v3.25.0.1
STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities      
Net income $ 67,470,314 $ 104,864,641 $ 138,635,025
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 98,702,843 88,610,291 55,740,767
Asset retirement obligation accretion 1,380,298 1,425,686 983,432
Amortization of deferred financing costs 4,969,174 4,920,714 2,706,021
Share-based compensation 5,506,017 8,833,425 7,162,231
Credit loss expense 160,847 134,007 242,247
(Gain) loss on disposal of assets (89,693) 0 0
Deferred income tax expense (benefit) 19,935,413 (425,275) 8,720,992
Excess tax expense (benefit) related to share-based compensation 104,344 478,304 (312,268)
(Gain) loss on derivative contracts 2,365,917 (2,767,162) 21,532,659
Cash received (paid) for derivative settlements, net (5,193,673) (9,084,920) (62,525,954)
Changes in operating assets and liabilities:      
Accounts receivable 3,594,504 1,154,085 (17,214,150)
Inventory 2,089,116 3,113,782 (5,597,845)
Prepaid expenses and other assets 93,509 226,688 (1,163,509)
Accounts payable (5,076,738) (1,451,422) 50,808,461
Asset retirement obligation (1,588,480) (1,862,385) (2,741,380)
Net Cash Provided by Operating Activities 194,423,712 198,170,459 196,976,729
Cash Flows From Investing Activities      
Payments to purchase oil and natural gas properties (2,210,826) (2,162,585) (1,563,703)
Payments to develop oil and natural gas properties (153,945,456) (152,559,314) (129,332,155)
Payments to acquire or improve fixed assets subject to depreciation (185,524) (492,317) (319,945)
Proceeds from sale of fixed assets subject to depreciation 10,605 332,229 134,600
Proceeds from divestiture of oil and natural gas properties 121,232 1,554,558 23,700
Net Cash Used in Investing Activities (150,854,367) (222,573,288) (308,881,290)
Cash Flows From Financing Activities      
Proceeds from revolving line of credit 130,000,000 225,000,000 636,000,000
Payments on revolving line of credit (170,000,000) (215,000,000) (511,000,000)
Proceeds from issuance of common stock and warrants 0 12,301,596 8,203,126
Payments for taxes withheld on vested restricted shares, net (919,249) (520,153) (521,199)
Proceeds from notes payable 1,560,281 1,637,513 1,323,354
Payments on notes payable (1,597,618) (1,603,659) (1,409,884)
Payment of deferred financing costs (88,450) (52,222) (18,891,528)
Reduction of financing lease liabilities (954,298) (776,388) (495,098)
Net Cash Provided by (Used in) Financing Activities (41,999,334) 20,986,687 113,208,771
Net Increase (Decrease) in Cash 1,570,011 (3,416,142) 1,304,210
Cash at Beginning of Period 296,384 3,712,526 2,408,316
Cash at End of Period 1,866,395 296,384 3,712,526
Supplemental Cash Flow Information      
Cash paid for interest 39,196,575 38,009,164 19,818,623
Cash paid for income taxes 72,213 72,213 0
Noncash Investing and Financing Activities      
Asset retirement obligation incurred during development 695,553 439,528 353,008
Asset retirement obligation acquired 0 2,090,777 14,538,550
Asset retirement obligation revision of estimate 133,794 53,826 0
Asset retirement obligation sold (3,219,651) (5,340,211) 0
Operating lease assets obtained in exchange for new operating lease liability 0 1,713,677 754,894
Financing lease assets obtained in exchange for new financing lease liability, net [1] 738,240 894,996 952,101
Change in capitalized expenditures attributable to drilling projects financed through current liabilities (3,896,948) (2,241,192) 9,179,003
Delaware Basin      
Cash Flows From Investing Activities      
Proceeds from sale of properties 0 7,600,699 0
New Mexico Divestiture      
Cash Flows From Investing Activities      
Proceeds from sale of New Mexico properties (144,398) 3,891,757 0
CBP Vertical Wells      
Cash Flows From Investing Activities      
Proceeds from sale of properties 5,500,000 0 0
Founders Acquisition      
Cash Flows From Investing Activities      
Payments for acquisitions 0 (62,227,145) 0
Investing Activities - Cash Paid      
Cash paid by bank to Stronghold on closing 0 7,500,000 0
Deposit in escrow 0 42,502,799 0
Interest from escrow deposit 0 1,747 0
Direct transaction costs 0 1,361,843 0
Post-close adjustments 0 (4,139,244) 0
Payment of deferred cash payment 0 15,000,000 0
Payment for acquisition 0 62,227,145 0
Investing Activities - Noncash      
Assumption of suspense liability 0 677,116 0
Assumption of asset retirement obligation 0 2,090,777 0
Assumption of ad valorem tax liability 0 234,051 0
Deferred cash payment at fair value 0 14,657,383 0
Stronghold Acquisition      
Cash Flows From Investing Activities      
Payments for acquisitions 0 (18,511,170) (177,823,787)
Investing Activities - Cash Paid      
Cash paid by bank to Stronghold on closing 0 0 46,500,000
Deposit in escrow 0 0 121,392,455
Direct transaction costs 0 0 9,162,143
Payment of deferred cash payment 0 15,000,000 0
Cash paid for realized August oil derivative losses 0 0 1,777,925
Cash paid for inventory and fixed assets acquired 0 0 4,527,103
Cash received for post-close adjustments, net 0 0 (5,535,839)
Payment of post-close settlement 0 3,511,170 0
Payment for acquisition 0 18,511,170 177,823,787
Investing Activities - Noncash      
Assumption of suspense liability 0 0 1,651,596
Assumption of derivative liabilities 0 0 24,784,406
Assumption of asset retirement obligation 0 0 14,538,550
Deferred cash payment at fair value 0 0 14,807,276
Financing Activities - Noncash      
Common stock issued for acquisition 0 0 69,141,555
Convertible preferred stock issued for acquisition $ 0 $ 0 $ 137,858,446
[1] Included within the financing lease assets obtained in exchange for new financing lease liability, net, is $45,436 of finance lease asset terminations for the year ended December 31, 2024.

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