Energy Resources 12 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 15, 2023
Document Information Line Items
Entity Registrant Name	Energy Resources 12, L.P.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,031,579
Amendment Flag	false
Entity Central Index Key	0001696088
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55916
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4805237
Entity Address, Address Line One	120 W 3rd Street, 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(g) Security	None
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 20,539,004	$ 18,442,414
Accounts receivable and other current assets	8,377,047	9,360,950
Total Current Assets	28,916,051	27,803,364
Oil and natural gas properties, successful efforts method, net of accumulated depreciation, depletion and amortization of $70,113,476 and $65,100,662, respectively	175,681,458	179,376,326
Total Assets	204,597,509	207,179,690
Liabilities
Accounts payable and accrued expenses	2,516,538	4,449,340
Total Current Liabilities	2,516,538	4,449,340
Asset retirement obligations	703,211	695,889
Total Liabilities	3,219,749	5,145,229
Partners’ Equity
Limited partners' interest (11,031,579 common units issued and outstanding, respectively)	201,377,975	202,034,676
General partner's interest	(215)	(215)
Total Partners’ Equity	201,377,760	202,034,461
Total Liabilities and Partners’ Equity	$ 204,597,509	$ 207,179,690

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Oil and natural gas properties, successful efforts method, accumulated depreciation, depletion and amortization (in Dollars)	$ 70,113,476	$ 65,100,662
Limited partners' interest, common units issued	11,031,579	11,031,579
Limited partners' interest, common units outstanding	11,031,579	11,031,579

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Oil	$ 13,279,072	$ 10,797,117
Natural gas	1,181,610	1,316,000
Natural gas liquids	1,119,379	1,430,435
Total revenue	15,580,061	13,543,552
Operating costs and expenses
Production expenses	5,454,629	4,185,077
Production taxes	1,280,506	1,031,922
General and administrative expenses	735,197	711,207
Depreciation, depletion, amortization and accretion	5,020,135	3,002,584
Total operating costs and expenses	12,490,467	8,930,790
Operating income	3,089,594	4,612,762
Interest income (expense), net	104,178	(471)
Total other expense, net	104,178	(471)
Net income	$ 3,193,772	$ 4,612,291
Basic and diluted net income per common unit (in Dollars per share)	$ 0.29	$ 0.42
Weighted average common units outstanding - basic and diluted (in Shares)	11,031,579	11,031,579

Consolidated Statements of Part

Consolidated Statements of Partners' Equity - USD ($)	Total	Limited Partner [Member]	General Partner [Member]
Balance at Dec. 31, 2021	$ 196,798,023	$ 196,798,238	$ (215)
Balance (in Shares) at Dec. 31, 2021		11,031,579
Distributions declared and paid to common units	(3,554,275)	$ (3,554,275)
Net income	4,612,291	4,612,291
Balance at Mar. 31, 2022	197,856,039	$ 197,856,254	(215)
Balance (in Shares) at Mar. 31, 2022		11,031,579
Balance at Dec. 31, 2022	$ 202,034,461	$ 202,034,676	(215)
Balance (in Shares) at Dec. 31, 2022	11,031,579	11,031,579
Distributions declared and paid to common units	$ (3,850,473)	$ (3,850,473)
Net income	3,193,772	3,193,772
Balance at Mar. 31, 2023	$ 201,377,760	$ 201,377,975	$ (215)
Balance (in Shares) at Mar. 31, 2023	11,031,579	11,031,579

Consolidated Statements of Pa_2

Consolidated Statements of Partners' Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
General Partner [Member]
Distributions declared and paid per unit	$ 0.349041	$ 0.322191

