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