v3.22.2.2
CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current Assets    
Cash and cash equivalents $ 890,567 $ 2,408,316
Accounts receivable 45,864,400 24,026,807
Joint interest billing receivable 1,897,125 2,433,811
Derivative assets 13,322,013  
Prepaid expenses and other assets 3,246,569 938,029
Total Current Assets 65,220,674 29,806,963
Properties and Equipment    
Oil and natural gas properties, full cost method 1,418,931,111 883,844,745
Financing lease asset subject to depreciation 2,067,375 1,422,487
Fixed assets subject to depreciation 2,985,778 2,089,722
Total Properties and Equipment 1,423,984,264 887,356,954
Accumulated depreciation, depletion and amortization (269,541,416) (235,997,307)
Net Properties and Equipment 1,154,442,848 651,359,647
Operating lease asset 1,071,482 1,277,253
Derivative assets 11,545,982  
Deferred financing costs 19,029,907 1,713,466
Total Assets 1,251,310,893 684,157,329
Current Liabilities    
Accounts payable 86,822,997 46,233,452
Income tax liability 36,736  
Financing lease liability 406,890 316,514
Operating lease liability 306,715 290,766
Derivative liabilities 23,767,689 29,241,588
Notes payable 877,631 586,410
Deferred cash payment 14,511,687  
Total Current Liabilities 126,730,345 76,668,730
Noncurrent Liabilities    
Deferred income taxes 5,920,300 90,292
Revolving line of credit 435,000,000 290,000,000
Financing lease liability, less current portion 564,205 343,727
Operating lease liability, less current portion 905,524 1,138,319
Derivative liabilities 8,734,388  
Asset retirement obligations 29,426,737 15,292,054
Total Liabilities 607,281,499 383,533,122
Mezzanine Equity    
Convertible preferred stock - $0.001 par value; 153,176 shares outstanding 137,858,446  
Stockholders' Equity    
Preferred stock - $0.001 par value; 50,000,000 shares authorized; 153,176 shares issued or outstanding
Common stock - $0.001 par value; 225,000,000 shares authorized; 131,586,927 shares and 100,192,562 shares issued and outstanding, respectively 131,587 100,193
Additional paid-in capital 634,845,283 553,472,292
Accumulated deficit (128,805,922) (252,948,278)
Total Stockholders' Equity 506,170,948 300,624,207
Total Liabilities, Mezannine Equity and Stockholders' Equity $ 1,251,310,893 $ 684,157,329

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