate of the processing plant when the natural gas and NGLs become identifiable and measurable products. We determined the plant tailgate is the point in time where control, as defined in the new revenue standard, is transferred to midstream entities and they are entitled to significant risks and rewards of ownership of the natural gas and NGLs.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The amounts due to midstream entities for gathering and processing services are recognized as shipping and handling cost and included as lease operating expense in our consolidated statement of operations, since we make those payments in exchange for distinct services with the exception of natural gas sold to PG&E where transportation is netted directly against revenue. Under some of our natural gas processing agreements, we have an option to take the processed natural gas and NGLs in-kind and sell to customers other than the processing company. In those circumstances, our performance obligations are complete after delivering the processed hydrocarbons to the customer at the designated delivery points, which may be the tailgate of the processing plant or an alternative delivery point requested by the customer.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Turnkey Drilling Obligations</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">These Turnkey Agreements are managed by the Company for the participants of the well. The collections of pre-drilling AFE amounts are segregated by the Company and the gains and losses on the Turnkey Agreements are recorded in income or expense at the time of the casing point election in accordance with ASC 932-323-25 and 932-360. The Company manages the performance obligation for the well participants and only records revenue or expense at the time the performance obligation of the Turnkey Agreement has been satisfied.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Supervisory Fees and Other</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">These amounts include proceeds from the Master Service Agreement (“MSA”) with RMX for the providing of land, engineering, accounting and support services for the RMX joint venture. Revenues earned under the MSA were recorded at the end of each month that services were performed, in conformity with the Agreement. The service fee income was deemed earned at the end of each month that services were performed as prescribed by the contract. On December 31, 2018, Royale received notice of cancelation of the MSA by RMX effective March 31, 2019. For the year ended 2019, the Company recognized $540,000 in supervisory fees from RMX. Also included in the caption are Pipeline and Compressor fees which are received and allocated based on production volumes.</p></div>
540000
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Oil and Gas Property and Equipment</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Successful Efforts</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy uses the “successful efforts” method to account for its exploration and production activities.  Under this method, Royale Energy accumulates its proportionate share of costs on a well-by-well basis with certain exploratory expenditures and exploratory dry holes being expensed as incurred, and capitalizes expenditures for productive wells.  Royale Energy amortizes the costs of productive wells under the unit-of-production method.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy carries, as an asset, exploratory well costs when the well has found a sufficient quantity of reserves to justify its completion as a producing well and where Royale Energy is making sufficient progress assessing the reserves and the economic and operating viability of the project.  Exploratory well costs not meeting these criteria are charged to expense. Other exploratory expenditures, including geophysical costs and annual lease rentals, are expensed as incurred. Acquisition costs of proved properties are amortized using a unit-of-production method, computed on the basis of total proved oil and gas reserves.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Capitalized exploratory drilling and development costs associated with productive depletable extractive properties are amortized using unit-of-production rates based on the amount of proved developed reserves of oil and gas that are estimated to be recoverable from existing facilities using current operating methods.  Under the unit-of-production method, oil and gas volumes are considered produced once they have been measured through meters at custody transfer or sales transaction points at the outlet valve on the lease or field storage tank.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Production Cost</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Production costs are expensed as incurred. Production involves lifting the oil and gas to the surface and gathering, treating, field processing and field storage of the oil and gas. The production function normally terminates at the outlet valve on the lease or field production storage tank. Production costs are those incurred to operate and maintain Royale Energy’s wells and related equipment and facilities. They become part of the cost of oil and gas produced. These costs, sometimes referred to as lifting costs, include such items as labor costs to operate the wells and related equipment; repair and maintenance costs on the wells and equipment; materials, supplies and energy costs required to operate the wells and related equipment; and administrative expenses related to the production activity.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Depreciation, Depletion and Amortization</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Depreciation, depletion and amortization, based on cost less estimated salvage value of the asset, are primarily determined under either the unit-of-production method or the straight-line method, which is based on estimated asset service life taking obsolescence into consideration.  Maintenance and repairs, including planned major maintenance, are expensed as incurred.  Major renewals and improvements are capitalized, and the assets replaced are retired.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The project drilling phase commences with the development of the detailed engineering design and ends when the assets are ready for their intended use.  Interest costs, to the extent they are incurred to finance expenditures during the construction phase, are included in property, plant and equipment and are depreciated over the service life of the related assets.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Impairment</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">We evaluate our oil and gas producing properties, including capitalized costs of exploratory wells and development costs, for impairment of value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted future cash flows from the use of the asset and its eventual disposition is less than the carrying amount of the asset, an impairment loss is recognized based on the fair value of the asset. Oil and gas producing properties are reviewed for impairment on a field-by-field basis or, in certain instances, by logical grouping of assets if there is significant shared infrastructure or contractual terms that cause economic interdependency amongst separate, discrete fields. Oil and gas producing properties deemed to be impaired are written down to their fair value, as determined by discounted future net cash flows or, if available, comparable market value. We evaluate our unproved property investment and record impairment based on time or geologic factors. Information such as drilling results, reservoir performance, seismic interpretation or future plans to develop acreage is also considered. When unproved property investments are deemed to be impaired, this amount is reported in exploration expenses in our consolidated statements of income. During 2020 there were no impairment losses, while 2019 the Company recorded impairment losses of $977,682, on various capitalized base and land costs as well as certain fields acquired through the merger with the matrix entities.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Upon the sale or retirement of a complete field of a proved property, Royale Energy eliminates the cost from its books, and the resultant gain or loss is recorded to Royale Energy’s Statement of Operations.  Upon the sale of an entire interest in an unproved property where the property has been assessed for impairment individually, a gain or loss is recognized in Royale Energy’s Statement of Operations.  If a partial interest in an unproved property is sold, any funds received are accounted for as a recovery of the cost in the interest retained with any excess funds recognized as a gain. Should Royale Energy’s turnkey drilling agreements include unproved property, total drilling costs incurred to satisfy its obligations are recovered by the total funds received under the agreements.  Any excess funds are recorded as a Gain on Turnkey Drilling Programs, and any costs not recovered are capitalized and accounted for under the “successful efforts” method.</p></div>
977682
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Long-Lived Assets Classified as Held for Sale</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale classifies long-lived assets as Held-for-Sale when the criteria of ASC 360-10-45-9 through 45-11, Impairment and Disposal of Long-Lived Assets, have been met. This criterion is listed below:</p><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Management has committed to a plan to sell the asset;</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The asset group is available for immediate sale in its present condition;</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">An active program is underway to locate potential buyers;</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The sale is probable within one year;</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The asset group is being marketed at a price that is reasonable relative to its current fair value; and</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:middle;width:3.3%;"> </td>
<td style="vertical-align:top;width:3.3%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">●</p>
</td>
<td style="vertical-align:top;width:0%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn.</p>
</td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Assets held for sale are carried at the lower of cost or fair market value less cost of disposal in current assets. If the Company retains the responsibility for the P&A, equipment removal or site restoration, the associated anticipated expense is carried as current ARO. The Company has two property groups that are being Held for Sale as further described in Note 17 – Long-Lived Assets Held for Sale</p></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Turnkey Drilling</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy sponsors turnkey drilling agreement arrangements in proved and unproved properties as a pooling of assets in a joint undertaking, whereby proceeds from participants are reported as Deferred Drilling Obligations, and then reduced as costs to complete its obligations are incurred with any excess booked against its property account to reduce any basis in its own interest.  Gains on Turnkey Drilling Programs represent funds received from turnkey drilling participants in excess of all costs Royale incurs during the drilling programs (e.g., lease acquisition, exploration and development costs), including costs incurred on behalf of participants and costs incurred for its own account; and are recognized only upon making this determination after Royale’s obligations have been fulfilled.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The contracts require the participants pay Royale Energy the full contract price upon execution of the agreement.   Royale Energy completes the drilling activities typically between 10 and 30 days after drilling begins.  The participant retains an undivided or proportional beneficial interest in the property, and is also responsible for its proportionate share of operating costs.  Royale Energy retains legal title to the lease.  The participants purchase a working interest directly in the well bore.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In these working interest arrangements, the participants are responsible for sharing in the risk of development, but also sharing in a proportional interest in rights to revenues and proportional liability for the cost of operations after drilling is completed and the interest is conveyed to the participant.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">A certain portion of the turnkey drilling participant’s funds received are non-refundable.  The Company holds all funds invested as Deferred Drilling Obligations until drilling is complete.  Occasionally, drilling is delayed for various reasons such as weather, permitting, drilling rig availability and/or contractual obligations.  At December 31, 2020 and 2019, Royale Energy had Deferred Drilling Obligations of $ 3,127,500 and $5,232,675, respectively.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">If Royale Energy is unable to drill the wells, and a suitable replacement well is not found, Royale would retain the non-refundable portion of the contact and return the remaining funds to the participant.  Included in cash and cash equivalents are amounts for use in completion of turnkey drilling programs in progress.</p></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Equipment and Fixtures</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Equipment and fixtures are stated at cost and depreciated over the estimated useful lives of the assets, which range from three to seven years, using the straight-line method. Repairs and maintenance are charged to expense as incurred. When assets are sold or retired, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in income. Maintenance and repairs, which neither materially add to the value of the property nor appreciably prolong its life, are charged to expense as incurred. Gains or losses on dispositions of property and equipment, other than oil and gas, are reflected in operations.</p></div>
three
seven
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Income (Loss) Per Share</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Basic and diluted losses per share are calculated as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2675" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="14" id="new_id-2676" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2677" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2678" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2679" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2680" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2681" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2682" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2683" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2684" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2685" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Basic</b></p>
</td>
<td id="new_id-2686" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2687" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2688" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Diluted</b></p>
</td>
<td id="new_id-2689" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2690" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2691" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Basic</b></p>
</td>
<td id="new_id-2692" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2693" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2694" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Diluted</b></p>
</td>
<td id="new_id-2695" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss</p>
</td>
<td id="new_id-2696" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2697" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2698" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,148,147</td>
<td id="new_id-2699" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2700" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2701" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2702" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,148,147</td>
<td id="new_id-2703" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2704" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2705" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2706" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(348,383</td>
<td id="new_id-2707" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2708" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2709" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2710" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(348,383</td>
<td id="new_id-2711" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less: Preferred Stock Dividend</p>
</td>
<td id="new_id-2712" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2713" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2714" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">762,900</td>
<td id="new_id-2715" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2716" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2717" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2718" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">762,900</td>
<td id="new_id-2719" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2720" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2721" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2722" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">734,725</td>
<td id="new_id-2723" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2724" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2725" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2726" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">734,725</td>
<td id="new_id-2727" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less: Preferred Stock Dividend in Arrears</p>
</td>
<td id="new_id-2728" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2729" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2730" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2731" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2732" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2733" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2734" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2735" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2736" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2737" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2738" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2739" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2740" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2741" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2742" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2743" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss Attributable to Common Shareholders</p>
</td>
<td id="new_id-2744" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2745" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2746" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,911,047</td>
<td id="new_id-2747" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2748" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2749" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2750" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,911,047</td>
<td id="new_id-2751" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2752" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2753" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2754" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,083,108</td>
<td id="new_id-2755" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2756" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2757" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2758" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,083,108</td>
<td id="new_id-2759" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Weighted average common shares outstanding</p>
</td>
<td id="new_id-2760" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2761" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2762" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2763" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2764" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2765" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2766" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2767" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2768" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2769" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2770" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2771" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2772" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2773" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2774" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2775" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Effect of dilutive securities</p>
</td>
<td id="new_id-2776" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2777" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2778" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2779" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2780" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2781" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2782" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2783" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2784" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2785" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2786" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2787" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2788" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2789" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2790" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2791" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Weighted average common shares, including Dilutive effect</p>
</td>
<td id="new_id-2792" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2793" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2794" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2795" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2796" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2797" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2798" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2799" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2800" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2801" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2802" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2803" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2804" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2805" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2806" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2807" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Per share:</p>
</td>
<td id="new_id-2808" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2809" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2810" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2811" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2812" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2813" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2814" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2815" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2816" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2817" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2818" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2819" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2820" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2821" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2822" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2823" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss</p>
</td>
<td id="new_id-2824" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2825" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2826" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.17</td>
<td id="new_id-2827" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2828" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2829" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2830" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.17</td>
<td id="new_id-2831" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2832" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2833" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2834" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.02</td>
<td id="new_id-2835" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2836" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2837" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2838" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.02</td>
<td id="new_id-2839" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For the years ended December 31, 2020 and 2019, Royale Energy had dilutive securities of 25,137,267 and 23,947,519 respectively. These securities were not included in the dilutive loss per share due to their antidilutive nature.</p></div>
25137267
23947519
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Stock Based Compensation</font></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Royale has a stock-based employee compensation plan, which is more fully described in Note 11 – Stock Compensation Plan. The Company has adopted ASC 718, Compensation – Stock Compensation, for share-based payments. This topic requires that the cost resulting from all share-based payment transactions be recognized in the financial statements. It further establishes fair value as the measurement objective in accounting for share-based payment arrangements and requires all entities to apply a fair-value based measurement method in accounting for share-based payment transactions with employees except for equity instruments held by employee stock ownership plans.</p></div>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Income Taxes</font></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Royale utilizes the asset and liability approach to measure deferred tax assets and liabilities based on temporary differences existing at each balance sheet date using currently enacted tax rates in accordance with the Income Taxes Topic of the ASC 740. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Under the Topic, deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The provision for income taxes is based on pretax financial accounting income. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported net amounts.</p></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Fair Value Measurements</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">According to Fair Value Measurements and Disclosures guidance as provided by ASC 820 and 825, assets and liabilities that are measured at fair value on a recurring and nonrecurring basis in period subsequent to initial recognition, the reporting entity shall disclose information that enable users of its financial statements to assess the inputs used to develop those measurements and for recurring fair value measurements using significant unobservable inputs, the effect of the measurements on earnings for the period.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values as of the balance sheet dates because of their generally short maturities.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Level 3: Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">At December 31, 2020 and 2019, Royale Energy does not have any financial assets measured and recognized at fair value on a recurring basis.  The Company estimates asset retirement obligations pursuant to the provisions of ASC 410, Asset Retirement and Environmental Obligations. The initial measurement of asset retirement obligations at fair value is calculated using discounted cash flow techniques and based on internal estimates of future retirement costs associated with oil and gas properties. Given the unobservable nature of the inputs, including plugging costs and reserve lives, the initial measurement of the asset retirement obligation liability is deemed to use Level 3 inputs. See Note 3 –<b> </b>Oil and Gas Properties, Equipment and Fixtures for further discussion of the Company’s asset retirement obligations.</p></div>
Accounts Payable and Accrued Expenses At December 31, 2020 and 2019, the components of accounts payable and accrued expenses consisted of: 2020 2019 Trade Payables including accruals 2,264,562 3,107,012 Direct working interest investors related accruals 1,277,428 1,811,649 Current drilling efforts accrued expenses 20,924 508,246 Accrued Liabilities 391,434 393,245 Employee related accruals 196,014 195,998 Deferred rent 10,747 14,884 Federal and State income taxes payable - - 4,161,109 6,031,034
Accrued – Non-current At December 31, 2020, the Company had non-current accrued liabilities of $1,306,605 and accrued unpaid guaranteed payment of $1,616,205, due to certain Matrix principals, from periods prior to the merger with the Matrix entities during March of
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Business Combinations</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">From time-to-time, the Company acquires businesses in the oil and gas industry. Royale primarily targets businesses in geological basins that the Company considers to be in a focus area. Businesses are included in the consolidated financial statements from the date of acquisition.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">We recognize, separately from goodwill, the identifiable assets acquired and liabilities assumed at their estimated acquisition-date fair values. We measure and recognize goodwill as of the acquisition date as the excess of: (1) the aggregate of the fair value of consideration transferred, the fair value of any noncontrolling interest in the acquiree (if any) and the acquisition date fair value of our previously held equity interest in the acquiree (if any), over (2) the fair value of assets acquired and liabilities assumed. If information about facts and circumstances existing as of the acquisition date is incomplete by the end of the reporting period in which a business combination occurs, we report provisional amounts for the items for which the accounting is incomplete. The measurement or allocation period ends once we receive the information we are seeking; however, this period will generally not exceed one year from the acquisition date. Any material adjustments recognized during the measurement period will be reflected retrospectively in the consolidated financial statements of the subsequent period. We recognize third-party transaction-related costs as expense currently in the period in which they are incurred.</p></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Changes in Accounting Standards</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Recently Adopted</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2017-04, Simplifying the test for goodwill impairment</i></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied goodwill fair value. This guidance simplifies the accounting as compared to prior Generally Accepted Accounting Principles “GAAP.” This ASU was effective for SEC filers beginning after December 15, 2019. Adoption of this standard did not have a material impact on our consolidated financial statements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2018-13, Changes to the fair value disclosure requirements</i></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This pronouncement modifies, eliminates and adds disclosure requirements for fair value measurements. This ASU was effective for SEC filers beginning after December 15, 2019. Adoption of this standard did not have a material impact on our consolidated financial statements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2020-04, Changes to the fair value disclosure requirements</i></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the effects of Reference Rate Reform on Financial Reporting. This pronouncement provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other transactions affected by the anticipated transition away from LIBOR. This new ASU is eligible to be applied upon release and has various transition requirements. The Company acquired certain hedge contracts with the merger with the Matrix Companies in 2018. Those hedge contracts were transferred to RMX with the formation of the RMX Joint Venture as more fully described in Note 2 – RMX Joint Venture. The transition from LIBOR currently taking place in the financial markets will not have any impact on the Company or its existing financial instruments or agreements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2018-18, Clarifying the interaction between ASC 808 and ASC 606</i></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">In November 2018, FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808). This pronouncement clarifies that certain transactions between collaborative partners should be accounted for as revenue under Topic 606 (Revenue Recognition) when one is a customer of the other. Adoption of this standard did not have a material impact on our consolidated financial statements.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Not Adopted</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>ASU 2016-13, Credit Impairment</i></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In June of 2016, the FASB issued ASC Topic 326, Financial Instruments – Credit Losses. This new guidance replaces the current incurred loss impairment model with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. This new Current Expected Credit Losses (“CECL”) model applies to (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and financial assets measured at fair value, and (4) beneficial interests in securitized financial assets. This ASU was effective for SEC filers beginning after December 15, 2019; however, on November 15, 2019, the FASB issued ASU 2019-10, which delayed the effective date for “smaller reporting companies.” Therefore, ASU 2016-13 is effective for "smaller reporting companies" (as defined by the Securities and Exchange Commission) such as Royale, for fiscal years beginning after December 15, 2022, including interim periods within those years, and must be adopted under the modified retrospective method. Entities may adopt ASU 2016-13 earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those years. Adoption of this standard is not expected to have a material impact on our consolidated financial statements and cash flows.</p></div>
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same amounts shown in the statement of cash flows.</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2601" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2602" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2603" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2604" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2605" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2606" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2607" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2608" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2609" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Cash and cash equivalents</p>
</td>
<td id="new_id-2610" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2611" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2612" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">255,112</td>
<td id="new_id-2613" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2614" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2615" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2616" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,031,014</td>
<td id="new_id-2617" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Restricted cash</p>
</td>
<td id="new_id-2618" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2619" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2620" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">2,146,571</td>
<td id="new_id-2621" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
<td id="new_id-2622" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2623" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2624" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">2,845,515</td>
<td id="new_id-2625" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total cash, cash equivalents, and restricted cash shown in the statement of cash flows</p>
</td>
<td id="new_id-2626" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2627" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2628" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,401,683</td>
<td id="new_id-2629" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2630" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2631" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2632" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,876,529</td>
<td id="new_id-2633" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>A significant portion of our revenues are derived from the sale of crude oil, condensate, natural gas liquids (“NGLs”) and natural gas under spot and term agreements with our customers.</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2634" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2635" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2636" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2637" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2638" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2639" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2640" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2641" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2642" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oil & Condensate Sales</p>
</td>
<td id="new_id-2643" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2644" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2645" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,184,680</td>
<td id="new_id-2646" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2647" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2648" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2649" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,504,936</td>
