Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows From Operating Activities      
Net income (loss) $ (253,411,828) $ 29,496,551 $ 8,999,760
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 43,010,660 56,204,269 39,024,886
Ceiling test impairment 277,501,943 0 14,172,309
Accretion expense 906,616 943,707 606,459
Amortization of deferred financing costs 1,190,109 991,310 0
Stock-based compensation 5,364,162 3,082,625 3,870,934
Shares issued for services 23,800 0 0
Deferred income tax expense (3,975,170) 9,500,517 2,537,837
Excess tax expense (benefit) related to stock-based compensation (2,026,006) 3,855,389 907,884
Adjustment to deferred tax asset for change in effective tax rate 0 431,748 0
Change in fair value of derivative instruments 1,156,523 3,000,078 (3,968,286)
Changes in assets and liabilities:      
Accounts receivable 7,896,517 (10,035,648) 666,283
Prepaid expenses and retainers 3,586,146 (1,878,667) (318,190)
Accounts payable (8,380,594) 12,320,308 4,435,269
Settlement of asset retirement obligation (683,623) (1,295,966) (577,824)
Net Cash Provided by Operating Activities 72,159,255 106,616,221 70,357,321
Cash Flows From Investing Activities      
Payments for the Wishbone Acquisition 0 (276,061,594) 0
Payments to purchase oil and natural gas properties (1,317,313) (3,400,411) (4,656,484)
Proceeds from divestiture of oil and natural gas properties 0 8,547,074 0
Payments to develop oil and natural gas properties (42,457,745) (152,125,320) (198,870,366)
Proceeds from disposal of fixed assets subject to depreciation 0 0 105,536
Purchase of fixed assets subject to depreciation (55,339) 0 0
Net Cash Used in Investing Activities (43,830,397) (423,040,251) (203,421,314)
Cash Flows From Financing Activities      
Proceeds from revolving line of credit 26,500,000 327,000,000 39,500,000
Payments on revolving line of credit (80,000,000) 0 0
Proceeds from issuance of common stock and warrants 19,383,131 0 81,821,138
Proceeds from option exercise 0 0 100,000
Payment of deferred financing costs (355,049) (3,781,657) 0
Reduction of financing lease liabilities (282,928) (153,417) 0
Net Cash Provided by (Used in) Financing Activities (34,754,846) 323,064,926 121,421,138
Net Increase (Decrease) in Cash (6,425,988) 6,640,896 (11,642,855)
Cash at Beginning of Period 10,004,622 3,363,726 3,363,726
Cash at End of Period 3,578,634 10,004,622 3,363,726
Supplemental Cash Flow Information      
Cash paid for interest 16,911,344 10,364,313 323,916
Noncash Investing and Financing Activities      
Asset retirement obligation incurred during development 99,436 631,727 1,311,956
Asset retirement obligation acquired 0 39,701 2,571,549
Asset retirement obligation revision of estimate 34,441   87,960
Operating lease assets obtained in exchange for new operating lease liability 823,727 2,319,185 0
Financing lease assets obtained in exchange for new financing lease liability 0 858,513 0
Prepaid asset settled in divestiture of oil and natural gas properties 0 1,019,876 0
Oil and gas assets and properties acquired through stock issuance 0 0 11,204,258
Stock issued in property acquisition returned in final settlement 103,385 0 0
Capitalized expenditures attributable to drilling projects financed through current liabilities 1,415,073 15,170,000 26,000,000
Supplemental Schedule of Investing Activities Wishbone Acquisition      
Assumption of joint interest billing receivable 0 1,464,394 0
Assumption of prepaid assets 0 2,864,554 0
Assumption of accounts and revenue payables 0 (1,234,861) 0
Asset retirement obligation incurred through acquisition 0 (3,705,941) 0
Common stock issued as partial consideration in acquisition 0 (28,331,327) 0
Oil and gas properties subject to amortization 0 305,004,775 0
Cash paid $ 0 $ 276,061,594 $ 0