Quarterly report [Sections 13 or 15(d)]

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 1,100,851 $ 1,866,395
Accounts receivable 35,680,686 36,172,316
Joint interest billing receivables, net 2,121,035 1,083,164
Derivative assets 5,309,892 5,497,057
Inventory 3,300,755 4,047,819
Prepaid expenses and other assets 1,156,529 1,781,341
Total Current Assets 48,669,748 50,448,092
Properties and Equipment    
Oil and natural gas properties, full cost method 1,932,616,777 1,809,309,848
Financing lease asset subject to depreciation 4,272,259 4,634,556
Fixed assets subject to depreciation 3,359,292 3,389,907
Total Properties and Equipment 1,940,248,328 1,817,334,311
Accumulated depreciation, depletion and amortization (496,993,139) (475,212,325)
Net Properties and Equipment 1,443,255,189 1,342,121,986
Operating lease asset 1,753,693 1,906,264
Derivative assets 5,020,380 5,473,375
Deferred financing costs 6,911,264 8,149,757
Total Assets 1,505,610,274 1,408,099,474
Current Liabilities    
Accounts payable 86,417,436 95,729,261
Income tax liability 537,591 328,985
Financing lease liability 846,380 906,119
Operating lease liability 661,487 648,204
Derivative liabilities 5,426,195 6,410,547
Notes payable 0 496,397
Deferred cash payment 9,415,066 0
Asset retirement obligations 441,611 517,674
Total Current Liabilities 103,745,766 105,037,187
Non-current Liabilities    
Deferred income taxes 31,496,585 28,591,802
Revolving line of credit 460,000,000 385,000,000
Financing lease liability, less current portion 708,304 647,078
Operating lease liability, less current portion 1,234,690 1,405,837
Derivative liabilities 3,632,133 2,912,745
Asset retirement obligations 28,826,738 25,864,843
Total Liabilities 629,644,216 549,459,492
Commitments and contingencies (See Note 12)
Stockholders' Equity    
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding 0 0
Common stock - $0.001 par value; 450,000,000 shares authorized; 206,509,126 shares and 198,561,378 shares issued and outstanding, respectively 206,509 198,561
Additional paid-in capital 808,627,109 800,419,719
Retained earnings (Accumulated deficit) 67,132,440 58,021,702
Total Stockholders’ Equity 875,966,058 858,639,982
Total Liabilities and Stockholders' Equity $ 1,505,610,274 $ 1,408,099,474