Quarterly report [Sections 13 or 15(d)]

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities    
Net income $ 9,110,738 $ 5,515,377
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 22,615,983 23,792,450
Asset retirement obligation accretion 326,549 350,834
Amortization of deferred financing costs 1,238,493 1,221,607
Share-based compensation 1,690,958 1,723,832
Credit loss expense 17,917 163,840
(Gain) loss on disposal of assets (124,610) 0
Deferred income tax expense (benefit) 2,805,346 1,585,445
Excess tax expense (benefit) related to share-based compensation 99,437 40,808
(Gain) loss on derivative contracts 928,790 19,014,495
Cash received (paid) for derivative settlements, net (553,594) (1,461,515)
Changes in operating assets and liabilities:    
Accounts receivable (564,158) (5,240,487)
Inventory 747,064 171,416
Prepaid expenses and other assets 624,812 503,704
Accounts payable (10,385,137) (1,601,276)
Settlement of asset retirement obligation (207,580) (591,361)
Net Cash Provided by Operating Activities 28,371,008 45,189,169
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (647,106) (475,858)
Payments to develop oil and natural gas properties (31,083,507) (38,904,808)
Payments to acquire or improve fixed assets subject to depreciation (34,275) (124,937)
Proceeds from sale of fixed assets subject to depreciation 17,360 0
Net Cash Used in Investing Activities (102,607,297) (39,505,603)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 114,000,000 51,500,000
Payments on revolving line of credit (39,000,000) (54,500,000)
Payments for taxes withheld on vested restricted shares, net (896,431) (814,985)
Payments on notes payable (496,397) (533,734)
Reduction of financing lease liabilities (136,427) (255,156)
Net Cash Provided by (Used in) Financing Activities 73,470,745 (4,603,875)
Net Increase (Decrease) in Cash (765,544) 1,079,691
Cash at Beginning of Period 1,866,395 296,384
Cash at End of Period 1,100,851 1,376,075
Supplemental Cash Flow Information    
Cash paid for interest 8,356,963 9,926,520
Cash paid (refunded) for income taxes (72,213) 0
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 16,867 168,848
Asset retirement obligation acquired 2,587,179 0
Financing lease assets obtained in exchange for new financing lease liability, net [1] 269,498 254,855
Change in capitalized expenditures attributable to drilling projects financed through current liabilities 714,648 (3,120,789)
Lime Rock Acquisition    
Cash Flows From Investing Activities    
Payments for the Lime Rock Acquisition (70,859,769) 0
Investing Activities - Cash Paid    
Cash paid to Lime Rock on closing 63,599,939 0
Escrow deposit released at closing 5,000,000 0
Direct transaction costs 2,294,105 0
Cash paid for fixed assets acquired (34,275) 0
Payments for the Lime Rock Acquisition 70,859,769 0
Investing Activities - Noncash    
Assumption of suspense liability 561,977 0
Assumption of asset retirement obligation 2,587,179 0
Deferred cash payment at fair value 9,415,066 0
Financing Activities - Noncash    
Common stock issued for acquisition $ 7,420,811 $ 0
[1] Included within the financing lease assets obtained in exchange for new financing lease liability, net is $37,381 of finance lease asset terminations for the three months ended March 31, 2025.