Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current Assets    
Cash $ 12,531,388 $ 10,004,622
Accounts receivable 12,027,477 22,909,195
Joint interest billing receivable 2,444,702 1,812,469
Derivative receivable 3,334,128 0
Derivative asset 34,056,600 0
Prepaid expenses and retainers 397,802 3,982,255
Total Current Assets 64,792,097 38,708,541
Properties and Equipment    
Oil and natural gas properties subject to amortization 1,100,005,708 1,083,966,135
Financing lease asset subject to depreciation 858,513 858,513
Fixed assets subject to depreciation 1,465,551 1,465,551
Total Properties and Equipment 1,102,329,772 1,086,290,199
Accumulated depreciation, depletion and amortization (170,757,041) (157,074,044)
Net Properties and Equipment 931,572,731 929,216,155
Operating lease asset 1,577,993 1,867,044
Derivative asset 10,030,002 0
Deferred Financing Costs 3,025,326 3,214,408
Total Assets 1,010,998,149 973,006,148
Current Liabilities    
Accounts payable 39,051,572 54,635,602
Financing lease liability 284,630 280,970
Operating lease liability 1,056,690 1,175,904
Derivative liabilities 0 3,000,078
Total Current Liabilities 40,392,892 59,092,554
Deferred income taxes 18,451,092 6,001,176
Revolving line of credit 366,500,000 366,500,000
Financing lease liability, less current portion 352,660 424,126
Operating lease liability, less current portion 521,303 691,140
Asset retirement obligations 16,792,356 16,787,219
Total Liabilities 443,010,303 449,496,215
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; 67,993,797 shares and 67,993,797 shares issued and outstanding, respectively 67,994 67,994
Additional paid-in capital 526,975,076 526,301,281
Retained earnings (accumulated deficit) 40,944,776 (2,859,342)
Total Stockholders' Equity 567,987,846 523,509,933
Total Liabilities and Stockholders' Equity $ 1,010,998,149 $ 973,006,148