During 2020, 2019 and 2018, we had proceeds from drawdowns on our Credit Facility of $26,500,000, $327,000,000, and $39,500,000, respectively. We primarily used this cash to fund our capital expenditures and development aggregating $678,889,233 over the three years ended December 31, 2020. Additionally, during 2020 we used $80,000,000 to reduce the outstanding balance on our Credit Facility. As of December 31, 2020, we had cash on hand of $3,578,634 and negative working capital of $16,141,847, as compared to cash on hand of $10,004,622 and negative working capital of $20,384,013 as of December 31, 2019 and cash on hand of $3,363,726 and negative working capital of $35,066,175 as of December 31, 2018.
Contractual Obligations. The Company maintains a Credit Facility which currently has a $350 million borrowing base. The outstanding balance on that Credit Facility as of December 31, 2020 is $313 million, which will require repayment or refinancing at or prior maturity in April 2024.
The Company leases office space in Midland, Texas. The Midland office is under a five-year lease beginning January 1, 2021 with monthly rent payments of $12,000 through December 2023 and $13,000 per month from January 2024 through December 2025. All other office space as of December 31, 2020 is month to month and will be discontinued during 2021.
The Company leases office equipment in our Midland office. These leases are month-to-month but we anticipate continuing to lease this equipment through the term of the Midland office lease. Payments for this equipment aggregate $711 per month.
The Company also leases field equipment for the operation of our wells. These leases are on a month-to-month basis but we anticipate continuing to lease the equipment until the end of its useful life. The current anticipated useful life of this equipment varies from December 2020 through December 2023. Total payments under these leases are anticipated to be $815,960 through December 2023.
The Company has financing leases for vehicles with varying maturity dates from November 2021 through July 2022. At the end of the term of these leases, the Company will own the vehicles. Future lease payments through July 2022 aggregate $443,705.
Subsequent Events
The Company entered into a Sublease Agreement dated January 15, 2021, covering approximately 15,728 square feet at 1725 Hughes Landing Blvd, Suite 900, The Woodlands, TX 77380. The sublease term will run until July 31, 2026.
The Company entered into a Purchase, Sale and Exchange Agreement dated February 1, 2021, effective January 1, 2021, with Vin Fisher Operating, Inc. covering the sale and exchange of certain oil and gas interests in Andrews County, Texas. After the sale and transfer of wells and leases between the two parties, the Company also received a net value consideration in cash of $2,000,000. The deal greatly reduces the Company’s plug and abandonment obligation costs and also allows the Company to acquire new leasehold for the future drilling of additional horizontal wells.
Subsequent to December 31, 2020, the remaining 13,428,500 pre-funded warrants and 184,800 of the Common Warrants issued in the October 2020 offering were exercised. Gross proceeds were $161,269.
Effects of Inflation and Pricing
The oil and natural gas industry is very cyclical and the demand for goods and services of oil field companies, suppliers and others associated with the industry puts extreme pressure on the economic stability and pricing structure within the industry. Typically, as prices for oil and natural gas increase, so do associated costs. Material changes in prices impact the current revenue stream, estimates of future reserves, borrowing base calculations of bank loans and the value of properties in purchase and sale transactions. Material changes in prices can impact the value of oil and natural gas companies and their ability to raise capital, borrow money and retain personnel. We anticipate business costs will vary in accordance with commodity prices for oil and natural gas, and the associated increase or decrease in demand for services related to production and exploration.
Off-Balance Sheet Financing Arrangements
As of December 31, 2020, we had no off-balance sheet financing arrangements.