0001673379-21-000020 | 10-Q | XBRL Viewer | Apache Offshore Investment Partnership

Cover	6 Months Ended
Cover	Jun. 30, 2021 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000727538
Current Fiscal Year End Date	--12-31

STATEMENT OF CONSOLIDATED OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES:
Oil and gas sales	$ 209,890	$ 93,071	$ 469,777	$ 324,565
Interest income	106	5,240	218	23,312
Total Revenues	209,996	98,311	469,995	347,877
EXPENSES:
Depreciation, depletion and amortization	63,452	31,435	162,914	95,823
Asset retirement obligation accretion	13,628	14,688	26,217	26,524
Lease operating expenses	109,017	99,027	244,074	206,923
Gathering and transportation costs	2,646	3,711	6,892	8,680
Administrative	72,480	78,216	144,965	160,350
Total Expenses	261,223	227,077	585,062	498,300
NET LOSS	(51,227)	(128,766)	(115,067)	(150,423)
NET INCOME (LOSS) ALLOCATED TO:
Managing Partner	53	(20,444)	2,552	(16,648)
Investing Partners	(51,280)	(108,322)	(117,619)	(133,775)
NET LOSS	$ (51,227)	$ (128,766)	$ (115,067)	$ (150,423)
NET LOSS PER INVESTING PARTNER UNIT (in USD per share)	$ (50)	$ (106)	$ (115)	$ (131)
WEIGHTED AVERAGE INVESTING PARTNER UNITS OUTSTANDING (in shares)	1,021.5	1,021.5	1,021.5	1,021.5

STATEMENT OF CONSOLIDATED CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (51,227)	$ (128,766)	$ (115,067)	$ (150,423)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	63,452	31,435	162,914	95,823
Asset retirement obligation accretion	13,628	14,688	26,217	26,524
Changes in operating assets and liabilities:
Accrued receivables			41,588	41,780
Receivable from/payable to Apache Corporation			6,352	(7,764)
Accrued operating expenses			(11,064)	(2,472)
Asset retirement obligations			(22,110)	(427,638)
Net cash provided by (used in) operating activities			88,830	(424,170)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments to Explore and Develop Oil and Gas Properties			0	8
Net cash used in investing activities			0	(8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions from (distributions to) Managing Partner			(18,662)	45,179
Net cash provided by (used in) financing activities			(18,662)	45,179
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			70,168	(378,999)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR			4,515,466	5,020,432
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 4,585,634	$ 4,641,433	$ 4,585,634	$ 4,641,433

CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 4,585,634	$ 4,515,466
Accrued revenues receivable	54,002	95,590
Receivable from Apache Corporation	0	4,830
Total Current Assets	4,639,636	4,615,886
OIL AND GAS PROPERTIES, on the basis of full cost accounting:
Proved properties	195,727,413	195,727,413
Less – Accumulated depreciation, depletion and amortization	(191,822,174)	(191,659,260)
Total oil and gas properties, on the basis of full cost accounting	3,905,239	4,068,153
Total Assets	8,544,875	8,684,039
CURRENT LIABILITIES:
Payable to Apache Corporation	1,522	0
Asset retirement obligation	505,184	526,440
Accrued operating expenses	64,784	75,848
Total Current Liabilities	571,490	602,288
ASSET RETIREMENT OBLIGATION	883,447	858,084
PARTNERS’ CAPITAL:
Managing Partner	507,297	523,407
Investing Partners (1,021.5 units outstanding)	6,582,641	6,700,260
Total Partners' Capital	7,089,938	7,223,667
Total liabilities and partners' capital	$ 8,544,875	$ 8,684,039

CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Investing partners, units outstanding (in shares)	1,021.5	1,021.5

STATEMENT OF CONSOLIDATED CHANGES IN PARTNERS' CAPITAL (Unaudited) - USD ($)	Total	Managing Partner	Investing Partners
BALANCE BEGINNING at Dec. 31, 2019	$ 7,489,024	$ 491,608	$ 6,997,416
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions	45,179	45,179
Net income (loss)	(150,423)	(16,648)	(133,775)
BALANCE ENDING at Jun. 30, 2020	7,383,780	520,139	6,863,641
BALANCE BEGINNING at Mar. 31, 2020	7,480,222	508,259	6,971,963
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions	32,324	32,324
Net income (loss)	(128,766)	(20,444)	(108,322)
BALANCE ENDING at Jun. 30, 2020	7,383,780	520,139	6,863,641
BALANCE BEGINNING at Dec. 31, 2020	7,223,667	523,407	6,700,260
Increase (Decrease) in Partners' Capital [Roll Forward]
Distributions	(18,662)	(18,662)
Net income (loss)	(115,067)	2,552	(117,619)
BALANCE ENDING at Jun. 30, 2021	7,089,938	507,297	6,582,641
BALANCE BEGINNING at Mar. 31, 2021	7,154,945	521,024	6,633,921
Increase (Decrease) in Partners' Capital [Roll Forward]
Distributions	(13,780)	(13,780)
Net income (loss)	(51,227)	53	(51,280)
BALANCE ENDING at Jun. 30, 2021	$ 7,089,938	$ 507,297	$ 6,582,641

