Cover
Cover | 6 Months Ended |
Jun. 30, 2019shares | |
Cover page. | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2019 |
Document Transition Report | false |
Entity File Number | 0-13546 |
Entity Registrant Name | APACHE OFFSHORE INVESTMENT PARTNERSHIP |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 41-1464066 |
Entity Address, Address Line One | One Post Oak Central, 2000 Post Oak Boulevard, Suite 100 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77056-4400 |
City Area Code | 713 |
Local Phone Number | 296-6000 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 1,022 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0000727538 |
Current Fiscal Year End Date | --12-31 |
STATEMENT OF CONSOLIDATED OPERA
STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
REVENUES: | ||||
Oil and gas sales | $ 302,027 | $ 357,112 | $ 601,538 | $ 711,520 |
Interest income | 29,099 | 19,045 | 56,957 | 32,944 |
Total Revenues | 331,126 | 376,157 | 658,495 | 744,464 |
EXPENSES: | ||||
Depreciation, depletion and amortization | 73,540 | 77,485 | 144,553 | 159,107 |
Asset retirement obligation accretion | 19,699 | 26,637 | 39,150 | 52,886 |
Lease operating expenses | 93,115 | 120,602 | 208,722 | 247,336 |
Gathering and transportation costs | 3,928 | 4,277 | 8,698 | 9,260 |
Administrative | 82,134 | 80,799 | 164,268 | 161,602 |
Total Expenses | 272,416 | 309,800 | 565,391 | 630,191 |
NET INCOME | 58,710 | 66,357 | 93,104 | 114,273 |
NET INCOME ALLOCATED TO: | ||||
Managing Partner | 20,614 | 24,948 | 36,130 | 47,454 |
Investing Partners | 38,096 | 41,409 | 56,974 | 66,819 |
NET INCOME | $ 58,710 | $ 66,357 | $ 93,104 | $ 114,273 |
NET INCOMEL(OSS) PER INVESTING PARTNER UNIT (in USD per share) | $ 37 | $ 41 | $ 56 | $ 65 |
WEIGHTED AVERAGE INVESTING PARTNER UNITS OUTSTANDING (in shares) | 1,021.5 | 1,021.5 | 1,021.5 | 1,021.5 |
STATEMENT OF CONSOLIDATED CASH
STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 93,104 | $ 114,273 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 144,553 | 159,107 |
Asset retirement obligation accretion | 39,150 | 52,886 |
Changes in operating assets and liabilities: | ||
Accrued receivables | 21,180 | (37,426) |
Receivable from/payable to Apache Corporation | (842) | 837 |
Accrued operating expenses | (14,414) | (9,441) |
Asset retirement obligations | (129,215) | (8,444) |
Net cash provided by operating activities | 153,516 | 271,792 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to oil and gas properties | (18,368) | (158,404) |
Net cash used in investing activities | (18,368) | (158,404) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Distributions to Managing Partner | (30,565) | (34,120) |
Net cash used in financing activities | (30,565) | (34,120) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 104,583 | 79,268 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 5,103,336 | 5,117,485 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 5,207,919 | $ 5,196,753 |
CONSOLIDATED BALANCE SHEET (Una
CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,207,919 | $ 5,103,336 |
Accrued revenues receivable | 98,936 | 120,116 |
Total Current Assets | 5,306,855 | 5,223,452 |
OIL AND GAS PROPERTIES, on the basis of full cost accounting: | ||
Proved properties | 195,425,657 | 195,327,296 |
Less – Accumulated depreciation, depletion and amortization | (191,339,737) | (191,195,184) |
Total oil and gas properties, on the basis of full cost accounting | 4,085,920 | 4,132,112 |
Total Assets | 9,392,775 | 9,355,564 |
CURRENT LIABILITIES: | ||
Payable to Apache Corporation | 230 | 1,072 |
Asset retirement obligation | 402,582 | 390,000 |
Accrued operating expenses | 77,000 | 91,414 |
Accrued development costs | 49,542 | 125,999 |
Total Current Liabilities | 529,354 | 608,485 |
ASSET RETIREMENT OBLIGATION | 1,299,615 | 1,245,812 |
PARTNERS’ CAPITAL: | ||
Managing Partner | 469,751 | 464,186 |
Investing Partners (1,021.5 units outstanding) | 7,094,055 | 7,037,081 |
Total Partners' Capital | 7,563,806 | 7,501,267 |
Total liabilities and partners' capital | $ 9,392,775 | $ 9,355,564 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Investing Partners, units outstanding | 1,021.5 | 1,021.5 |
STATEMENT OF CONSOLIDATED CHANG
STATEMENT OF CONSOLIDATED CHANGES IN PARTNERS’ CAPITAL (Unaudited) Statement - USD ($) | Total | Investing Partners | Managing Partner |
BALANCE BEGINNING at Dec. 31, 2017 | $ 7,282,625 | $ 6,863,049 | $ 419,576 |
Managing Partner [Line Items] | |||
Distributions | (34,120) | 0 | (34,120) |
Net income | 114,273 | 66,819 | 47,454 |
BALANCE ENDING at Jun. 30, 2018 | 7,362,778 | 6,929,868 | 432,910 |