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow from operating activities:
Net income	$ 3,193,772	$ 4,612,291
Adjustments to reconcile net income to cash from operating activities:
Depreciation, depletion, amortization and accretion	5,020,135	3,002,584
Changes in operating assets and liabilities:
Accounts receivable and other current assets	983,903	(374,100)
Accounts payable and accrued expenses	(727,111)	(335,408)
Net cash flow provided by operating activities	8,470,699	6,905,367
Cash flow from investing activities:
Additions to oil and natural gas properties	(2,523,636)	(943,590)
Net cash flow used in investing activities	(2,523,636)	(943,590)
Cash flow from financing activities:
Distributions paid to limited partners	(3,850,473)	(3,554,275)
Net cash flow used in financing activities	(3,850,473)	(3,554,275)
Increase in cash and cash equivalents	2,096,590	2,407,502
Cash and cash equivalents, beginning of period	18,442,414	13,058,237
Cash and cash equivalents, end of period	20,539,004	15,465,739
Supplemental non-cash information:
Accrued capital expenditures related to additions to oil and natural gas properties	$ 996,234	$ 804,999

Partnership Organization

Partnership Organization	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Partnership Organization Energy Resources 12, L.P. (together with its wholly-owned subsidiary, 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 December 30, 2016. The Partnership completed its best-efforts offering in October 2019 with a total of approximately 11.0 million common units sold for gross proceeds of $218.0 million and proceeds net of offering costs of $204.3 million. As of March 31, 2023, the Partnership owned an approximate 5.7% non-operated working interest in 403 producing wells, predominantly in McKenzie, Dunn, McLean and Mountrail counties of North Dakota (collectively, the “Bakken Assets”). The Partnership also owns an estimated approximate 2.4% non-operated working interest in 21 wells in various stages of the drilling and completion process, and possible future development locations in the Bakken Assets. The Bakken Assets, which are a part of the Bakken shale formation in the Greater Williston Basin, are operated by 12 third-party operators on behalf of the Partnership and other working interest owners. The general partner of the Partnership is Energy Resources 12 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	3 Months Ended
	Mar. 31, 2023
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 for complete financial statements. 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 December 31, 2022 financial statements included in its 2022 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2023. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits. 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. Revenue Recognition The Partnership is bound by a joint operating agreement with the operator of each of its producing wells. Under the joint operating agreement, the Partnership’s proportionate share of production is marketed at the discretion of the operators. The Partnership typically satisfies its performance obligations upon transfer of control of its products and records the related revenue in the month production is delivered to the purchaser. As the Partnership does not operate its properties, it receives actual oil, natural gas, and NGL sales volumes and prices, net of costs incurred by the operators, two to three months after the date production is delivered by the operator. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from the Partnership’s operators are accrued in Accounts Receivable and other current assets in the consolidated balance sheets. Variances between the Partnership’s estimated revenue and actual payments are recorded in the month the payment is received; differences have been and are insignificant. As a result, the variable consideration is not constrained. The Partnership has elected to utilize the practical expedient in ASC 606 that states the Partnership is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Each delivery of product represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. Virtually all of the Partnership’s contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of oil, natural gas and natural gas liquids and prevailing supply and demand conditions, so that prices fluctuate to remain competitive with other available suppliers. Accounts Receivable and Concentration of Credit Risk Substantially all of the Partnership’s accounts receivable are due from the operators of the Partnership’s oil and natural gas properties in North Dakota (the operators have accounts receivable from purchasers of oil, natural gas and NGLs). Oil, natural gas and NGL sales receivables are generally unsecured. This industry and location concentration has the potential to impact the Partnership’s overall exposure to credit risk, in that the purchasers of the Partnership’s oil, natural gas and NGLs and the operators of the properties the Partnership has an interest in may be similarly affected by changes in economic, industry or other conditions. At March 31, 2023 and December 31, 2022, the Partnership did not reserve for bad debt expense, as all amounts are deemed collectible and the Partnership’s operators do not have a history of non-payment. For the quarter ended March 31, 2023, approximately 94% of the Partnership’s total revenue was generated through sales by three of its 12 operators, respectively. All oil and natural gas producing activities of the Partnership are in North Dakota and represent substantially all of the business activities of the Partnership. Income Tax The Partnership is taxed as a partnership for federal and state income tax purposes. Typically, the Partnership has not recorded a provision for income taxes since the liability for such taxes is that of each of the partners rather than the Partnership. In mid-2022, the Partnership was contacted by the state of North Dakota, which asserted that the Partnership has an obligation to make tax payments on behalf of certain non-resident partners. The Partnership has reached a resolution with the state of North Dakota that entails the Partnership making a payment of taxes on behalf of certain non-resident limited partners to the state for the tax years of 2021 and 2022. The estimate recorded by the Partnership at December 31, 2022 for this matter of approximately $0.8 million is consistent with the settlement reached. The Partnership will remit the settlement payment to the state of North Dakota during the second quarter of 2023. The Partnership’s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the partners. The Partnership has evaluated whether any material tax position taken will more likely than not be sustained upon examination by the appropriate taxing authority and believes that all such material tax positions taken are supportable by existing laws and related interpretations. Fair Value of Other Financial Instruments The carrying value of the Partnership’s other financial instruments, including cash and cash equivalents, accounts 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. 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 months ended March 31, 2023 and 2022. As a result, basic and diluted outstanding common units were the same. The 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.

