Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.19.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] The following table summarizes the fair values of the assets acquired and the liabilities assumed:
 
 
Assets acquired:
 
 
 
 
Joint interest billing receivable
 
 $
1,464,394
 
Prepaid assets
 
 
2,864,554
 
Liabilities assumed
 
 
 
 
Draw on revolving line of credit
 
 
(15,000,000
)
Accounts and revenues payable
 
 
(1,234,862
)
Asset retirement obligations
 
 
(2,979,645
)
Acquisition payable to be settled through equity
 
 
(28,356,396
)
Acquisition payable to be settled through cash payment
 
 
(256,877,766
)
Total Identifiable Net Assets
 
$
(300,119,721
)
Business Acquisition, Pro Forma Information [Table Text Block]
The following unaudited pro forma information
for the three months ended March 31, 2019 and 2018, respectively,
is presented to reflect the operations of the Company as if the 
acquisition of assets
had been completed on January 1, 2019 and 2018, respectively:
 
 
 
For The Three Months
 
 
 
Ended March 31,
 
 
 
2019
 
 
2018
 
 
 
 
 
 
 
 
Oil and Gas Revenues
 
$
48,463,729
 
 
$
42,759,403
 
Net Income (Loss)
 
$
11,379,247
 
 
$
10,939,149
 
 
 
 
 
 
 
 
 
 
Basic Earnings (Loss) per Share
 
$
0.17
 
 
$
0.18
 
Diluted Earnings (Loss) per Share
 
$
0.17
 
 
$
0.17