BALANCE BEGINNING at Mar. 31, 2018 | 7,324,876 | 6,888,459 | 436,417 |
Managing Partner [Line Items] | |||
Distributions | (28,455) | 0 | (28,455) |
Net income | 66,357 | 41,409 | 24,948 |
BALANCE ENDING at Jun. 30, 2018 | 7,362,778 | 6,929,868 | 432,910 |
BALANCE BEGINNING at Dec. 31, 2018 | 7,501,267 | 7,037,081 | 464,186 |
Managing Partner [Line Items] | |||
Distributions | (30,565) | 0 | (30,565) |
Net income | 93,104 | 56,974 | 36,130 |
BALANCE ENDING at Jun. 30, 2019 | 7,563,806 | 7,094,055 | 469,751 |
BALANCE BEGINNING at Mar. 31, 2019 | 7,530,595 | 7,055,959 | 474,636 |
Managing Partner [Line Items] | |||
Distributions | (25,499) | 0 | (25,499) |
Net income | 58,710 | 38,096 | 20,614 |
BALANCE ENDING at Jun. 30, 2019 | $ 7,563,806 | $ 7,094,055 | $ 469,751 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Apache Offshore Investment Partnership, a Delaware general partnership (the Investment Partnership), was formed on October 31, 1983, consisting of Apache Corporation, a Delaware corporation (Apache or the Managing Partner), as Managing Partner and public investors (the Investing Partners). The Investment Partnership invested its entire capital in Apache Offshore Petroleum Limited Partnership, a Delaware limited partnership (the Operating Partnership). The primary business of the Investment Partnership is to serve as the sole limited partner of the Operating Partnership. The accompanying financial statements include the accounts of both the Investment Partnership and the Operating Partnership. The term “Partnership,” as used herein, refers to the Investment Partnership or the Operating Partnership, as the case may be. These financial statements have been prepared by the Partnership, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). They reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods, on a basis consistent with the annual audited financial statements, with the exception of recently adopted accounting pronouncements discussed below. All such adjustments are of a normal, recurring nature. Certain information, accounting policies, and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) have been omitted pursuant to such rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 , which contains a summary of the Partnership’s significant accounting policies and other disclosures. As of June 30, 2019 , the Partnership’s significant accounting policies are consistent with those discussed in Note 2 of its consolidated financial statements contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2018 with the exception of Accounting Standards Update (ASU) 2016-02, “Leases (Topic 842)” (see “Recently Adopted Accounting Pronouncement” section in this Note 1 below). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows therefrom and the assessment of asset retirement obligations. Actual results could differ from those estimates. Oil and Gas Property The Partnership follows the full-cost method of accounting for its oil and gas property. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, and oil and gas property acquisitions are capitalized. The net book value of oil and gas properties may not exceed a calculated “ceiling.” The ceiling limitation is the estimated future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. For a discussion of the calculation of estimated future net cash flows, please refer to Note 10—Supplemental Oil and Gas Disclosures to the consolidated financial statements contained in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . Any excess of the net book value of proved oil and gas properties over the ceiling is charged to expense and reflected as “Additional depreciation, depletion and amortization” in the accompanying statement of consolidated operations. Such limitations are tested quarterly. The Partnership had no write-downs of the carrying value of its proved oil and gas properties during the first six months of 2019 and 2018 . Revenue Recognition The Partnership applies the provisions of ASC 606 for revenue recognition to contracts with customers. Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, MMBtu of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Partnership considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Partnership’s right to payment, and transfer of legal title. In each case, the term between delivery and when payments are due is not significant. For the three and six months ended June 30, 2019 , revenues from customers totaled $302,027 and $601,538 , respectively. For the three and six months ended June 30, 2018 , revenues from customers totaled $357,112 and $711,520 , respectively. Apache, as Managing Partner of the Partnership, markets the Partnership's share of oil production from South Timbalier 295, the Partnership's largest source of revenue. Apache primarily markets to major oil companies, marketing and transportation companies, and refiners at current index prices, adjusted for quality, transportation, and market reflective differentials. The Partnership markets all other production under the joint operating agreements with the operator of its properties. The operator seeks and negotiates oil and gas marketing arrangements with various marketers and purchasers. These contracts provide for sales that are priced at prevailing market prices. The Partnership records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers. The carrying value of such receivables, net of the allowance for doubtful accounts, represents estimated net realizable value. The Partnership routinely assesses the collectability of all material trade and other receivables. The Partnership accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. As of June 30, 2019 , the carrying amounts of trade accounts receivables approximate fair value because of the short-term nature of these instruments. Receivables from contracts with customers totaled $98,936 and $120,116 as of June 30, 2019 and December 31, 2018 , respectively. The Partnership had no allowance for doubtful accounts recorded for all comparative periods presented. The Partnership has concluded that disaggregating revenue by product appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The table below presents the total oil, gas, and NGLs revenues of the Partnership for the quarters and six months ended June 30, 2019 and 2018 : For the Quarter Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Oil $ 272,263 $ 323,015 $ 535,146 $ 637,501 Gas 22,297 24,209 53,858 55,334 NGLs 7,467 9,888 12,534 18,685 Total Oil and Gas Revenue $ 302,027 $ 357,112 $ 601,538 $ 711,520 Recently Adopted Accounting Pronouncement On January 1, 2019, the Partnership adopted ASU 2016-02, "Leases (Topic 842)" on a prospective basis. The Partnership elected to adopt two transitional expedients issued by the FASB during 2018: (i) ASU 2018-01, which permits an entity an optional election to not evaluate under ASU 2016-02 those existing or expired land easements that were not previously accounted for as leases prior to the adoption of ASU 2016-02 and (ii) ASU 2018-11, which adds a transition option permitting entities to apply the provisions of the new standard at its adoption date instead of the earliest comparative period presented in the consolidated financial statements. Under this transition option, comparative reporting would not be required and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption. The adoption of ASU 2016-02 did not have a material impact on the Partnership's consolidated financial statements. |
RECEIVABLE FROM _ PAYABLE TO AP
RECEIVABLE FROM / PAYABLE TO APACHE CORPORATION | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
RECEIVABLE FROM / PAYABLE TO APACHE CORPORATION | RECEIVABLE FROM / PAYABLE TO APACHE CORPORATION The receivable from/payable to Apache represents the net result of the Investing Partners’ revenue received and expenditures paid in the current month. Generally, cash in this amount will be paid by Apache to the Partnership or transferred to Apache in the month after the Partnership’s transactions are processed and the net results of operations are determined. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ASSET RETIREMENT OBLIGATIONS | ASSET RETIREMENT OBLIGATIONS The following table describes the changes to the Partnership’s asset retirement obligation liability for the first six months of 2019 : Asset retirement obligation at December 31, 2018 $ 1,635,812 Accretion expense 39,150 Liabilities settled (52,758 ) Revisions in estimated liabilities 79,993 Asset retirement obligation at June 30, 2019 1,702,197 Less current portion (402,582 ) Asset retirement obligation, long-term $ 1,299,615 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Certain assets and liabilities are reported at fair value on a recurring basis in the Partnership’s consolidated balance sheet. As of June 30, 2019 and December 31, 2018 , the carrying amounts of the Partnership’s current assets and current liabilities approximated fair value because of the short-term nature or maturity of these instruments. The Partnership did not use derivative financial instruments or otherwise engage in hedging activities during the six months ended June 30, 2019 and 2018 . |