Oil and Natural Gas Investments

Oil and Natural Gas Investments	3 Months Ended
	Mar. 31, 2023
Oil and Gas Property [Abstract]
Oil and Gas Properties [Text Block]	Note 3. Oil and Gas Investments On February 1, 2018, the Partnership completed its first purchase (“Acquisition No. 1”) in the Bakken Assets for approximately $90.5 million, including all closing costs and assumed liabilities. On August 31, 2018, the Partnership completed its second purchase of an additional non-operated working interest in the Bakken Assets for approximately $81.3 million, including all closing costs and assumed liabilities. As of March 31, 2023, the Partnership’s ownership of the Bakken Assets consisted of an approximate 5.7% non-operated working interest in 403 producing wells, and an estimated approximate 2.4% non-operated working interest in 21 wells in various stages of the drilling and completion process. From September 1, 2017, the effective date of Acquisition No. 1, to March 31, 2023, the Partnership has participated in the drilling of 222 wells, of which 199 have been completed as of March 31, 2023. The Partnership incurred approximately $1.3 million and $0.6 million in capital drilling and completion costs for the three-month periods ended March 31, 2023 and 2022. The Partnership anticipates approximately $5 to $6 million of capital expenditures will be incurred to complete the 21 wells in process as of March 31, 2023. Estimated capital expenditures to complete these 21 wells could be significantly different from amounts actually invested, and the timing of these expenditures is difficult to estimate.

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation Disclosure [Text Block]	Note 4. Asset Retirement Obligations The Partnership records an asset retirement obligation (“ARO”) and capitalizes the asset retirement costs in oil and natural gas properties in the period in which the asset retirement obligation is incurred based upon the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO is accreted to its future estimated value using an assumed cost of funds and the additional capitalized costs are depreciated on a unit-of-production basis. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions of these assumptions impact the present value of the existing asset retirement obligation, a corresponding adjustment is made to the oil and natural gas property balance. The changes in the aggregate ARO are as follows: 2023 2022 Balance at January 1 $ 695,889 $ 743,583 Well additions - 31 Accretion 7,322 6,272 Revisions - (91,401 ) Balance at March 31 $ 703,211 $ 658,485

Capital Contribution and Partne

Capital Contribution and Partners' Equity	3 Months Ended
	Mar. 31, 2023
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, the General Partner received Incentive Distribution Rights (defined below), and has been reimbursed for its documented third-party out-of-pocket expenses incurred in organizing the Partnership and offering the common units. The Partnership completed its best-efforts offering of common units as of the close of business on October 24, 2019. As of the conclusion of the offering, the Partnership had completed the sale of approximately 11.0 million common units for total gross proceeds of $218.0 million and proceeds net of offering costs of $204.3 million. Under the agreement with David Lerner Associates, Inc. (the “Managing Dealer”), the Managing Dealer received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold. The Managing Dealer also has Dealer Manager Incentive Fees (defined below) where the Managing Dealer could receive distributions up to an additional 4% of gross proceeds of the common units sold in the Partnership’s best-efforts offering as outlined in the prospectus based on the performance of the Partnership. Based on the common units sold in the best-efforts offering, the Dealer Manager Incentive Fees are approximately $8.7 million, subject to Payout (defined below). 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 the Dealer Manager Incentive Fees to the Managing Dealer until Payout occurs. The Agreement of Limited Partnership of the Partnership (the “Partnership Agreement”) provides that “Payout”, which is defined below, 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 common unit, regardless of the amount paid for the common 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, 30%; (ii) to the Managing Dealer, the “Dealer Manager Incentive Fees”, 30%, until such time as the Managing Dealer receives 4% of the gross proceeds of the common units sold; and (iii) to the Record Holders of outstanding common units, 40%, pro rata based on their percentage interest. ● Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 60%; and (ii) to the Record Holders of outstanding common units, 40%, pro rata based on their percentage interest. All items of income, gain, loss and deduction will be allocated to each Partner’s capital account in a manner generally consistent with the distribution procedures outlined above. For the three months ended March 31, 2023 and 2022, the Partnership paid distributions of $0.349041 and $0.322191 per common unit, or $3.9 million and $3.6 million, respectively.

