v3.21.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities    
Net income (loss) $ (34,953,252) $ (91,195,948)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 17,383,284 21,021,104
Ceiling test impairment 147,937,943
Accretion expense 377,757 463,329
Amortization of deferred financing costs 330,251 378,165
Share-based Compensation 707,269 1,991,337
Deferred income tax expense (benefit) (1,744,175) (25,048,702)
Excess tax expense (benefit) related to stock-based compensation 1,934,819 (1,618,014)
Change in fair value of derivative contracts 66,865,879 (37,402,847)
Cash received (paid) for derivative settlements, net (18,357,124) 17,087,695
Changes in assets and liabilities:    
Accounts receivable (6,673,307) 15,545,418
Prepaid expenses and retainers (1,181,562) 3,397,860
Accounts payable 8,659,118 (22,050,677)
Settlement of asset retirement obligation (1,338,277) (320,580)
Net Cash Provided by Operating Activities 32,010,680 30,186,083
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (437,688) (1,017,434)
Payments to develop oil and natural gas properties (22,723,018) (30,302,779)
Payments to acquire or improve fixed assets (60,903) 0
Proceeds from divestiture of oil and natural gas properties 2,000,000 0
Net Cash Provided by (Used in) Investing Activities (21,221,609) (31,320,213)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 19,900,000 21,500,000
Payments on revolving line of credit (32,400,000) (13,000,000)
Proceeds from issuance of common stock and warrants 241,269 0
Proceeds from notes payable 909,467 0
Payments on notes payable (151,317) 0
Payment of deferred financing costs (76,887) 0
Reduction of financing lease liabilities (119,995) (140,712)
Net Cash Provided by (Used in) Financing Activities (11,697,463) 8,359,288
Net Change in Cash (908,392) 7,225,158
Cash at Beginning of Period 3,578,634 10,004,622
Cash at End of Period 2,670,242 17,229,780
Supplemental Cash Flow Information    
Cash paid for interest 7,202,818 8,320,562
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 48,662 66,387
Asset retirement obligation acquired 662,705 0
Asset retirement obligation revisions 153,475 0
Asset retirement obligation sold (2,934,126) 0
Capitalized expenditures attributable to drilling projects financed through current liabilities 4,460,973 (1,750,000)
Operating lease assets obtained in exchange for new operating lease liability 839,536 $ 0
Operating lease asset revision $ (621,636)  

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