Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 296,384 $ 3,712,526
Accounts receivable 38,965,002 42,448,719
Joint interest billing receivables, net 2,422,274 983,802
Derivative assets 6,215,374 4,669,162
Inventory 6,136,935 9,250,717
Prepaid expenses and other assets 1,874,850 2,101,538
Total Current Assets 55,910,819 63,166,464
Properties and Equipment    
Oil and natural gas properties, full cost method 1,663,548,249 1,463,838,595
Financing lease asset subject to depreciation 3,896,316 3,019,476
Fixed assets subject to depreciation 3,228,793 3,147,125
Total Properties and Equipment 1,670,673,358 1,470,005,196
Accumulated depreciation, depletion and amortization (377,252,572) (289,935,259)
Net Properties and Equipment 1,293,420,786 1,180,069,937
Operating lease asset 2,499,592 1,735,013
Derivative assets 11,634,714 6,129,410
Deferred financing costs 13,030,481 17,898,973
Total Assets 1,376,496,392 1,268,999,797
Current Liabilities    
Accounts payable 104,064,124 111,398,268
Financing lease liability 956,254 709,653
Operating lease liability 568,176 398,362
Derivative liabilities 7,520,336 13,345,619
Notes payable 533,734 499,880
Deferred cash payment 0 14,807,276
Asset retirement obligations 165,642 635,843
Total Current Liabilities 113,808,266 141,794,901
Non-current Liabilities    
Deferred income taxes 8,552,045 8,499,016
Revolving line of credit 425,000,000 415,000,000
Financing lease liability, less current portion 906,330 1,052,479
Operating lease liability, less current portion 2,054,041 1,473,897
Derivative liabilities 11,510,368 10,485,650
Asset retirement obligations 28,082,442 29,590,463
Total Liabilities 589,913,492 607,896,406
Commitments and Contingencies - See Note
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; 196,837,001 shares and 175,530,212 shares issued and outstanding, respectively 196,837 175,530
Additional paid-in capital 795,834,675 775,241,114
Accumulated deficit (9,448,612) (114,313,253)
Total Stockholders’ Equity 786,582,900 661,103,391
Total Liabilities and Stockholders' Equity $ 1,376,496,392 $ 1,268,999,797