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 6. Related Parties The Class A voting members of the General Partner are affiliates of Glade M. Knight, Chairman and Chief Executive Officer and David S. McKenney, Chief Financial Officer. Messrs. Knight and McKenney are also the Chief Executive Officer and Chief Financial Officer of Energy 11 GP, LLC, the general partner of Energy 11, L.P. (“Energy 11”), a limited partnership that also invests in producing and non-producing oil and gas properties on-shore in the United States. 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. The Partnership will reimburse the General Partner for any costs incurred by the General Partner for certain expenses, which include costs for organizing the Partnership, costs incurred in the offering of the common units and general and administrative costs. The Partnership also agreed to pay the General Partner an advisory fee to manage the day-to-day affairs of the Partnership, including serving as an investment advisor and consultant in connection with the acquisition, development, operation and disposition of oil and gas properties and other assets of the Partnership. In accordance with the Partnership Agreement, subsequent to the Partnership’s first asset purchase, which occurred on February 1, 2018, the Partnership is required to pay quarterly an annual fee of 0.5% of the total gross equity proceeds raised by the Partnership in its best-efforts offering. The management fee that has been paid to the General Partner for the three months ended March 31, 2023 and 2022 was approximately $273,000 in both periods, and is included in General and administrative expenses on the consolidated statements of operations. For the three months March 31, 2023 and 2022, approximately $42,000 and $37,000 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 March 31, 2023, approximately $42,000 was due to a member of the General Partner and is included in Accounts payable and accrued expenses in the consolidated balance sheets. On December 1, 2020, the Partnership entered into an Administrative Services Agreement (the “ASA”) with Regional Energy Investors, L.P. d/b/a Regional Energy Management (the “Administrator”) and Energy 11, whereby the Administrator was to provide administrative, operating and professional services necessary and useful to the Partnership. The Administrator also was to assist the General Partner with the day-to-day operations of the Partnership. The ASA became effective January 1, 2021, and was terminated on April 5, 2023 (see more details below in Note 7. Subsequent Events). Costs and expenses attributable to the services performed by the Administrator under the ASA have been reimbursed by the Partnership. All Administrator costs and expenses were accumulated (based on actual costs incurred with no mark-up or profit to the Administrator) and approved by the Partnership prior to reimbursement. Costs and expenses reimbursed under the ASA included, but were not limited to, employee wages and benefits –including the president of Energy 11’s general partner, who is paid as an employee of the Administrator, rent for office space and network and information technology support. Other expenses, such as business travel costs and accounting, legal or banking services, were not incurred by the Administrator on behalf of the Partnership without prior express written consent of the Partnership. For the three months ended March 31, 2023 and 2022, approximately $130,000 and $138,000 of costs and expenses subject to the ASA were reimbursed by the Partnership to the Administrator. Also under the ASA, the General Partner agreed to pay one-half of its annual management fee to the Administrator in exchange for the services to be provided under the ASA. Therefore, one-half of the management fee for the three months ended March 31, 2023 and 2022 described above was paid by the General Partner to the Administrator. The Administrator is owned by entities that are controlled by Anthony F. Keating, III and Michael J. Mallick, the former Co-Chief Operating Officers of Energy 11’s general partner (see Note 7. Subsequent Events below).

