Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 1,749,975 $ 3,712,526
Accounts receivable 32,044,159 42,448,719
Joint interest billing receivables, net 2,617,815 983,802
Derivative assets 8,307,537 4,669,162
Inventory 7,327,295 9,250,717
Prepaid expenses and other assets 3,061,216 2,101,538
Total Current Assets 55,107,997 63,166,464
Properties and Equipment    
Oil and natural gas properties, full cost method 1,524,510,887 1,463,838,595
Financing lease asset subject to depreciation 3,144,038 3,019,476
Fixed assets subject to depreciation 2,762,370 3,147,125
Total Properties and Equipment 1,530,417,295 1,470,005,196
Accumulated depreciation, depletion and amortization (331,153,213) (289,935,259)
Net Properties and Equipment 1,199,264,082 1,180,069,937
Operating lease asset 1,628,832 1,735,013
Derivative assets 10,555,937 6,129,410
Deferred financing costs 15,458,204 17,898,973
Total Assets 1,282,015,052 1,268,999,797
Current Liabilities    
Accounts payable 90,021,106 111,398,268
Income tax liability 98,481 0
Financing lease liability 761,110 709,653
Operating lease liability 394,404 398,362
Derivative liabilities 7,848,580 13,345,619
Notes payable 1,412,674 499,880
Deferred cash payment 0 14,807,276
Asset retirement obligations 408,958 635,843
Total Current Liabilities 100,945,313 141,794,901
Non-current Liabilities    
Deferred income taxes 4,074,183 8,499,016
Revolving line of credit 397,000,000 415,000,000
Financing lease liability, less current portion 765,753 1,052,479
Operating lease liability, less current portion 1,263,936 1,473,897
Derivative liabilities 10,829,096 10,485,650
Asset retirement obligations 28,296,455 29,590,463
Total Liabilities 543,174,736 607,896,406
Commitments and contingencies
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; 450,000,000 shares authorized; 195,350,672 shares and 175,530,212 shares issued and outstanding, respectively 195,350 175,530
Additional paid-in capital 791,450,835 775,241,114
Accumulated deficit (52,805,869) (114,313,253)
Total Stockholders’ Equity 738,840,316 661,103,391
Total Liabilities and Stockholders' Equity $ 1,282,015,052 $ 1,268,999,797