<td id="new_id-2650" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Natural Gas Sales</p>
</td>
<td id="new_id-2651" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2652" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2653" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">357,587</td>
<td id="new_id-2654" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2655" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2656" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2657" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">824,339</td>
<td id="new_id-2658" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">NGL Sales</p>
</td>
<td id="new_id-2659" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2660" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2661" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">536</td>
<td id="new_id-2662" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2663" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2664" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2665" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">-</td>
<td id="new_id-2666" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2667" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td>
<td id="new_id-2668" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-2669" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">1,542,803</td>
<td id="new_id-2670" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> </td>
<td id="new_id-2671" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px;"> </td>
<td id="new_id-2672" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-2673" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 3px double rgb(0, 0, 0);">2,329,275</td>
<td id="new_id-2674" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;"> </td>
</tr>
</table></div>
1184680
1504936
357587
824339
536
0
1542803
2329275
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>Basic and diluted losses per share are calculated as follows:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2675" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="14" id="new_id-2676" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2677" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2678" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2679" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2680" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2681" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2682" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2683" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2684" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2685" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Basic</b></p>
</td>
<td id="new_id-2686" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2687" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2688" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Diluted</b></p>
</td>
<td id="new_id-2689" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2690" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2691" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Basic</b></p>
</td>
<td id="new_id-2692" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2693" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2694" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Diluted</b></p>
</td>
<td id="new_id-2695" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss</p>
</td>
<td id="new_id-2696" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2697" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2698" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,148,147</td>
<td id="new_id-2699" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2700" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2701" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2702" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,148,147</td>
<td id="new_id-2703" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2704" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2705" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2706" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(348,383</td>
<td id="new_id-2707" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2708" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2709" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2710" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(348,383</td>
<td id="new_id-2711" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less: Preferred Stock Dividend</p>
</td>
<td id="new_id-2712" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2713" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2714" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">762,900</td>
<td id="new_id-2715" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2716" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2717" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2718" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">762,900</td>
<td id="new_id-2719" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2720" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2721" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2722" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">734,725</td>
<td id="new_id-2723" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2724" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2725" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2726" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">734,725</td>
<td id="new_id-2727" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less: Preferred Stock Dividend in Arrears</p>
</td>
<td id="new_id-2728" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2729" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2730" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2731" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2732" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2733" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2734" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2735" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2736" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2737" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2738" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2739" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2740" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2741" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2742" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2743" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss Attributable to Common Shareholders</p>
</td>
<td id="new_id-2744" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2745" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2746" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,911,047</td>
<td id="new_id-2747" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2748" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2749" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2750" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(8,911,047</td>
<td id="new_id-2751" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2752" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2753" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2754" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,083,108</td>
<td id="new_id-2755" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2756" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2757" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2758" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,083,108</td>
<td id="new_id-2759" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Weighted average common shares outstanding</p>
</td>
<td id="new_id-2760" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2761" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2762" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2763" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2764" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2765" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2766" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2767" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2768" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2769" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2770" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2771" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2772" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2773" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2774" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2775" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Effect of dilutive securities</p>
</td>
<td id="new_id-2776" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2777" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2778" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2779" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2780" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2781" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2782" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2783" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2784" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2785" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2786" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2787" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2788" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2789" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2790" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-2791" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Weighted average common shares, including Dilutive effect</p>
</td>
<td id="new_id-2792" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2793" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2794" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2795" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2796" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2797" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2798" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">53,292,647</td>
<td id="new_id-2799" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2800" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2801" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2802" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2803" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2804" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2805" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2806" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">50,871,447</td>
<td id="new_id-2807" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Per share:</p>
</td>
<td id="new_id-2808" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2809" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2810" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2811" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2812" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2813" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2814" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2815" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2816" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2817" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2818" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2819" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2820" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2821" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2822" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2823" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Loss</p>
</td>
<td id="new_id-2824" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2825" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2826" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.17</td>
<td id="new_id-2827" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2828" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2829" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2830" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.17</td>
<td id="new_id-2831" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2832" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2833" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2834" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.02</td>
<td id="new_id-2835" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-2836" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2837" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2838" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(0.02</td>
<td id="new_id-2839" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table></div>
762900
734725
0
0
0
0
-8911047
-1083108
53292647
53292647
50871447
50871447
0
0
0
0
53292647
50871447
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>At December 31, 2020 and 2019, the components of accounts payable and accrued expenses consisted of:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2840" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2841" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2842" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2843" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2844" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2845" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Trade Payables including accruals</p>
</td>
<td id="new_id-2846" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2847" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2848" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,264,562</td>
<td id="new_id-2849" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2850" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2851" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2852" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,107,012</td>
<td id="new_id-2853" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Direct working interest investors related accruals</p>
</td>
<td id="new_id-2854" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2855" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2856" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,277,428</td>
<td id="new_id-2857" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2858" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2859" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2860" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,811,649</td>
<td id="new_id-2861" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Current drilling efforts accrued expenses</p>
</td>
<td id="new_id-2862" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2863" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2864" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">20,924</td>
<td id="new_id-2865" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2866" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2867" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2868" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">508,246</td>
<td id="new_id-2869" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accrued Liabilities</p>
</td>
<td id="new_id-2870" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2871" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2872" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">391,434</td>
<td id="new_id-2873" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2874" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2875" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2876" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">393,245</td>
<td id="new_id-2877" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Employee related accruals</p>
</td>
<td id="new_id-2878" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2879" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2880" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">196,014</td>
<td id="new_id-2881" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2882" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2883" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2884" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">195,998</td>
<td id="new_id-2885" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred rent</p>
</td>
<td id="new_id-2886" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2887" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2888" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">10,747</td>
<td id="new_id-2889" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2890" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2891" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2892" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">14,884</td>
<td id="new_id-2893" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Federal and State income taxes payable</p>
</td>
<td id="new_id-2894" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2895" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2896" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td id="new_id-2897" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
<td id="new_id-2898" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2899" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-2900" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td id="new_id-2901" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2902" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2903" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2904" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,161,109</td>
<td id="new_id-2905" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2906" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2907" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2908" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,031,034</td>
<td id="new_id-2909" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
2264562
3107012
1277428
1811649
20924
508246
391434
393245
196014
195998
10747
14884
0
0
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 2 </b>–<b> RMX JOINT VENTURE</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">RMX Joint Venture</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On April 13, 2018, Royale Energy, Inc., and two of Royale’s subsidiaries, Royale Energy Funds, Inc. and Matrix Oil Management Corporation (the “Royale Entities”) completed  the Subscription and Contribution Agreement (“Contribution Agreement”), in which the Royale Entities and CIC RMX LP (“CIC”) entered into the Contribution Agreement and certain other agreements providing that the Royale Entities would contribute certain assets to RMX Resources, LLC (“RMX”), a newly formed Texas limited liability company formed to facilitate the investment from CIC.  In exchange for its contributed assets, Royale received a 20% equity interest in RMX, an equity performance incentive interest and up to $20.0 million to pay off Royale Entities senior lender, Arena Limited SPV, LLC., in full, and to pay Royale Entities trade payables and other outstanding obligations. CIC contributed an aggregate of $25.0 million in cash to RMX in exchange for (i) an 80% equity interest in RMX with preferred distributions until certain thresholds are met, (ii) a warrant (“Warrant”) to acquire up to 4,000,000 shares of Royale’s common stock at an exercise price of $.01 per share and registration rights pursuant to a Registration Rights Agreement.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">RMX has a six-member board of managers. Royale has two seats on the board giving it a third of the Board.  Royale has designated Michael McCaskey and Johnny Jordan as its members of the RMX board.  The return targets for CIC through its funding of RMX provide for a “waterfall” style return profile with the first distributions going to CIC until it has received all Unpaid Preferred Return and Unpaid Preferred Enhanced Return, as defined by the Company’s Agreement.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale accounts for its ownership interest in RMX following the equity method of accounting, in accordance with ASC 323, Investments—Equity Method and Joint Ventures.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Under the provisions of the Amended and Restated Limited Liability Company Agreement of RMX Resources, LLC (“RMX Agreement”) dated March 27, 2018, the gains and losses of the partnership are distributed as if all of RMX’s assets were sold for cash at a price equal to their book basis and all RMX liabilities were satisfied at their book basis and all of the remaining assets of RMX were distributed in accordance with Section 5.4 of the RMX Agreement. Notwithstanding the above, for each fiscal year or other relevant period, deductions attributable to exploration costs, IDCs, and operating and maintenance costs shall be allocated 100% to the CIC members pro rata in accordance with their Class B percentage interests for each fiscal year.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">RMX Joint Venture MSA</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">As part of the joint venture, RMX entered into a Master Service Agreement (“MSA”) calling for Royale Energy to provide land, engineering and support services for the joint venture.  For these services, Royale received $180,000 per month for the period April 2018 through March 2019.  These amounts are included in Supervisory Fees, Service Agreement and Other as more fully described in Note 1.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On December 31, 2018, Royale was formally notified of RMX’s intent to terminate the MSA as of March 31, 2019. The Termination Notice called for Royale to continue to provide accounting and other services through March 31, 2019.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">RMX Joint Venture Post-Closing</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On March 11, 2019, Royale entered into a Settlement Agreement with RMX Resources to resolve differences resulting from the calculation of certain post-closing amounts as called for under Section 7.3 of the Subscription and Contribution Agreement. In settlement of these differences, Royale agreed to assign its remaining interests in the Bellevue Field, located in Kern County and the W. Whittier Field located in Los Angeles County, California to RMX. These fields accounted for 5.145 and 140.647 Mboe in reserves and were valued at $67,671 and $2.4 million, respectively using SEC pricing and discounted at 10 percent at December 31, 2018.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale continues to be liable for the payment of all royalties and suspended funds incurred prior to March 1, 2018. Also, as part of this Settlement Agreement, RMX will offer Royale the right, but not the obligation to participate in a portion of the working interest, in a number of wells to be drilled in the Sansinena, Sempra, Whittier and/or East LA properties in Los Angeles County, California. The minimum number of wells to be offered to Royale in each year is 2 net wells as determined by an agreed upon methodology. The Agreement also calls for certain credits toward future drilling costs of the offered wells. The Company recorded a loss of $1,237,126 on the settlement, recorded in Loss on Sale of Assets in the Statement of Operations during 2019.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In conjunction with the merger between the Matrix entities and Royale, there were $1,254,204 of assets included on the books of Matrix for which documentary support could not be identified. At December 31, 2018, the Company concluded that these amounts were a contingent liability and recorded them in Current - Accrued Liabilities. On October 11, 2019, the Company received documentary support enabling management to conclude that the liability was no longer probable and should be derecognized. The Company recorded a gain of $1,254,204 on extinguishment, recorded in Loss on Sale of Assets in the Statement of Operations during 2019.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The RMX Joint Venture, like any Joint Venture investment following the equity method, is subject to ASC 323-10-35-31 and 32, impairment testing. During the 4th quarter of 2020, Royale received the RMX engineering reserve report prepared by an independent outside engineering firm. The report reflected reserve values for RMX that were below the Company’s expectations. As a result, of this and on-going market conditions along with the contractual terms of Royale’s investment in RMX, management performed an impairment test. Royale considered the waterfall formula as called for under its agreements with RMX as well as the preferred return owed to other partners. As part of this computation, Royale applied a discounted cash flow test as called for under ASC 820-10-55-5(c) and 5(d) incorporating the time value of money and risk premium. In our test, we considered factors including, most significantly, the estimated market value of the reserves of RMX and the amount of preferred return owed to other partners. As a result of this analysis and the fact that Management does not believe the values reflected in this most recent reserve report are temporary, Royale does not expect to realize the entire carrying amount of the RMX investment. Therefore, the entire amount of $6,185,995 is impaired and was taken to the Statement of Operations.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Additional reasons that Royale considers this impairment to be permanent is that these assets are located in California close to urban dwellings and subject to increasing regulatory scrutiny. Further, the current state administration has indicated a strong desire to impose increasing regulations on oil and gas producing properties thereby reducing their economic value.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Because the Company does not expect the value of the RMX Joint Venture to improve to a level where the water-fall profit sharing formula will provide value to Royale, the Company is no longer providing summarized financial information on the RMX investment in its financial statements or its reserve disclosures.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Listed below is summarized information the Company’s investment in RMX:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2910" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2911" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Twelve Months Ended </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>December 31, 2020</b></p>
</td>
<td id="new_id-2912" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2913" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2914" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Twelve Months Ended </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>December 31, 2019</b></p>
</td>
<td id="new_id-2915" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2916" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2917" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>RMX Resources, LLC</b></p>
</td>
<td id="new_id-2918" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2919" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2920" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>RMX Resources, LLC</b></p>
</td>
<td id="new_id-2921" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Balance Sheet:</p>
</td>
<td id="new_id-2922" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2923" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2924" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2925" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2926" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2927" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2928" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2929" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Total Assets</p>
</td>
<td id="new_id-2930" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2931" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2932" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">77,168,147</td>
<td id="new_id-2933" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2934" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2935" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2936" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">72,401,841</td>
<td id="new_id-2937" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Total Liabilities</p>
</td>
<td id="new_id-2938" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2939" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2940" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">46,213,651</td>
<td id="new_id-2941" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2942" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2943" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2944" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">41,573,426</td>
<td id="new_id-2945" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Members Equity</p>
</td>
<td id="new_id-2946" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2947" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2948" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">30,954,496</td>
<td id="new_id-2949" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2950" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2951" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2952" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">30,828,415</td>
<td id="new_id-2953" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Results of Operations:</p>
</td>
<td id="new_id-2954" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2955" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2956" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2957" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2958" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2959" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2960" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2961" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Net operating revenue</p>
</td>
<td id="new_id-2962" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2963" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2964" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">9,376,395</td>
<td id="new_id-2965" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2966" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2967" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2968" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">16,392,305</td>
<td id="new_id-2969" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Income (Loss) from operations</p>
</td>
<td id="new_id-2970" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2971" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2972" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(3,352,584</td>
<td id="new_id-2973" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</p>
</td>
<td id="new_id-2974" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2975" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2976" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,456,290</td>
<td id="new_id-2977" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net income</p>
</td>
<td id="new_id-2978" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2979" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2980" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">126,081</td>
<td id="new_id-2981" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2982" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2983" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2984" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(2,091,239</td>
<td id="new_id-2985" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table><br/></div>
0.20
20000000
25000000
0.80
4000000
180000
5.145
140.647
67671
2400000
1237126
1254204
6185995
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>Listed below is summarized information the Company’s investment in RMX:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2910" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2911" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Twelve Months Ended </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>December 31, 2020</b></p>
</td>
<td id="new_id-2912" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2913" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2914" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Twelve Months Ended </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>December 31, 2019</b></p>
</td>
<td id="new_id-2915" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2916" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2917" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>RMX Resources, LLC</b></p>
</td>
<td id="new_id-2918" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2919" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2920" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>RMX Resources, LLC</b></p>
</td>
<td id="new_id-2921" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Balance Sheet:</p>
</td>
<td id="new_id-2922" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2923" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2924" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2925" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2926" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2927" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2928" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2929" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Total Assets</p>
</td>
<td id="new_id-2930" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2931" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2932" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">77,168,147</td>
<td id="new_id-2933" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2934" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2935" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2936" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">72,401,841</td>
<td id="new_id-2937" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Total Liabilities</p>
</td>
<td id="new_id-2938" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2939" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2940" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">46,213,651</td>
<td id="new_id-2941" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2942" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2943" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2944" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">41,573,426</td>
<td id="new_id-2945" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Members Equity</p>
</td>
<td id="new_id-2946" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2947" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2948" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">30,954,496</td>
<td id="new_id-2949" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2950" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2951" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2952" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">30,828,415</td>
<td id="new_id-2953" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Results of Operations:</p>
</td>
<td id="new_id-2954" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2955" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2956" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2957" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2958" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2959" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2960" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2961" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Net operating revenue</p>
</td>
<td id="new_id-2962" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2963" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2964" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">9,376,395</td>
<td id="new_id-2965" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2966" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2967" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2968" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">16,392,305</td>
<td id="new_id-2969" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;">Income (Loss) from operations</p>
</td>
<td id="new_id-2970" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2971" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2972" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(3,352,584</td>
<td id="new_id-2973" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">)</p>
</td>
<td id="new_id-2974" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2975" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2976" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,456,290</td>
<td id="new_id-2977" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"> </p>
</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net income</p>
</td>
<td id="new_id-2978" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2979" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2980" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">126,081</td>
<td id="new_id-2981" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-2982" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2983" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-2984" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(2,091,239</td>
<td id="new_id-2985" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table></div>
77168147
72401841
46213651
41573426
30954496
30828415
9376395
16392305
-3352584
1456290
126081
-2091239
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 3 </b>–<b> OIL AND GAS PROPERTIES, EQUIPMENT AND FIXTURES</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oil and gas properties, equipment and fixtures consist of:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2986" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2987" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2988" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2989" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2990" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2991" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2992" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2993" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2994" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Oil and Gas</b></p>