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 7. Subsequent Events On April 5, 2023, the Partnership and Energy 11 entered into an agreement (the “Agreement”) with Messrs. Knight, McKenney, Keating and Mallick and various affiliates of each, including the Administrator. Pursuant to the Agreement, the affiliates of Messrs. Keating and Mallick sold (i) their Class B Unit interests in the General Partner; (ii) all interests in the general partner of Energy 11; (iii) all common unit interests in Energy 11; and (iv) all Class B Unit interests in Energy 11 to an affiliate of Mr. Knight and withdrew as members of General Partner and the general partner of Energy 11. Also pursuant to the Agreement, the ASA was terminated effective immediately, subject to a 60-day transition period to transition the services being provided by the Administrator to Partnership and Energy 11 management. During the transition period, the Administrator has been reimbursed by the Partnership for approximately $32,000 in costs and expenses subject to the ASA, and any remaining costs and expenses that may be reimbursed are estimated to be immaterial. In April 2023, the Partnership declared and paid $1.2 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)	3 Months Ended
	Mar. 31, 2023
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 for complete financial statements. 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 December 31, 2022 financial statements included in its 2022 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2023.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits.
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.
Revenue [Policy Text Block]	Revenue Recognition The Partnership is bound by a joint operating agreement with the operator of each of its producing wells. Under the joint operating agreement, the Partnership’s proportionate share of production is marketed at the discretion of the operators. The Partnership typically satisfies its performance obligations upon transfer of control of its products and records the related revenue in the month production is delivered to the purchaser. As the Partnership does not operate its properties, it receives actual oil, natural gas, and NGL sales volumes and prices, net of costs incurred by the operators, two to three months after the date production is delivered by the operator. At the end of each month when the performance obligation is satisfied, the variable consideration can be reasonably estimated and amounts due from the Partnership’s operators are accrued in Accounts Receivable and other current assets in the consolidated balance sheets. Variances between the Partnership’s estimated revenue and actual payments are recorded in the month the payment is received; differences have been and are insignificant. As a result, the variable consideration is not constrained. The Partnership has elected to utilize the practical expedient in ASC 606 that states the Partnership is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Each delivery of product represents a separate performance obligation; therefore, future volumes are wholly unsatisfied, and disclosure of the transaction price allocated to remaining performance obligations is not required. Virtually all of the Partnership’s contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of oil, natural gas and natural gas liquids and prevailing supply and demand conditions, so that prices fluctuate to remain competitive with other available suppliers.
Income Tax, Policy [Policy Text Block]	Income Tax The Partnership is taxed as a partnership for federal and state income tax purposes. Typically, the Partnership has not recorded a provision for income taxes since the liability for such taxes is that of each of the partners rather than the Partnership. In mid-2022, the Partnership was contacted by the state of North Dakota, which asserted that the Partnership has an obligation to make tax payments on behalf of certain non-resident partners. The Partnership has reached a resolution with the state of North Dakota that entails the Partnership making a payment of taxes on behalf of certain non-resident limited partners to the state for the tax years of 2021 and 2022. The estimate recorded by the Partnership at December 31, 2022 for this matter of approximately $0.8 million is consistent with the settlement reached. The Partnership will remit the settlement payment to the state of North Dakota during the second quarter of 2023. The Partnership’s income tax returns are subject to examination by the federal and state taxing authorities, and changes, if any, could adjust the individual income tax of the partners. The Partnership has evaluated whether any material tax position taken will more likely than not be sustained upon examination by the appropriate taxing authority and believes that all such material tax positions taken are supportable by existing laws and related interpretations.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Other Financial Instruments The carrying value of the Partnership’s other financial instruments, including cash and cash equivalents, accounts 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.
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 months ended March 31, 2023 and 2022. As a result, basic and diluted outstanding common units were the same. The 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.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]	Accounts Receivable and Concentration of Credit Risk Substantially all of the Partnership’s accounts receivable are due from the operators of the Partnership’s oil and natural gas properties in North Dakota (the operators have accounts receivable from purchasers of oil, natural gas and NGLs). Oil, natural gas and NGL sales receivables are generally unsecured. This industry and location concentration has the potential to impact the Partnership’s overall exposure to credit risk, in that the purchasers of the Partnership’s oil, natural gas and NGLs and the operators of the properties the Partnership has an interest in may be similarly affected by changes in economic, industry or other conditions. At March 31, 2023 and December 31, 2022, the Partnership did not reserve for bad debt expense, as all amounts are deemed collectible and the Partnership’s operators do not have a history of non-payment. For the quarter ended March 31, 2023, approximately 94% of the Partnership’s total revenue was generated through sales by three of its 12 operators, respectively. All oil and natural gas producing activities of the Partnership are in North Dakota and represent substantially all of the business activities of the Partnership.

