Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current Assets    
Cash $ 17,229,780 $ 10,004,622
Accounts receivable 8,652,807 22,909,195
Joint interest billing receivable 523,439 1,812,469
Derivative asset 12,770,803 0
Prepaid expenses and retainers 584,395 3,982,255
Total Current Assets 39,761,224 38,708,541
Properties and Equipment    
Oil and natural gas properties subject to amortization 953,891,407 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 956,215,471 1,086,290,199
Accumulated depreciation, depletion and amortization (178,095,148) (157,074,044)
Net Properties and Equipment 778,120,323 929,216,155
Operating lease asset 1,285,786 1,867,044
Derivative asset 4,544,271 0
Deferred Income Taxes 20,665,540 0
Deferred Financing Costs 2,836,243 3,214,408
Total Assets 847,213,387 973,006,148
Current Liabilities    
Accounts payable 19,164,925 54,635,602
Financing lease liability 288,386 280,970
Operating lease liability 936,270 1,175,904
Derivative liabilities 0 3,000,078
Total Current Liabilities 20,389,581 59,092,554
Deferred income taxes 0 6,001,176
Revolving line of credit 375,000,000 366,500,000
Financing lease liability, less current portion 275,998 424,126
Operating lease liability, less current portion 349,516 691,140
Asset retirement obligations 16,996,355 16,787,219
Total Liabilities 413,011,450 449,496,215
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; 67,980,575 shares and 67,993,797 shares issued and outstanding, respectively 67,981 67,994
Additional paid-in capital 528,189,246 526,301,281
Accumulated deficit (94,055,290) (2,859,342)
Total Stockholders' Equity 434,201,937 523,509,933
Total Liabilities and Stockholders' Equity $ 847,213,387 $ 973,006,148