v3.22.2.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities    
Net income (loss) $ 124,142,356 $ (20,789,318)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 34,854,993 26,693,808
Asset retirement obligation accretion 617,685 560,662
Amortization of deferred financing costs 1,483,621 496,533
Share-based compensation 4,964,188 1,484,730
Deferred income tax expense (benefit) 5,830,008 141,943
Loss on derivative contracts 2,201,970 73,586,199
Cash (paid) for derivative settlements, net (48,593,882) (33,278,132)
Changes in assets and liabilities:    
Accounts receivable (21,300,907) (5,017,078)
Prepaid expenses and other assets (2,308,540) (902,692)
Accounts payable 33,992,075 8,329,563
Settlement of asset retirement obligation (2,548,344) (1,782,779)
Net Cash Provided by (Used In) Operating Activities 133,335,223 49,523,439
Cash Flows From Investing Activities    
Payments for the Stronghold Acquisition (183,359,626)  
Payments to purchase oil and natural gas properties (1,211,691) (579,156)
Payments to develop oil and natural gas properties (83,776,050) (34,680,935)
Purchase of fixed assets subject to depreciation (158,598) (609,633)
Sale of fixed assets subject to depreciation 134,600  
Proceeds from divestiture of oil and natural gas properties 25,066 2,000,000
Net Cash Provided by (Used in) Investing Activities (268,346,299) (33,869,724)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 592,000,000 34,400,000
Payments on revolving line of credit (447,000,000) (52,400,000)
Proceeds from issuance of common stock and warrants 7,563,126 241,269
Payments to cover tax withholdings for restricted stock vested (264,484)  
Proceeds from notes payable 1,245,303 1,233,138
Payments on notes payable (954,082) (375,987)
Payment of deferred financing costs (18,762,502) (76,887)
Reduction of financing lease liabilities (334,034) (206,936)
Net Cash Provided by (Used in) Financing Activities 133,493,327 (17,185,403)
Net Change in Cash (1,517,749) (1,531,688)
Cash at Beginning of Period 2,408,316 3,578,634
Cash at End of Period 890,567 2,046,946
Supplemental Cash Flow Information    
Cash paid for interest 12,371,753 10,622,077
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 218,082 160,285
Asset retirement obligation acquired 14,538,550 662,704
Asset retirement obligation revisions   153,475
Asset retirement obligation sold   (2,934,126)
Capitalized expenditures attributable to drilling projects financed through current liabilities 13,233,975 5,921,816
Operating lease assets obtained in exchange for new operating lease liability   839,536
Operating lease asset revision   $ (621,636)
Investing Activities - Cash Paid    
Cash paid by bank to Stronghold on closing 121,392,455  
Deposit in escrow 46,500,000  
Direct transaction costs 9,162,143  
Cash paid for realized August oil derivative losses 1,777,925  
Cash paid for inventory and fixed assets acquired 4,527,103  
Payments for the Stronghold Acquisition 183,359,626  
Investing Activities - Noncash    
Assumption of suspense liability 1,651,596  
Assumption of derivative liabilities 24,784,406  
Assumption of asset retirement obligation 14,538,550  
Deferred cash payment at fair value 14,511,688  
Financing Activities - Noncash    
Common stock issued for acquisition 69,141,555  
Convertible preferred stock issued for acquisition $ 137,858,446  

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