Note 9 - Restricted Deposits for ARO |
12 Months Ended |
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Dec. 31, 2019 | |
| Notes to Financial Statements | |
| Restricted Assets Disclosure [Text Block] |
9. Restricted Deposits for ARORestricted deposits as of December
31, 2019 and 2018 consisted of funds escrowed for collateral related to the future plugging and abandonment obligations of certain oil and natural gas properties.Pursuant to the Purchase and Sale Agreement with Total E&P USA Inc. (“Total E&P”), security for future plugging and abandonment of certain oil and natural gas properties is required either through surety bonds or payments to an escrow account or a combination thereof. Monthly payments are made to an escrow account and these funds are returned to us once verification is made that the security amount requirements have been met. See Note
16 for potential future security requirements. |
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- References No definition available.
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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. No definition available.
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