Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | AOIP |
Entity Registrant Name | APACHE OFFSHORE INVESTMENT PARTNERSHIP |
Entity Central Index Key | 727,538 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | true |
Entity Common Stock, Shares Outstanding | 1,022 |
STATEMENT OF CONSOLIDATED OPERA
STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
REVENUES: | ||||
Oil and gas sales | $ 383,112 | $ 239,513 | $ 1,094,632 | $ 723,404 |
Interest income | 22,843 | 10,024 | 55,787 | 20,833 |
Total Revenues | 405,955 | 249,537 | 1,150,419 | 744,237 |
EXPENSES: | ||||
Depreciation, depletion and amortization | 75,787 | 67,187 | 234,894 | 207,451 |
Asset retirement obligation accretion | 23,050 | 26,473 | 75,936 | 78,278 |
Lease operating expenses | 105,772 | 113,133 | 353,108 | 421,583 |
Gathering and transportation costs | 4,270 | (5,111) | 13,530 | (2,342) |
Administrative | 80,799 | 78,849 | 242,401 | 236,543 |
Total Expenses | 289,678 | 280,531 | 919,869 | 941,513 |
NET INCOME (LOSS) | 116,277 | (30,994) | 230,550 | (197,276) |
NET INCOME (LOSS) ALLOCATED TO: | ||||
Managing Partner | 33,373 | 5,279 | 80,827 | (3,041) |
Investing Partners | 82,904 | (36,273) | 149,723 | (194,235) |
NET INCOME (LOSS) | $ 116,277 | $ (30,994) | $ 230,550 | $ (197,276) |
NET INCOMEL(OSS) PER INVESTING PARTNER UNIT (in USD per share) | $ 81 | $ (36) | $ 147 | $ (190) |
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 ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 230,550 | $ (197,276) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation, depletion and amortization | 234,894 | 207,451 |
Asset retirement obligation accretion | 75,936 | 78,278 |
Changes in operating assets and liabilities: | ||
Accrued revenues receivable | (36,255) | 27,979 |
Receivable from/payable to Apache Corporation | 2,128 | 3,631 |
Accrued operating expenses | (9,441) | (5,800) |
Asset retirement obligation | (268,212) | (1,319) |
Net cash provided by operating activities | 229,600 | 112,944 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Additions to oil and gas properties | (158,445) | (36,113) |
Net cash used in investing activities | (158,445) | (36,113) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Distributions to Managing Partner | (46,831) | (16,333) |
Net cash used in financing activities | (46,831) | (16,333) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 24,324 | 60,498 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 5,117,485 | 5,035,668 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 5,141,809 | $ 5,096,166 |
CONSOLIDATED BALANCE SHEET (Una
CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,141,809 | $ 5,117,485 |
Accrued revenues receivable | 129,136 | 92,881 |
Total Current Assets | 5,270,945 | 5,210,366 |
OIL AND GAS PROPERTIES, on the basis of full cost accounting: | ||
Proved properties | 195,327,296 | 195,005,011 |
Less – Accumulated depreciation, depletion and amortization | (191,132,750) | (190,897,856) |
Total oil and gas properties, on the basis of full cost accounting | 4,194,546 | 4,107,155 |
Total Assets | 9,465,491 | 9,317,521 |
CURRENT LIABILITIES: | ||
Payable to Apache Corporation | 5,529 | 3,401 |
Asset retirement obligation | 479,249 | 544,939 |
Accrued operating expenses | 91,414 | 100,855 |
Accrued development costs | 87,892 | 141,373 |
Total Current Liabilities | 664,084 | 790,568 |
ASSET RETIREMENT OBLIGATION | 1,335,063 | 1,244,328 |
PARTNERS' CAPITAL: | ||
Managing Partner | 453,572 | 419,576 |
Investing Partners (1,021.5 units outstanding) | 7,012,772 | 6,863,049 |
Total Partners' Capital | 7,466,344 | 7,282,625 |
Total liabilities and partners' capital | $ 9,465,491 | $ 9,317,521 |
CONSOLIDATED BALANCE SHEET (U_2
CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Investing Partners, units outstanding | 1,021.5 | 1,021.5 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 , which contains a summary of the Partnership’s significant accounting policies and other disclosures. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES As of September 30, 2018 , 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, 2017 , with the exception of Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (Topic 606)” (see “Revenue Recognition” 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, 2017 . 