</td>
<td id="new_id-2995" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2996" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-2997" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-2998" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-2999" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3000" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-3001" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-3002" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Producing properties, including intangible drilling costs</p>
</td>
<td id="new_id-3003" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3004" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3005" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">5,672,457</td>
<td id="new_id-3006" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3007" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3008" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3009" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">7,792,156</td>
<td id="new_id-3010" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Undeveloped properties</p>
</td>
<td id="new_id-3011" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3012" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3013" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">13,993</td>
<td id="new_id-3014" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3015" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3016" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3017" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">46,990</td>
<td id="new_id-3018" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Lease and well equipment</p>
</td>
<td id="new_id-3019" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3020" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3021" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3,317,718</td>
<td id="new_id-3022" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3023" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3024" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3025" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3,304,565</td>
<td id="new_id-3026" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3027" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3028" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3029" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">9,004,168</td>
<td id="new_id-3030" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3031" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3032" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3033" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">11,143,711</td>
<td id="new_id-3034" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accumulated depletion, depreciation and amortization</p>
</td>
<td id="new_id-3035" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3036" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3037" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(6,467,626</td>
<td id="new_id-3038" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3039" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3040" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3041" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(6,559,182</td>
<td id="new_id-3042" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net capitalized costs Total</p>
</td>
<td id="new_id-3043" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3044" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3045" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,536,542</td>
<td id="new_id-3046" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3047" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3048" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3049" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,584,529</td>
<td id="new_id-3050" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1"> </td>
<td id="new_id-3051"> </td>
<td id="new_id-3052"> </td>
<td id="new_id-3053"> </td>
<td id="new_id-3054"> </td>
<td id="new_id-3055"> </td>
<td id="new_id-3056"> </td>
<td id="new_id-3057"> </td>
<td id="new_id-3058"> </td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Commercial and Other</b></p>
</td>
<td id="new_id-3059" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3060" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3061" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3062" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3063" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3064" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Real estate, including furniture and fixtures</p>
</td>
<td id="new_id-3065" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3066" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3067" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3068" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3069" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3070" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3071" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3072" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Vehicles</p>
</td>
<td id="new_id-3073" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3074" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3075" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">40,061</td>
<td id="new_id-3076" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3077" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3078" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3079" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">40,061</td>
<td id="new_id-3080" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Furniture and equipment</p>
</td>
<td id="new_id-3081" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3082" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3083" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">1,097,428</td>
<td id="new_id-3084" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3085" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3086" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3087" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">1,097,428</td>
<td id="new_id-3088" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3089" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3090" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3091" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,137,489</td>
<td id="new_id-3092" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3093" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3094" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3095" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,137,489</td>
<td id="new_id-3096" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accumulated depreciation</p>
</td>
<td id="new_id-3097" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3098" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3099" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(1,133,030</td>
<td id="new_id-3100" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3101" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3102" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3103" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(1,131,028</td>
<td id="new_id-3104" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3105" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3106" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3107" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,459</td>
<td id="new_id-3108" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3109" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3110" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3111" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,461</td>
<td id="new_id-3112" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net capitalized costs Total</p>
</td>
<td id="new_id-3113" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3114" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3115" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,541,001</td>
<td id="new_id-3116" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3117" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3118" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3119" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,590,990</td>
<td id="new_id-3120" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following sets forth costs incurred for oil and gas property acquisition and development activities, whether capitalized or expensed at December 31:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3121" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3122" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-3123" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3124" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3125" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3126" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3127" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3128" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3129" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Acquisition - Proved</p>
</td>
<td id="new_id-3130" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3131" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3132" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3133" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3134" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3135" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3136" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3137" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Acquisition - Unproved</p>
</td>
<td id="new_id-3138" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3139" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3140" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3141" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3142" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3143" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3144" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3145" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Development</p>
</td>
<td id="new_id-3146" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3147" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3148" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">5,306,639</td>
<td id="new_id-3149" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3150" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3151" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3152" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">9,680,298</td>
<td id="new_id-3153" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Exploration</p>
</td>
<td id="new_id-3154" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3155" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3156" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3157" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3158" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3159" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3160" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3161" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The guidance set forth in the Continued Capitalization of Exploratory Well Costs paragraph of the Extractive Activities Topic of the FASB ASC requires that we evaluate all existing capitalized exploratory well costs and disclose the extent to which any such capitalized costs have become impaired and are expensed or reclassified during a fiscal period. We did not make any additions to capitalized exploratory well costs pending a determination of proved reserves during 2020 and 2019. We did not charge any previously capitalized exploratory well costs to expense upon adoption of Topic.  Undeveloped properties are not subject to depletion, depreciation or amortization.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3162" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3163" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-3164" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3165" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3166" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3167" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3168" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3169" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3170" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beginning balance at January 1</p>
</td>
<td id="new_id-3171" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3172" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3173" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3174" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3175" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3176" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3177" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3178" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3179"> </td>
<td id="new_id-3180"> </td>
<td id="new_id-3181"> </td>
<td id="new_id-3182"> </td>
<td id="new_id-3183"> </td>
<td id="new_id-3184"> </td>
<td id="new_id-3185"> </td>
<td id="new_id-3186"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Additions to capitalized exploratory well costs pending the determination of proved reserves</p>
</td>
<td id="new_id-3187" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3188" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3189" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3190" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3191" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3192" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3193" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3194" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3195"> </td>
<td id="new_id-3196"> </td>
<td id="new_id-3197"> </td>
<td id="new_id-3198"> </td>
<td id="new_id-3199"> </td>
<td id="new_id-3200"> </td>
<td id="new_id-3201"> </td>
<td id="new_id-3202"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Reclassifications to wells, facilities, and equipment based on the determination of proved reserves</p>
</td>
<td id="new_id-3203" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3204" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3205" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3206" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3207" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3208" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3209" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3210" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3211"> </td>
<td id="new_id-3212"> </td>
<td id="new_id-3213"> </td>
<td id="new_id-3214"> </td>
<td id="new_id-3215"> </td>
<td id="new_id-3216"> </td>
<td id="new_id-3217"> </td>
<td id="new_id-3218"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Ending balance at December 31</p>
</td>
<td id="new_id-3219" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3220" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3221" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3222" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3223" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3224" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3225" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3226" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Results of Operations from Oil and Gas Producing and Exploration Activities</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The results of operations from oil and gas producing and exploration activities (excluding corporate overhead and interest costs) are as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3227" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3228" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-3229" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3230" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3231" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3232" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3233" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3234" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3235" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oil and gas sales</p>
</td>
<td id="new_id-3236" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3237" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3238" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,542,803</td>
<td id="new_id-3239" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3240" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3241" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3242" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,329,275</td>
<td id="new_id-3243" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Production-related costs (Lease Operating)</p>
</td>
<td id="new_id-3244" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3245" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3246" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,397,673</td>
<td id="new_id-3247" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3248" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3249" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3250" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,764,538</td>
<td id="new_id-3251" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Impairment</p>
</td>
<td id="new_id-3252" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3253" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3254" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3255" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3256" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3257" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3258" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(977,682</td>
<td id="new_id-3259" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Depreciation, depletion and amortization</p>
</td>
<td id="new_id-3260" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3261" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3262" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(473,647</td>
<td id="new_id-3263" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3264" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3265" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3266" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(468,143</td>
<td id="new_id-3267" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1"> </td>
<td id="new_id-3268"> </td>
<td id="new_id-3269"> </td>
<td id="new_id-3270"> </td>
<td id="new_id-3271"> </td>
<td id="new_id-3272"> </td>
<td id="new_id-3273"> </td>
<td id="new_id-3274"> </td>
<td id="new_id-3275"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Results of operations from producing and exploration activities</p>
</td>
<td id="new_id-3276" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3277" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3278" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(328,517</td>
<td id="new_id-3279" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3280" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3281" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3282" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(881,088</td>
<td id="new_id-3283" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Income Taxes (Benefit)</p>
</td>
<td id="new_id-3284" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3285" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3286" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3287" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3288" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3289" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3290" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3291" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3292"> </td>
<td id="new_id-3293"> </td>
<td id="new_id-3294"> </td>
<td id="new_id-3295"> </td>
<td id="new_id-3296"> </td>
<td id="new_id-3297"> </td>
<td id="new_id-3298"> </td>
<td id="new_id-3299"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Results</p>
</td>
<td id="new_id-3300" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3301" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3302" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(328,517</td>
<td id="new_id-3303" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3304" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3305" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3306" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(881,088</td>
<td id="new_id-3307" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table><br/></div>
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>Oil and gas properties, equipment and fixtures consist of:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2986" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-2987" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-2988" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2989" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2990" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-2991" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-2992" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-2993" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-2994" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Oil and Gas</b></p>
</td>
<td id="new_id-2995" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-2996" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-2997" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-2998" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-2999" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3000" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-3001" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
<td id="new_id-3002" style="font-family: "Times New Roman"; font-size: 10pt;"><b> </b></td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Producing properties, including intangible drilling costs</p>
</td>
<td id="new_id-3003" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3004" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3005" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">5,672,457</td>
<td id="new_id-3006" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3007" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3008" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3009" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">7,792,156</td>
<td id="new_id-3010" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Undeveloped properties</p>
</td>
<td id="new_id-3011" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3012" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3013" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">13,993</td>
<td id="new_id-3014" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3015" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3016" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3017" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">46,990</td>
<td id="new_id-3018" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Lease and well equipment</p>
</td>
<td id="new_id-3019" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3020" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3021" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3,317,718</td>
<td id="new_id-3022" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3023" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3024" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3025" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">3,304,565</td>
<td id="new_id-3026" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3027" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3028" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3029" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">9,004,168</td>
<td id="new_id-3030" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3031" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3032" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3033" style="width: 16%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">11,143,711</td>
<td id="new_id-3034" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accumulated depletion, depreciation and amortization</p>
</td>
<td id="new_id-3035" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3036" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3037" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(6,467,626</td>
<td id="new_id-3038" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3039" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3040" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3041" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(6,559,182</td>
<td id="new_id-3042" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net capitalized costs Total</p>
</td>
<td id="new_id-3043" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3044" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3045" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,536,542</td>
<td id="new_id-3046" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3047" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3048" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3049" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,584,529</td>
<td id="new_id-3050" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1"> </td>
<td id="new_id-3051"> </td>
<td id="new_id-3052"> </td>
<td id="new_id-3053"> </td>
<td id="new_id-3054"> </td>
<td id="new_id-3055"> </td>
<td id="new_id-3056"> </td>
<td id="new_id-3057"> </td>
<td id="new_id-3058"> </td>
</tr>
</table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Commercial and Other</b></p>
</td>
<td id="new_id-3059" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3060" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3061" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3062" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3063" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3064" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Real estate, including furniture and fixtures</p>
</td>
<td id="new_id-3065" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3066" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3067" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3068" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3069" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3070" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3071" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3072" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Vehicles</p>
</td>
<td id="new_id-3073" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3074" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3075" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">40,061</td>
<td id="new_id-3076" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3077" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3078" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3079" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">40,061</td>
<td id="new_id-3080" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Furniture and equipment</p>
</td>
<td id="new_id-3081" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3082" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3083" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">1,097,428</td>
<td id="new_id-3084" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3085" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3086" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3087" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">1,097,428</td>
<td id="new_id-3088" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3089" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3090" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3091" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,137,489</td>
<td id="new_id-3092" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3093" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3094" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3095" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,137,489</td>
<td id="new_id-3096" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accumulated depreciation</p>
</td>
<td id="new_id-3097" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3098" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3099" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(1,133,030</td>
<td id="new_id-3100" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3101" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3102" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3103" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(1,131,028</td>
<td id="new_id-3104" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3105" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3106" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3107" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,459</td>
<td id="new_id-3108" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3109" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3110" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3111" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,461</td>
<td id="new_id-3112" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net capitalized costs Total</p>
</td>
<td id="new_id-3113" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3114" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3115" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,541,001</td>
<td id="new_id-3116" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3117" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3118" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3119" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,590,990</td>
<td id="new_id-3120" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
5672457
7792156
13993
46990
3317718
3304565
9004168
11143711
6467626
6559182
2536542
4584529
40061
40061
1097428
1097428
1137489
1137489
1133030
1131028
4459
6461
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>The following sets forth costs incurred for oil and gas property acquisition and development activities, whether capitalized or expensed at December 31:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3121" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3122" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-3123" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3124" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3125" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3126" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3127" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3128" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3129" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Acquisition - Proved</p>
</td>
<td id="new_id-3130" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3131" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3132" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3133" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3134" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3135" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3136" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3137" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Acquisition - Unproved</p>
</td>
<td id="new_id-3138" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3139" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3140" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3141" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3142" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3143" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3144" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3145" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Development</p>
</td>
<td id="new_id-3146" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3147" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3148" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">5,306,639</td>
<td id="new_id-3149" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3150" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3151" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3152" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">9,680,298</td>
<td id="new_id-3153" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Exploration</p>
</td>
<td id="new_id-3154" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3155" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3156" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3157" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3158" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3159" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3160" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3161" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
0
0
0
0
5306639
9680298
0
0
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>Undeveloped properties are not subject to depletion, depreciation or amortization.</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3162" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3163" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-3164" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3165" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3166" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3167" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3168" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3169" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3170" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beginning balance at January 1</p>
</td>
<td id="new_id-3171" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3172" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3173" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3174" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3175" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3176" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3177" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3178" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3179"> </td>
<td id="new_id-3180"> </td>
<td id="new_id-3181"> </td>
<td id="new_id-3182"> </td>
<td id="new_id-3183"> </td>
<td id="new_id-3184"> </td>
<td id="new_id-3185"> </td>
<td id="new_id-3186"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Additions to capitalized exploratory well costs pending the determination of proved reserves</p>
</td>
<td id="new_id-3187" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3188" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3189" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3190" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3191" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3192" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3193" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3194" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3195"> </td>
<td id="new_id-3196"> </td>
<td id="new_id-3197"> </td>
<td id="new_id-3198"> </td>
<td id="new_id-3199"> </td>
<td id="new_id-3200"> </td>
<td id="new_id-3201"> </td>
<td id="new_id-3202"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Reclassifications to wells, facilities, and equipment based on the determination of proved reserves</p>
</td>
<td id="new_id-3203" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3204" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3205" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3206" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3207" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3208" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3209" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3210" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3211"> </td>
<td id="new_id-3212"> </td>
<td id="new_id-3213"> </td>
<td id="new_id-3214"> </td>
<td id="new_id-3215"> </td>
<td id="new_id-3216"> </td>
<td id="new_id-3217"> </td>
<td id="new_id-3218"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Ending balance at December 31</p>
</td>
<td id="new_id-3219" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3220" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3221" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3222" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3223" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3224" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3225" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3226" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
0
0
0
0
0
0
0
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>The results of operations from oil and gas producing and exploration activities (excluding corporate overhead and interest costs) are as follows:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3227" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3228" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-3229" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3230" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3231" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3232" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3233" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3234" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3235" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oil and gas sales</p>
</td>
<td id="new_id-3236" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3237" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3238" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,542,803</td>
<td id="new_id-3239" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3240" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3241" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3242" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,329,275</td>
<td id="new_id-3243" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Production-related costs (Lease Operating)</p>
</td>
<td id="new_id-3244" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3245" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3246" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,397,673</td>
<td id="new_id-3247" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3248" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3249" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3250" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,764,538</td>
