Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities        
Net income $ 12,375,256 $ 4,719,806 $ 23,464,697 $ 10,385,440
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Depreciation, depletion and amortization     27,544,324 17,645,494
Accretion expense     445,179 325,790
Share-based compensation     1,643,199 2,083,547
Deferred income tax provision     5,049,219 3,068,670
Excess tax deficiency related to share-based compensation     (4,471,900) 1,158,604
Change in fair value of derivative instruments     (1,189,545) 1,889,974
Changes in assets and liabilities:        
Accounts receivable     (9,847,686) 1,211,719
Prepaid expenses and retainers     (6,388,823) (638,368)
Accounts payable and lease liability     (451,965) (3,587,329)
Settlement of asset retirement obligation     (384,956) (265,728)
Net Cash Provided by Operating Activities     35,411,743 33,277,813
Cash Flows From Investing Activities        
Payments to purchase oil and natural gas properties     (268,120,579) (3,270,000)
Payments to develop oil and natural gas properties     (81,051,832) (113,507,857)
Proceeds from disposal of fixed assets subject to depreciation     0 105,536
Net Cash Used in Investing Activities     (349,172,411) (116,672,321)
Cash Flows From Financing Activities        
Proceeds from revolving line of credit     321,000,000 0
Proceeds from issuance of common stock, net of offering costs     0 81,819,073
Reduction of financing lease liability     (24,076) 0
Net Cash Provided by Financing Activities     320,975,924 81,819,073
Net Change in Cash     7,215,256 (1,575,435)
Cash at Beginning of Period     3,363,726 15,006,581
Cash at End of Period 10,578,982 13,431,146 10,578,982 13,431,146
Supplemental Cash Flow Information        
Cash paid for interest     932,896 44,483
Noncash Investing and Financing Activities        
Asset retirement obligation incurred during development     441,244 700,218
Operating lease assets obtained in exchange for new operating lease liability     539,577 0
Financing lease assets obtained in exchange for new financing lease liability     637,757 0
Capitalized expenditures attributable to drilling projects financed through current liabilities     41,800,000 19,000,000
Acquisition of oil and gas properties        
Assumption of joint interest billing receivable 1,464,394 0 1,464,394 0
Assumption of prepaid assets 2,864,554 0 2,864,554 0
Assumption of accounts and revenue payables (1,234,862) 0 (1,234,862) 0
Asset retirement obligation incurred through acquisition (2,979,645) 0 (2,979,645) 0
Common stock issued as partial consideration in asset acquisition (28,356,396) 0 (28,356,396) 0
Oil and gas properties subject to amortization $ 296,910,774 $ 0 $ 296,910,774 $ 0