Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 138,581 $ 3,712,526
Accounts receivable 45,756,047 42,448,719
Joint interest billing receivables, net 3,306,125 983,802
Derivative assets 1,845,133 4,669,162
Inventory 5,548,835 9,250,717
Prepaid expenses and other assets 2,033,013 2,101,538
Total Current Assets 58,627,734 63,166,464
Properties and Equipment    
Oil and natural gas properties, full cost method 1,628,230,243 1,463,838,595
Financing lease asset subject to depreciation 3,306,372 3,019,476
Fixed assets subject to depreciation 2,946,274 3,147,125
Total Properties and Equipment 1,634,482,889 1,470,005,196
Accumulated depreciation, depletion and amortization (353,111,293) (289,935,259)
Net Properties and Equipment 1,281,371,596 1,180,069,937
Operating lease asset 2,644,519 1,735,013
Derivative assets 6,465,355 6,129,410
Deferred financing costs 14,199,738 17,898,973
Total Assets 1,363,308,942 1,268,999,797
Current Liabilities    
Accounts payable 110,392,713 111,398,268
Income tax liability 264,261 0
Financing lease liability 806,993 709,653
Operating lease liability 503,420 398,362
Derivative liabilities 23,906,800 13,345,619
Notes payable 950,068 499,880
Deferred cash payment 14,783,879 14,807,276
Asset retirement obligations 279,681 635,843
Total Current Liabilities 151,887,815 141,794,901
Non-current Liabilities    
Deferred income taxes 497,067 8,499,016
Revolving line of credit 428,000,000 415,000,000
Financing lease liability, less current portion 690,456 1,052,479
Operating lease liability, less current portion 2,207,248 1,473,897
Derivative liabilities 18,089,847 10,485,650
Asset retirement obligations 28,482,982 29,590,463
Total Liabilities 629,855,415 607,896,406
Commitments and contingencies
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; 195,380,527 shares and 175,530,212 shares issued and outstanding, respectively 195,380 175,530
Additional paid-in capital 793,603,238 775,241,114
Accumulated deficit (60,345,091) (114,313,253)
Total Stockholders’ Equity 733,453,527 661,103,391
Total Liabilities and Stockholders' Equity $ 1,363,308,942 $ 1,268,999,797