Energy 11 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document Information Line Items
Entity Registrant Name	Energy 11, L.P
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		18,973,474
Amendment Flag	false
Entity Central Index Key	0001581552
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	true
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55615
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3070515
Entity Address, Address Line One	120 W 3rd Street
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76102
City Area Code	(817)
Local Phone Number	882-9192
Title of 12(b) Security	None
Entity Interactive Data Current	Yes
No Trading Symbol Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and cash equivalents	$ 2,366,515	$ 3,685,327
Oil, natural gas and natural gas liquids revenue receivable	4,890,943	6,269,243
Other current assets	85,231	198,770
Total Current Assets	7,342,689	10,153,340
Oil and natural gas properties, successful efforts method, net of accumulated depreciation, depletion and amortization of $47,402,743 and $40,806,378, respectively	308,390,470	313,116,985
Total Assets	315,733,159	323,270,325
Liabilities
Revolving credit facility	13,800,000	13,800,000
Accounts payable and accrued expenses	3,780,635	2,430,656
Total Current Liabilities	17,580,635	16,230,656
Asset retirement obligations	1,352,926	1,294,067
Total Liabilities	18,933,561	17,524,723
Partners’ Equity
Limited partners' interest (18,973,474 common units issued and outstanding, respectively)	296,801,325	305,747,329
General partner's interest	(1,727)	(1,727)
Class B Units (62,500 units issued and outstanding, respectively)	0	0
Total Partners’ Equity	296,799,598	305,745,602
Total Liabilities and Partners’ Equity	$ 315,733,159	$ 323,270,325

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Oil and natural gas properties, accumulated depreciation, depletion and amortization (in Dollars)	$ 47,402,743	$ 40,806,378
Limited partners' interest, common units issued	18,973,474	18,973,474
Limited partners' interest, common units outstanding	18,973,474	18,973,474
Class B Units, units issued	62,500	62,500
Class B Units, units outstanding	62,500	62,500

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Oil	$ 7,870,308	$ 12,158,838	$ 15,962,378	$ 22,803,531
Natural gas	676,354	551,859	1,637,466	1,484,857
Natural gas liquids	770,997	712,625	1,809,160	2,202,668
Total revenue	9,317,659	13,423,322	19,409,004	26,491,056
Operating costs and expenses
Production expenses	2,929,396	2,686,814	5,748,113	5,621,480
Production taxes	762,975	1,216,887	1,573,768	2,292,012
General and administrative expenses	267,503	316,657	761,985	698,273
Depreciation, depletion, amortization and accretion	3,202,334	4,256,426	6,635,885	8,224,196
Total operating costs and expenses	7,162,208	8,476,784	14,719,751	16,835,961
Operating income	2,155,451	4,946,538	4,689,253	9,655,095
Loss on derivatives	0	(1,741,824)	0	(2,904,079)
Interest expense, net	(196,388)	(169,790)	(390,216)	(390,647)
Total other expense, net	(196,388)	(1,911,614)	(390,216)	(3,294,726)
Net income	$ 1,959,063	$ 3,034,924	$ 4,299,037	$ 6,360,369
Basic and diluted net income per common unit (in Dollars per share)	$ 0.10	$ 0.16	$ 0.23	$ 0.34
Weighted average common units outstanding - basic and diluted (in Shares)	18,973,474	18,973,474	18,973,474	18,973,474

