v3.22.1
CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current Assets    
Cash and cash equivalents $ 2,139,211 $ 2,408,316
Accounts receivable 35,249,566 24,026,807
Joint interest billing receivable 1,285,459 2,433,811
Prepaid expenses and retainers 735,144 938,029
Total Current Assets 39,409,380 29,806,963
Properties and Equipment    
Oil and natural gas properties, full cost method 903,632,896 883,844,745
Financing lease asset subject to depreciation 1,422,487 1,422,487
Fixed assets subject to depreciation 2,089,163 2,089,722
Total Properties and Equipment 907,144,546 887,356,954
Accumulated depreciation, depletion and amortization (245,223,053) (235,997,307)
Net Properties and Equipment 661,921,493 651,359,647
Operating lease asset 1,209,473 1,277,253
Deferred financing costs 1,514,192 1,713,466
Total Assets 704,054,538 684,157,329
Current Liabilities    
Accounts payable 54,262,245 46,233,452
State current income tax expense 12,813  
Financing lease liability 247,848 316,514
Operating lease liability 296,023 290,766
Derivative liabilities 42,722,228 29,241,588
Notes payable 219,029 586,410
Total Current Liabilities 97,760,186 76,668,730
Noncurrent Liabilities    
Deferred income taxes 156,231 90,292
Revolving line of credit 280,000,000 290,000,000
Financing lease liability, less current portion 293,615 343,727
Operating lease liability, less current portion 1,061,591 1,138,319
Asset retirement obligations 15,524,755 15,292,054
Total Liabilities 394,796,378 383,533,122
Stockholders' Equity    
Common stock - $0.001 par value; 225,000,000 shares authorized; 100,192,562 shares and 100,192,562 shares issued and outstanding, respectively 100,193 100,193
Additional paid-in capital 554,994,202 553,472,292
Accumulated deficit (245,836,235) (252,948,278)
Total Stockholders' Equity 309,258,160 300,624,207
Total Liabilities and Stockholders' Equity $ 704,054,538 $ 684,157,329

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