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2021

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. 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, 2020, which contains a summary of the Partnership’s significant accounting policies and other disclosures.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As of June 30, 2021, 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, 2020.

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 (Unaudited) to the consolidated financial statements contained in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.

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 2021 and 2020.

Revenue Recognition

There have been no significant changes to the Partnership’s contracts with customers during the quarter and six months ended June 30, 2021. The Partnership generates revenue from its contracts with customers from the sale of its crude oil, natural gas, and NGL production volumes. Under these short-term commodity sales contracts, the physical delivery of each unit of quantity represents a single, distinct performance obligation on behalf of the Partnership. Contract prices are determined based on market-indexed prices, adjusted for quality, transportation, and other market-reflective differentials. Revenue is measured by allocating an entirely variable market price to each performance obligation and recognized at a point in time when control is 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, and the Partnership’s right to payment. Control typically transfers to customers upon the physical delivery at specified locations within each contract and the transfer of title.

The table below presents revenues from contracts with customers disaggregated by product type for the quarter and six months ended June 30, 2021 and 2020:


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Oil	$	177,023	$	78,665	$	402,244	$	283,133
Gas	24,920		12,958		52,520		34,416
NGLs	7,947		1,448		15,013		7,016
Total Oil and Gas Revenue	$	209,890	$	93,071	$	469,777	$	324,565

In accordance with the provisions of Accounting Standards Codification 606, variable market prices for each short-term commodity sale are allocated entirely to each performance obligation as the terms of payment relate specifically to the Partnership’s efforts to satisfy its obligations. As such, the Partnership has elected the practical expedients available under the standard to not disclose the aggregate transaction price allocated to unsatisfied, or partially unsatisfied, performance obligations as of the end of the reporting period. Payment terms under all contracts with customers are typically due and received within a short-term period of one year or less, after physical delivery of the product or service has been rendered.

The Partnership records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers. The carrying value of such receivables 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, 2021, 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 $54,002 and $95,590 as of June 30, 2021 and December 31, 2020, respectively. The Partnership had no allowance for doubtful accounts recorded for any comparative period presented.

RECEIVABLE FROM / PAYABLE TO APACHE CORPORATION	6 Months Ended
RECEIVABLE FROM / PAYABLE TO APACHE CORPORATION	Jun. 30, 2021
Related Party Transactions [Abstract]
RECEIVABLE FROM / PAYABLE TO APACHE CORPORATION	RECEIVABLE FROM / PAYABLE TO APACHE CORPORATIONThe 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

6 Months Ended

Jun. 30, 2021

Asset Retirement Obligation Disclosure [Abstract]

ASSET RETIREMENT OBLIGATIONS

The following table describes the changes to the Partnership’s asset retirement obligation liability for the first six months of 2021:


Asset retirement obligation at December 31, 2020	$	1,384,524
Accretion expense	26,217
Liabilities settled	(22,110)

Asset retirement obligation at June 30, 2021	1,388,631
Less current portion	(505,184)
Asset retirement obligation, long-term	$	883,447

Liabilities settled during the six months ended June 30, 2021 relate to costs for well abandonment and platform removal at Ship Shoal 258/259.

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2021
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, 2021 and December 31, 2020, 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, 2021 and 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT	6 Months Ended
NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT	Jun. 30, 2021
Partners' Capital [Abstract]
NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT	NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT On March 22, 2019, Apache, as the Managing Partner of the Investment Partnership, gave notice 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. Apache has not made a decision as to when it will complete the process to withdraw as Managing Partner. On April 26, 2019, 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. Prior to terminating the right of presentment, the Investment Partnership had not made a repurchase under the right of presentment since 2008.

