Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities        
Net income (loss) $ (1,961,603) $ 8,858,000 $ (93,157,551) $ 24,469,857
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation, depletion and amortization     31,848,093 41,659,494
Ceiling test impairment 0 0 147,937,943 0
Accretion expense     694,113 681,386
Amortization of deferred financing costs     567,248 0
Share-based compensation     2,557,156 2,436,035
Deferred income tax provision     (25,573,920) 7,498,112
Excess tax deficiency related to share-based compensation     (1,579,361) 3,737,325
Change in fair value of derivative instruments     (14,086,699) (3,066,913)
Changes in assets and liabilities:        
Accounts receivable     9,867,026 (7,095,256)
Prepaid expenses and retainers     3,483,645 (6,060,699)
Accounts payable     (17,225,782) (1,055,397)
Settlement of asset retirement obligation     (428,605) (615,732)
Net Cash Provided by Operating Activities     44,903,306 62,588,212
Cash Flows From Investing Activities        
Payments to purchase oil and natural gas properties     (1,189,433) (263,262,046)
Proceeds from oil and gas property divestiture     4,500,000 0
Payments to develop oil and natural gas properties     (33,586,337) (122,004,117)
Net Cash Used in Investing Activities     (30,275,770) (385,266,163)
Cash Flows From Financing Activities        
Proceeds from revolving line of credit     21,500,000 327,000,000
Payments on revolving line of credit     (28,000,000) 0
Reduction of financing lease liability     (211,341) (86,686)
Net Cash (Used in) Provided by Financing Activities     (6,711,341) 326,913,314
Net Change in Cash     7,916,195 4,235,363
Cash at Beginning of Period     10,004,622 3,363,726
Cash at End of Period 17,920,817 7,599,089 17,920,817 7,599,089
Supplemental Cash Flow Information        
Cash paid for interest     12,387,670 5,821,545
Noncash Investing and Financing Activities        
Asset retirement obligation incurred during development     66,387 602,090
Operating lease assets obtained in exchange for new operating lease liability     0 539,577
Financing lease assets obtained in exchange for new financing lease liability     0 947,435
Capitalized expenditures attributable to drilling projects financed through current liabilities     2,600,000 26,958,655
Acquisition of oil and gas properties        
Assumption of joint interest billing receivable 0 1,464,394 0 1,464,394
Assumption of prepaid assets 0 2,864,554 0 2,864,554
Assumption of accounts and revenue payables 0 (1,234,862) 0 (1,234,862)
Asset retirement obligation incurred through acquisition 0 (2,979,645) 0 (2,979,645)
Common stock issued as partial consideration in asset acquisition 0 (28,356,396) 0 (28,356,396)
Oil and gas properties subject to amortization $ 0 $ 296,910,774 $ 0 $ 296,910,774