<td id="new_id-3251" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Impairment</p>
</td>
<td id="new_id-3252" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3253" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3254" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3255" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3256" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3257" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3258" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(977,682</td>
<td id="new_id-3259" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Depreciation, depletion and amortization</p>
</td>
<td id="new_id-3260" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3261" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3262" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(473,647</td>
<td id="new_id-3263" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3264" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3265" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3266" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(468,143</td>
<td id="new_id-3267" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1"> </td>
<td id="new_id-3268"> </td>
<td id="new_id-3269"> </td>
<td id="new_id-3270"> </td>
<td id="new_id-3271"> </td>
<td id="new_id-3272"> </td>
<td id="new_id-3273"> </td>
<td id="new_id-3274"> </td>
<td id="new_id-3275"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Results of operations from producing and exploration activities</p>
</td>
<td id="new_id-3276" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3277" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3278" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(328,517</td>
<td id="new_id-3279" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3280" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3281" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3282" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(881,088</td>
<td id="new_id-3283" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Income Taxes (Benefit)</p>
</td>
<td id="new_id-3284" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3285" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3286" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3287" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3288" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3289" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3290" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3291" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3292"> </td>
<td id="new_id-3293"> </td>
<td id="new_id-3294"> </td>
<td id="new_id-3295"> </td>
<td id="new_id-3296"> </td>
<td id="new_id-3297"> </td>
<td id="new_id-3298"> </td>
<td id="new_id-3299"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Results</p>
</td>
<td id="new_id-3300" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3301" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3302" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(328,517</td>
<td id="new_id-3303" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3304" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3305" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3306" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(881,088</td>
<td id="new_id-3307" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table></div>
1542803
2329275
1397673
1764538
0
977682
473647
468143
-328517
-881088
0
0
-328517
-881088
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 4 </b>–<b> ASSET RETIREMENT OBLIGATION</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Asset Retirement and Environmental Obligations Topic of the ASC 410-20 requires that an asset retirement obligation (“ARO”) associated with the retirement of a tangible long-lived asset be recognized as a liability in the period in which it is incurred or becomes determinable (as defined by the standard), with an associated increase in the carrying amount of the related long-lived asset.  The cost of the tangible asset, including the initially recognized asset retirement cost, is depreciated over the useful life of the asset.  The ARO is recorded at the estimated fair value, and accretion expense will be recognized over time as the discounted liability is accreted to its expected settlement value. Accretion expense is included as part of Depreciation, Depletion and Amortization in the Consolidated Statement of Operations. The fair value (as provided in ASC 820 guidance) of the ARO is measured using expected future cash outflows discounted at the Company’s credit-adjusted risk-free interest rate.  The provisions of this Topic apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, development, and operation of a long-lived asset. There were no changes in estimates for the year ended December 31, 2020. During the year ended December 31, 2019, the Company recorded $922,698 in increased costs related to estimates for abandonment of its’ share of certain California oil properties. These estimates relate to properties likely to be abandoned in the current period. As a result, the Company recorded them as impairment expense at year end 2019.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3308" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3309" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3310" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3311" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3312" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3313" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Asset retirement obligation</p>
</td>
<td id="new_id-3314" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3315" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3316" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3317" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3318" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3319" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3320" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3321" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Beginning of the year</p>
</td>
<td id="new_id-3322" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3323" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3324" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,632,422</td>
<td id="new_id-3325" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3326" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3327" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3328" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,366,456</td>
<td id="new_id-3329" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Liabilities incurred during the period</p>
</td>
<td id="new_id-3330" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3331" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3332" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">29,323</td>
<td id="new_id-3333" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3334" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3335" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3336" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">210,643</td>
<td id="new_id-3337" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Settlements</p>
</td>
<td id="new_id-3338" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3339" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3340" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(508,538</td>
<td id="new_id-3341" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3342" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3343" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3344" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3345" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Merger Additions</p>
</td>
<td id="new_id-3346" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3347" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3348" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3349" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3350" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3351" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3352" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3353" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Sales</p>
</td>
<td id="new_id-3354" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3355" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3356" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3357" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3358" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3359" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3360" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(33,026</td>
<td id="new_id-3361" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Changes in estimates</p>
</td>
<td id="new_id-3362" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3363" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3364" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3365" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3366" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3367" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3368" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">922,698</td>
<td id="new_id-3369" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Accretion expense</p>
</td>
<td id="new_id-3370" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3371" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3372" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">194,290</td>
<td id="new_id-3373" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3374" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3375" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3376" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">165,651</td>
<td id="new_id-3377" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Reclassification to ARO - current</p>
</td>
<td id="new_id-3378" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3379" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3380" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(869,147</td>
<td id="new_id-3381" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3382" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3383" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3384" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">-</td>
<td id="new_id-3385" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">End of year</p>
</td>
<td id="new_id-3386" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3387" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-3388" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">2,478,350</td>
<td id="new_id-3389" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3390" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3391" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-3392" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">3,632,422</td>
<td id="new_id-3393" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company records accretion expense as part of Depreciation, Depletion and Amortization</p><br/></div>
922698
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>The Asset Retirement and Environmental Obligations Topic of the ASC 410-20 requires that an asset retirement obligation (“ARO”) associated with the retirement of a tangible long-lived asset be recognized as a liability in the period in which it is incurred or becomes determinable (as defined by the standard), with an associated increase in the carrying amount of the related long-lived asset. The cost of the tangible asset, including the initially recognized asset retirement cost, is depreciated over the useful life of the asset. The ARO is recorded at the estimated fair value, and accretion expense will be recognized over time as the discounted liability is accreted to its expected settlement value. Accretion expense is included as part of Depreciation, Depletion and Amortization in the Consolidated Statement of Operations. The fair value (as provided in ASC 820 guidance) of the ARO is measured using expected future cash outflows discounted at the Company’s credit-adjusted risk-free interest rate. The provisions of this Topic apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, development, and operation of a long-lived asset. There were no changes in estimates for the year ended December 31, 2020. During the year ended December 31, 2019, the Company recorded $922,698 in increased costs related to estimates for abandonment of its’ share of certain California oil properties. These estimates relate to properties likely to be abandoned in the current period. As a result, the Company recorded them as impairment expense at year end 2019.</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3308" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3309" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3310" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3311" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3312" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3313" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Asset retirement obligation</p>
</td>
<td id="new_id-3314" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3315" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3316" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3317" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3318" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3319" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3320" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3321" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Beginning of the year</p>
</td>
<td id="new_id-3322" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3323" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3324" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,632,422</td>
<td id="new_id-3325" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3326" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3327" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3328" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,366,456</td>
<td id="new_id-3329" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Liabilities incurred during the period</p>
</td>
<td id="new_id-3330" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3331" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3332" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">29,323</td>
<td id="new_id-3333" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3334" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3335" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3336" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">210,643</td>
<td id="new_id-3337" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Settlements</p>
</td>
<td id="new_id-3338" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3339" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3340" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(508,538</td>
<td id="new_id-3341" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3342" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3343" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3344" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3345" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Merger Additions</p>
</td>
<td id="new_id-3346" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3347" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3348" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3349" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3350" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3351" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3352" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3353" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Sales</p>
</td>
<td id="new_id-3354" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3355" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3356" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3357" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3358" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3359" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3360" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(33,026</td>
<td id="new_id-3361" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Changes in estimates</p>
</td>
<td id="new_id-3362" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3363" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3364" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3365" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3366" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3367" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3368" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">922,698</td>
<td id="new_id-3369" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Accretion expense</p>
</td>
<td id="new_id-3370" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3371" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3372" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">194,290</td>
<td id="new_id-3373" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3374" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3375" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3376" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">165,651</td>
<td id="new_id-3377" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Reclassification to ARO - current</p>
</td>
<td id="new_id-3378" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3379" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3380" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(869,147</td>
<td id="new_id-3381" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3382" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3383" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3384" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">-</td>
<td id="new_id-3385" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">End of year</p>
</td>
<td id="new_id-3386" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3387" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-3388" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">2,478,350</td>
<td id="new_id-3389" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3390" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3391" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td>
<td id="new_id-3392" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">3,632,422</td>
<td id="new_id-3393" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
3632422
2366456
29323
210643
508538
0
0
0
0
33026
0
194290
165651
-869147
0
2478350
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 5 </b>–<b> NOTES PAYABLE</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">On October 3, 2018, the Company issued a promissory note for a principal amount of $517,585 to Forza Operating, LLC. At an interest rate of 5.5%. Beginning October 3, 2018, principal and interest is due and payable in 12 monthly installments of $44,428. The note was the result of an agreement regarding the plugging and abandonment of the CL&F #1 and the CL&F #1 SWD wells. The Company agreed to include the current joint interest billing balance due to Forza Operating of $233,367 and Royale’s share of future plugging and abandonment costs of $284,218. At December 31, 2020 and 2019, Royale Energy had Notes Payable of $132,624 and $55,573, respectively, as a current liability.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">On November 2, 2020, in conjunction with the PPP loan forgiveness described in Note 16 – Coronavirus Aid, Relief, And Economic Security Act (“CARES Act”), Royale’s entered into a loan for $10,054 to be repaid through monthly interest and principal payments of $560 beginning December 1, 2020, with the final payment of $613 scheduled for April 23, 2022. The loan is being amortized over 18 months at an annual interest rate of 1.00 percent with the last payment being a balloon payment to complete the loan repayment.</p><br/></div>
517585
0.055
12 monthly installments
44428
233367
284218
132624
55573
10054
560
613
P18M
0.0100
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 6 </b>–<b> INCOME TAXES</b></p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">Deferred tax assets and liabilities reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and amounts used for income tax purposes.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.  In 2016, the Company adopted Accounting Standards Update (ASU) 2015-17 and has classified all of its deferred tax assets and liabilities as noncurrent on its balance sheet.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">On December 22, 2017, the U.S. enacted significant changes to U.S. tax law following the passage and signing of H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Tax Act”). The Tax Act permanently reduces the U.S. federal corporate tax rate from a maximum 35% to 21%, eliminated corporate Alternative Minimum Tax, modified rules for expensing capital investment, and limits the deduction of interest expense for certain companies. ASC 740 requires filers to record the effect of tax law changes in the period enacted. However, the SEC issued Staff Accounting Bulletin (“SAB”) 118 that permits filers to record provisional amounts during a measurement period ending no later than one year from the date of enactment. For the period ending December 31, 2018, the Company re-measured the applicable deferred tax assets based on the rates at which they are expected to reverse. The gross deferred tax assets and liabilities have been adjusted and a corresponding offset has been recorded to the full valuation allowance against the Company’s net deferred tax assets, which resulted in no net effect to its provision for income taxes and effective tax rate. No other provisional adjustments have been made as a result of the Act.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Significant components of the Company’s deferred assets and liabilities at December 31, 2020 and 2019, respectively, are as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3394" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3395" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3396" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3397" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3398" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3399" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred Tax Assets (Liabilities):</p>
</td>
<td id="new_id-3400" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3401" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3402" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3403" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3404" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3405" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3406" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3407" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Statutory Depletion Carry Forward</p>
</td>
<td id="new_id-3408" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3409" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3410" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">361,444</td>
<td id="new_id-3411" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3412" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3413" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3414" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">367,149</td>
<td id="new_id-3415" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Operating Loss</p>
</td>
<td id="new_id-3416" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3417" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3418" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">7,361,230</td>
<td id="new_id-3419" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3420" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3421" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3422" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,489,891</td>
<td id="new_id-3423" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Other</p>
</td>
<td id="new_id-3424" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3425" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3426" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">583,281</td>
<td id="new_id-3427" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3428" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3429" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3430" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">595,990</td>
<td id="new_id-3431" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Share-Based Compensation</p>
</td>
<td id="new_id-3432" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3433" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3434" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">86,510</td>
<td id="new_id-3435" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3436" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3437" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3438" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">86,510</td>
<td id="new_id-3439" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Capital Loss / AMT Credit Carry Forward</p>
</td>
<td id="new_id-3440" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3441" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3442" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">9,458</td>
<td id="new_id-3443" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3444" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3445" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3446" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">9,458</td>
<td id="new_id-3447" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Charitable Contributions Carry Forward</p>
</td>
<td id="new_id-3448" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3449" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3450" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,396</td>
<td id="new_id-3451" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3452" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3453" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3454" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,890</td>
<td id="new_id-3455" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Allowance for Doubtful Accounts</p>
</td>
<td id="new_id-3456" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3457" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3458" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">671,861</td>
<td id="new_id-3459" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3460" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3461" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3462" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">466,060</td>
<td id="new_id-3463" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oil and Gas Properties and Fixed Assets</p>
</td>
<td id="new_id-3464" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3465" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3466" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,860,069</td>
<td id="new_id-3467" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3468" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3469" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3470" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">5,404,787</td>
<td id="new_id-3471" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Investment in RMX Joint Venture</p>
</td>
<td id="new_id-3472" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3473" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3474" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">342,569</td>
<td id="new_id-3475" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3476" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3477" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3478" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,238,551</td>
<td id="new_id-3479" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Section 481(a) Adjustments</p>
</td>
<td id="new_id-3480" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3481" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3482" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(107,432</td>
<td id="new_id-3483" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3484" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3485" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3486" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(214,859</td>
<td id="new_id-3487" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3488" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3489" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3490" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">14,172,386</td>
<td id="new_id-3491" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3492" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3493" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3494" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">11,970,325</td>
<td id="new_id-3495" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Valuation Allowance</p>
</td>
<td id="new_id-3496" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3497" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3498" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(14,172,386</td>
<td id="new_id-3499" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3500" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3501" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3502" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(11,970,325</td>
<td id="new_id-3503" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Deferred Tax Asset</p>
</td>
<td id="new_id-3504" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3505" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3506" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3507" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3508" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3509" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3510" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3511" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The Company recorded a full valuation allowance against the net deferred tax assets in 2016.  At the end of 2017, management reviewed the reliability of the Company’s net deferred tax assets, and due to the Company’s continued cumulative losses in recent years, Royale and its management concluded it is not “more-likely-than-not” its deferred tax assets will be realized.  As a result, the Company will continue to record a full valuation allowance against the deferred tax assets in 2019.  The Company will assess the realizability of the deferred tax assets at least yearly and make appropriate updates as needed.  Royale Energy, Inc. and its subsidiaries have available net operating loss carryforwards of $27.5 million generated in tax years ended before January 1, 2018, which if not utilized, begin to expire in the year 2027. Royale Energy, Inc. has no net operating loss carryforwards generated after December 31, 2017, which can be carried forward indefinitely.</p><br/><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">A reconciliation of Royale Energy’s provision for income taxes and the amount computed by applying the statutory income tax rates at December 31, 2020 and 2019, respectively, to pretax income is as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3512" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3513" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3514" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3515" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3516" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3517" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Tax (benefit) computed at statutory rate of 21% at December 31, 2020 and 2019, respectively</p>
</td>
<td id="new_id-3518" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3519" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3520" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,708,463</td>
<td id="new_id-3521" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3522" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3523" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3524" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(71,680</td>
<td id="new_id-3525" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3526"> </td>
<td id="new_id-3527"> </td>
<td id="new_id-3528"> </td>
<td id="new_id-3529"> </td>
<td id="new_id-3530"> </td>
<td id="new_id-3531"> </td>
<td id="new_id-3532"> </td>
<td id="new_id-3533"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Increase (decrease) in taxes resulting from:</p>
</td>
<td id="new_id-3534" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3535" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3536" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3537" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3538" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3539" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3540" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3541" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Meals & Entertainment</p>
</td>
<td id="new_id-3542" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3543" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3544" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">740</td>
<td id="new_id-3545" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3546" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3547" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3548" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,583</td>
<td id="new_id-3549" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">PPP Loan Forgiveness</p>
</td>
<td id="new_id-3550" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3551" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3552" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(41,538</td>
<td id="new_id-3553" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3554" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3555" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3556" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3557" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Prior-year true-up for Books</p>
</td>
<td id="new_id-3558" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3559" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3560" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(126,541</td>
<td id="new_id-3561" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3562" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3563" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3564" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,461,914</td>
<td id="new_id-3565" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred State Taxes, net of federal benefit</p>
</td>
<td id="new_id-3566" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3567" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3568" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(330,367</td>
<td id="new_id-3569" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3570" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3571" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3572" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">214,161</td>
<td id="new_id-3573" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Other non-deductible expenses</p>
</td>
<td id="new_id-3574" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3575" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3576" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,108</td>
<td id="new_id-3577" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3578" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3579" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3580" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">59,674</td>
<td id="new_id-3581" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Change in valuation allowance</p>
</td>
<td id="new_id-3582" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3583" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-3584" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">2,202,061</td>
<td id="new_id-3585" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3586" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3587" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-3588" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">(1,665,652</td>
<td id="new_id-3589" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Provision (benefit)</p>
</td>
<td id="new_id-3590" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3591" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3592" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3593" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3594" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3595" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3596" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3597" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The components of the Company’s tax provision are as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3598" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3599" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3600" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3601" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3602" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3603" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Current tax provision (benefit) - federal</p>
</td>
<td id="new_id-3604" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3605" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3606" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3607" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3608" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3609" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3610" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3611" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Current tax provision (benefit) - state</p>
</td>
<td id="new_id-3612" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3613" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3614" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3615" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3616" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3617" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3618" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3619" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred tax provision (benefit) - federal</p>