FINANCIAL CONDITION OF THE OPERATOR OF THE PARTNERSHIP'S PRODUCING LEASE	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
FINANCIAL CONDITION OF THE OPERATOR OF THE PARTNERSHIP’S PRODUCING LEASE	FINANCIAL CONDITION OF THE OPERATOR OF THE PARTNERSHIP’S PRODUCING LEASEOn August 3, 2020, Fieldwood Energy LLC, the current operator of the Partnership’s producing lease, and certain of its affiliated debtors (collectively, “Fieldwood”) filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (Case No. 20-33948). Fieldwood has submitted a plan of reorganization, and the Partnership’s Managing Partner has been engaged in discussions with Fieldwood and other interested parties regarding such plan. The submitted plan will separate Fieldwood’s ownership in and operatorship of the Partnership’s producing lease, together with several of Fieldwood’s other leases, into a standalone company, which will continue to perform Fieldwood’s obligations with respect to the Partnership’s properties. On June 25, 2021, the United States Bankruptcy Court for the Southern District of Texas (Houston Division) entered an order confirming Fieldwood’s plan of reorganization. The reorganization of Fieldwood under the confirmed plan is not expected to have any material adverse effect on the Partnership’s operations.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2021
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 (Unaudited) to the consolidated financial statements contained in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. 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 2021 and 2020.
Revenue Recognition	Revenue Recognition There have been no significant changes to the Partnership’s contracts with customers during the quarter and six months ended June 30, 2021. The Partnership generates revenue from its contracts with customers from the sale of its crude oil, natural gas, and NGL production volumes. Under these short-term commodity sales contracts, the physical delivery of each unit of quantity represents a single, distinct performance obligation on behalf of the Partnership. Contract prices are determined based on market-indexed prices, adjusted for quality, transportation, and other market-reflective differentials. Revenue is measured by allocating an entirely variable market price to each performance obligation and recognized at a point in time when control is 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, and the Partnership’s right to payment. Control typically transfers to customers upon the physical delivery at specified locations within each contract and the transfer of title. In accordance with the provisions of Accounting Standards Codification 606, variable market prices for each short-term commodity sale are allocated entirely to each performance obligation as the terms of payment relate specifically to the Partnership’s efforts to satisfy its obligations. As such, the Partnership has elected the practical expedients available under the standard to not disclose the aggregate transaction price allocated to unsatisfied, or partially unsatisfied, performance obligations as of the end of the reporting period. Payment terms under all contracts with customers are typically due and received within a short-term period of one year or less, after physical delivery of the product or service has been rendered. The Partnership records trade accounts receivable for its unconditional rights to consideration arising under sales contracts with customers. The carrying value of such receivables 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 20
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

The table below presents revenues from contracts with customers disaggregated by product type for the quarter and six months ended June 30, 2021 and 2020:


	For the Quarter Ended June 30,				For the Six Months Ended June 30,
	2021		2020		2021		2020
Oil	$	177,023	$	78,665	$	402,244	$	283,133
Gas	24,920		12,958		52,520		34,416
NGLs	7,947		1,448		15,013		7,016
Total Oil and Gas Revenue	$	209,890	$	93,071	$	469,777	$	324,565

ASSET RETIREMENT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2021

Asset Retirement Obligation Disclosure [Abstract]

Schedule of 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 2021:


Asset retirement obligation at December 31, 2020	$	1,384,524
Accretion expense	26,217
Liabilities settled	(22,110)

Asset retirement obligation at June 30, 2021	1,388,631
Less current portion	(505,184)
Asset retirement obligation, long-term	$	883,447

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 209,890	$ 93,071	$ 469,777	$ 324,565
Oil
Disaggregation of Revenue [Line Items]
Oil and gas sales	177,023	78,665	402,244	283,133
Gas
Disaggregation of Revenue [Line Items]
Oil and gas sales	24,920	12,958	52,520	34,416
NGLs
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 7,947	$ 1,448	$ 15,013	$ 7,016

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Impairment of oil and gas properties	$ 0	$ 0
Receivables from contracts with customers	54,002		$ 95,590
Allowance for doubtful accounts	$ 0		$ 0

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning balance			$ 1,384,524
Accretion expense	$ 13,628	$ 14,688	26,217	$ 26,524
Liabilities settled			(22,110)
Asset retirement obligation, ending balance	1,388,631		1,388,631
Asset retirement obligation	1,388,631		1,388,631		$ 1,384,524
Less current portion	(505,184)		(505,184)		(526,440)
Asset retirement obligation, long-term	$ 883,447		$ 883,447		$ 858,084

NOTICE OF WITHDRAWAL AND RIGHT OF PRESENTMENT (Details)	Mar. 22, 2019
Partners' Capital [Abstract]
Partners' capital, notice of intention to withdrawal, notice period	120 days