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 third quarter and first nine months of 2018 and 2017. Revenue Recognition On January 1, 2018, the Partnership adopted Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (ASC 606),” using the modified retrospective method. The Partnership elected to evaluate all contracts at the date of initial application. There was no impact to the opening balance of retained earnings as a result of the adoption, and the new standard is not anticipated to impact the Partnership’s net earnings on an ongoing basis. 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 nine months ended September 30, 2018 , revenues from customers totaled $383,112 and $1,094,632 , 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 production. 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. Receivables from contracts with customers, net of allowance for doubtful accounts, totaled $129,136 and $92,881 as of September 30, 2018 , and December 31, 2017 , respectively. 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 three and nine months ended September 30, 2018 and 2017: For the Quarter Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Oil $ 340,907 $ 203,243 $ 978,408 $ 592,870 Gas 29,635 31,005 84,969 119,552 NGLs 12,570 5,265 31,255 10,982 Total Oil and Gas Revenue $ 383,112 $ 239,513 $ 1,094,632 $ 723,404 Practical Expedients and Exemptions The Partnership does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or contracts for which variable consideration is allocated entirely to a wholly unsatisfied performance obligation. The Partnership will utilize the practical expedient to expense incremental costs of obtaining a contract if the expected amortization period is one year or less. Costs to obtain a contract with expected amortization periods of greater than one year will be recorded as an asset and will be recognized in accordance with ASC 340, “Other Assets and Deferred Costs.” Currently, the Partnership does not have contract assets related to incremental costs to obtain a contract. New Pronouncements Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted; however, the Partnership does not intend to early adopt. In January 2018, the FASB issued 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. In July 2018, the FASB issued 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 Partnership intends to elect both transitional practical expedients. The Partnership does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. |
RECEIVABLE FROM _ PAYABLE TO AP
RECEIVABLE FROM / PAYABLE TO APACHE CORPORATION | 9 Months Ended |
Sep. 30, 2018 | |
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. |
RIGHT OF PRESENTMENT
RIGHT OF PRESENTMENT | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
RIGHT OF PRESENTMENT | RIGHT OF PRESENTMENT As provided in the Partnership Agreement, as amended (the “Amended Partnership Agreement”), a first right of presentment valuation was computed during the first quarter of 2018 . The per-unit value was determined to be $10,342 based on the valuation date of December 31, 2017 . A second right of presentment valuation was computed during October 2018, and the per-unit value was determined to be $9,752 based on a valuation date of June 30, 2018. The Partnership did not repurchase any Investing Partner Units (Units) during the first nine months of 2018 , and is not expected to purchase any Units in the fourth quarter of 2018. The per-unit right of presentment value computed during the first quarter of 2017 was determined to be $9,242 based on the valuation date of December 31, 2016 , and the second per-unit right of presentment in 2017 was $8,794 based on a valuation date of June 30, 2017. The Partnership also did not repurchase any Units during the first nine months of 2017 . Pursuant to the Amended Partnership Agreement, the Partnership has no obligation to purchase any Units presented to the extent it determines that it has insufficient funds for such purchases. |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 9 Months Ended |
Sep. 30, 2018 | |
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 nine months of 2018 : Asset retirement obligation at December 31, 2017 $ 1,789,267 Accretion expense 75,936 Liabilities settled (356,106 ) Revisions in estimated liabilities 305,215 Asset retirement obligation at September 30, 2018 1,814,312 Less current portion (479,249 ) Asset retirement obligation, long-term $ 1,335,063 Decommissioning and abandonment activity has begun as a result of the 2018 lease expiration at Ship Shoal 258/259, and is expected to be completed within the next two years. The operator has experienced challenges related to the plugging of the wells at Ship Shoal 258/259, and the Partnership has revised the field’s estimated abandonment obligation based on projected costs and current accumulated costs as of September 30, 2018. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017 , 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 nine months ended September 30, 2018 and 2017 . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2017 . 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. |
