Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 0 $ 296,384
Accounts receivable 36,394,451 38,965,002
Joint interest billing receivables, net 1,343,801 2,422,274
Derivative assets 8,375,984 6,215,374
Inventory 4,627,980 6,136,935
Prepaid expenses and other assets 2,076,896 1,874,850
Total Current Assets 52,819,112 55,910,819
Properties and Equipment    
Oil and natural gas properties, full cost method 1,770,078,718 1,663,548,249
Financing lease asset subject to depreciation 4,192,099 3,896,316
Fixed assets subject to depreciation 3,389,907 3,228,793
Total Properties and Equipment 1,777,660,724 1,670,673,358
Accumulated depreciation, depletion and amortization (450,913,685) (377,252,572)
Net Properties and Equipment 1,326,747,039 1,293,420,786
Operating lease asset 2,057,096 2,499,592
Derivative assets 8,735,674 11,634,714
Deferred financing costs 9,406,089 13,030,481
Total Assets 1,399,765,010 1,376,496,392
Current Liabilities    
Accounts payable 90,143,131 104,064,124
Income tax liability 257,704 0
Financing lease liability 879,598 956,254
Operating lease liability 633,132 568,176
Derivative liabilities 3,929,188 7,520,336
Notes payable 912,819 533,734
Asset retirement obligations 836,421 165,642
Total Current Liabilities 97,591,993 113,808,266
Non-current Liabilities    
Deferred income taxes 26,859,453 8,552,045
Revolving line of credit 392,000,000 425,000,000
Financing lease liability, less current portion 496,954 906,330
Operating lease liability, less current portion 1,574,117 2,054,041
Derivative liabilities 4,535,777 11,510,368
Asset retirement obligations 25,396,573 28,082,442
Total Liabilities 548,454,867 589,913,492
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; 198,196,034 shares and 196,837,001 shares issued and outstanding, respectively 198,196 196,837
Additional paid-in capital 798,747,764 795,834,675
Retained earnings (Accumulated deficit) 52,364,183 (9,448,612)
Total Stockholders’ Equity 851,310,143 786,582,900
Total Liabilities and Stockholders' Equity $ 1,399,765,010 $ 1,376,496,392