Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS (Tables)

v3.20.1
ACQUISITIONS (Tables)
3 Months Ended
Mar. 31, 2020
ACQUISITIONS  
Schedule of 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 settled through equity

 

(28,356,396)

Acquisition payable settled through cash payment

 

(256,877,766)

Total Identifiable Net Assets

$

(300,119,721)

Schedule of business acquisition pro forma information

For The Three Months

Ended March 31,

    

2019

Oil and Gas Revenues

$

48,463,729

Net Income

$

11,379,247

Basic Earnings per Share

$

0.17

Diluted Earnings per Share

$

0.17