Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current Assets    
Cash and cash equivalents $ 3,578,634 $ 10,004,622
Accounts receivable 14,997,979 22,909,195
Joint interest billing receivable 1,327,262 1,812,469
Derivative receivable 499,906  
Prepaid expenses and retainers 396,109 3,982,255
Total Current Assets 20,799,890 38,708,541
Properties and Equipment    
Oil and natural gas properties subject to amortization 836,514,815 1,083,966,135
Financing lease asset subject to depreciation 858,513 858,513
Fixed assets subject to depreciation 1,520,890 1,465,551
Total Properties and Equipment 838,894,218 1,086,290,199
Accumulated depreciation, depletion and amortization (200,111,658) (157,074,044)
Net Properties and Equipment 638,782,560 929,216,155
Operating lease asset 1,494,399 1,867,044
Deferred Financing Costs 2,379,348 3,214,408
Total Assets 663,456,197 973,006,148
Current Liabilities    
Accounts payable 32,500,081 54,635,602
Financing lease liability 295,311 280,970
Operating lease liability 859,017 1,175,904
Derivative liabilities 3,287,328 3,000,078
Total Current Liabilities 36,941,737 59,092,554
Deferred income taxes 0 6,001,176
Revolving line of credit 313,000,000 366,500,000
Financing lease liability, less current portion 126,857 424,126
Operating lease liability, less current portion 635,382 691,140
Derivative liabilities 869,273  
Asset retirement obligations 17,117,135 16,787,219
Total Liabilities 368,690,384 449,496,215
Stockholders' Equity    
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding 0 0
Common stock - $0.001 par value; 150,000,000 shares authorized; 85,568,287 shares and 67,993,797 shares issued and outstanding, respectively 85,568 67,994
Additional paid-in capital 550,951,415 526,301,281
Accumulated deficit (256,271,170) (2,859,342)
Total Stockholders' Equity 294,765,813 523,509,933
Total Liabilities and Stockholders' Equity $ 663,456,197 $ 973,006,148