NOTICE OF WITHDRAWAL AND RIGHT
NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT | 6 Months Ended |
Jun. 30, 2019 | |
Partners' Capital [Abstract] | |
NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT | NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT As previously announced, Apache, as the Managing Partner of the Investment Partnership gave notice on March 22, 2019 of its intention to withdraw as Managing Partner of the Investment Partnership. The notice described the withdrawal process and certain notice periods required by that process. No party assumed the role of Managing Partner within the 120 day notice period specified by the notice of intention to withdraw. Consequently, Apache will oversee the process of winding up and liquidating the business and affairs of the Investment Partnership. The Managing Partner determined that, during the withdrawal and dissolution process, it would be inconsistent with the Managing Partner’s fiduciary duties to purchase (or to cause the Investment Partnership to purchase) outstanding units of partnership interests (“Units”) from the holders thereof pursuant to the right of presentment provided for in Sections 6.9 through 6.14 of the Partnership Agreement of the Investment Partnership (the “Partnership Agreement”). As a result of this determination by the Managing Partner, pursuant to Section 6.12 of the Partnership Agreement, the right of presentment has been terminated and Sections 6.9 through 6.14 have “become null and void and of no further force or effect” as provided in Section 6.12. The Investment Partnership has not made a repurchase under the right of presentment since 2008. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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. Significant estimates with regard to these financial statements include the estimate of proved oil and gas reserve quantities and the related present value of estimated future net cash flows therefrom and the assessment of asset retirement obligations. Actual results could differ from those estimates. |
Oil and Gas Property | Oil and Gas Property The Partnership follows the full-cost method of accounting for its oil and gas property. Under this method of accounting, all costs incurred for both successful and unsuccessful exploration and development activities, and oil and gas property acquisitions are capitalized. The net book value of oil and gas properties may not exceed a calculated “ceiling.” The ceiling limitation is the estimated future net cash flows from proved oil and gas reserves, discounted at 10 percent per annum. Estimated future net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous 12 months, held flat for the life of the production, except where prices are defined by contractual arrangements. For a discussion of the calculation of estimated future net cash flows, please refer to Note 10—Supplemental Oil and Gas Disclosures to the consolidated financial statements contained in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 . |
Revenue Recognition | Revenue Recognition The Partnership applies the provisions of ASC 606 for revenue recognition to contracts with customers. Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, MMBtu of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Partnership considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Partnership’s right to payment, and transfer of legal title. In each case, the term between delivery and when payments are due is not significant. For the three and six months ended June 30, 2019 , revenues from customers totaled $302,027 and $601,538 , respectively. For the three and six months ended June 30, 2018 , revenues from customers totaled $357,112 and $711,520 , respectively. Apache, as Managing Partner of the Partnership, markets the Partnership's share of oil production from South Timbalier 295, the Partnership's largest source of revenue. Apache primarily markets to major oil companies, marketing and transportation companies, and refiners at current index prices, adjusted for quality, transportation, and market reflective differentials. The Partnership markets all other production under the joint operating agreements with the operator of its properties. The operator seeks and negotiates oil and gas marketing arrangements with various marketers and purchasers. These contracts provide for sales that are priced at prevailing market prices. The Partnership records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers. The carrying value of such