Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF OPERATIONS

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STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
STATEMENTS OF OPERATIONS      
Oil and Natural Gas Revenues $ 196,305,966 $ 113,025,138 $ 195,702,831
Costs and Operating Expenses      
Lease operating expenses 30,312,399 29,753,413 42,213,006
Gathering, transportation and processing costs 4,333,232 4,090,238 2,874,155
Ad valorem taxes 2,276,463 3,125,222 3,409,064
Oil and natural gas production taxes 9,123,420 5,228,090 9,130,379
Depreciation, depletion and amortization 37,167,967 43,010,660 56,204,269
Ceiling test impairment   277,501,943  
Asset retirement obligation accretion 744,045 906,616 943,707
Operating lease expense 523,487 1,196,372 925,217
General and administrative expense 16,068,105 16,874,050 19,866,706
Total Costs and Operating Expenses 100,549,118 381,686,604 135,566,503
Income (Loss) from Operations 95,756,848 (268,661,466) 60,136,328
Other Income (Expense)      
Interest income 1 8 13,511
Interest (expense) (14,490,474) (17,617,614) (13,865,556)
Gain (loss) on derivative contracts (77,853,141) 21,366,068 (3,000,078)
Deposit forfeiture income   5,500,000  
Net Other Income (Expense) (92,343,614) 9,248,462 (16,852,123)
Income (Loss) Before Provision for Income Taxes 3,413,234 (259,413,004) 43,284,205
Benefit from (Provision for) Income Taxes (90,342) 6,001,176 (13,787,654)
Net Income (Loss) $ 3,322,892 $ (253,411,828) $ 29,496,551
Basic Earnings (Loss) per share $ 0.03 $ (3.48) $ 0.44
Diluted Earnings (Loss) per share $ 0.03 $ (3.48) $ 0.44