</td>
<td id="new_id-3620" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3621" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3622" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3623" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3624" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3625" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3626" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3627" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred tax provision (benefit) - state</p>
</td>
<td id="new_id-3628" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3629" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3630" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td id="new_id-3631" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
<td id="new_id-3632" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3633" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3634" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td id="new_id-3635" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total provision (benefit)</p>
</td>
<td id="new_id-3636" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3637" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3638" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3639" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3640" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3641" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3642" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3643" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In January 2007, Royale adopted additional provisions from the Income Taxes Topic of the ASC, which clarified the accounting for uncertainty in income taxes recognized in an entity’s financial statements and prescribes a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken or expected to be taken on a tax return.  As a result of our implementation of the Topic at the time of adoption and at December 31, 2018, the Company did not recognize a liability for uncertain tax positions.  Currently, the only differences between our financial statements and our income tax returns relate to normal timing differences such as depreciation, depletion and amortization, which are recorded as deferred taxes on our balance sheets. We do not expect our unrecognized tax benefits to change significantly over the next 12 months. The tax years 2013 through 2018 remain open to examination by the taxing jurisdictions in which we file income tax returns.</p><br/></div>
0.35
0.21
27500000
2027
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>Significant components of the Company’s deferred assets and liabilities at December 31, 2020 and 2019, respectively, are as follows:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3394" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3395" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3396" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3397" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3398" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3399" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred Tax Assets (Liabilities):</p>
</td>
<td id="new_id-3400" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3401" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3402" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3403" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3404" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3405" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3406" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3407" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Statutory Depletion Carry Forward</p>
</td>
<td id="new_id-3408" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3409" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3410" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">361,444</td>
<td id="new_id-3411" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3412" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3413" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3414" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">367,149</td>
<td id="new_id-3415" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Operating Loss</p>
</td>
<td id="new_id-3416" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3417" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3418" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">7,361,230</td>
<td id="new_id-3419" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3420" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3421" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3422" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,489,891</td>
<td id="new_id-3423" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Other</p>
</td>
<td id="new_id-3424" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3425" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3426" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">583,281</td>
<td id="new_id-3427" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3428" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3429" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3430" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">595,990</td>
<td id="new_id-3431" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Share-Based Compensation</p>
</td>
<td id="new_id-3432" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3433" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3434" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">86,510</td>
<td id="new_id-3435" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3436" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3437" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3438" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">86,510</td>
<td id="new_id-3439" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Capital Loss / AMT Credit Carry Forward</p>
</td>
<td id="new_id-3440" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3441" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3442" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">9,458</td>
<td id="new_id-3443" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3444" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3445" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3446" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">9,458</td>
<td id="new_id-3447" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Charitable Contributions Carry Forward</p>
</td>
<td id="new_id-3448" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3449" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3450" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,396</td>
<td id="new_id-3451" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3452" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3453" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3454" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">3,890</td>
<td id="new_id-3455" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Allowance for Doubtful Accounts</p>
</td>
<td id="new_id-3456" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3457" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3458" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">671,861</td>
<td id="new_id-3459" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3460" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3461" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3462" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">466,060</td>
<td id="new_id-3463" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Oil and Gas Properties and Fixed Assets</p>
</td>
<td id="new_id-3464" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3465" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3466" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,860,069</td>
<td id="new_id-3467" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3468" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3469" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3470" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">5,404,787</td>
<td id="new_id-3471" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Investment in RMX Joint Venture</p>
</td>
<td id="new_id-3472" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3473" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3474" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">342,569</td>
<td id="new_id-3475" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3476" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3477" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3478" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,238,551</td>
<td id="new_id-3479" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Section 481(a) Adjustments</p>
</td>
<td id="new_id-3480" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3481" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3482" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(107,432</td>
<td id="new_id-3483" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3484" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3485" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3486" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(214,859</td>
<td id="new_id-3487" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3488" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3489" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3490" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">14,172,386</td>
<td id="new_id-3491" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3492" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3493" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3494" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">11,970,325</td>
<td id="new_id-3495" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Valuation Allowance</p>
</td>
<td id="new_id-3496" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3497" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3498" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(14,172,386</td>
<td id="new_id-3499" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
<td id="new_id-3500" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3501" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3502" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">(11,970,325</td>
<td id="new_id-3503" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net Deferred Tax Asset</p>
</td>
<td id="new_id-3504" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3505" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3506" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3507" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3508" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3509" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3510" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3511" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
361444
367149
7361230
6489891
583281
595990
86510
86510
9458
9458
3396
3890
671861
466060
4860069
5404787
-342569
1238551
107432
214859
14172386
11970325
14172386
11970325
0
0
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>A reconciliation of Royale Energy’s provision for income taxes and the amount computed by applying the statutory income tax rates at December 31, 2020 and 2019, respectively, to pretax income is as follows:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3512" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3513" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3514" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3515" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3516" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3517" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Tax (benefit) computed at statutory rate of 21% at December 31, 2020 and 2019, respectively</p>
</td>
<td id="new_id-3518" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3519" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3520" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,708,463</td>
<td id="new_id-3521" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3522" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3523" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3524" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(71,680</td>
<td id="new_id-3525" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1"> </td>
<td id="new_id-3526"> </td>
<td id="new_id-3527"> </td>
<td id="new_id-3528"> </td>
<td id="new_id-3529"> </td>
<td id="new_id-3530"> </td>
<td id="new_id-3531"> </td>
<td id="new_id-3532"> </td>
<td id="new_id-3533"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Increase (decrease) in taxes resulting from:</p>
</td>
<td id="new_id-3534" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3535" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3536" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3537" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3538" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3539" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3540" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3541" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Meals & Entertainment</p>
</td>
<td id="new_id-3542" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3543" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3544" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">740</td>
<td id="new_id-3545" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3546" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3547" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3548" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,583</td>
<td id="new_id-3549" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">PPP Loan Forgiveness</p>
</td>
<td id="new_id-3550" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3551" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3552" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(41,538</td>
<td id="new_id-3553" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3554" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3555" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3556" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3557" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Prior-year true-up for Books</p>
</td>
<td id="new_id-3558" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3559" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3560" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(126,541</td>
<td id="new_id-3561" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3562" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3563" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3564" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,461,914</td>
<td id="new_id-3565" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred State Taxes, net of federal benefit</p>
</td>
<td id="new_id-3566" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3567" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3568" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(330,367</td>
<td id="new_id-3569" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3570" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3571" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3572" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">214,161</td>
<td id="new_id-3573" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Other non-deductible expenses</p>
</td>
<td id="new_id-3574" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3575" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3576" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">4,108</td>
<td id="new_id-3577" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3578" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3579" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3580" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">59,674</td>
<td id="new_id-3581" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Change in valuation allowance</p>
</td>
<td id="new_id-3582" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3583" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-3584" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">2,202,061</td>
<td id="new_id-3585" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3586" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3587" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-3588" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">(1,665,652</td>
<td id="new_id-3589" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Provision (benefit)</p>
</td>
<td id="new_id-3590" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3591" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3592" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3593" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3594" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3595" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3596" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3597" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
-1708463
-71680
0.21
0.21
740
1583
-41538
0
-126541
1461914
-330367
214161
4108
59674
2202061
-1665652
0
0
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>The components of the Company’s tax provision are as follows:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3598" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3599" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3600" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3601" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3602" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3603" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Current tax provision (benefit) - federal</p>
</td>
<td id="new_id-3604" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3605" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3606" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3607" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3608" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3609" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3610" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3611" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Current tax provision (benefit) - state</p>
</td>
<td id="new_id-3612" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3613" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3614" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3615" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3616" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3617" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3618" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3619" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred tax provision (benefit) - federal</p>
</td>
<td id="new_id-3620" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3621" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3622" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3623" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3624" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3625" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3626" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3627" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Deferred tax provision (benefit) - state</p>
</td>
<td id="new_id-3628" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3629" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3630" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td id="new_id-3631" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
<td id="new_id-3632" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3633" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-3634" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);">-</td>
<td id="new_id-3635" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total provision (benefit)</p>
</td>
<td id="new_id-3636" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3637" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3638" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3639" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3640" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3641" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3642" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3643" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
0
0
0
0
0
0
0
0
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 7 </b>–<b> SERIES B PREFERRED STOCK</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Pursuant to the terms of the Merger all Class A limited partnership interests of Matrix Investments, LP (“Matrix Investments”) were exchanged for Royale Common stock using conversion ratios according to the relative value of the Class A limited partnership interests, and $20,124,000 of Matrix Investments preferred limited partnership interests were converted into 2,012,400 shares of Series B Convertible Preferred Stock of Royale. The Board of Directors of Royale Energy, prior to the merger, authorized 3,000,000 shares of Series B Convertible Preferred, which carries a liquidation preference and a 3.5% annual dividend, payable quarterly in cash or Paid-In-Kind (“PIK”) shares. The Series B Convertible Preferred Stock is convertible at the option of the security holder at the rate of ten shares of common stock for one share of Series B Convertible Preferred Stock. The Series B Preferred Stock has never been registered under the Securities Exchange Act of 1934, and no market exists for the shares. Additionally, the Series B Convertible Preferred shares will automatically convert to common at any time in which the Volume Weighted Average Price (“VWAP”) of the common stock exceeds $3.50 per share for 20 consecutive trading days, the shares are registered with the SEC and the volume of common shares trades exceeds 200,000 shares per day. The shareholders of the Series B Convertible Preferred may vote the number of shares into which they would be entitled to convert, beginning in 2020.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In accordance with ASC 480-10-S99-1.02, the Company has determined that the conversion or redemption of these shares are outside the sole control of the Company and that they should be classified in mezzanine or temporary equity as redeemable noncontrolling interest beginning at the reporting period, ended March 31, 2020.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">For 2020 and 2019, the board authorized the payment of each quarterly dividend of Series B Convertible Preferred shares, as Paid-In-Kind shares (“PIK”) to be paid immediately following the end of the quarter. For the 12 months ending December 31, 2020, the Company issued 76,290 shares with a value of $762,900. During 2020 and 2019, no cash was used to pay dividends on Series B preferred shares.</p><br/></div>
20124000
2012400
3000000
0.035
The Series B Convertible Preferred Stock is convertible at the option of the security holder at the rate of ten shares of common stock for one share of Series B Convertible Preferred Stock. The Series B Preferred Stock has never been registered under the Securities Exchange Act of 1934, and no market exists for the shares. Additionally, the Series B Convertible Preferred shares will automatically convert to common at any time in which the Volume Weighted Average Price (“VWAP”) of the common stock exceeds $3.50 per share for 20 consecutive trading days, the shares are registered with the SEC and the volume of common shares trades exceeds 200,000 shares per day.
76290
762900
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 8 </b>–<b> COMMON STOCK</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">During the year 2020 and 2019, the Company issued shares of its Common Stock in lieu of cash payments for salaries, fees or incentives to various officers and board members, including our CEO.</p><br/></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 9 </b>–<b> OPERATING LEASES</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company has two office leases. One at 1870 Cordell Court, El Cajon, California, the location of its corporate offices and one at 104 W. Anapamu, Santa Barbara, California, the location of the Company’s CEO and engineering team. The corporate office lease was entered into on August 31, 2016 and expires on October 31, 2021, with initial monthly payments of $6,148 with escalations. The lease in Santa Barbara was initiated in December of 2006 and, through several extensions and renewals, will expire in March of 2022.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company has elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also currently expect to elect the practical expedient to not separate lease and non-lease components for all of our finance leases. For our real estate operating leases, we have only considered the fixed portion of our lease payment commitment and have excluded the variable components from the capitalized ROU and lease liability.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Lease expense for operating as well as finance leases are included in General and Administrative expense and interest expense on the Consolidated Statement of Operations, while the lease expense for those leases that are short-term are included in Oil and Gas Lease Operating Expenses. The amounts are as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3644" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3645" rowspan="1" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-3646" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3647" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3648" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3649" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3650" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3651" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3652" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Operating lease expense</p>
</td>
<td id="new_id-3653" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3654" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3655" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">200,836</td>
<td id="new_id-3656" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3657" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3658" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3659" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">184,374</td>
<td id="new_id-3660" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Financing lease expense</p>
</td>
<td id="new_id-3661" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3662" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3663" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">19,137</td>
<td id="new_id-3664" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3665" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3666" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3667" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">10,757</td>
<td id="new_id-3668" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Operating - short-term</p>
</td>
<td id="new_id-3669" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3670" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3671" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3672" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3673" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3674" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3675" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">7,886</td>
<td id="new_id-3676" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Short Term - field</p>
</td>
<td id="new_id-3677" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3678" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3679" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,000</td>
<td id="new_id-3680" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3681" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3682" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3683" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,000</td>
<td id="new_id-3684" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total lease expense</p>
</td>
<td id="new_id-3685" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3686" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3687" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">225,973</td>
<td id="new_id-3688" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3689" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3690" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3691" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">209,017</td>
<td id="new_id-3692" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following tables summarized the operating and financing lease obligations.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 55%; border-bottom: thin solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Lease Obligations</b></p>
</td>
<td id="new_id-3693" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3694" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Operating Lease </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Obligations</b></p>
</td>
<td id="new_id-3695" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3696" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3697" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Financing Lease </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Obligations</b></p>
</td>
<td id="new_id-3698" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3699" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3700" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Total Lease </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Obligations</b></p>
</td>
<td id="new_id-3701" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2021</p>
</td>
<td id="new_id-3702" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3703" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3704" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">179,630</td>
<td id="new_id-3705" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3706" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3707" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3708" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">12,588</td>
<td id="new_id-3709" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3710" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3711" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3712" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">192,218</td>
<td id="new_id-3713" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2022</p>
</td>
<td id="new_id-3714" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3715" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3716" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">24,408</td>
<td id="new_id-3717" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3718" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3719" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3720" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">12,588</td>
<td id="new_id-3721" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3722" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3723" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3724" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">36,996</td>
<td id="new_id-3725" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2023</p>
</td>
<td id="new_id-3726" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3727" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3728" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3729" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3730" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3731" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3732" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">12,588</td>
<td id="new_id-3733" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3734" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3735" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3736" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">12,588</td>
<td id="new_id-3737" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Thereafter</p>
</td>
<td id="new_id-3738" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3739" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3740" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3741" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3742" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3743" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3744" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">7,343</td>
<td id="new_id-3745" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3746" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3747" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3748" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">7,343</td>
<td id="new_id-3749" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total undiscounted lease payments</p>
</td>
<td id="new_id-3750" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3751" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3752" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">204,038</td>
<td id="new_id-3753" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3754" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3755" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3756" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">45,107</td>
<td id="new_id-3757" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3758" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3759" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3760" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">249,145</td>
<td id="new_id-3761" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less:  Amount representing interest</p>
</td>
<td id="new_id-3762" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3763" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3764" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">13,679</td>
<td id="new_id-3765" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3766" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3767" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3768" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">4,409</td>
<td id="new_id-3769" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3770" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3771" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3772" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">18,088</td>
<td id="new_id-3773" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total Operating & Financing lease liabilities</p>
</td>
<td id="new_id-3774" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3775" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3776" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">190,359</td>
<td id="new_id-3777" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3778" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3779" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3780" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">40,698</td>
<td id="new_id-3781" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3782" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3783" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3784" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">231,057</td>
<td id="new_id-3785" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Current lease liabilities as of December 31, 2020</p>
</td>
<td id="new_id-3786" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3787" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3788" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">167,578</td>
<td id="new_id-3789" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3790" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3791" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3792" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">10,542</td>
<td id="new_id-3793" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3794" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3795" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3796" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">178,120</td>
<td id="new_id-3797" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Long-term lease liabilities as of December 31, 2020</p>
</td>
<td id="new_id-3798" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3799" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3800" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">22,781</td>
<td id="new_id-3801" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3802" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3803" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3804" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">30,156</td>
<td id="new_id-3805" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3806" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3807" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3808" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">52,937</td>
<td id="new_id-3809" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/></div>
6148
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>Lease expense for operating as well as finance leases are included in General and Administrative expense and interest expense on the Consolidated Statement of Operations, while the lease expense for those leases that are short-term are included in Oil and Gas Lease Operating Expenses. The amounts are as follows:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3644" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3645" rowspan="1" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Year Ended December 31,</b></p>
</td>
<td id="new_id-3646" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3647" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3648" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3649" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3650" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3651" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3652" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Operating lease expense</p>