receivables, net of the allowance for doubtful accounts, represents estimated net realizable value. The Partnership routinely assesses the collectability of all material trade and other receivables. The Partnership accrues a reserve on a receivable when, based on the judgment of management, it is probable that a receivable will not be collected and the amount of any reserve may be reasonably estimated. As of June 30, 2019 , the carrying amounts of trade accounts receivables approximate fair value because of the short-term nature of these instruments. Receivables from contracts with customers totaled $98,936 and $120,116 as of June 30, 2019 and December 31, 2018 , respectively. The Partnership had no allowance for doubtful accounts recorded for all comparative periods presented. The Partnership has concluded that disaggregating revenue by product appropriately depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The table below presents the total oil, gas, and NGLs revenues of the Partnership for the quarters and six months ended June 30, 2019 and 2018 : For the Quarter Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Oil $ 272,263 $ 323,015 $ 535,146 $ 637,501 Gas 22,297 24,209 53,858 55,334 NGLs 7,467 9,888 12,534 18,685 Total Oil and Gas Revenue $ 302,027 $ 357,112 $ 601,538 $ 711,520 |
New Pronouncements Issued But Not Yet Adopted | On January 1, 2019, the Partnership adopted ASU 2016-02, "Leases (Topic 842)" on a prospective basis. The Partnership elected to adopt two transitional expedients issued by the FASB during 2018: (i) ASU 2018-01, which permits an entity an optional election to not evaluate under ASU 2016-02 those existing or expired land easements that were not previously accounted for as leases prior to the adoption of ASU 2016-02 and (ii) ASU 2018-11, which adds a transition option permitting entities to apply the provisions of the new standard at its adoption date instead of the earliest comparative period presented in the consolidated financial statements. Under this transition option, comparative reporting would not be required and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption. The adoption of ASU 2016-02 did not have a material impact on the Partnership's consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | The table below presents the total oil, gas, and NGLs revenues of the Partnership for the quarters and six months ended June 30, 2019 and 2018 : For the Quarter Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Oil $ 272,263 $ 323,015 $ 535,146 $ 637,501 Gas 22,297 24,209 53,858 55,334 NGLs 7,467 9,888 12,534 18,685 Total Oil and Gas Revenue $ 302,027 $ 357,112 $ 601,538 $ 711,520 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Changes to Partnership's Asset Retirement Obligation Liability | The following table describes the changes to the Partnership’s asset retirement obligation liability for the first six months of 2019 : Asset retirement obligation at December 31, 2018 $ 1,635,812 Accretion expense 39,150 Liabilities settled (52,758 ) Revisions in estimated liabilities 79,993 Asset retirement obligation at June 30, 2019 1,702,197 Less current portion (402,582 ) Asset retirement obligation, long-term $ 1,299,615 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||||
Impairment of oil and gas properties | $ 0 | $ 0 | |||
Disaggregation of Revenue [Line Items] | |||||
Oil and gas sales | $ 302,027 | $ 357,112 | 601,538 | 711,520 | |
Receivables from contracts with customers | 98,936 | 98,936 | $ 120,116 | ||
Allowance for doubtful accounts | 0 | 0 | $ 0 | ||
Oil | |||||
Disaggregation of Revenue [Line Items] | |||||
Oil and gas sales | 272,263 | 323,015 | 535,146 | 637,501 | |
Gas | |||||
Disaggregation of Revenue [Line Items] | |||||
Oil and gas sales | 22,297 | 24,209 | 53,858 | 55,334 | |
NGLs | |||||
Disaggregation of Revenue [Line Items] | |||||
Oil and gas sales | $ 7,467 | $ 9,888 | $ 12,534 | $ 18,685 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, beginning balance | $ 1,635,812 | ||||
Accretion expense | $ 19,699 | $ 26,637 | 39,150 | $ 52,886 | |
Liabilities settled | (52,758) | ||||
Revisions in estimated liabilities | 79,993 | ||||
Asset retirement obligation, ending balance | 1,702,197 | 1,702,197 | |||
Less current portion | (402,582) | (402,582) | $ (390,000) | ||
Asset retirement obligation, long-term | $ 1,299,615 | $ 1,299,615 | $ 1,245,812 |
NOTICE OF WITHDRAWAL AND RIGH_2
NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT (Details) | Mar. 22, 2019 |
Partners' Capital [Abstract] | |
Notice of intention to withdrawal, notice period | 120 days |