Annual report pursuant to Section 13 and 15(d)

Lease Commitments

v3.20.4
Lease Commitments
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease Commitments Lease CommitmentsAs of December 31, 2020 and 2019, we have recorded right-of-use assets of $2.5 million and $3.1 million, respectively, and lease liabilities for $2.8 million and $3.4 million, respectively, primarily related to operating leases in connection with our administrative offices located in Dallas and Midland, Texas. The office lease agreements require monthly rent payments and expire in December 2025 and August 2022, respectively. Operating lease expense is recognized on a straight-line basis over the lease term. Operating lease cost for the years ended December 31, 2020 and 2019 was $0.7 million.
Future minimum lease payments were as follows as of December 31, 2020 (in thousands):

Year ending December 31, Amount
2021 $ 796 
2022 697 
2023 537 
2024 551 
2025 516 
Total lease payments 3,097 
Less: imputed interest (276)
Total operating lease liabilities $ 2,821 
 
Rent expense for these lease agreements amounted to approximately $0.8 million, $0.7 million and $0.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.