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Asset Retirement Obligations [Table Text Block]	The Partnership records an asset retirement obligation (“ARO”) and capitalizes the asset retirement costs in oil and natural gas properties in the period in which the asset retirement obligation is incurred based upon the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO is accreted to its future estimated value using an assumed cost of funds and the additional capitalized costs are depreciated on a unit-of-production basis. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions of these assumptions impact the present value of the existing asset retirement obligation, a corresponding adjustment is made to the oil and natural gas property balance. The changes in the aggregate ARO are as follows: 2023 2022 Balance at January 1 $ 695,889 $ 743,583 Well additions - 31 Accretion 7,322 6,272 Revisions - (91,401 ) Balance at March 31 $ 703,211 $ 658,485

Partnership Organization (Detai

Partnership Organization (Details) shares in Millions		3 Months Ended	25 Months Ended
	Dec. 30, 2016 USD ($)	Mar. 31, 2023	Oct. 24, 2019 USD ($) shares
Partnership Organization (Details) [Line Items]
Limited Liability Company or Limited Partnership, Business, Formation State	Delaware
Partners' Capital Account, Contributions (in Dollars)	$ 1,000
Number of Operators		12
Best-Efforts Offering [Member]
Partnership Organization (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares) | shares			11
Proceeds from Issuance of Common Limited Partners Units (in Dollars)			$ 218,000,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units (in Dollars)			$ 204,300,000
Bakken Assets [Member]
Partnership Organization (Details) [Line Items]
Number of Operators		12
Bakken Assets [Member] | Non-operated Completed Wells [Member]
Partnership Organization (Details) [Line Items]
Gas and Oil Area Developed, Net		5.70%
Oil, Productive Well, Number of Wells, Net		403
Bakken Assets [Member] | Non-operated Wells in the Process of Drilling [Member]
Partnership Organization (Details) [Line Items]
Gas and Oil Area Developed, Net		2.40%
Oil and Gas, Present Activity, Well in Process of Drilling		21

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	24 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Operator, Percentage	94%
Number of Operators	12
Estimated State Tax Withholding For Limited Partners (in Dollars)		$ 0.8

Oil and Natural Gas Investmen_2

Oil and Natural Gas Investments (Details) - Bakken Assets [Member] $ in Millions			3 Months Ended		67 Months Ended
	Aug. 31, 2018 USD ($)	Feb. 01, 2018 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023
Oil and Natural Gas Investments (Details) [Line Items]
Oil, Productive Well, Number of Wells, Net			21		21
Number Of Wells In Various Stages Of Completion			21
Non-operated Completed Wells [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net			5.70%
Oil, Productive Well, Number of Wells, Net			403		403
Non-operated Wells in the Process of Drilling [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Gas and Oil Area Developed, Net			2.40%
Oil, Productive Well, Number of Wells, Net			21		21
Acquisition No. 1 [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Business Combination, Consideration Transferred (in Dollars)		$ 90.5
Wells Drilled					222
Oil and Gas, Development Well Drilled, Net Productive, Number					199
Costs Incurred, Development Costs (in Dollars)			$ 1.3	$ 0.6
Acquisition No. 1 [Member] | Minimum [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Capital Expenditures Drilling and Completion of Wells (in Dollars)			5
Acquisition No. 1 [Member] | Maximum [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Capital Expenditures Drilling and Completion of Wells (in Dollars)			$ 6
Acquisition No. 2 [Member]
Oil and Natural Gas Investments (Details) [Line Items]
Business Combination, Consideration Transferred (in Dollars)	$ 81.3

