Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current Assets    
Cash $ 2,606,769 $ 3,363,726
Accounts receivable 27,941,378 12,643,478
Joint interest billing receivable 2,553,377 578,144
Operating lease asset 417,567 0
Prepaid expenses and retainers 3,013,688 258,909
Total Current Assets 36,532,779 16,844,257
Properties and Equipment    
Oil and natural gas properties subject to depletion and amortization 990,608,164 641,121,398
Fixed assets subject to depreciation 1,465,551 1,465,551
Total Properties and Equipment 992,073,715 642,586,949
Accumulated depreciation, depletion and amortization (113,505,141) (100,576,087)
Net Properties and Equipment 878,568,574 542,010,862
Deferred Income Taxes 9,741,903 7,786,479
Deferred Financing Costs 353,384 424,061
Total Assets 925,196,640 567,065,659
Current Liabilities    
Accounts payable 63,862,098 51,910,432
Acquisition liability to be settled through equity 28,356,396 0
Operating lease liability 417,567  
Derivative liabilities 340,685 0
Total Current Liabilities 92,976,746 51,910,432
Revolving line of credit 84,500,000 39,500,000
Acquisition liability to be settled through refinancing into credit facility 256,877,766 0
Asset retirement obligations 16,318,790 13,055,797
Total Liabilities 450,673,302 104,466,229
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; 150,000,000 shares authorized; 63,229,710 shares and 63,229,710 shares issued and outstanding, respectively 63,230 63,230
Additional paid-in capital 495,726,558 494,892,093
Accumulated deficit (21,266,450) (32,355,893)
Total Stockholders' Equity 474,523,338 462,599,430
Total Liabilities and Stockholders' Equity $ 925,196,640 $ 567,065,659