Consolidated Statements of Part

Consolidated Statements of Partners' Equity - USD ($)	Total	Limited Partner [Member]	General Partner [Member]	Member Units [Member]Capital Unit, Class B [Member]
Balance at Dec. 31, 2017	$ 314,252,610	$ 314,254,337	$ (1,727)
Balance (in Shares) at Dec. 31, 2017		18,973,474		62,500
Distributions declared and to common units paid	(5,676,446)	$ (5,676,446)
Net Income	3,325,445	3,325,445
Balance at Mar. 31, 2018	311,901,609	$ 311,903,336	(1,727)
Balance (in Shares) at Mar. 31, 2018		18,973,474		62,500
Balance at Dec. 31, 2017	314,252,610	$ 314,254,337	(1,727)
Balance (in Shares) at Dec. 31, 2017		18,973,474		62,500
Distributions declared and to common units paid	(12,678,436)
Net Income	6,360,369
Balance at Jun. 30, 2018	307,934,543	$ 307,936,270	(1,727)
Balance (in Shares) at Jun. 30, 2018		18,973,474		62,500
Balance at Mar. 31, 2018	311,901,609	$ 311,903,336	(1,727)
Balance (in Shares) at Mar. 31, 2018		18,973,474		62,500
Distributions declared and to common units paid	(7,001,990)	$ (7,001,990)
Net Income	3,034,924	3,034,924
Balance at Jun. 30, 2018	307,934,543	$ 307,936,270	(1,727)
Balance (in Shares) at Jun. 30, 2018		18,973,474		62,500
Balance at Dec. 31, 2018	$ 305,745,602	$ 305,747,329	(1,727)
Balance (in Shares) at Dec. 31, 2018	18,973,474	18,973,474		62,500
Distributions declared and to common units paid	$ (6,622,520)	$ (6,622,520)
Net Income	2,339,974	2,339,974
Balance at Mar. 31, 2019	301,463,056	$ 301,464,783	(1,727)
Balance (in Shares) at Mar. 31, 2019		18,973,474		62,500
Balance at Dec. 31, 2018	$ 305,745,602	$ 305,747,329	(1,727)
Balance (in Shares) at Dec. 31, 2018	18,973,474	18,973,474		62,500
Distributions declared and to common units paid	$ (13,245,041)
Net Income	4,299,037
Balance at Jun. 30, 2019	$ 296,799,598	$ 296,801,325	(1,727)
Balance (in Shares) at Jun. 30, 2019	18,973,474	18,973,474		62,500
Balance at Mar. 31, 2019	$ 301,463,056	$ 301,464,783	(1,727)
Balance (in Shares) at Mar. 31, 2019		18,973,474		62,500
Distributions declared and to common units paid	(6,622,521)	$ (6,622,521)
Net Income	1,959,063	1,959,063
Balance at Jun. 30, 2019	$ 296,799,598	$ 296,801,325	$ (1,727)
Balance (in Shares) at Jun. 30, 2019	18,973,474	18,973,474		62,500

Consolidated Statements of Pa_2

Consolidated Statements of Partners' Equity (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Member Units [Member] | Capital Unit, Class B [Member]
Distributions declared and paid, per common unit	$ 0.349041	$ 0.349041	$ 0.369041	$ 0.299178

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flow from operating activities:
Net income	$ 4,299,037	$ 6,360,369
Adjustments to reconcile net income to cash from operating activities:
Depreciation, depletion, amortization and accretion	6,635,885	8,224,196
(Gain) / loss on mark-to-market of derivatives	0	1,472,529
Non-cash expenses, net	22,397	22,551
Changes in operating assets and liabilities:
Oil, natural gas and natural gas liquids revenue receivable	1,378,300	(1,744,907)
Other current assets	91,142	18,704
Accounts payable and accrued expenses	(227,597)	586,220
Net cash flow provided by operating activities	12,199,164	14,939,662
Cash flow from investing activities:
Additions to oil and natural gas properties	(272,935)	(5,981,988)
Net cash flow used in investing activities	(272,935)	(5,981,988)
Cash flow from financing activities:
Cash paid for loan costs	0	(1,845)
Payments on revolving credit facility	0	(7,000,000)
Distributions paid to limited partners	(13,245,041)	(12,678,436)
Net cash flow (used in) provided by financing activities	(13,245,041)	(19,680,281)
Decrease in cash and cash equivalents	(1,318,812)	(10,722,607)
Cash and cash equivalents, beginning of period	3,685,327	11,090,846
Cash and cash equivalents, end of period	2,366,515	368,239
Interest paid	$ 384,593	$ 390,818

