Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current Assets    
Cash and cash equivalents $ 2,046,946 $ 3,578,634
Accounts receivable 20,306,264 14,997,979
Joint interest billing receivable 1,672,334 1,327,262
Derivative receivable 0 499,906
Prepaid expenses and retainers 1,298,801 396,109
Total Current Assets 25,324,345 20,799,890
Properties and Equipment    
Oil and natural gas properties subject to amortization 872,258,987 836,514,815
Financing lease asset subject to depreciation 1,422,487 858,513
Fixed assets subject to depreciation 2,130,523 1,520,890
Total Properties and Equipment 875,811,997 838,894,218
Accumulated depreciation, depletion and amortization (225,744,692) (200,111,658)
Net Properties and Equipment 650,067,305 638,782,560
Operating lease asset 1,344,378 1,494,399
Deferred financing costs 1,882,815 2,379,348
Total Assets 678,618,843 663,456,197
Current Liabilities    
Accounts payable 45,259,500 32,500,081
Financing lease liability 385,866 295,311
Operating lease liability 268,512 859,017
Derivative liabilities 38,402,944 3,287,328
Notes Payable 857,151  
Total Current Liabilities 85,173,973 36,941,737
Deferred income taxes 141,943  
Revolving line of credit 295,000,000 313,000,000
Financing lease liability, less current portion 393,340 126,857
Operating lease liability, less current portion 1,212,239 635,382
Derivative liabilities 6,061,724 869,273
Asset retirement obligations 14,998,130 17,117,135
Total Liabilities 402,981,349 368,690,384
Stockholders' Equity    
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding
Common stock - $0.001 par value; 150,000,000 shares authorized; 99,359,938 shares and 85,568,287 shares issued and outstanding, respectively 99,360 85,568
Additional paid-in capital 552,598,622 550,951,415
Accumulated deficit (277,060,488) (256,271,170)
Total Stockholders' Equity 275,637,494 294,765,813
Total Liabilities and Stockholders' Equity $ 678,618,843 $ 663,456,197