Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

v3.20.2
CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current Assets    
Cash $ 17,920,817 $ 10,004,622
Accounts receivable 12,489,321 22,909,195
Joint interest billing receivable 653,607 1,812,469
Derivative receivable 1,711,710 0
Derivative asset 9,518,564 0
Prepaid expenses and retainers 498,610 3,982,255
Total Current Assets 42,792,629 38,708,541
Properties and Equipment    
Oil and natural gas properties subject to amortization 953,696,964 1,083,966,135
Financing lease asset subject to depreciation 858,513 858,513
Fixed assets subject to depreciation 1,465,551 1,465,551
Total Properties and Equipment 956,021,028 1,086,290,199
Accumulated depreciation, depletion and amortization (188,922,137) (157,074,044)
Net Properties and Equipment 767,098,891 929,216,155
Operating lease asset 990,155 1,867,044
Derivative asset 1,568,057 0
Deferred Income Taxes 21,152,105 0
Deferred Financing Costs 2,647,160 3,214,408
Total Assets 836,248,997 973,006,148
Current Liabilities    
Accounts payable 24,839,820 54,635,602
Financing lease liability 292,227 280,970
Operating lease liability 814,400 1,175,904
Derivative liabilities 0 3,000,078
Total Current Liabilities 25,946,447 59,092,554
Deferred income taxes 0 6,001,176
Revolving line of credit 360,000,000 366,500,000
Financing lease liability, less current portion 201,528 424,126
Operating lease liability, less current portion 175,755 691,140
Asset retirement obligations 17,119,114 16,787,219
Total Liabilities 403,442,844 449,496,215
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; 67,983,075 shares and 67,993,797 shares issued and outstanding, respectively 67,983 67,994
Additional paid-in capital 528,755,063 526,301,281
Accumulated deficit (96,016,893) (2,859,342)
Total Stockholders' Equity 432,806,153 523,509,933
Total Liabilities and Stockholders' Equity $ 836,248,997 $ 973,006,148