Annual report pursuant to Section 13 and 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.4
SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Capitalized costs related to the exploration and development of crude oil and natural gas properties Capitalized costs are summarized as follows for the years ended December 31, 2020, 2019 and 2018, respectively:
  December 31,
(In thousands) 2020 2019 2018
Capitalized Certain Payroll and Other Internal Costs $ 1,159  $ 995  $ 882 
Capitalized Interest Costs 556  644  147 
Total $ 1,716  $ 1,638  $ 1,029 
The costs incurred in crude oil and natural gas acquisition, exploration and development activities are highlighted in the table below.

  December 31,
 (In thousands) 2020 2019 2018
Costs Incurred for the Year:
Proved Property Acquisition and Other $ 50,345  $ 375,145  $ 582,697 
Unproved Property Acquisition 770  9,540  4,903 
Development 162,797  369,233  260,945 
Total $ 213,912  $ 753,918  $ 848,545 
The Company is unable to predict the future impact on depletion rates.  The following is a summary of capitalized costs excluded from depletion at December 31, 2020 by year incurred.
  December 31,
(In thousands) 2020 2019 2018 Prior Years
Property Acquisition $ 308  $ 4,302  $ 4,487  $ 934 
Development —    —  — 
Total $ 308  $ 4,302  $ 4,487  $ 934 
Depletion and depletion per BOE sold The following table presents depletion and depletion per BOE sold of the Company’s proved oil and natural gas properties for the periods presented:
Year Ended December 31,
(In thousands) 2020 2019 2018
Depletion of Proved Oil and Natural Gas Properties $ 160,643  $ 209,050  $ 118,974 
Depletion per BOE Sold $ 13.27  $ 14.84  $ 12.75 
Supplemental cash flow information
The following reflects the Company’s supplemental cash flow information for the years ended December 31, 2020, 2019 and 2018 :

December 31,
(In thousands) 2020 2019 2018
Supplemental Cash Items:
Cash Paid During the Period for Interest $ 55,109  $ 78,596  $ 78,865 
Non-cash Operating Activities:
Contingent Consideration Settlements in Excess of Acquisition-date Liabilities —  21,349  — 
Non-cash Investing Activities:
Oil and Natural Gas Properties Included in Accounts Payable and Accrued Liabilities 88,564  161,743  129,452 
Capitalized Asset Retirement Obligations 710  4,042  2,854 
Contingent Consideration 324  —  32,312 
Compensation Capitalized on Oil and Gas Properties 495  412  369 
Issuance of Common Stock - Acquisitions of Oil and Natural Gas Properties 1,537  11,708  — 
Issuance of Unsecured VEN Bakken Note —  128,660  — 
Non-cash Financing Activities:
Issuance of 8.50% Second Lien Notes due 2023
—  —  344,279 
Issuance of Common Stock - fair value at issuance date —  —  326,783 
Issuance of Preferred Stock in Exchange for 8.5% Second Lien Notes due 2023
81,212  75,000  — 
Debt Exchange Derivative Liability - fair value at issuance date —  —  19,354 
Issuance of 8.50% Second Lien Notes due 2023 - PIK Interest
—  3,480  — 
Issuance of Common Stock for 2L Notes Repurchase 37,169  —  — 
Issuance of Common Stock for Preferred Stock Exchange 1,113  —  — 
Debt Exchange Derivative Liability Settlements —  15,749  — 
Contingent Consideration Settlements —  17,822  — 
8.00% Unsecured Senior Notes due 2020 - carrying value
—  —  (590,041)