Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF OPERATIONS

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STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
STATEMENTS OF OPERATIONS      
Oil and Natural Gas Revenues $ 113,025,138 $ 195,702,831 $ 120,065,361
Costs and Operating Expenses      
Oil and natural gas production costs 36,968,873 48,496,225 27,801,989
Oil and natural gas production taxes 5,228,090 9,130,379 5,631,093
Depreciation, depletion and amortization 43,010,660 56,204,269 39,024,886
Ceiling test impairment 277,501,943 0 14,172,309
Asset retirement obligation accretion 906,616 943,707 606,459
Operating lease expense 1,196,372 925,217  
General and administrative expense 16,874,050 19,866,706 12,867,686
Total Costs and Operating Expenses 381,686,604 135,566,503 100,104,422
Income (Loss) from Operations (268,661,466) 60,136,328 19,960,939
Other Income (Expense)      
Interest income 8 13,511 97,855
Interest (expense) (17,617,614) (13,865,556) (427,898)
Realized gain (loss) on derivatives 22,522,591   (11,153,701)
Unrealized gain (loss) on change in fair value of derivatives (1,156,523) (3,000,078) 3,968,286
Deposit forfeiture income 5,500,000    
Net Other Income (Expense) 9,248,462 (16,852,123) (7,515,458)
Income (Loss) Before Provision for Income Taxes (259,413,004) 43,284,205 12,445,481
Benefit from (Provision for) Income Taxes 6,001,176 (13,787,654) (3,445,721)
Net Income (Loss) $ (253,411,828) $ 29,496,551 $ 8,999,760
Basic Earnings (Loss) per share $ (3.48) $ 0.44 $ 0.15
Diluted Earnings (Loss) per share $ (3.48) $ 0.44 $ 0.15