Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF OPERATIONS

v3.22.4
STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Oil, Natural Gas, and Natural Gas Liquids Revenues $ 347,249,537 $ 196,305,966 $ 113,025,138
Costs and Operating Expenses      
Lease operating expenses 47,695,351 30,312,399 29,753,413
Gathering, transportation and processing costs 1,830,024 4,333,232 4,090,238
Ad valorem taxes 4,670,617 2,276,463 3,125,222
Oil and natural gas production taxes 17,125,982 9,123,420 5,228,090
Depreciation, depletion and amortization 55,740,767 37,167,967 43,010,660
Ceiling test impairment 0 0 277,501,943
Asset retirement obligation accretion 983,432 744,045 906,616
Operating lease expense 363,908 523,487 1,196,372
General and administrative expense 27,095,323 16,068,105 16,874,050
Total Costs and Operating Expenses 155,505,404 100,549,118 381,686,604
Income (Loss) from Operations 191,744,133 95,756,848 (268,661,466)
Other Income (Expense)      
Interest income 4 1 8
Interest (expense) (23,167,729) (14,490,474) (17,617,614)
Gain (loss) on derivative contracts (21,532,659) (77,853,141) 21,366,068
Deposit forfeiture income 0 0 5,500,000
Net Other Income (Expense) (44,700,384) (92,343,614) 9,248,462
Income (Loss) Before Provision for Income Taxes 147,043,749 3,413,234 (259,413,004)
Benefit from (Provision for) Income Taxes (8,408,724) (90,342) 6,001,176
Net Income (Loss) $ 138,635,025 $ 3,322,892 $ (253,411,828)
Basic earnings (loss) per share (in usd per share) $ 1.14 $ 0.03 $ (3.48)
Diluted earnings (loss) per share (in usd per share) $ 0.98 $ 0.03 $ (3.48)