Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 1,376,075 $ 296,384
Accounts receivable 44,392,621 38,965,002
Joint interest billing receivables, net 1,857,241 2,422,274
Derivative assets 3,704,446 6,215,374
Inventory 5,965,519 6,136,935
Prepaid expenses and other assets 1,371,146 1,874,850
Total Current Assets 58,667,048 55,910,819
Properties and Equipment    
Oil and natural gas properties, full cost method 1,700,133,519 1,663,548,249
Financing lease asset subject to depreciation 4,151,171 3,896,316
Fixed assets subject to depreciation 3,353,730 3,228,793
Total Properties and Equipment 1,707,638,420 1,670,673,358
Accumulated depreciation, depletion and amortization (400,876,225) (377,252,572)
Net Properties and Equipment 1,306,762,195 1,293,420,786
Operating lease asset 2,353,647 2,499,592
Derivative assets 5,092,176 11,634,714
Deferred financing costs 11,808,874 13,030,481
Total Assets 1,384,683,940 1,376,496,392
Current Liabilities    
Accounts payable 99,149,633 104,064,124
Income tax liability 102,633 0
Financing lease liability 1,003,909 956,254
Operating lease liability 612,373 568,176
Derivative liabilities 17,517,656 7,520,336
Notes payable 0 533,734
Asset retirement obligations 36,318 165,642
Total Current Liabilities 118,422,522 113,808,266
Non-current Liabilities    
Deferred income taxes 10,178,298 8,552,045
Revolving line of credit 422,000,000 425,000,000
Financing lease liability, less current portion 858,374 906,330
Operating lease liability, less current portion 1,896,177 2,054,041
Derivative liabilities 10,012,561 11,510,368
Asset retirement obligations 28,308,884 28,082,442
Total Liabilities 591,676,816 589,913,492
Commitments and contingencies (See Note 12)
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; 197,934,202 shares and 196,837,001 shares issued and outstanding, respectively 197,934 196,837
Additional paid-in capital 796,742,425 795,834,675
Accumulated deficit (3,933,235) (9,448,612)
Total Stockholders’ Equity 793,007,124 786,582,900
Total Liabilities and Stockholders' Equity $ 1,384,683,940 $ 1,376,496,392