Partnership Organization

Partnership Organization	6 Months Ended
	Jun. 30, 2019
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Partnership Organization Energy 11, L.P. (the “Partnership”) is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership completed its best-efforts offering on April 24, 2017 with a total of approximately 19.0 million common units sold for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million. As of June 30, 2019, the Partnership owned an approximate 25-26% non-operated working interest in 221 currently producing wells, 5 wells in various stages of the drilling and completion process and future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the “Sanish Field Assets”), which is part of the Bakken shale formation in the Greater Williston Basin. Whiting Petroleum Corporation (“Whiting”) and Oasis Petroleum North America, LLC (“Oasis”), two of the largest producers in the basin, operate substantially all of the Sanish Field Assets. The general partner of the Partnership is Energy 11 GP, LLC (the “General Partner”). The General Partner manages and controls the business affairs of the Partnership. The Partnership’s fiscal year ends on December 31.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by generally accepted accounting principles (“GAAP”) in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements included in its 2018 Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2019. Use of Estimates The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income, partners’ equity or cash flows. Net Income Per Common Unit Basic net income per common unit is computed as net income divided by the weighted average number of common units outstanding during the period. Diluted net income per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three and six months ended June 30, 2019 and 2018. As a result, basic and diluted outstanding common units were the same. The Class B units and Incentive Distribution Rights, as defined below, are not included in net income per common unit until such time that it is probable Payout (as discussed in Note 5) will occur. Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842)

Oil and Gas Investments

Oil and Gas Investments	6 Months Ended
	Jun. 30, 2019
Oil and Gas Property [Abstract]
Oil and Gas Properties [Text Block]	Note 3. Oil and Natural Gas Investments On December 18, 2015, the Partnership completed its first purchase (“Acquisition No. 1”) in the Sanish field, acquiring an approximate 11% non-operated working interest in the Sanish Field Assets for approximately $159.6 million. On January 11, 2017, the Partnership closed on its second purchase (“Acquisition No. 2”) in the Sanish field, acquiring an additional approximate 11% non-operated working interest in the Sanish Field Assets for approximately $128.5 million. On March 31, 2017, the Partnership closed on its third purchase (“Acquisition No. 3”) in the Sanish field, acquiring an additional approximate average 10.5% non-operated working interest in 82 of the Partnership’s then 216 existing producing wells and 150 of the Partnership’s then 253 future development locations in the Sanish Field Assets for approximately $52.4 million. During 2018, six wells were completed by the Partnership’s operators. Two wells were completed by and are being operated by Whiting; the Partnership has an approximate 29% non-operated working interest in these two wells. The other four wells were completed by and are operated by Oasis; the Partnership has an approximate 8% non-operated working interest in these four wells. In total, the Partnership’s capital expenditures for the drilling and completion of these six wells were approximately $7.8 million. During the second quarter of 2019, the Partnership elected to participate in the drilling and completion of nine new wells. Eight wells are being drilled and will be operated by Whiting, and the Partnership will have an estimated 19% non-operated working interest in these eight wells. The other well is being drilled and will be operated by Kraken Oil & Gas LLC, and the Partnership will have an estimated 6% non-operated working interest in this well. In total, capital expenditures for the drilling and completion of the nine wells discussed above are estimated to be approximately $12 million. During the second quarter of 2019, drilling activities commenced for five of the nine wells, and the Partnership has incurred approximately $1.5 million in capital expenditures for these five wells as of June 30, 2019. The nine wells are expected to be completed over the next two