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Asset Retirement Obligations Abstract
Balance	$ 695,889	$ 743,583
Balance	703,211	658,485
Well additions	0	31
Accretion	7,322	6,272
Revisions	$ 0	$ (91,401)

Capital Contribution and Part_2

Capital Contribution and Partners' Equity (Details) - USD ($) $ / shares in Units, shares in Millions		3 Months Ended		12 Months Ended	25 Months Ended
	Dec. 30, 2016	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2017	Oct. 24, 2019
Capital Contribution and Partners' Equity (Details) [Line Items]
Partners' Capital Account, Contributions	$ 1,000
Partners' Capital Account, Return of Contribution Upon Minimum Offering				$ 990
Partners' Capital Account, Description of Units Sold		Under the agreement with David Lerner Associates, Inc. (the “Managing Dealer”), the Managing Dealer received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold. The Managing Dealer also has Dealer Manager Incentive Fees (defined below) where the Managing Dealer could receive distributions up to an additional 4% of gross proceeds of the common units sold in the Partnership’s best-efforts offering as outlined in the prospectus based on the performance of the Partnership.
Managing Dealer, Selling Commissions, Percentage		6%
Managing Dealer, Maximum Contingent Incentive Fee on Gross Proceeds, Percentage		4%
Managing Dealer, Maximum Contingent Incentive Fee on Gross Proceeds		$ 8,700,000
Key Provisions of Operating or Partnership Agreement, Description		The Agreement of Limited Partnership of the Partnership (the “Partnership Agreement”) provides that “Payout”, which is defined below, 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 common unit, regardless of the amount paid for the common 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, 30%; (ii) to the Managing Dealer, the “Dealer Manager Incentive Fees”, 30%, until such time as the Managing Dealer receives 4% of the gross proceeds of the common units sold; and (iii) to the Record Holders of outstanding common units, 40%, pro rata based on their percentage interest.   ● Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 60%; and (ii) to the Record Holders of outstanding common units, 40%, pro rata based on their percentage interest.  All items of income, gain, loss and deduction will be allocated to each Partner’s capital account in a manner generally consistent with the distribution procedures outlined above.
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)		$ 0.349041	$ 0.322191
Distribution Made to Limited Partner, Cash Distributions Paid		$ 3,850,473	$ 3,554,275
Best-Efforts Offering [Member]
Capital Contribution and Partners' Equity (Details) [Line Items]
Partners' Capital Account, Units, Sale of Units (in Shares)					11
Proceeds from Issuance of Common Limited Partners Units					$ 218,000,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units					$ 204,300,000

Related Parties (Details)

Related Parties (Details) - USD ($)		3 Months Ended
	Dec. 01, 2020	Mar. 31, 2023	Mar. 31, 2022
Related Parties (Details) [Line Items]
Related Party Transaction, Description of Transaction		subsequent to the Partnership’s first asset purchase, which occurred on February 1, 2018, the Partnership is required to pay quarterly an annual fee of 0.5% of the total gross equity proceeds raised by the Partnership in its best-efforts offering.
General Partner [Member]
Related Parties (Details) [Line Items]
Selling, General and Administrative Expense		$ 42,000	$ 37,000
Other Liabilities, Current		42,000
Affiliated Entity [Member]
Related Parties (Details) [Line Items]
Selling, General and Administrative Expense		130,000	138,000
Administrative Service Agreement [Member]
Related Parties (Details) [Line Items]
Related Party, Administrative Service Agreement	under the ASA, the General Partner agreed to pay one-half of its annual management fee to the Administrator in exchange for the services to be provided under the ASA
Management Fee [Member] | General Partner [Member]
Related Parties (Details) [Line Items]
Selling, General and Administrative Expense		$ 273,000	$ 273,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($)		1 Months Ended
	Apr. 05, 2023	Apr. 30, 2023
Subsequent Events (Details) [Line Items]
Distribution Made to Limited Partner, Cash Distributions Paid		$ 1,200,000
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)		$ 0.107397
Affiliated Entity [Member]
Subsequent Events (Details) [Line Items]
Selling, General and Administrative Expense	$ 32,000