</td>
<td id="new_id-3653" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3654" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3655" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">200,836</td>
<td id="new_id-3656" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3657" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3658" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3659" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">184,374</td>
<td id="new_id-3660" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Financing lease expense</p>
</td>
<td id="new_id-3661" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3662" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3663" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">19,137</td>
<td id="new_id-3664" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3665" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3666" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3667" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">10,757</td>
<td id="new_id-3668" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Operating - short-term</p>
</td>
<td id="new_id-3669" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3670" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3671" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-3672" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3673" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3674" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3675" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">7,886</td>
<td id="new_id-3676" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Short Term - field</p>
</td>
<td id="new_id-3677" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3678" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3679" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,000</td>
<td id="new_id-3680" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3681" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3682" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3683" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,000</td>
<td id="new_id-3684" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total lease expense</p>
</td>
<td id="new_id-3685" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3686" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3687" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">225,973</td>
<td id="new_id-3688" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3689" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3690" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3691" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">209,017</td>
<td id="new_id-3692" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
200836
184374
19137
10757
0
7886
6000
6000
225973
209017
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>The following tables summarized the operating and financing lease obligations.</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 55%; border-bottom: thin solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Lease Obligations</b></p>
</td>
<td id="new_id-3693" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3694" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Operating Lease </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Obligations</b></p>
</td>
<td id="new_id-3695" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3696" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3697" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Financing Lease </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Obligations</b></p>
</td>
<td id="new_id-3698" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3699" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td colspan="2" id="new_id-3700" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Total Lease </b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Obligations</b></p>
</td>
<td id="new_id-3701" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2021</p>
</td>
<td id="new_id-3702" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3703" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3704" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">179,630</td>
<td id="new_id-3705" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3706" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3707" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3708" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">12,588</td>
<td id="new_id-3709" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3710" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3711" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3712" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">192,218</td>
<td id="new_id-3713" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2022</p>
</td>
<td id="new_id-3714" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3715" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3716" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">24,408</td>
<td id="new_id-3717" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3718" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3719" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3720" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">12,588</td>
<td id="new_id-3721" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3722" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3723" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3724" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">36,996</td>
<td id="new_id-3725" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2023</p>
</td>
<td id="new_id-3726" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3727" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3728" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3729" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3730" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3731" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3732" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">12,588</td>
<td id="new_id-3733" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3734" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3735" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3736" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">12,588</td>
<td id="new_id-3737" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Thereafter</p>
</td>
<td id="new_id-3738" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3739" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3740" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3741" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3742" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3743" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3744" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">7,343</td>
<td id="new_id-3745" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3746" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3747" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3748" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">7,343</td>
<td id="new_id-3749" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total undiscounted lease payments</p>
</td>
<td id="new_id-3750" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3751" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3752" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">204,038</td>
<td id="new_id-3753" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3754" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3755" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3756" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">45,107</td>
<td id="new_id-3757" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3758" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3759" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3760" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">249,145</td>
<td id="new_id-3761" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Less:  Amount representing interest</p>
</td>
<td id="new_id-3762" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3763" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3764" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">13,679</td>
<td id="new_id-3765" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3766" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3767" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3768" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">4,409</td>
<td id="new_id-3769" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3770" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3771" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3772" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">18,088</td>
<td id="new_id-3773" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total Operating & Financing lease liabilities</p>
</td>
<td id="new_id-3774" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3775" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3776" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">190,359</td>
<td id="new_id-3777" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3778" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3779" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3780" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">40,698</td>
<td id="new_id-3781" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3782" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3783" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3784" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">231,057</td>
<td id="new_id-3785" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Current lease liabilities as of December 31, 2020</p>
</td>
<td id="new_id-3786" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3787" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3788" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">167,578</td>
<td id="new_id-3789" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3790" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3791" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3792" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">10,542</td>
<td id="new_id-3793" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3794" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3795" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3796" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">178,120</td>
<td id="new_id-3797" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td colspan="1" style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Long-term lease liabilities as of December 31, 2020</p>
</td>
<td id="new_id-3798" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3799" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">$</td>
<td id="new_id-3800" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">22,781</td>
<td id="new_id-3801" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3802" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3803" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3804" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">30,156</td>
<td id="new_id-3805" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3806" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3807" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3808" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">52,937</td>
<td id="new_id-3809" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
179630
12588
192218
24408
12588
36996
0
12588
12588
0
7343
7343
204038
45107
249145
13679
4409
18088
190359
40698
231057
167578
10542
22781
30156
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 10 </b>–<b> RELATED-PARTY TRANSACTIONS</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Significant Ownership Interests</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our Chief Executive, Johnny Jordan, has accrued certain unpaid salaries, which were assumed by the Company. At December 31, 2020, Mr. Jordan was owed $14,648, in accrued unpaid guaranteed payments.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Our Chief Financial Officer, Stephen Hosmer, has participated individually in 179 wells under the 1989 policy.  During 2020 and 2019, Stephen did not participate in fractional interests.  At December 31, 2020, the Company had a receivable balance of $17,101 due from Stephen Hosmer for normal drilling and lease operating expenses.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Donald Hosmer has participated individually in 179 wells under the 1989 policy. During 2020 and 2019, Donald did not participate in fractional interests. At December 31, 2020, Royale had a receivable balance of $5,385 due from Donald Hosmer for normal drilling and lease operating expenses.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">At December 31, 2020 and 2019, we had a total payable of $23,087 and $32,367, respectively, due to RMX Resources, LLC and its subsidiary, Matrix Oil Corporation, related to certain lease operating expenses for wells operated by RMX Resources, LLC. For the same periods, the Company also had prepaid expenses and other current assets of $239,036 and $2,680,155, respectively. The prepaid amount where primarily for the drilling of wells.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale had outstanding accrued unpaid guaranteed payments for unpaid salaries for periods predating their joining the Company due to certain former Matrix employees.  At December 31, 2020, the balance due was $1,306,605.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Michael McCaskey and Jeffery Kerns, each former directors of Royale, have consulting agreements to provide services as directed and at the discretion of the Company. Mr. Kerns wife is a director.</p><br/></div>
14648
179
17101
179
5385
23087
32367
239036
2680155
1306605
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 11 </b>–<b> STOCK COMPENSATION PLAN</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">There were no stock options issued during 2020 and 2019.</p><br/></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 12 </b>–<b> SIMPLE IRA PLAN</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In April 1998, the Company established a Simple IRA pension plan covering all employees. The Company will contribute a matching contribution to each eligible employee’s Simple IRA equal to the employee’s salary reduction contributions up to a limit of 3% of the employee’s compensation for the year. The employer contribution for the years ending December 31, 2020 and 2019, were $41,921 and $30,336 respectively.</p><br/></div>
0.03
41921
30336
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 13 </b>–<b> ENVIRONMENTAL MATTERS</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy has established procedures for the continuing evaluation of its operations to identify potential environmental exposures and ensure compliance with regulatory policies and procedures. Management monitors these laws and regulations and periodically assesses the propriety of its operational and accounting policies related to environmental issues. The nature of Royale Energy’s business requires routine day-to-day compliance with environmental laws and regulations. Royale Energy incurred no material environmental investigation, compliance and remediation costs in 2020 or 2019.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Royale Energy is unable to predict whether its future operations will be materially affected by these laws and regulations. It is believed that legislation and regulations relating to environmental protection will not materially affect the results of operations of Royale Energy.</p><br/></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 14 </b>–<b> CONCENTRATIONS</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company bids its gas sales on a month-to-month basis and generally sells to a single customer without commitment to future gas sales to any particular customer. The Company normally sells approximately 32% of its monthly natural gas production to one customer on a month-to-month basis.  Since we are able to sell our natural gas to other readily available customers, the loss of any one customer would not have an adverse effect on our overall sales operations.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company maintains cash in depository institutions that are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per institution for our interest-bearing accounts in the years ended December 31, 2020 and 2019.   At December 31, 2020 and 2019, cash in banks exceeded the FDIC limits by approximately $1.9 million and $3.4 million, respectively. The Company has not experienced any losses on deposits.</p><br/></div>
0.32
250000
1900000
3400000
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 15 </b>–<b> COMMITMENTS AND CONTINGENCIES</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company may become involved from time to time in litigation on various matters, which are routine to the conduct of its business.  The Company believes that none of these actions, individually or in the aggregate, will have a material adverse effect on its financial position or results of operations, though any adverse decision in these cases or the costs of defending or settling such claims could have a material effect on its business.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company sponsors turnkey drilling agreement arrangements in proved and unproved properties as a pooling of assets in a joint undertaking, whereby proceeds from participants are reported as Deferred Drilling Obligations. The contracts require the participants pay Royale the full contract price upon execution of the agreement. Royale typically begins the drilling activities within 12 months of funding and reaches total depth between 10 and 30 days after drilling begins.</p><br/></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 16 </b>–<b> CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (</b>“<b>CARES ACT</b>”<b>)</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In December 2019, a novel strain of coronavirus (which triggers a respiratory disease called COVID-19) was reported in Wuhan, China. The World health Organization has declared the outbreak to constitute a “Public Health Emergency of International Concern.” The COVID-19 outbreak has caused a major reduction in the consumption of hydrocarbon-based transportation fuels as airlines have grounded flights worldwide and countries around the world have asked residents to suspend automobile travel. In addition to a substantial loss of demand for crude oil, In March, Saudi Arabia entered into a price war with Russia and added additional supplies of crude oil to an already over supplied market. The result has been a precipitous decline in the price of crude oil received by the Company. As a result, the Company has seen a reduction in its oil and gas revenues and resulting cash flows for the year 2020.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">The CARES Act provided tax benefits and potential loans/grants for businesses and non-profits. On April 13, 2020, the Company successfully completed the process to obtain a $207,800 PPP loan through the SBA with Bank of Southern California (“BSC”) under the CARES Act. The interest rate was 1.00 percent per year fixed with a two-year term and all payments deferred for six months subject to loan forgiveness as provided for under the CARES Act. On November 2, 2020, Royale’s loan with BSC was paid down by $198,846 ($197,800 in principal and $1,046 in interest) as a result of completing the process of loan forgiveness under the terms of the CARES Act. The loan balance of $10,054 will be repaid through monthly interest and principal payments of $560 beginning December 1, 2020, with the final payment of $614 scheduled for April 23, 2022. The loan is being amortized over 18 months at an annual interest rate of 1.00 percent with the last payment being a balloon payment to complete the loan repayment.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">On the Statement of Cash Flows, the Company has shown this PPP loan as a cash inflow from financing activities, principal repayments as cash outflows from financing activities, and interest payments as outflows from operating activities.  The amounts of principal and interest forgiven are shown as reconciling items to net loss in determining net cash used in operating activities.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Under the updated regulations, the forgiveness of PPP loan in not taxable income. Additionally, expenses submitted in support of the PPP loan forgiveness remain deductible for the purpose of tax reporting. Prior IRS positions in Notice 2020-32 and Rev Ruling 2020-27 no longer apply.</p><br/></div>
207800
0.0100
198846
197800
1046
10054
560
614
P18M
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 17 </b>–<b> LONG-LIVED ASSETS HELD FOR SALE</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Assets held for sale are carried at lower of cost or fair value less cost to sell. Listed below are the two current groups of properties that the Company has defined as long-lived assets held for sale in accordance with ASC 360-10-45.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>East Los Angeles</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company and its joint venture partner, RMX, have entered into a purchase and sales agreement as well as a second amendment to that certain purchase and sales agreement extending the closing date to the second quarter of 2021. The Company carries these assets on the books for $1.9 million with an ARO amount of approximately $1.1 million for the existing wells and facilities located on the properties providing a net book value of approximately $0.846 million. The sale would require the Company to plug and abandon the wells on the property and remove and restore the surface land with an estimated cost of $0.721 million. The sale price is approximately $1.0 million to the Company. Therefore, the Company will record a loss on the pending sale of these properties of $0.567 million and reflect Assets Held for Sale of $1.0 million reflected in current assets with an ARO balance of $0.721 million in current liabilities.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Texas Properties</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company and its partners in these producing properties have exchanged document drafts of a purchase and sales agreement during 2021. The Company has a net book value for the properties of $0.381 million including an ARO liability of $0.149 million and expects to receive approximately $0.700 million at the consummation of the sale. Negotiations are ongoing with the sale expected to close during the second quarter of 2021. The Company is reflecting these properties at $0.529 million in Assets Held for Sale in current assets.</p><br/></div>
1900000
1100000
846000
721000
1000000
-567000
1000000
721000
381000
149000
700000
529000
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 18 </b>–<b> SUBSEQUENT EVENTS</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company has evaluated subsequent events through March 30, 2021, the date these financial statements were available to be issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements, except as noted below or already recognized or disclosed.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Texas Properties</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Purchase and Sales Agreement for the Texas properties was executed between all the parties on February 18, 2021, with closing anticipated in the 2nd quarter of 2021.</p><br/></div>
<div style="font-family: Times New Roman; font-size: 10pt; ">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>NOTE 19 </b>–<b> SUPPLEMENTAL INFORMATION ABOUT OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED)</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The following estimates of proved oil and gas reserves, both developed and undeveloped, represent interests owned by Royale Energy which are located solely in the United States.  Proved reserves represent estimated quantities of crude oil and natural gas which geological and engineering data demonstrate to be reasonably certain to be recoverable in the future from known reservoirs under existing economic and operating conditions.  Proved developed oil and gas reserves are reserves that can be expected to be recovered through existing wells, with existing equipment and operating methods.  Proved undeveloped oil and gas reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells for which relatively major expenditures are required for completion.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Disclosures of oil and gas reserves, which follow, are based on estimates prepared by independent petroleum engineering consultant Netherland, Sewell & Associates, Inc., the net reserve value of its proved developed and undeveloped reserves was approximately $20.8 million at December 31, 2020, based on the average Henry Hub natural gas price spot price of $1.985 per MCF and for oil volumes, the average West Texas Intermediate price of $39.54 per barrel as applied on a field-by-field basis.  Netherland, Sewell & Associates, Inc. provided reserve value information for the Company’s California, Texas, Oklahoma, Utah and Louisiana properties. Such estimates are subject to numerous uncertainties inherent in the estimation of quantities of proved reserves and in the projection of future rates of production and the timing of development expenditures.  These estimates do not include probable or possible reserves.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The technical persons responsible for preparing the reserves estimates presented in the report of Netherland, Sewell & Associates, Inc., meet the requirements regarding qualifications, independence, objectivity, and confidentiality set forth in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers.  Netherland, Sewell & Associates, Inc. is a firm of independent petroleum engineers, geologists, geophysicists, and petrophysicists; and do not own an interest in our properties and are not employed on a contingent basis.  All activities and reports performed and completed by Netherland, Sewell & Associates, Inc. with regards to our reserve valuation estimates are reviewed Royale’s management.</p><br/><p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">These estimates are furnished and calculated in accordance with requirements of the FASB and the SEC.  Because of unpredictable variances in expenses and capital forecasts, crude oil and natural gas price changes, largely influenced and controlled by U.S. and foreign government actions, and the fact that the bases for such estimates vary significantly, management believes the usefulness of these projections is limited.  Estimates of future net cash flows presented do not represent Management’s assessment of future profitability or future cash flows to Royale Energy.  Management’s investment and operating decisions are based upon reserve estimates that include proved reserves prescribed by the SEC as well as probable reserves, and upon different price and cost assumptions from those used here.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">It should be recognized that applying current costs and prices and a 10 percent standard discount rate does not convey absolute value.  The discounted amounts arrived at are only one measure of the value of proved reserves.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Changes in Estimated Reserve Quantities</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The net interest in estimated quantities of proved developed reserves of crude oil and natural gas at December 31, 2020 and 2019, and changes in such quantities during each of the years then ended, were as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="16" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Total Proved Reserves</b></p>
</td>
<td id="new_id-3810" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3811" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3812" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3813" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3814" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3815" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3816" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3817" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3818" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-3819" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3820" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3821" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-3822" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3823" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3824" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-3825" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3826" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3827" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-3828" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beginning of period</p>
</td>
<td id="new_id-3829" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3830" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3831" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,171,000</td>
<td id="new_id-3832" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3833" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3834" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3835" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">4,306,900</td>
<td id="new_id-3836" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3837" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3838" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3839" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,146,400</td>
<td id="new_id-3840" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3841" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3842" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3843" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,986,200</td>
<td id="new_id-3844" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Revisions of previous estimates</p>
</td>
<td id="new_id-3845" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3846" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3847" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(646,080</td>
<td id="new_id-3848" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3849" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3850" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3851" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(1,515,637</td>
<td id="new_id-3852" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3853" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3854" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3855" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,052,086</td>
<td id="new_id-3856" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3857" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3858" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3859" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(890,032</td>
<td id="new_id-3860" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Production</p>
</td>
<td id="new_id-3861" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3862" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3863" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(31,210</td>
<td id="new_id-3864" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3865" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3866" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3867" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(160,406</td>
<td id="new_id-3868" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3869" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3870" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3871" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(27,663</td>
<td id="new_id-3872" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3873" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3874" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3875" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(292,472</td>
<td id="new_id-3876" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Extensions, discoveries and improved recovery</p>
</td>
<td id="new_id-3877" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3878" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3879" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">47,290</td>
<td id="new_id-3880" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3881" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3882" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3883" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">29,643</td>
<td id="new_id-3884" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3885" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3886" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3887" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">22,042</td>
<td id="new_id-3888" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3889" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3890" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3891" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,516,046</td>
<td id="new_id-3892" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Merger Acquisition</p>
</td>
<td id="new_id-3893" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3894" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3895" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3896" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3897" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3898" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3899" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3900" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3901" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3902" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3903" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3904" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3905" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3906" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3907" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3908" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Purchase of minerals in place</p>
</td>
<td id="new_id-3909" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3910" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3911" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3912" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3913" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3914" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3915" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3916" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3917" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3918" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3919" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3920" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3921" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3922" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3923" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3924" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Sales of minerals in place</p>
</td>
<td id="new_id-3925" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3926" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3927" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3928" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3929" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3930" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3931" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3932" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3933" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3934" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3935" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(21,865</td>
<td id="new_id-3936" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3937" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3938" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3939" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(12,842</td>
<td id="new_id-3940" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-3941"> </td>
<td id="new_id-3942"> </td>
<td id="new_id-3943"> </td>
<td id="new_id-3944"> </td>
<td id="new_id-3945"> </td>
<td id="new_id-3946"> </td>
<td id="new_id-3947"> </td>
<td id="new_id-3948"> </td>
<td id="new_id-3949"> </td>
<td id="new_id-3950"> </td>
<td id="new_id-3951"> </td>
<td id="new_id-3952"> </td>
<td id="new_id-3953"> </td>
<td id="new_id-3954"> </td>
<td id="new_id-3955"> </td>
<td id="new_id-3956"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved reserves end of period</p>
</td>
<td id="new_id-3957" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3958" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3959" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,541,000</td>
<td id="new_id-3960" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3961" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3962" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3963" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,660,500</td>
<td id="new_id-3964" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3965" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3966" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3967" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,171,000</td>
<td id="new_id-3968" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3969" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3970" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3971" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">4,306,900</td>
<td id="new_id-3972" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="16" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Proved Developed</b></p>
</td>