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Note 4. Debt On November 21, 2017, the Partnership, as the borrower, entered into a loan agreement (the “Loan Agreement”) with Bank SNB (the “Lender”), which provides for a revolving credit facility (the “Credit Facility”) with an approved initial commitment amount of $20 million (the “Revolver Commitment Amount”), subject to borrowing base restrictions. The commitment amount may be increased up to $75 million with Lender approval. The Partnership paid an origination fee of 0.30% of the Revolver Commitment Amount, or $60,000, and is subject to additional origination fees of 0.30% for any borrowings made in excess of the Revolver Commitment Amount. The Partnership is also required to pay an unused facility fee of 0.50% on the unused portion of the Revolver Commitment Amount, based on the amount of borrowings outstanding during a quarter. The maturity date is November 21, 2019. Although the Partnership does not have a commitment from a lender, it anticipates it will be able to refinance its existing credit facility on similar terms prior to maturity. The interest rate, subject to certain exceptions, is equal to the London Inter-Bank Offered Rate (LIBOR) plus a margin ranging from 2.50% to 3.50%, depending upon the Partnership’s borrowing base utilization, as calculated under the terms of the Loan Agreement. At June 30, 2019, the borrowing base was $30 million and the interest rate for the Credit Facility was approximately 5.25%. The Credit Facility is available to provide additional liquidity for capital investments and other corporate working capital requirements. Under the terms of the Loan Agreement, the Partnership may make voluntary prepayments, in whole or in part, at any time with no penalty. The Credit Facility is secured by a mortgage and first lien position on at least 80% of the Partnership’s producing wells. The Credit Facility contains mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The financial covenants include: ● a maximum leverage ratio ● a minimum current ratio ● maximum distributions The Partnership was in compliance with the applicable covenants at June 30, 2019. As of June 30, 2019 and December 31, 2018, the outstanding balance on the Credit Facility was $13.8 million, which approximates its fair market value. The Partnership estimated the fair value of its Credit Facility by discounting the future cash flows of the instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. Fair Value of Other Financial Instruments The carrying value of the Partnership’s cash and cash equivalents, oil, natural gas and natural gas liquids revenue receivable, accounts payable and accrued expenses reflect these items’ cost, which approximates fair value based on the timing of the anticipated cash flows, current market conditions and short-term maturity of these instruments. The Partnership also had outstanding derivative instruments as of June 30, 2018, which incurred losses of $1.7 million and $2.9 million, comprised of losses on settled derivatives and mark-to-market losses, during the three and six months ended June 30, 2018, respectively.

Capital Contribution and Partne

Capital Contribution and Partners' Equity	6 Months Ended
	Jun. 30, 2019
Partners' Capital Notes [Abstract]
Partners' Capital Notes Disclosure [Text Block]	Note 5. Capital Contribution and Partners’ Equity At inception, the General Partner and organizational limited partner made initial capital contributions totaling $1,000 to the Partnership. Upon closing of the minimum offering, the organizational limited partner withdrew its initial capital contribution of $990, and the General Partner received Incentive Distribution Rights (defined below). The Partnership completed its best-efforts offering of common units on April 24, 2017. As of the conclusion of the offering on April 24, 2017, the Partnership had completed the sale of approximately 19.0 million common units for total gross proceeds of $374.2 million and proceeds net of offerings costs of $349.6 million. Under the agreement with David Lerner Associates, Inc. (the “Dealer Manager”), the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold. The Dealer Manager will also be paid a contingent incentive fee, which is a cash payment of up to an amount equal to 4% of gross proceeds of the common units sold based on the performance of the Partnership. Based on the common units sold through the best-efforts offering, the total contingent fee is a maximum of approximately $15.0 million. Prior to “Payout,” which is defined below, all of the distributions made by the Partnership, if any, will be paid to the holders of common units. Accordingly, the Partnership will not make any distributions with respect to the Incentive Distribution Rights or with respect to Class B units and will not make the contingent incentive payments to the Dealer Manager, until Payout occurs. The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines “Payout Accrual” as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit. If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount. All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership’s assets, will be made as follows: ● First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) to the Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any (currently 13.125%), to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager contingent incentive fee under the Dealer Manager Agreement; ● Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%). For the three and six months ended June 30, 2019, the Partnership paid distributions of $0.349041 and $0.698082 per common unit, or $6.6 million and $13.2 million, respectively. For the three and six months ended June 30, 2018, the Partnership paid distributions of $0.369041 and $0.668219 per common unit, or $7.0 million and $12.7 million, respectively.

