v3.22.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities    
Net income (loss) $ 7,112,043 $ (19,066,093)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 9,781,287 8,108,158
Asset retirement obligation accretion 188,242 193,744
Amortization of deferred financing costs 199,274 183,027
Share-based compensation 1,521,910 355,494
Deferred income tax expense (benefit) 65,939 (1,792,142)
Excess tax expense (benefit) related to share-based compensation 0 1,792,142
Loss on derivative contracts 27,596,141 31,588,639
Cash (paid) for derivative settlements, net (14,115,501) (5,920,791)
Changes in assets and liabilities:    
Accounts receivable (10,078,098) (5,968,739)
Prepaid expenses and retainers 202,885 165,200
Accounts payable 2,519,011 6,293,506
Settlement of asset retirement obligation (553,368) (244,461)
Net Cash Provided by Operating Activities 24,439,765 15,687,684
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (360,848) (258,970)
Payments to develop oil and natural gas properties (13,860,249) (11,898,939)
Purchase of fixed assets subject to depreciation (10,114) (19,461)
Sale of fixed assets subject to depreciation 8,500 0
Proceeds from divestiture of oil and natural gas properties 0 2,000,000
Net Cash (Used in) Investing Activities (14,222,711) (10,177,370)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 10,000,000 13,000,000
Payments on revolving line of credit (20,000,000) (20,500,000)
Proceeds from issuance of common stock and warrants 0 161,269
Payments on notes payable (367,381) 0
Reduction of financing lease liabilities (118,778) (49,707)
Net Cash (Used in) Financing Activities (10,486,159) (7,388,438)
Net Change in Cash (269,105) (1,878,124)
Cash at Beginning of Period 2,408,316 3,578,634
Cash at End of Period 2,139,211 1,700,510
Supplemental Cash Flow Information    
Cash paid for interest 3,155,943 3,709,232
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development (44,458) (32,206)
Asset retirement obligation acquired   662,705
Asset retirement obligation revisions   153,475
Asset retirement obligation sold (2,934,126) (2,934,126)
Capitalized expenditures attributable to drilling projects financed through current liabilities $ 5,522,595 3,847,599
Operating lease assets obtained in exchange for new operating lease liability   $ 839,536

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