CONDENSED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| CONDENSED STATEMENTS OF OPERATIONS | ||||
| Oil and Gas Revenues | $ 10,636,593 | $ 51,334,225 | $ 50,206,921 | $ 93,132,540 |
| Costs and Operating Expenses | ||||
| Oil and gas production costs | 7,072,296 | 11,569,109 | 17,450,757 | 20,977,873 |
| Oil and gas production taxes | 433,760 | 2,412,895 | 2,304,005 | 4,495,770 |
| Depreciation, depletion and amortization | 7,338,108 | 14,615,270 | 21,021,104 | 27,544,324 |
| Ceiling test impairment | 147,937,943 | 0 | 147,937,943 | 0 |
| Asset retirement obligation accretion | 231,367 | 229,234 | 463,329 | 445,179 |
| Lease expense | 292,207 | 128,175 | 581,258 | 256,350 |
| General and administrative expense | 4,176,609 | 4,743,127 | 7,212,504 | 11,541,144 |
| Total Costs and Operating Expenses | 167,482,290 | 33,697,810 | 196,970,900 | 65,260,640 |
| Income (Loss) from Operations | (156,845,697) | 17,636,415 | (146,763,979) | 27,871,900 |
| Other Income (Expense) | ||||
| Interest income | 1 | 1,260 | 6 | 13,496 |
| Interest expense | (4,253,040) | (4,259,908) | (8,501,538) | (5,032,925) |
| Realized gain on derivatives | 13,753,567 | 0 | 17,087,695 | 0 |
| Unrealized gain (loss) on change in fair value of derivatives | (26,771,529) | 1,530,230 | 20,315,152 | 1,189,545 |
| Net Other Income (Expense) | (17,271,001) | (2,728,418) | 28,901,315 | (3,829,884) |
| Income (Loss) before Tax Provision | (174,116,698) | 14,907,997 | (117,862,664) | 24,042,016 |
| (Provision for) Benefit from Income Taxes | 39,116,632 | (3,565,400) | 26,666,716 | (8,430,159) |
| Net Income (Loss) | $ (135,000,066) | $ 11,342,597 | $ (91,195,948) | $ 15,611,857 |
| Basic Earnings (Loss) per Share | $ (1.99) | $ 0.17 | $ (1.34) | $ 0.24 |
| Diluted Earnings (Loss) per Share | $ (1.99) | $ 0.17 | $ (1.34) | $ 0.24 |
| X | ||||||||||
- Definition Amount of accretion expense recognized during the period that is associated with an asset retirement obligation. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of increase in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount of operating lease expense. Excludes sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition A tax assessed on oil and gas production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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