Related Parties

Related Parties	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 6. Related Parties The Partnership has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Partnership’s operations may be different than if conducted with non-related parties. The General Partner’s Board of Directors oversees and reviews the Partnership’s related party relationships and is required to approve any significant modifications to any existing related party transactions, as well as any new significant related party transactions. For the three and six months ended June 30, 2019, approximately $80,000 and $148,000 of general and administrative costs were incurred by a member of the General Partner and have been or will be reimbursed by the Partnership. At June 30, 2019, approximately $80,000 was due to a member of the General Partner and is included in Accounts payable and accrued expenses on the consolidated balance sheets. For the three and six months ended June 30, 2018, approximately $59,000 and $130,000 of general and administrative costs were incurred by a member of the General Partner and have been reimbursed by the Partnership. The members of the General Partner are affiliates of Glade M. Knight, Chairman and Chief Executive Officer, David S. McKenney, Chief Financial Officer, Anthony F. Keating, III, Co-Chief Operating Officer and Michael J. Mallick, Co-Chief Operating Officer. Mr. Knight and Mr. McKenney are also the Chief Executive Officer and Chief Financial Officer of Energy Resources 12 GP, LLC, the general partner of Energy Resources 12, L.P. (“ER12”), a limited partnership that also invests in producing and non-producing oil and gas properties on-shore in the United States. On January 31, 2018, the Partnership entered into a cost sharing agreement with ER12 that gives ER12 access to the Partnership’s personnel and administrative resources, including accounting, asset management and other day-to-day management support. The shared day-to-day costs are split evenly between the two partnerships and any direct third-party costs are paid by the party receiving the services. The shared costs are based on actual costs incurred with no mark-up or profit to the Partnership. The agreement may be terminated at any time by either party upon 60 days written notice. The Partnership leases office space in Oklahoma City, Oklahoma on a month-to-month basis from an affiliate of the General Partner. For the three and six months ended June 30, 2019 and 2018, the Partnership paid $25,611 and $51,222 in each period, respectively, to the affiliate of the General Partner. The office space is shared between the Partnership and ER12; therefore, under the cost sharing agreement, the monthly payment of $8,537 is split between the two partnerships. In addition to the office space, the cost sharing agreement reduces the costs to the Partnership for accounting and asset management services provided through a member of the General Partner noted above. The compensation due to Clifford J. Merritt, President of the General Partner, is also a shared cost between the Partnership and ER12. For the three and six months ended June 30, 2019, approximately $70,000 and $135,000, respectively, of expenses subject to the cost sharing agreement were paid by the Partnership and have been or will be reimbursed by ER12. At June 30, 2019, the approximately $70,000 due to the Partnership from ER12 is included in Other current assets in the consolidated balance sheets. For the three and six months ended June 30, 2018, approximately $64,000 and $110,000 of expenses subject to the cost sharing agreement were incurred by the Partnership and have been reimbursed by ER12.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 7. Subsequent Events In July 2019, the Partnership declared and paid $2.0 million, or $0.107397 per outstanding common unit, in distributions to its holders of common units.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by generally accepted accounting principles (“GAAP”) in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements included in its 2018 Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2019.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income, partners’ equity or cash flows.
Earnings Per Share, Policy [Policy Text Block]	Net Income Per Common Unit Basic net income per common unit is computed as net income divided by the weighted average number of common units outstanding during the period. Diluted net income per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three and six months ended June 30, 2019 and 2018. As a result, basic and diluted outstanding common units were the same. The Class B units and Incentive Distribution Rights, as defined below, are not included in net income per common unit until such time that it is probable Payout (as discussed in Note 5) will occur.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842)

