v3.22.2
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities    
Net income (loss) $ 49,056,465 $ (34,953,252)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 20,530,490 17,383,284
Asset retirement obligation accretion 374,545 377,757
Amortization of deferred financing costs 388,548 330,251
Share-based compensation 3,421,155 707,269
Deferred income tax expense (benefit) 1,550,961 (1,744,175)
Excess tax expense (benefit) related to share-based compensation 0 1,934,819
Loss on derivative contracts 35,053,159 66,865,879
Cash (paid) for derivative settlements, net (33,732,766) (18,357,124)
Changes in assets and liabilities:    
Accounts receivable (14,393,828) (6,673,307)
Prepaid expenses and other assets (2,267,717) (1,181,562)
Accounts payable 6,847,979 8,659,118
Settlement of asset retirement obligation (1,666,576) (1,338,277)
Net Cash Provided by Operating Activities 65,162,415 32,010,680
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (743,851) (437,688)
Payments to develop oil and natural gas properties (49,654,172) (22,723,018)
Purchase of fixed assets subject to depreciation (91,760) (60,903)
Sale of fixed assets subject to depreciation 134,600 0
Proceeds from divestiture of oil and natural gas properties 25,066 2,000,000
Net Cash (Used in) Investing Activities (50,330,117) (21,221,609)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 50,500,000 19,900,000
Payments on revolving line of credit (70,500,000) (32,400,000)
Proceeds from issuance of common stock and warrants 5,163,126 241,269
Payments to cover tax withholdings (257,694) 0
Proceeds from notes payable 928,626 909,467
Payments on notes payable (620,741) (151,317)
Payment of deferred financing costs 0 (76,887)
Reduction of financing lease liabilities (230,642) (119,995)
Net Cash (Used in) Financing Activities (15,017,325) (11,697,463)
Net Change in Cash (185,027) (908,392)
Cash at Beginning of Period 2,408,316 3,578,634
Cash at End of Period 2,223,289 2,670,242
Supplemental Cash Flow Information    
Cash paid for interest 6,228,393 7,202,818
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 122,206 48,662
Asset retirement obligation acquired 0 662,705
Asset retirement obligation revisions 0 153,475
Asset retirement obligation sold 0 (2,934,126)
Capitalized expenditures attributable to drilling projects financed through current liabilities 11,181,178 4,460,973
Operating lease assets obtained in exchange for new operating lease liability 0 839,536
Operating lease asset revision $ 0 $ (621,636)

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