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, 2026
Mar. 31, 2025
Cash Flows From Operating Activities    
Net income (loss) $ (220,591,482) $ 9,110,738
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation, depletion and amortization 21,405,948 22,615,983
Ceiling test impairment 162,086,257 0
Asset retirement obligation accretion 395,496 326,549
Amortization of deferred financing costs 694,148 1,238,493
Share-based compensation 1,524,808 1,690,958
Credit loss expense 0 17,917
(Gain) loss on disposal of assets 0 (124,610)
Deferred income tax expense (benefit) (12,242,582) 2,805,346
Excess tax expense (benefit) related to share-based compensation 158,582 99,437
(Gain) loss on derivative contracts 82,230,925 928,790
Cash received (paid) for derivative settlements, net (5,276,011) (553,594)
Changes in operating assets and liabilities:    
Accounts receivable (14,069,612) (564,158)
Inventory (836,248) 747,064
Prepaid expenses and other assets 396,255 624,812
Accounts payable 10,221,636 (10,385,137)
Settlement of asset retirement obligation (203,419) (207,580)
Net Cash Provided by Operating Activities 25,894,701 28,371,008
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (2,781,731) (647,106)
Payments to develop oil and natural gas properties (32,506,820) (31,083,507)
Payments to acquire or improve fixed assets subject to depreciation 0 (34,275)
Proceeds from sale of fixed assets subject to depreciation 0 17,360
Proceeds from divestiture of oil and natural gas properties 4,266,479 0
Net Cash Used in Investing Activities (31,022,072) (102,607,297)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 48,000,000 114,000,000
Payments on revolving line of credit (42,000,000) (39,000,000)
Payments for taxes withheld on vested restricted shares, net (965) (896,431)
Payments on notes payable (505,752) (496,397)
Payment of deferred financing costs (35,460) 0
Reduction of financing lease liabilities (192,729) (136,427)
Net Cash Provided by (Used in) Financing Activities 5,265,094 73,470,745
Net Increase (Decrease) in Cash 137,723 (765,544)
Cash at Beginning of Period 902,913 1,866,395
Cash at End of Period 1,040,636 1,100,851
Supplemental Cash Flow Information    
Cash paid for interest 8,299,421 8,356,963
Cash paid (refunded) for income taxes (83,295) (72,213)
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 17,418 16,867
Asset retirement obligation acquired 0 2,587,179
Asset retirement obligation revision of estimate 8,943 0
Asset retirement obligation sold (51,635) 0
Financing lease assets obtained in exchange for new financing lease liability, net [1] 42,826 269,498
Change in capitalized expenditures attributable to drilling projects financed through current liabilities 1,344,061 714,648
Lime Rock Acquisition    
Cash Flows From Investing Activities    
Payments for the Lime Rock Acquisition 0 (70,859,769)
Investing Activities - Cash Paid    
Cash paid to Lime Rock on closing 0 63,599,939
Escrow deposit released at closing 0 5,000,000
Direct transaction costs 0 2,294,105
Cash paid for fixed assets acquired 0 (34,275)
Payments for the Lime Rock Acquisition 0 70,859,769
Investing Activities - Noncash    
Assumption of suspense liability 0 561,977
Assumption of asset retirement obligation 0 2,587,179
Deferred cash payment at fair value 0 9,415,066
Financing Activities - Noncash    
Common stock issued for acquisition $ 0 $ 7,420,811
[1] Included within the financing lease assets obtained in exchange for new financing lease liability, net is $— of finance lease asset terminations for the three months ended March 31, 2026. For the three months ended March 31, 2025, the Company had $37,381 in finance lease asset terminations.