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
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities    
Net income $ 43,804,118 $ 4,269,260
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 13,682,996 12,929,054
Accretion expense 231,962 215,945
Amortization of deferred financing costs 189,082 0
Share-based compensation 673,795 834,465
Deferred income tax provision 12,028,380 1,918,144
Excess tax deficiency related to share-based compensation 421,536 2,946,615
Change in fair value of derivative instruments (47,086,680) 340,685
Changes in assets and liabilities:    
Accounts receivable 6,915,357 (15,808,739)
Prepaid expenses and retainers 3,584,453 180,452
Accounts payable (6,614,029) 2,111,804
Settlement of asset retirement obligation (293,212) (107,770)
Net Cash Provided by Operating Activities 27,537,758 9,829,915
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (480,048) (13,358,132)
Payments to develop oil and natural gas properties (24,463,138) (42,228,740)
Net Cash Used in Investing Activities (24,943,186) (55,586,872)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 0 45,000,000
Reduction of financing lease liabilities (67,806) 0
Net Cash Provided by (Used in) Financing Activities (67,806) 45,000,000
Net Change in Cash 2,526,766 (756,957)
Cash at Beginning of Period 10,004,622 3,363,726
Cash at End of Period 12,531,388 2,606,769
Supplemental Cash Flow Information    
Cash paid for interest 4,211,754 708,951
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 66,387 175,173
Capitalized expenditures attributable to drilling projects financed through current liabilities 6,200,000 34,605,000
Acquisition of oil and gas properties    
Assumption of joint interest billing receivable 0 1,464,394
Assumption of prepaid assets 0 2,864,554
Assumption of accounts and revenue payables 0 (1,234,862)
Asset retirement obligation 0 (2,979,645)
Acquisition payable to be settled through equity 0 (28,356,396)
Acquisition payable to be settled through cash payment 0 (256,877,766)
Oil and gas properties subject to amortization $ 0 $ 285,119,721