Annual report [Section 13 and 15(d), not S-K Item 405]

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 1,866,395 $ 296,384
Accounts receivable 36,172,316 38,965,002
Joint interest billing receivables, net 1,083,164 2,422,274
Derivative assets 5,497,057 6,215,374
Inventory 4,047,819 6,136,935
Prepaid expenses and other assets 1,781,341 1,874,850
Total Current Assets 50,448,092 55,910,819
Properties and Equipment    
Oil and natural gas properties, full cost method 1,809,309,848 1,663,548,249
Financing lease asset subject to depreciation 4,634,556 3,896,316
Fixed assets subject to depreciation 3,389,907 3,228,793
Total Properties and Equipment 1,817,334,311 1,670,673,358
Accumulated depreciation, depletion and amortization (475,212,325) (377,252,572)
Net Properties and Equipment 1,342,121,986 1,293,420,786
Operating lease asset 1,906,264 2,499,592
Derivative assets 5,473,375 11,634,714
Deferred financing costs 8,149,757 13,030,481
Total Assets 1,408,099,474 1,376,496,392
Current Liabilities    
Accounts payable 95,729,261 104,064,124
Income tax liability 328,985 0
Financing lease liability 906,119 956,254
Operating lease liability 648,204 568,176
Derivative liabilities 6,410,547 7,520,336
Notes payable 496,397 533,734
Asset retirement obligations 517,674 165,642
Total Current Liabilities 105,037,187 113,808,266
Non-current Liabilities    
Deferred income taxes 28,591,802 8,552,045
Revolving line of credit 385,000,000 425,000,000
Financing lease liability, less current portion 647,078 906,330
Operating lease liability, less current portion 1,405,837 2,054,041
Derivative liabilities 2,912,745 11,510,368
Asset retirement obligations 25,864,843 28,082,442
Total Liabilities 549,459,492 589,913,492
Commitments and Contingencies - See Note 13
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; 198,561,378 shares and 196,837,001 shares issued and outstanding, respectively 198,561 196,837
Additional paid-in capital 800,419,719 795,834,675
Retained earnings (Accumulated deficit) 58,021,702 (9,448,612)
Total Stockholders’ Equity 858,639,982 786,582,900
Total Liabilities and Stockholders' Equity $ 1,408,099,474 $ 1,376,496,392