<td id="new_id-3973" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3974" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3975" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3976" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3977" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3978" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3979" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3980" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3981" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-3982" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3983" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3984" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-3985" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3986" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3987" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-3988" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3989" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3990" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-3991" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved developed reserves:</p>
</td>
<td id="new_id-3992" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3993" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3994" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3995" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3996" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3997" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3998" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3999" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4000" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4001" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4002" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4003" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4004" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4005" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4006" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4007" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4008"> </td>
<td id="new_id-4009"> </td>
<td id="new_id-4010"> </td>
<td id="new_id-4011"> </td>
<td id="new_id-4012"> </td>
<td id="new_id-4013"> </td>
<td id="new_id-4014"> </td>
<td id="new_id-4015"> </td>
<td id="new_id-4016"> </td>
<td id="new_id-4017"> </td>
<td id="new_id-4018"> </td>
<td id="new_id-4019"> </td>
<td id="new_id-4020"> </td>
<td id="new_id-4021"> </td>
<td id="new_id-4022"> </td>
<td id="new_id-4023"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beginning of period</p>
</td>
<td id="new_id-4024" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4025" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4026" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">232,200</td>
<td id="new_id-4027" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4028" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4029" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4030" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,790,300</td>
<td id="new_id-4031" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4032" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4033" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4034" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">148,600</td>
<td id="new_id-4035" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4036" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4037" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4038" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,914,900</td>
<td id="new_id-4039" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4040"> </td>
<td id="new_id-4041"> </td>
<td id="new_id-4042"> </td>
<td id="new_id-4043"> </td>
<td id="new_id-4044"> </td>
<td id="new_id-4045"> </td>
<td id="new_id-4046"> </td>
<td id="new_id-4047"> </td>
<td id="new_id-4048"> </td>
<td id="new_id-4049"> </td>
<td id="new_id-4050"> </td>
<td id="new_id-4051"> </td>
<td id="new_id-4052"> </td>
<td id="new_id-4053"> </td>
<td id="new_id-4054"> </td>
<td id="new_id-4055"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">End of period</p>
</td>
<td id="new_id-4056" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4057" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4058" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">224,900</td>
<td id="new_id-4059" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4060" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4061" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4062" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">691,900</td>
<td id="new_id-4063" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4064" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4065" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4066" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">232,200</td>
<td id="new_id-4067" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4068" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4069" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4070" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,790,300</td>
<td id="new_id-4071" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="16" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Proved Undeveloped</b></p>
</td>
<td id="new_id-4072" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4073" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-4074" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-4075" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4076" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-4077" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-4078" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4079" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4080" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-4081" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4082" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4083" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-4084" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4085" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4086" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-4087" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4088" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4089" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-4090" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved undeveloped reserves:</p>
</td>
<td id="new_id-4091" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4092" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4093" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4094" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4095" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4096" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4097" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4098" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4099" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4100" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4101" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4102" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4103" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4104" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4105" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4106" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4107"> </td>
<td id="new_id-4108"> </td>
<td id="new_id-4109"> </td>
<td id="new_id-4110"> </td>
<td id="new_id-4111"> </td>
<td id="new_id-4112"> </td>
<td id="new_id-4113"> </td>
<td id="new_id-4114"> </td>
<td id="new_id-4115"> </td>
<td id="new_id-4116"> </td>
<td id="new_id-4117"> </td>
<td id="new_id-4118"> </td>
<td id="new_id-4119"> </td>
<td id="new_id-4120"> </td>
<td id="new_id-4121"> </td>
<td id="new_id-4122"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beginning of period</p>
</td>
<td id="new_id-4123" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4124" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4125" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,938,800</td>
<td id="new_id-4126" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4127" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4128" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4129" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,516,600</td>
<td id="new_id-4130" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4131" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4132" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4133" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">997,800</td>
<td id="new_id-4134" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4135" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4136" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4137" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,071,300</td>
<td id="new_id-4138" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4139"> </td>
<td id="new_id-4140"> </td>
<td id="new_id-4141"> </td>
<td id="new_id-4142"> </td>
<td id="new_id-4143"> </td>
<td id="new_id-4144"> </td>
<td id="new_id-4145"> </td>
<td id="new_id-4146"> </td>
<td id="new_id-4147"> </td>
<td id="new_id-4148"> </td>
<td id="new_id-4149"> </td>
<td id="new_id-4150"> </td>
<td id="new_id-4151"> </td>
<td id="new_id-4152"> </td>
<td id="new_id-4153"> </td>
<td id="new_id-4154"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">End of period</p>
</td>
<td id="new_id-4155" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4156" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4157" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,316,100</td>
<td id="new_id-4158" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4159" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4160" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4161" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,968,600</td>
<td id="new_id-4162" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4163" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4164" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4165" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,938,800</td>
<td id="new_id-4166" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4167" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4168" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4169" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,516,600</td>
<td id="new_id-4170" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">At December 31, 2020, our previously estimated proved developed and undeveloped natural gas reserve quantities were revised downward by approximately 1,515,637 MCF of natural gas. This downward revision was mainly the result of a decrease in proved developed natural gas reserves from drilling locations which the Company had contracted.   At December 31, 2020, our previously estimated proved developed and undeveloped oil reserve quantities were revised downward by approximately 646,080 BBL of oil. This downward revision was mainly the result a decrease in the price of oil, which resulted in a decrease in the economic life.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The future net cash inflows are developed as follows:</p><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:top;width:1.1%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">•</p>
</td>
<td style="vertical-align:top;width:20.4%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Estimates are made of quantities of proved reserves and the future periods during which they are expected to be produced based on year-end economic conditions.</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:top;width:1.1%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">•</p>
</td>
<td style="vertical-align:top;width:20.4%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The estimated future production of proved reserves is priced on the basis of year-end prices.</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;">
<tr>
<td style="vertical-align:top;width:1.1%;">
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">•</p>
</td>
<td style="vertical-align:top;width:20.4%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The resulting future gross revenue streams are reduced by estimated future costs to develop and to produce proved reserves, based on year-end estimates. Estimated future development costs by year are as follows:</p>
</td>
</tr>
</table><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 30%; margin-left: 30%; width: 40%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 67%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2021</p>
</td>
<td id="new_id-4171" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4172" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4173" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">8,954,000</td>
<td id="new_id-4174" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 67%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2022</p>
</td>
<td id="new_id-4175" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4176" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4177" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">6,750,000</td>
<td id="new_id-4178" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 67%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2023</p>
</td>
<td id="new_id-4179" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4180" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4181" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,404,500</td>
<td id="new_id-4182" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 67%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Thereafter</p>
</td>
<td id="new_id-4183" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4184" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4185" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-4186" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; width: 67%;"> </td>
<td id="new_id-4187" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4188" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4189" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">17,108,500</td>
<td id="new_id-4190" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The resulting future net revenue streams are reduced to present value amounts by applying a 10 percent discount.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Disclosure of principal components of the standardized measure of discounted future net cash flows provides information concerning the factors involved in making the calculation.  In addition, the disclosure of both undiscounted and discounted net cash flows provides a measure of comparing proved oil and gas reserves both with and without an estimate of production timing.  The standardized measure of discounted future net cash flow relating to proved reserves reflects estimated income taxes.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><font style="text-decoration:underline">Changes in standardized measure of discounted future net cash flow from proved reserve quantities</font></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The standardized measure of discounted future net cash flows is presented below for the years ended December 31, 2020 and 2019.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">This statement discloses the sources of changes in the standardized measure from year to year. The amount reported as “Net changes in prices and production costs” represents the present value of changes in prices and production costs multiplied by estimates of proved reserves as of the beginning of the year. The “accretion of discount” was computed by multiplying the 10 percent discount factor by the standardized measure on a pretax basis as of the beginning of the year. The “Sales of oil and gas produced, net of production costs” are expressed in actual dollar amounts. “Revisions of previous quantity estimates” is expressed at year-end prices. The “Net change in income taxes” is computed as the change in present value of future income taxes.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4191" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4192" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-4193" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4194" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4195" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-4196" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future cash inflows</p>
</td>
<td id="new_id-4197" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4198" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4199" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">65,939,300</td>
<td id="new_id-4200" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4201" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4202" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4203" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">143,045,000</td>
<td id="new_id-4204" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future production costs</p>
</td>
<td id="new_id-4205" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4206" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4207" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(28,008,100</td>
<td id="new_id-4208" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4209" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4210" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4211" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(28,967,400</td>
<td id="new_id-4212" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future development costs</p>
</td>
<td id="new_id-4213" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4214" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4215" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(17,108,400</td>
<td id="new_id-4216" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4217" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4218" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4219" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(20,587,800</td>
<td id="new_id-4220" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future income tax expense</p>
</td>
<td id="new_id-4221" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4222" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4223" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(6,246,840</td>
<td id="new_id-4224" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4225" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4226" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4227" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(28,046,940</td>
<td id="new_id-4228" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4229"> </td>
<td id="new_id-4230"> </td>
<td id="new_id-4231"> </td>
<td id="new_id-4232"> </td>
<td id="new_id-4233"> </td>
<td id="new_id-4234"> </td>
<td id="new_id-4235"> </td>
<td id="new_id-4236"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future net cash flows</p>
</td>
<td id="new_id-4237" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4238" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4239" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">14,575,960</td>
<td id="new_id-4240" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4241" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4242" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4243" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">65,442,860</td>
<td id="new_id-4244" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4245"> </td>
<td id="new_id-4246"> </td>
<td id="new_id-4247"> </td>
<td id="new_id-4248"> </td>
<td id="new_id-4249"> </td>
<td id="new_id-4250"> </td>
<td id="new_id-4251"> </td>
<td id="new_id-4252"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">10% annual discount for estimated timing of cash flows</p>
</td>
<td id="new_id-4253" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4254" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4255" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(7,134,925</td>
<td id="new_id-4256" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4257" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4258" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4259" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(35,801,989</td>
<td id="new_id-4260" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4261"> </td>
<td id="new_id-4262"> </td>
<td id="new_id-4263"> </td>
<td id="new_id-4264"> </td>
<td id="new_id-4265"> </td>
<td id="new_id-4266"> </td>
<td id="new_id-4267"> </td>
<td id="new_id-4268"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Standardized measure of discounted future net cash flows</p>
</td>
<td id="new_id-4269" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4270" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4271" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">7,441,035</td>
<td id="new_id-4272" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4273" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4274" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4275" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">29,640,871</td>
<td id="new_id-4276" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4277"> </td>
<td id="new_id-4278"> </td>
<td id="new_id-4279"> </td>
<td id="new_id-4280"> </td>
<td id="new_id-4281"> </td>
<td id="new_id-4282"> </td>
<td id="new_id-4283"> </td>
<td id="new_id-4284"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sales of oil and gas produced, net of production costs</p>
</td>
<td id="new_id-4285" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4286" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4287" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(351,478</td>
<td id="new_id-4288" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4289" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4290" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4291" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(624,744</td>
<td id="new_id-4292" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4293"> </td>
<td id="new_id-4294"> </td>
<td id="new_id-4295"> </td>
<td id="new_id-4296"> </td>
<td id="new_id-4297"> </td>
<td id="new_id-4298"> </td>
<td id="new_id-4299"> </td>
<td id="new_id-4300"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Revisions of previous quantity estimates</p>
</td>
<td id="new_id-4301" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4302" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4303" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(31,231,533</td>
<td id="new_id-4304" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4305" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4306" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4307" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">14,035,099</td>
<td id="new_id-4308" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net changes in prices and production costs</p>
</td>
<td id="new_id-4309" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4310" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4311" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(617,847</td>
<td id="new_id-4312" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4313" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4314" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4315" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(14,331,770</td>
<td id="new_id-4316" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sales of minerals in place</p>
</td>
<td id="new_id-4317" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4318" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4319" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4320" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4321" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4322" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4323" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(272,507</td>
<td id="new_id-4324" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Purchases of minerals in place</p>
</td>
<td id="new_id-4325" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4326" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4327" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4328" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4329" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4330" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4331" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4332" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Merger Acquisition</p>
</td>
<td id="new_id-4333" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4334" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4335" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4336" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4337" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4338" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4339" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4340" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Extensions, discoveries and improved recovery</p>
</td>
<td id="new_id-4341" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4342" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4343" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">587,311</td>
<td id="new_id-4344" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4345" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4346" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4347" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,157,052</td>
<td id="new_id-4348" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accretion of discount</p>
</td>
<td id="new_id-4349" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4350" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4351" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(100,504</td>
<td id="new_id-4352" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4353" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4354" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4355" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,900,123</td>
<td id="new_id-4356" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4357"> </td>
<td id="new_id-4358"> </td>
<td id="new_id-4359"> </td>
<td id="new_id-4360"> </td>
<td id="new_id-4361"> </td>
<td id="new_id-4362"> </td>
<td id="new_id-4363"> </td>
<td id="new_id-4364"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net change in income tax</p>
</td>
<td id="new_id-4365" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4366" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4367" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">9,514,215</td>
<td id="new_id-4368" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4369" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4370" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4371" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(4,868,296</td>
<td id="new_id-4372" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4373"> </td>
<td id="new_id-4374"> </td>
<td id="new_id-4375"> </td>
<td id="new_id-4376"> </td>
<td id="new_id-4377"> </td>
<td id="new_id-4378"> </td>
<td id="new_id-4379"> </td>
<td id="new_id-4380"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net increase (decrease)</p>
</td>
<td id="new_id-4381" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4382" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4383" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(22,199,836</td>
<td id="new_id-4384" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4385" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4386" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4387" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,005,043</td>
<td id="new_id-4388" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Future Development Costs</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In order to realize future revenues from our proved reserves estimated in our reserve report, it will be necessary to incur future costs to develop and produce the proved reserves.  The following table estimates the costs to develop and produce our proved reserves in the years 2021 through 2023.</p><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4389" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4390" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2021</b></p>
</td>
<td id="new_id-4391" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4392" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4393" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2022</b></p>
</td>
<td id="new_id-4394" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4395" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4396" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2023</b></p>
</td>
<td id="new_id-4397" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 55%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future development cost of:</p>
</td>
<td id="new_id-4398" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4399" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4400" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4401" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4402" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4403" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4404" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4405" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4406" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4407" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4408" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4409" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved developed reserves (PDP)</p>
</td>
<td id="new_id-4410" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4411" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4412" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4413" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4414" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4415" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4416" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4417" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4418" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4419" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4420" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4421" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved non-producing reserves (PDNP)</p>
</td>
<td id="new_id-4422" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4423" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4424" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">54,000</td>
<td id="new_id-4425" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4426" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4427" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4428" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4429" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4430" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4431" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4432" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4433" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved undeveloped reserves (PUD)</p>
</td>
<td id="new_id-4434" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4435" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4436" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">8,900,000</td>
<td id="new_id-4437" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4438" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4439" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4440" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,750,000</td>
<td id="new_id-4441" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4442" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4443" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4444" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,404,500</td>
<td id="new_id-4445" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4446" style="padding-bottom: 1px;"> </td>
<td id="new_id-4447" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4448" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4449" style="padding-bottom: 1px;"> </td>
<td id="new_id-4450" style="padding-bottom: 1px;"> </td>
<td id="new_id-4451" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4452" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4453" style="padding-bottom: 1px;"> </td>
<td id="new_id-4454" style="padding-bottom: 1px;"> </td>
<td id="new_id-4455" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4456" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4457" style="padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total</p>
</td>
<td id="new_id-4458" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4459" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-4460" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">8,954,000</td>
<td id="new_id-4461" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4462" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4463" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-4464" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">6,750,000</td>
<td id="new_id-4465" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4466" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4467" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-4468" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">1,404,500</td>
<td id="new_id-4469" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Common assumptions include such matters as the real extent and average thickness of a particular reservoir, the average porosity and permeability of the reservoir, the anticipated future production from existing and future wells, future development and production costs and the ultimate hydrocarbon recovery percentage.  As a result, oil and gas reserve estimates and discounted present value estimates are frequently revised in subsequent periods to reflect production data obtained after the date of the original estimate.  If the reserve estimates are inaccurate, production rates may decline more rapidly than anticipated, and future production revenues may be less than estimated.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Additional data relating to Royale Energy’s oil and natural gas properties is disclosed in Supplemental Information About Oil and Gas Producing Activities (Unaudited), attached to Royale Energy’s Financial Statements, beginning on page F-1.</p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Historic Development Costs for Proved Reserves</b></p><br/><p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">In each year we expend funds to drill and develop some of our proved undeveloped reserves.  We have incurred no cost in any of the past three fiscal years to drill and develop reserves that were classified as proved undeveloped reserves as of December 31 of the immediately preceding year.</p><br/></div>
20800000
1.985
39.54
10
-1515637
-646080
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>The net interest in estimated quantities of proved developed reserves of crude oil and natural gas at December 31, 2020 and 2019, and changes in such quantities during each of the years then ended, were as follows:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="16" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Total Proved Reserves</b></p>
</td>
<td id="new_id-3810" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3811" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3812" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3813" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3814" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3815" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3816" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3817" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3818" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-3819" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3820" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3821" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-3822" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3823" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3824" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-3825" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3826" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3827" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-3828" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beginning of period</p>
</td>
<td id="new_id-3829" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3830" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3831" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,171,000</td>
<td id="new_id-3832" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3833" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3834" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3835" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">4,306,900</td>
<td id="new_id-3836" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3837" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3838" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3839" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,146,400</td>
<td id="new_id-3840" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3841" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3842" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3843" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,986,200</td>
<td id="new_id-3844" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Revisions of previous estimates</p>
</td>
<td id="new_id-3845" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3846" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3847" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(646,080</td>
<td id="new_id-3848" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3849" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3850" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3851" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(1,515,637</td>
<td id="new_id-3852" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3853" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3854" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3855" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,052,086</td>
<td id="new_id-3856" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3857" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3858" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3859" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(890,032</td>
<td id="new_id-3860" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Production</p>
</td>
