Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

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STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows From Operating Activities      
Net income (loss) $ 138,635,025 $ 3,322,892 $ (253,411,828)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation, depletion and amortization 55,740,767 37,167,967 43,010,660
Ceiling test impairment 0 0 277,501,943
Asset retirement obligation accretion 983,432 744,045 906,616
Amortization of deferred financing costs 2,706,021 665,882 1,190,109
Share-based compensation 7,162,231 2,418,323 5,364,162
Bad debt expense 242,247 0 0
Shares issued for services 0 0 23,800
Deferred income tax expense (benefit) 8,720,992 265,479 (3,975,170)
Excess tax expense (benefit) related to share-based compensation (312,268) (175,187) (2,026,006)
(Gain) loss on derivative contracts 21,532,659 77,853,141 (21,366,068)
Cash received (paid) for derivative settlements, net (62,525,954) (52,768,154) 22,522,591
Changes in assets and liabilities:      
Accounts receivable (17,214,150) (9,483,639) 7,896,517
Inventory (5,597,845) 0 0
Prepaid expenses and other assets (1,163,509) (541,920) 3,586,146
Accounts payable 50,808,461 15,449,215 (8,380,594)
Settlement of asset retirement obligation (2,741,380) (2,186,832) (683,623)
Net Cash Provided by Operating Activities 196,976,729 72,731,212 72,159,255
Cash Flows From Investing Activities      
Payments for the Stronghold Acquisition (177,823,787) 0 0
Payments to purchase oil and natural gas properties (1,563,703) (1,368,437) (1,317,313)
Payments to develop oil and natural gas properties (129,332,155) (51,302,131) (42,457,745)
Payments to acquire or improve fixed assets subject to depreciation (319,945) (568,832) (55,339)
Sale of fixed assets subject to depreciation 134,600 0 0
Proceeds from divestiture of oil and natural gas properties 23,700 2,000,000 0
Net Cash (Used in) Investing Activities (308,881,290) (51,239,400) (43,830,397)
Cash Flows From Financing Activities      
Proceeds from revolving line of credit 636,000,000 60,150,000 26,500,000
Payments on revolving line of credit (511,000,000) (83,150,000) (80,000,000)
Proceeds from issuance of common stock and warrants 8,203,126 367,509 19,383,131
Proceeds from option exercise 0 200,000 0
Payments for taxes withheld on vested restricted shares (521,199) (385,330) 0
Proceeds from notes payable 1,323,354 1,297,718 0
Payments on notes payable (1,409,884) (711,308) 0
Payment of deferred financing costs (18,891,528) (104,818) (355,049)
Reduction of financing lease liabilities (495,098) (325,901) (282,928)
Net Cash Provided by (Used in) Financing Activities 113,208,771 (22,662,130) (34,754,846)
Net Increase (Decrease) in Cash 1,304,210 (1,170,318) (6,425,988)
Cash at Beginning of Period 2,408,316 3,578,634 10,004,622
Cash at End of Period 3,712,526 2,408,316 3,578,634
Supplemental Cash Flow Information      
Cash paid for interest 19,818,623 14,110,421 16,911,344
Noncash Investing and Financing Activities      
Asset retirement obligation incurred during development 353,008 171,390 99,436
Asset retirement obligation acquired 14,538,550 662,705 0
Asset retirement obligation revision of estimate 0 435,419 34,441
Asset retirement obligation sold 0 (2,934,126) 0
Operating lease assets obtained in exchange for new operating lease liability 754,894 839,536 823,727
Operating lease asset revision 0 (621,636) 0
Financing lease assets obtained in exchange for new financing lease liability 952,101 0 0
Stock issued in property acquisition returned in final settlement 0 0 103,385
Capitalized expenditures attributable to drilling projects financed through current liabilities 9,179,003 309,365 1,415,073
Investing Activities - Cash Paid      
Cash paid by bank to Stronghold on closing 121,392,455 0 0
Deposit in escrow 46,500,000 0 0
Direct transaction costs 9,162,143 0 0
Cash paid for realized August oil derivative losses 1,777,925 0 0
Cash paid for inventory and fixed assets acquired 4,527,103 0 0
Cash received for post-close adjustments, net (5,535,839) 0 0
Payments for the Stronghold Acquisition 177,823,787 0 0
Investing Activities - Noncash      
Assumption of suspense liability 1,651,596 0 0
Assumption of derivative liabilities 24,784,406 0 0
Assumption of asset retirement obligation 14,538,550 0 0
Deferred cash payment at fair value 14,807,276 0 0
Financing Activities - Noncash      
Common stock issued for acquisition 69,141,555 0 0
Convertible preferred stock issued for acquisition $ 137,858,446 $ 0 $ 0