Partnership Organization (Detai

Partnership Organization (Details) shares in Millions	Jul. 09, 2013USD ($)	Jun. 30, 2019	Apr. 24, 2017USD ($)shares
Partnership Organization (Details) [Line Items]
Limited Liability Company or Limited Partnership, Business, Formation State	Delaware
Partners' Capital Account, Contributions (in Dollars)	$ 1,000
Sanish Field Located in Mountrail County, North Dakota [Member]
Partnership Organization (Details) [Line Items]
Oil, Productive Well, Number of Wells, Net		221
Gas and Oil Area Undeveloped, Net		5
Minimum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Partnership Organization (Details) [Line Items]
Gas and Oil Area Developed, Net		25.00%
Maximum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Partnership Organization (Details) [Line Items]
Gas and Oil Area Developed, Net		26.00%
Best-Efforts Offering [Member]
Partnership Organization (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares) | shares			19
Proceeds from Issuance of Common Limited Partners Units (in Dollars)			$ 374,200,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units (in Dollars)			$ 349,600,000

Oil and Gas Investments (Detail

Oil and Gas Investments (Details) $ in Millions	Mar. 31, 2017	Jan. 11, 2017USD ($)	Dec. 18, 2015USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2019USD ($)
Oil and Gas Investments (Details) [Line Items]
Oil and Gas, Development Well Drilled, Net Productive, Number							2
Estimated Capital Expenditures, Drilling and Completion of Wells (in Dollars)					$ 12
Wells Elected to Participate in Drilling					9
Oil and Gas, Present Activity, Well in Process of Drilling					5	5		5
Costs Incurred, Development Costs (in Dollars)					$ 1.5	$ 1.7	$ 0.1
Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Gas Investments (Details) [Line Items]
Oil and Gas, Development Well Drilled, Net Productive, Number							6
Minimum [Member]
Oil and Gas Investments (Details) [Line Items]
Expected Time to Completion					2 months
Maximum [Member]
Oil and Gas Investments (Details) [Line Items]
Expected Time to Completion					5 months
Whiting Petroleum [Member]
Oil and Gas Investments (Details) [Line Items]
Working Interest					19.00%	19.00%		19.00%
Wells Elected to Participate in Drilling					8
Whiting Petroleum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Gas Investments (Details) [Line Items]
Oil and Gas, Development Well Drilled, Net Productive, Number							2
Working Interest							29.00%
Kraken Oil & Gas LLC [Member]
Oil and Gas Investments (Details) [Line Items]
Working Interest					6.00%	6.00%		6.00%
Sanish Field Located in Mountrail County, North Dakota [Member]
Oil and Gas Investments (Details) [Line Items]
Oil, Productive Well, Number of Wells, Net					221	221		221
Gas and Oil Area Undeveloped, Net						5
Estimated Capital Expenditures, Drilling and Completion of Wells (in Dollars)								$ 7.8
Sanish Field Located in Mountrail County, North Dakota [Member] | Acquisition No. 1 [Member]
Oil and Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net			11.00%
Business Combination, Consideration Transferred (in Dollars)			$ 159.6
Sanish Field Located in Mountrail County, North Dakota [Member] | Acquisition No. 2 [Member]
Oil and Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net		11.00%
Business Combination, Consideration Transferred (in Dollars)		$ 128.5
Sanish Field Located in Mountrail County, North Dakota [Member] | Acquisition No. 3 [Member]
Oil and Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net	10.50%
Business Combination, Consideration Transferred (in Dollars)				$ 52.4
Number of Producing Partnership Wells Acquired	82
Oil, Productive Well, Number of Wells, Net	216			216
Number of Future Development Partnership Locations Acquired	150
Gas and Oil Area Undeveloped, Net	253
Sanish Field Located in Mountrail County, North Dakota [Member] | Minimum [Member]
Oil and Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net						25.00%
Sanish Field Located in Mountrail County, North Dakota [Member] | Maximum [Member]
Oil and Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net						26.00%
Sanish Field Located in Mountrail County, North Dakota [Member] | Oasis Petroleum, Inc. [Member]
Oil and Gas Investments (Details) [Line Items]
Oil and Gas, Development Well Drilled, Net Productive, Number							4
Working Interest							8.00%

