Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current Assets    
Cash $ 10,578,982 $ 3,363,726
Accounts receivable 21,777,491 12,643,478
Joint interest billing receivable 1,291,817 578,144
Operating lease asset 294,095 0
Derivative asset 1,189,545 0
Prepaid expenses and retainers 3,479,218 258,909
Total Current Assets 38,611,148 16,844,257
Properties and Equipment    
Oil and natural gas properties subject to depletion and amortization 1,037,871,094 641,121,398
Financing lease asset 637,757  
Fixed assets subject to depreciation 1,465,551 1,465,551
Total Properties and Equipment 1,039,974,402 642,586,949
Accumulated depreciation, depletion and amortization (128,120,411) (100,576,087)
Net Properties and Equipment 911,853,991 542,010,862
Deferred Income Taxes 7,209,160 7,786,479
Deferred Financing Costs 3,592,575 424,061
Total Assets 961,266,874 567,065,659
Current Liabilities    
Accounts payable 67,258,467 51,910,432
Financing lease liability 204,047  
Operating lease liability 294,095  
Total Current Liabilities 67,756,609 51,910,432
Revolving line of credit 360,500,000 39,500,000
Financing lease liability 409,634  
Asset retirement obligations 16,536,909 13,055,797
Total Liabilities 445,203,152 104,466,229
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; 150,000,000 shares authorized; 67,811,111 shares and 63,229,710 shares issued and outstanding, respectively 67,811 63,230
Additional paid-in capital 524,887,107 494,892,093
Accumulated deficit (8,891,196) (32,355,893)
Total Stockholders' Equity 516,063,722 462,599,430
Total Liabilities and Stockholders' Equity $ 961,266,874 $ 567,065,659