Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities        
Net income (loss) $ (135,000,066) $ 11,342,597 $ (91,195,948) $ 15,611,857
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation, depletion and amortization     21,021,104 27,544,324
Ceiling test impairment 147,937,943 0 147,937,943 0
Accretion expense     463,329 445,179
Amortization of deferred financing costs     378,165 0
Share-based compensation     1,991,337 1,643,199
Deferred income tax provision     (25,048,702) 5,049,219
Excess tax deficiency related to share-based compensation     (1,618,014) 3,380,940
Change in fair value of derivative instruments     (20,315,152) (1,189,545)
Changes in assets and liabilities:        
Accounts receivable     15,545,418 (9,847,686)
Prepaid expenses and retainers     3,397,860 (6,388,823)
Accounts payable     (22,050,677) (451,965)
Settlement of asset retirement obligation     (320,580) (384,956)
Net Cash Provided by Operating Activities     30,186,083 35,411,743
Cash Flows From Investing Activities        
Payments to purchase oil and natural gas properties     (1,017,434) (268,120,579)
Payments to develop oil and natural gas properties     (30,302,779) (81,051,832)
Net Cash Used in Investing Activities     (31,320,213) (349,172,411)
Cash Flows From Financing Activities        
Proceeds from revolving line of credit     21,500,000 321,000,000
Payments on revolving line of credit     (13,000,000) 0
Reduction of financing lease liability     (140,712) (24,076)
Net Cash Provided by Financing Activities     8,359,288 320,975,924
Net Change in Cash     7,225,158 7,215,256
Cash at Beginning of Period     10,004,622 3,363,726
Cash at End of Period 17,229,780 10,578,982 17,229,780 10,578,982
Supplemental Cash Flow Information        
Cash paid for interest     8,320,562 932,896
Noncash Investing and Financing Activities        
Asset retirement obligation incurred during development     66,387 441,244
Operating lease assets obtained in exchange for new operating lease liability     0 539,577
Financing lease assets obtained in exchange for new financing lease liability     0 637,757
Capitalized expenditures attributable to drilling projects financed through current liabilities     1,750,000 41,800,000
Acquisition of oil and gas properties        
Assumption of joint interest billing receivable 0 1,464,394 0 1,464,394
Assumption of prepaid assets 0 2,864,554 0 2,864,554
Assumption of accounts and revenue payables 0 (1,234,862) 0 (1,234,862)
Asset retirement obligation incurred through acquisition 0 (2,979,645) 0 (2,979,645)
Common stock issued as partial consideration in asset acquisition 0 (28,356,396) 0 (28,356,396)
Oil and gas properties subject to amortization $ 0 $ 296,910,774 $ 0 $ 296,910,774