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
Mar. 31, 2019
Mar. 31, 2018
Cash Flows From Operating Activities    
Net income $ 11,089,443 $ 5,665,634
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 12,929,054 8,501,379
Accretion expense 215,945 161,120
Share-based compensation 834,465 1,081,199
Deferred income tax provision 1,918,144 1,809,625
Excess tax deficiency related to share-based compensation (3,873,568) 1,158,604
Change in fair value of derivative instruments 340,685 790,701
Changes in assets and liabilities, net of Acquisition:    
Accounts receivable (15,808,739) (195,642)
Prepaid expenses and retainers 180,452 166,082
Accounts payable 2,111,804 (32,653,094)
Settlement of asset retirement obligation (107,770) (149,772)
Net Cash Provided by (Used in) Operating Activities 9,829,915 (13,664,164)
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (13,358,132) (1,061,195)
Payments to develop oil and natural gas properties (42,228,740) (35,081,925)
Proceeds from disposal of fixed assets subject to depreciation 0 14,738
Net Cash Used in Investing Activities (55,586,872) (36,128,382)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 45,000,000 0
Proceeds from issuance of common stock, net of offering costs 0 81,822,066
Net Cash Provided by Financing Activities 45,000,000 81,822,066
Net Change in Cash (756,957) 32,029,520
Cash at Beginning of Period 3,363,726 15,006,581
Cash at End of Period 2,606,769 47,036,101
Supplemental Cash Flow Information    
Cash paid for interest 708,951 44,483
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 175,173 380,807
Capitalized expenditures attributable to drilling projects financed through current liabilities 34,605,000 13,000,000
Acquisition of oil and gas properties    
Assumption of joint interest billing receivable 1,464,394 0
Assumption of prepaid assets 2,864,554 0
Assumption of accounts and revenue payables (1,234,862) 0
Asset retirement obligations (2,979,645) 0
Acquisition payable to be settled through equity (28,356,396) 0
Acquisition payable to be settled through cash payment (256,877,766) 0
Oil and gas properties subject to amortization $ 285,119,721 $ 0