Debt (Details)

Debt (Details) - USD ($)	Nov. 21, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt (Details) [Line Items]
Line of Credit, Current		$ 13,800,000		$ 13,800,000		$ 13,800,000
Gain (Loss) on Price Risk Derivatives, Net		0	$ (1,741,824)	0	$ (2,904,079)
Revolving Credit Facility [Member]
Debt (Details) [Line Items]
Debt Instrument, Face Amount	$ 20,000,000
Line of Credit Facility, Borrowing Capacity, Description	The commitment amount may be increased up to $75 million
Line of Credit Facility, Commitment Fee Percentage	0.30%
Line of Credit Facility, Commitment Fee Amount	$ 60,000
Line of Credit Facility, Commitment Fee in Excess of Revolver Amount, Percentage	0.30%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.50%
Line of Credit Facility, Maximum Borrowing Capacity		$ 30,000,000		$ 30,000,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate		5.25%		5.25%
Line of Credit Facility, Collateral	The Credit Facility is secured by a mortgage and first lien position on at least 80% of the Partnership’s producing wells.
Line of Credit Facility, Covenant Terms	The Credit Facility contains mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The financial covenants include: ● a maximum leverage ratio● a minimum current ratio● maximum distributions
Line of Credit Facility, Covenant Compliance				The Partnership was in compliance with the applicable covenants at June 30, 2019.
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Minimum [Member]
Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Maximum [Member]
Debt (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%

Capital Contribution and Part_2

Capital Contribution and Partners' Equity (Details) - USD ($) $ / shares in Units, shares in Millions	Jul. 09, 2013	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 24, 2017
Capital Contribution and Partners' Equity (Details) [Line Items]
Partners' Capital Account, Contributions	$ 1,000
Distributions to organizational limited partner	$ 990
Managing Dealer, Selling Commissions, Percentage						6.00%
Managing Dealer, Maximum Contingent Incentive Fee on Gross Proceeds, Percentage						4.00%
Maximum Contingent Offering Costs, Selling Commissions and Marketing Expenses		$ 15,000,000				$ 15,000,000
Key Provisions of Operating or Partnership Agreement, Description						The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines “Payout Accrual” as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit. If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount. All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership’s assets, will be made as follows:  ● First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) to the Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any (currently 13.125%), to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager contingent incentive fee under the Dealer Manager Agreement;   ● Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%).
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)		$ 0.349041		$ 0.369041		$ 0.698082	$ 0.668219
Distribution Made to Limited Partner, Cash Distributions Paid		$ 6,622,521	$ 6,622,520	$ 7,001,990	$ 5,676,446	$ 13,245,041	$ 12,678,436
Best-Efforts Offering [Member]
Capital Contribution and Partners' Equity (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)								19
Proceeds from Issuance of Common Limited Partners Units								$ 374,200,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units								$ 349,600,000

Related Parties (Details)

Related Parties (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
General Partner [Member]
Related Parties (Details) [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 80,000	$ 59,000	$ 148,000	$ 130,000
Due to Related Parties, Current	80,000		80,000
Affiliated Entity [Member]
Related Parties (Details) [Line Items]
Operating Leases, Rent Expense	25,611		51,222
Operating Leases, Rent Expense, Minimum Rentals			8,537
Reimbursements From Related Party	70,000	$ 64,000	135,000	$ 110,000
Due from Related Parties	$ 70,000		$ 70,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions	1 Months Ended
	Jul. 31, 2019USD ($)$ / shares
Subsequent Events (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Paid | $	$ 2
Distribution Made to Limited Partner, Distributions Paid, Per Unit | $ / shares	$ 0.107397