Quarterly report [Sections 13 or 15(d)]

CONDENSED STATEMENTS OF CASH FLOWS

v3.25.3
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities    
Net income (loss) $ (21,885,905) $ 61,812,795
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation, depletion and amortization 73,411,242 74,153,994
Ceiling test impairment 72,912,330 0
Asset retirement obligation accretion 1,099,363 1,057,213
Amortization of deferred financing costs 3,768,292 3,670,096
Share-based compensation 4,661,397 3,833,697
Credit loss expense 19,029 187,594
(Gain) loss on disposal of assets (385,545) (89,693)
Deferred income tax expense (benefit) (4,208,267) 18,212,075
Excess tax expense (benefit) related to share-based compensation 232,296 95,333
(Gain) loss on derivative contracts (14,163,569) (3,888,531)
Cash received (paid) for derivative settlements, net 2,710,479 (5,938,777)
Changes in operating assets and liabilities:    
Accounts receivable 2,299,483 3,245,030
Inventory (937,541) 1,508,955
Prepaid expenses and other assets (496,396) (202,046)
Accounts payable (12,039,039) (9,538,827)
Settlement of asset retirement obligation (837,065) (974,877)
Net Cash Provided by Operating Activities 106,160,584 147,144,031
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (1,512,415) (787,343)
Payments to develop oil and natural gas properties (70,251,975) (117,559,401)
Payments to acquire or improve fixed assets subject to depreciation (175,369) (185,524)
Proceeds from sale of fixed assets subject to depreciation 17,360 10,605
Proceeds from divestiture of equipment for oil and natural gas properties 100 0
Insurance proceeds received for damage to oil and natural gas properties 260,446 0
Net Cash Used in Investing Activities (144,231,398) (113,166,061)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 201,322,997 108,000,000
Payments on revolving line of credit (158,322,997) (141,000,000)
Payments for taxes withheld on vested restricted shares, net (961,446) (919,249)
Proceeds from notes payable 1,648,539 1,501,507
Payments on notes payable (1,143,107) (1,122,422)
Payment of deferred financing costs (5,713,978) (45,704)
Reduction of financing lease liabilities (338,682) (688,486)
Net Cash Provided by (Used in) Financing Activities 36,491,326 (34,274,354)
Net Increase (Decrease) in Cash (1,579,488) (296,384)
Cash at Beginning of Period 1,866,395 296,384
Cash at End of Period 286,907 0
Supplemental Cash Flow Information    
Cash paid for interest 23,559,423 30,208,974
Cash paid (refunded) for income taxes 347,487 72,213
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 77,323 505,721
Asset retirement obligation acquired 2,721,571 0
Asset retirement obligation sold (65,129) (3,219,651)
Financing lease assets obtained in exchange for new financing lease liability, net [1] 453,829 341,218
Change in capitalized expenditures attributable to drilling projects financed through current liabilities 2,097,669 (4,034,975)
New Mexico Divestiture    
Cash Flows From Investing Activities    
Proceeds from sale of New Mexico properties 0 (144,398)
CBP Vertical Well    
Cash Flows From Investing Activities    
Proceeds from sale of CBP vertical wells 0 5,500,000
Lime Rock Acquisition    
Cash Flows From Investing Activities    
Payments for the Lime Rock Acquisition (72,569,545) 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 2,576,648 0
Cash paid for fixed assets acquired (34,275) 0
Purchase price adjustments paid to third parties 1,427,233 0
Payments for the Lime Rock Acquisition 72,569,545 0
Investing Activities - Noncash    
Assumption of suspense liability 459,096 0
Assumption of ad valorem tax liability 405,549 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 $96,820 of finance lease asset terminations for the nine months ended September 30, 2025. For the nine months ended September 30, 2024, the Company had $45,436 in finance lease asset terminations.