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, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
CONDENSED STATEMENTS OF OPERATIONS        
Oil and Gas Revenues $ 51,334,225 $ 29,924,883 $ 93,132,540 $ 59,816,274
Costs and Operating Expenses        
Oil and gas production costs 11,569,107 6,638,313 20,977,873 12,420,223
Oil and gas production taxes 2,412,895 1,428,995 4,495,770 2,854,877
Depreciation, depletion and amortization 14,615,270 9,144,115 27,544,324 17,645,494
Asset retirement obligation accretion 229,234 164,670 445,179 325,790
Operating lease expense 128,175   256,350 0
General and administrative expense 4,743,127 3,151,231 11,541,144 6,237,211
Total Costs and Operating Expenses 33,697,808 20,527,324 65,260,640 39,483,595
Income from Operations 17,636,417 9,397,559 27,871,900 20,332,679
Other Income (Expense)        
Interest income 1,260 82,991 13,496 91,944
Interest expense (4,259,908)   (5,032,925) (44,483)
Realized Loss on derivatives 0 (2,402,426) 0 (3,877,452)
Unrealized gain (loss) on change in fair value of derivatives 1,530,230 (1,099,273) 1,189,545 (1,889,974)
Net Other Income (Expense) (2,728,418) (3,418,708) (3,829,884) (5,719,965)
Income before Tax Provision 14,907,999 5,978,851 24,042,016 14,612,714
Provision for Income Taxes (2,532,743) (1,259,045) (577,319) (4,227,274)
Net Income $ 12,375,256 $ 4,719,806 $ 23,464,697 $ 10,385,440
Basic Earnings per Share $ 0.18 $ 0.08 $ 0.36 $ 0.18
Diluted Earnings per Share $ 0.18 $ 0.08 $ 0.36 $ 0.17