<td id="new_id-3861" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3862" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3863" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(31,210</td>
<td id="new_id-3864" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3865" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3866" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3867" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(160,406</td>
<td id="new_id-3868" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3869" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3870" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3871" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(27,663</td>
<td id="new_id-3872" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3873" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3874" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3875" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(292,472</td>
<td id="new_id-3876" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Extensions, discoveries and improved recovery</p>
</td>
<td id="new_id-3877" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3878" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3879" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">47,290</td>
<td id="new_id-3880" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3881" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3882" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3883" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">29,643</td>
<td id="new_id-3884" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3885" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3886" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3887" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">22,042</td>
<td id="new_id-3888" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3889" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3890" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3891" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,516,046</td>
<td id="new_id-3892" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Merger Acquisition</p>
</td>
<td id="new_id-3893" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3894" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3895" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3896" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3897" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3898" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3899" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3900" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3901" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3902" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3903" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3904" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3905" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3906" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3907" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3908" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Purchase of minerals in place</p>
</td>
<td id="new_id-3909" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3910" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3911" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3912" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3913" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3914" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3915" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3916" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3917" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3918" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3919" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3920" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3921" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3922" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3923" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-3924" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:12pt;">Sales of minerals in place</p>
</td>
<td id="new_id-3925" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3926" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3927" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3928" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3929" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3930" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3931" style="text-align: right; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3932" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3933" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3934" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3935" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(21,865</td>
<td id="new_id-3936" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-3937" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3938" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3939" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">(12,842</td>
<td id="new_id-3940" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-3941"> </td>
<td id="new_id-3942"> </td>
<td id="new_id-3943"> </td>
<td id="new_id-3944"> </td>
<td id="new_id-3945"> </td>
<td id="new_id-3946"> </td>
<td id="new_id-3947"> </td>
<td id="new_id-3948"> </td>
<td id="new_id-3949"> </td>
<td id="new_id-3950"> </td>
<td id="new_id-3951"> </td>
<td id="new_id-3952"> </td>
<td id="new_id-3953"> </td>
<td id="new_id-3954"> </td>
<td id="new_id-3955"> </td>
<td id="new_id-3956"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved reserves end of period</p>
</td>
<td id="new_id-3957" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3958" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3959" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,541,000</td>
<td id="new_id-3960" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3961" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3962" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3963" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,660,500</td>
<td id="new_id-3964" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3965" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3966" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3967" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">2,171,000</td>
<td id="new_id-3968" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-3969" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3970" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3971" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">4,306,900</td>
<td id="new_id-3972" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="16" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Proved Developed</b></p>
</td>
<td id="new_id-3973" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3974" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3975" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-3976" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3977" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-3978" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-3979" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3980" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3981" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-3982" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3983" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3984" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-3985" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3986" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3987" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-3988" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-3989" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-3990" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-3991" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved developed reserves:</p>
</td>
<td id="new_id-3992" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3993" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3994" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3995" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3996" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3997" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3998" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-3999" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4000" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4001" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4002" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4003" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4004" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4005" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4006" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4007" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4008"> </td>
<td id="new_id-4009"> </td>
<td id="new_id-4010"> </td>
<td id="new_id-4011"> </td>
<td id="new_id-4012"> </td>
<td id="new_id-4013"> </td>
<td id="new_id-4014"> </td>
<td id="new_id-4015"> </td>
<td id="new_id-4016"> </td>
<td id="new_id-4017"> </td>
<td id="new_id-4018"> </td>
<td id="new_id-4019"> </td>
<td id="new_id-4020"> </td>
<td id="new_id-4021"> </td>
<td id="new_id-4022"> </td>
<td id="new_id-4023"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beginning of period</p>
</td>
<td id="new_id-4024" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4025" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4026" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">232,200</td>
<td id="new_id-4027" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4028" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4029" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4030" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,790,300</td>
<td id="new_id-4031" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4032" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4033" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4034" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">148,600</td>
<td id="new_id-4035" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4036" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4037" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4038" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,914,900</td>
<td id="new_id-4039" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4040"> </td>
<td id="new_id-4041"> </td>
<td id="new_id-4042"> </td>
<td id="new_id-4043"> </td>
<td id="new_id-4044"> </td>
<td id="new_id-4045"> </td>
<td id="new_id-4046"> </td>
<td id="new_id-4047"> </td>
<td id="new_id-4048"> </td>
<td id="new_id-4049"> </td>
<td id="new_id-4050"> </td>
<td id="new_id-4051"> </td>
<td id="new_id-4052"> </td>
<td id="new_id-4053"> </td>
<td id="new_id-4054"> </td>
<td id="new_id-4055"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">End of period</p>
</td>
<td id="new_id-4056" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4057" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4058" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">224,900</td>
<td id="new_id-4059" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4060" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4061" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4062" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">691,900</td>
<td id="new_id-4063" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4064" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4065" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4066" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">232,200</td>
<td id="new_id-4067" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4068" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4069" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4070" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,790,300</td>
<td id="new_id-4071" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td colspan="16" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Proved Undeveloped</b></p>
</td>
<td id="new_id-4072" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4073" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-4074" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-4075" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4076" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="6" id="new_id-4077" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-4078" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4079" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4080" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-4081" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4082" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4083" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-4084" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4085" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4086" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Oil (BBL)</b></p>
</td>
<td id="new_id-4087" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4088" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4089" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Gas (MCF)</b></p>
</td>
<td id="new_id-4090" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 40%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved undeveloped reserves:</p>
</td>
<td id="new_id-4091" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4092" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4093" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4094" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4095" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4096" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4097" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4098" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4099" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4100" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4101" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4102" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4103" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4104" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4105" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4106" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4107"> </td>
<td id="new_id-4108"> </td>
<td id="new_id-4109"> </td>
<td id="new_id-4110"> </td>
<td id="new_id-4111"> </td>
<td id="new_id-4112"> </td>
<td id="new_id-4113"> </td>
<td id="new_id-4114"> </td>
<td id="new_id-4115"> </td>
<td id="new_id-4116"> </td>
<td id="new_id-4117"> </td>
<td id="new_id-4118"> </td>
<td id="new_id-4119"> </td>
<td id="new_id-4120"> </td>
<td id="new_id-4121"> </td>
<td id="new_id-4122"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Beginning of period</p>
</td>
<td id="new_id-4123" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4124" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4125" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,938,800</td>
<td id="new_id-4126" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4127" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4128" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4129" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,516,600</td>
<td id="new_id-4130" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4131" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4132" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4133" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">997,800</td>
<td id="new_id-4134" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4135" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4136" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4137" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,071,300</td>
<td id="new_id-4138" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4139"> </td>
<td id="new_id-4140"> </td>
<td id="new_id-4141"> </td>
<td id="new_id-4142"> </td>
<td id="new_id-4143"> </td>
<td id="new_id-4144"> </td>
<td id="new_id-4145"> </td>
<td id="new_id-4146"> </td>
<td id="new_id-4147"> </td>
<td id="new_id-4148"> </td>
<td id="new_id-4149"> </td>
<td id="new_id-4150"> </td>
<td id="new_id-4151"> </td>
<td id="new_id-4152"> </td>
<td id="new_id-4153"> </td>
<td id="new_id-4154"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">End of period</p>
</td>
<td id="new_id-4155" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4156" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4157" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,316,100</td>
<td id="new_id-4158" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4159" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4160" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4161" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,968,600</td>
<td id="new_id-4162" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4163" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4164" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4165" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,938,800</td>
<td id="new_id-4166" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4167" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4168" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4169" style="width: 12%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,516,600</td>
<td id="new_id-4170" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
2171000
4306900
1146400
2986200
1052086
-890032
31210
160406
27663
292472
47290
29643
22042
2516046
21865
12842
1541000
2660500
232200
2790300
148600
1914900
224900
691900
1938800
1516600
997800
1071300
1316100
1968600
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>The resulting future gross revenue streams are reduced by estimated future costs to develop and to produce proved reserves, based on year-end estimates. Estimated future development costs by year are as follows:</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 30%; margin-left: 30%; width: 40%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 67%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2021</p>
</td>
<td id="new_id-4171" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4172" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4173" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">8,954,000</td>
<td id="new_id-4174" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 67%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2022</p>
</td>
<td id="new_id-4175" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4176" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4177" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">6,750,000</td>
<td id="new_id-4178" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 67%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">2023</p>
</td>
<td id="new_id-4179" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4180" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4181" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">1,404,500</td>
<td id="new_id-4182" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 67%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Thereafter</p>
</td>
<td id="new_id-4183" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4184" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4185" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">-</td>
<td id="new_id-4186" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; width: 67%;"> </td>
<td id="new_id-4187" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4188" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4189" style="width: 30%; text-align: right; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">17,108,500</td>
<td id="new_id-4190" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
8954000
6750000
1404500
0
17108500
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 10%; margin-left: 10%; width: 80%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4191" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4192" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2020</b></p>
</td>
<td id="new_id-4193" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4194" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4195" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2019</b></p>
</td>
<td id="new_id-4196" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 62%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future cash inflows</p>
</td>
<td id="new_id-4197" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4198" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4199" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">65,939,300</td>
<td id="new_id-4200" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4201" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4202" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4203" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">143,045,000</td>
<td id="new_id-4204" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future production costs</p>
</td>
<td id="new_id-4205" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4206" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4207" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(28,008,100</td>
<td id="new_id-4208" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4209" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4210" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4211" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(28,967,400</td>
<td id="new_id-4212" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future development costs</p>
</td>
<td id="new_id-4213" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4214" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4215" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(17,108,400</td>
<td id="new_id-4216" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4217" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4218" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4219" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(20,587,800</td>
<td id="new_id-4220" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future income tax expense</p>
</td>
<td id="new_id-4221" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4222" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4223" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(6,246,840</td>
<td id="new_id-4224" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4225" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4226" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4227" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(28,046,940</td>
<td id="new_id-4228" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4229"> </td>
<td id="new_id-4230"> </td>
<td id="new_id-4231"> </td>
<td id="new_id-4232"> </td>
<td id="new_id-4233"> </td>
<td id="new_id-4234"> </td>
<td id="new_id-4235"> </td>
<td id="new_id-4236"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future net cash flows</p>
</td>
<td id="new_id-4237" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4238" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4239" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">14,575,960</td>
<td id="new_id-4240" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4241" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4242" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4243" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">65,442,860</td>
<td id="new_id-4244" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4245"> </td>
<td id="new_id-4246"> </td>
<td id="new_id-4247"> </td>
<td id="new_id-4248"> </td>
<td id="new_id-4249"> </td>
<td id="new_id-4250"> </td>
<td id="new_id-4251"> </td>
<td id="new_id-4252"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">10% annual discount for estimated timing of cash flows</p>
</td>
<td id="new_id-4253" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4254" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4255" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(7,134,925</td>
<td id="new_id-4256" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4257" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4258" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4259" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(35,801,989</td>
<td id="new_id-4260" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4261"> </td>
<td id="new_id-4262"> </td>
<td id="new_id-4263"> </td>
<td id="new_id-4264"> </td>
<td id="new_id-4265"> </td>
<td id="new_id-4266"> </td>
<td id="new_id-4267"> </td>
<td id="new_id-4268"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Standardized measure of discounted future net cash flows</p>
</td>
<td id="new_id-4269" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4270" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4271" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">7,441,035</td>
<td id="new_id-4272" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4273" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4274" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4275" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">29,640,871</td>
<td id="new_id-4276" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4277"> </td>
<td id="new_id-4278"> </td>
<td id="new_id-4279"> </td>
<td id="new_id-4280"> </td>
<td id="new_id-4281"> </td>
<td id="new_id-4282"> </td>
<td id="new_id-4283"> </td>
<td id="new_id-4284"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sales of oil and gas produced, net of production costs</p>
</td>
<td id="new_id-4285" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4286" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4287" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(351,478</td>
<td id="new_id-4288" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4289" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4290" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4291" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(624,744</td>
<td id="new_id-4292" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4293"> </td>
<td id="new_id-4294"> </td>
<td id="new_id-4295"> </td>
<td id="new_id-4296"> </td>
<td id="new_id-4297"> </td>
<td id="new_id-4298"> </td>
<td id="new_id-4299"> </td>
<td id="new_id-4300"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Revisions of previous quantity estimates</p>
</td>
<td id="new_id-4301" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4302" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4303" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(31,231,533</td>
<td id="new_id-4304" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4305" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4306" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4307" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">14,035,099</td>
<td id="new_id-4308" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net changes in prices and production costs</p>
</td>
<td id="new_id-4309" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4310" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4311" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(617,847</td>
<td id="new_id-4312" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4313" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4314" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4315" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(14,331,770</td>
<td id="new_id-4316" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Sales of minerals in place</p>
</td>
<td id="new_id-4317" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4318" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4319" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4320" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4321" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4322" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4323" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(272,507</td>
<td id="new_id-4324" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Purchases of minerals in place</p>
</td>
<td id="new_id-4325" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4326" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4327" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4328" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4329" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4330" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4331" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4332" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Merger Acquisition</p>
</td>
<td id="new_id-4333" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4334" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4335" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4336" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4337" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4338" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4339" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4340" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Extensions, discoveries and improved recovery</p>
</td>
<td id="new_id-4341" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4342" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4343" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">587,311</td>
<td id="new_id-4344" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4345" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4346" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4347" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,157,052</td>
<td id="new_id-4348" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Accretion of discount</p>
</td>
<td id="new_id-4349" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4350" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4351" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(100,504</td>
<td id="new_id-4352" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4353" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4354" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4355" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">2,900,123</td>
<td id="new_id-4356" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4357"> </td>
<td id="new_id-4358"> </td>
<td id="new_id-4359"> </td>
<td id="new_id-4360"> </td>
<td id="new_id-4361"> </td>
<td id="new_id-4362"> </td>
<td id="new_id-4363"> </td>
<td id="new_id-4364"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net change in income tax</p>
</td>
<td id="new_id-4365" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4366" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4367" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">9,514,215</td>
<td id="new_id-4368" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4369" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4370" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4371" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(4,868,296</td>
<td id="new_id-4372" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td> </td>
<td id="new_id-4373"> </td>
<td id="new_id-4374"> </td>
<td id="new_id-4375"> </td>
<td id="new_id-4376"> </td>
<td id="new_id-4377"> </td>
<td id="new_id-4378"> </td>
<td id="new_id-4379"> </td>
<td id="new_id-4380"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Net increase (decrease)</p>
</td>
<td id="new_id-4381" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4382" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4383" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(22,199,836</td>
<td id="new_id-4384" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
<td id="new_id-4385" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4386" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4387" style="width: 16%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">(1,005,043</td>
<td id="new_id-4388" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;">)</td>
</tr>
</table></div>
65939300
143045000
28008100
28967400
17108400
20587800
6246840
28046940
14575960
65442860
7134925
35801989
7441035
29640871
-351478
-624744
-31231533
14035099
-617847
-14331770
0
272507
587311
2157052
100504
-2900123
9514215
-4868296
-22199836
-1005043
<div style="font-family: "Times New Roman"; font-size: 10pt; ">
<div>In order to realize future revenues from our proved reserves estimated in our reserve report, it will be necessary to incur future costs to develop and produce the proved reserves. The following table estimates the costs to develop and produce our proved reserves in the years 2021 through 2023.</div><br/><br/><table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: "Times New Roman"; text-indent: 0px;">
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4389" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4390" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2021</b></p>
</td>
<td id="new_id-4391" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4392" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4393" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2022</b></p>
</td>
<td id="new_id-4394" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
<td id="new_id-4395" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td colspan="2" id="new_id-4396" style="text-align: center; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>2023</b></p>
</td>
<td id="new_id-4397" style="font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; width: 55%;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Future development cost of:</p>
</td>
<td id="new_id-4398" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4399" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4400" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4401" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4402" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4403" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4404" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4405" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4406" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4407" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4408" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4409" style="font-family: "Times New Roman"; font-size: 10pt;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved developed reserves (PDP)</p>
</td>
<td id="new_id-4410" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4411" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4412" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4413" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4414" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4415" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4416" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4417" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4418" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4419" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4420" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4421" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved non-producing reserves (PDNP)</p>
</td>
<td id="new_id-4422" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4423" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4424" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">54,000</td>
<td id="new_id-4425" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4426" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4427" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4428" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4429" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4430" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4431" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4432" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">-</td>
<td id="new_id-4433" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Proved undeveloped reserves (PUD)</p>
</td>
<td id="new_id-4434" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4435" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4436" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">8,900,000</td>
<td id="new_id-4437" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4438" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4439" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4440" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">6,750,000</td>
<td id="new_id-4441" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4442" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4443" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4444" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; text-align: right;">1,404,500</td>
<td id="new_id-4445" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
<td> </td>
<td id="new_id-4446" style="padding-bottom: 1px;"> </td>
<td id="new_id-4447" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4448" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4449" style="padding-bottom: 1px;"> </td>
<td id="new_id-4450" style="padding-bottom: 1px;"> </td>
<td id="new_id-4451" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4452" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4453" style="padding-bottom: 1px;"> </td>
<td id="new_id-4454" style="padding-bottom: 1px;"> </td>
<td id="new_id-4455" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4456" style="border-bottom: 1px solid rgb(0, 0, 0);"> </td>
<td id="new_id-4457" style="padding-bottom: 1px;"> </td>
</tr>
<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Total</p>
</td>
<td id="new_id-4458" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4459" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-4460" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">8,954,000</td>
<td id="new_id-4461" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4462" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4463" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-4464" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">6,750,000</td>
<td id="new_id-4465" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
<td id="new_id-4466" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt;"> </td>
<td id="new_id-4467" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td>
<td id="new_id-4468" style="width: 12%; font-family: "Times New Roman"; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0); text-align: right;">1,404,500</td>
<td id="new_id-4469" style="width: 1%; font-family: "Times New Roman"; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt; white-space: nowrap;"> </td>
</tr>
</table></div>
0
0
0
54000
0
0
8900000
6750000
1404500