Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 1,178,812 $ 296,384
Accounts receivable 41,578,158 38,965,002
Joint interest billing receivables, net 1,698,453 2,422,274
Derivative assets 3,369,762 6,215,374
Inventory 5,776,398 6,136,935
Prepaid expenses and other assets 2,622,425 1,874,850
Total Current Assets 56,224,008 55,910,819
Properties and Equipment    
Oil and natural gas properties, full cost method 1,735,534,624 1,663,548,249
Financing lease asset subject to depreciation 4,192,099 3,896,316
Fixed assets subject to depreciation 3,355,968 3,228,793
Total Properties and Equipment 1,743,082,691 1,670,673,358
Accumulated depreciation, depletion and amortization (425,424,564) (377,252,572)
Net Properties and Equipment 1,317,658,127 1,293,420,786
Operating lease asset 2,206,218 2,499,592
Derivative assets 3,032,562 11,634,714
Deferred financing costs 10,632,970 13,030,481
Total Assets 1,389,753,885 1,376,496,392
Current Liabilities    
Accounts payable 90,014,041 104,064,124
Income tax liability 182,805 0
Financing lease liability 948,283 956,254
Operating lease liability 622,694 568,176
Derivative liabilities 18,114,594 7,520,336
Notes payable 1,355,795 533,734
Asset retirement obligations 165,720 165,642
Total Current Liabilities 111,403,932 113,808,266
Non-current Liabilities    
Deferred income taxes 16,846,398 8,552,045
Revolving line of credit 407,000,000 425,000,000
Financing lease liability, less current portion 685,471 906,330
Operating lease liability, less current portion 1,736,051 2,054,041
Derivative liabilities 6,255,428 11,510,368
Asset retirement obligations 28,409,700 28,082,442
Total Liabilities 572,336,980 589,913,492
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; 198,166,297 shares and 196,837,001 shares issued and outstanding, respectively 198,166 196,837
Additional paid-in capital 798,732,980 795,834,675
Retained earnings (Accumulated deficit) 18,485,759 (9,448,612)
Total Stockholders’ Equity 817,416,905 786,582,900
Total Liabilities and Stockholders' Equity $ 1,389,753,885 $ 1,376,496,392