v3.21.2
CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
CONDENSED STATEMENTS OF OPERATIONS        
Oil and Natural Gas Revenues $ 47,760,102 $ 10,636,593 $ 87,262,634 $ 50,206,921
Costs and Operating Expenses        
Lease operating expenses 7,424,488 5,646,330 15,651,063 14,067,717
Gathering, transportation and processing costs 897,166 625,966 1,832,185 1,775,585
Ad valorem taxes 703,775 800,000 1,441,026 1,607,455
Oil and natural gas production taxes 2,198,339 433,760 4,051,101 2,304,005
Depreciation, depletion and amortization 9,275,126 7,338,108 17,383,284 21,021,104
Ceiling test impairment   147,937,943 147,937,943
Asset retirement obligation accretion 184,013 231,367 377,757 463,329
Operating lease expense 84,790 292,207 356,307 581,258
General and administrative expense 3,757,152 4,176,609 6,670,143 7,212,504
Total Costs and Operating Expenses 24,524,849 167,482,290 47,762,866 196,970,900
Income (Loss) from Operations 23,235,253 (156,845,697) 39,499,768 (146,763,979)
Other Income (Expense)        
Interest income 1 1 1 6
Interest (expense) (3,654,529) (4,253,040) (7,396,498) (8,501,538)
Gain (loss) on derivative contracts (35,277,240) (13,017,962) (66,865,879) 37,402,847
Net Other Income (Expense) (38,931,768) (17,271,001) (74,262,376) 28,901,315
Income (Loss) Before Provision for Income Taxes (15,696,515) (174,116,698) (34,762,608) (117,862,664)
Benefit from (Provision for) Income Taxes (190,644) 39,116,632 (190,644) 26,666,716
Net Income (Loss) $ (15,887,159) $ (135,000,066) $ (34,953,252) $ (91,195,948)
Basic Earnings (Loss) per share $ (0.16) $ (1.99) $ (0.35) $ (1.34)
Diluted Earnings (Loss) per share $ (0.16) $ (1.99) $ (0.35) $ (1.34)

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