Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current Assets    
Cash and cash equivalents $ 1,700,510 $ 3,578,634
Accounts receivable 20,898,591 14,997,979
Joint interest billing receivable 1,358,129 1,327,262
Derivative receivable 581,424 499,906
Prepaid expenses and retainers 230,909 396,109
Total Current Assets 24,769,563 20,799,890
Properties and Equipment    
Oil and natural gas properties subject to amortization 846,954,510 836,514,815
Financing lease asset subject to depreciation 819,789 858,513
Fixed assets subject to depreciation 1,700,460 1,520,890
Total Properties and Equipment 849,474,759 838,894,218
Accumulated depreciation, depletion and amortization (208,174,599) (200,111,658)
Net Properties and Equipment 641,300,160 638,782,560
Operating lease asset 2,079,443 1,494,399
Deferred Financing Costs 2,196,321 2,379,348
Total Assets 670,345,487 663,456,197
Current Liabilities    
Accounts payable 41,386,222 32,500,081
Financing lease liability 283,305 295,311
Operating lease liability 719,825 859,017
Derivative liabilities 24,546,980 3,287,328
Total Current Liabilities 66,936,332 36,941,737
Revolving line of credit 305,500,000 313,000,000
Financing lease liability, less current portion 50,432 126,857
Operating lease liability, less current portion 1,403,876 635,382
Derivative liabilities, non-current 5,277,469 869,273
Asset retirement obligations 15,025,895 17,117,135
Total Liabilities 394,194,004 368,690,384
Stockholders' Equity    
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding
Common stock - $0.001 par value; 150,000,000 shares authorized; 99,275,937 shares and 85,568,287 shares issued and outstanding, respectively 99,276 85,568
Additional paid-in capital 551,389,470 550,951,415
Accumulated deficit (275,337,263) (256,271,170)
Total Stockholders' Equity 276,151,483 294,765,813
Total Liabilities and Stockholders' Equity $ 670,345,487 $ 663,456,197