Revenue Recognition | Revenue Recognition On January 1, 2018, the Partnership adopted Accounting Standards Update (ASU) 2014-09, “Revenue from Contracts with Customers (ASC 606),” using the modified retrospective method. The Partnership elected to evaluate all contracts at the date of initial application. There was no impact to the opening balance of retained earnings as a result of the adoption, and the new standard is not anticipated to impact the Partnership’s net earnings on an ongoing basis. 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 nine months ended September 30, 2018 , revenues from customers totaled $383,112 and $1,094,632 , 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 production. 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. Receivables from contracts with customers, net of allowance for doubtful accounts, totaled $129,136 and $92,881 as of September 30, 2018 , and December 31, 2017 , respectively. 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 three and nine months ended September 30, 2018 and 2017: For the Quarter Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Oil $ 340,907 $ 203,243 $ 978,408 $ 592,870 Gas 29,635 31,005 84,969 119,552 NGLs 12,570 5,265 31,255 10,982 Total Oil and Gas Revenue $ 383,112 $ 239,513 $ 1,094,632 $ 723,404 |
New Pronouncements Issued But Not Yet Adopted | New Pronouncements Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842),” requiring lessees to recognize lease assets and lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning after December 15, 2018. Early adoption is permitted; however, the Partnership does not intend to early adopt. In January 2018, the FASB issued 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. In July 2018, the FASB issued 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 Partnership intends to elect both transitional practical expedients. The Partnership does not expect the adoption of this amendment to have a material impact on its consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | The table below presents the total oil, gas, and NGLs revenues of the Partnership for the three and nine months ended September 30, 2018 and 2017: For the Quarter Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Oil $ 340,907 $ 203,243 $ 978,408 $ 592,870 Gas 29,635 31,005 84,969 119,552 NGLs 12,570 5,265 31,255 10,982 Total Oil and Gas Revenue $ 383,112 $ 239,513 $ 1,094,632 $ 723,404 |
ASSET RETIREMENT OBLIGATIONS (T
ASSET RETIREMENT OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 nine months of 2018 : Asset retirement obligation at December 31, 2017 $ 1,789,267 Accretion expense 75,936 Liabilities settled (356,106 ) Revisions in estimated liabilities 305,215 Asset retirement obligation at September 30, 2018 1,814,312 Less current portion (479,249 ) Asset retirement obligation, long-term $ 1,335,063 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||||
Impairment of oil and gas properties | $ 0 | $ 0 | $ 0 | $ 0 | |
Disaggregation of Revenue [Line Items] | |||||
Oil and gas sales | 383,112 | 239,513 | 1,094,632 | 723,404 | |
Receivables from contracts with customers | 129,136 | 129,136 | $ 92,881 | ||
Oil | |||||
Disaggregation of Revenue [Line Items] | |||||
Oil and gas sales | 340,907 | 203,243 | 978,408 | 592,870 | |
Gas | |||||
Disaggregation of Revenue [Line Items] | |||||
Oil and gas sales | 29,635 | 31,005 | 84,969 | 119,552 | |
NGLs | |||||
Disaggregation of Revenue [Line Items] | |||||
Oil and gas sales | $ 12,570 | $ 5,265 | $ 31,255 | $ 10,982 |
RIGHT OF PRESENTMENT (Detail)
RIGHT OF PRESENTMENT (Detail) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Equity [Abstract] | ||||
Investing partner units value per unit | $ 9,752 | $ 10,342 | $ 8,794 | $ 9,242 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, beginning balance | $ 1,789,267 | ||||
Accretion expense | $ 23,050 | $ 26,473 | 75,936 | $ 78,278 | |
Liabilities settled | (356,106) | ||||
Revisions in estimated liabilities | 305,215 | ||||
Asset retirement obligation, ending balance | 1,814,312 | 1,814,312 | |||
Less current portion | (479,249) | (479,249) | $ (544,939) | ||
Asset retirement obligation, long-term | $ 1,335,063 | $ 1,335,063 | $ 1,244,328 |