Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF OPERATIONS

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CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
CONDENSED STATEMENTS OF OPERATIONS        
Oil and Gas Revenues $ 10,636,593 $ 51,334,225 $ 50,206,921 $ 93,132,540
Costs and Operating Expenses        
Oil and gas production costs 7,072,296 11,569,109 17,450,757 20,977,873
Oil and gas production taxes 433,760 2,412,895 2,304,005 4,495,770
Depreciation, depletion and amortization 7,338,108 14,615,270 21,021,104 27,544,324
Ceiling test impairment 147,937,943 0 147,937,943 0
Asset retirement obligation accretion 231,367 229,234 463,329 445,179
Lease expense 292,207 128,175 581,258 256,350
General and administrative expense 4,176,609 4,743,127 7,212,504 11,541,144
Total Costs and Operating Expenses 167,482,290 33,697,810 196,970,900 65,260,640
Income (Loss) from Operations (156,845,697) 17,636,415 (146,763,979) 27,871,900
Other Income (Expense)        
Interest income 1 1,260 6 13,496
Interest expense (4,253,040) (4,259,908) (8,501,538) (5,032,925)
Realized gain on derivatives 13,753,567 0 17,087,695 0
Unrealized gain (loss) on change in fair value of derivatives (26,771,529) 1,530,230 20,315,152 1,189,545
Net Other Income (Expense) (17,271,001) (2,728,418) 28,901,315 (3,829,884)
Income (Loss) before Tax Provision (174,116,698) 14,907,997 (117,862,664) 24,042,016
(Provision for) Benefit from Income Taxes 39,116,632 (3,565,400) 26,666,716 (8,430,159)
Net Income (Loss) $ (135,000,066) $ 11,342,597 $ (91,195,948) $ 15,611,857
Basic Earnings (Loss) per Share $ (1.99) $ 0.17 $ (1.34) $ 0.24
Diluted Earnings (Loss) per Share $ (1.99) $ 0.17 $ (1.34) $ 0.24