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, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net income $ 5,515,377 $ 32,715,779
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 23,792,450 21,271,671
Asset retirement obligation accretion 350,834 365,847
Amortization of deferred financing costs 1,221,607 1,220,384
Share-based compensation 1,723,832 1,943,696
Bad debt expense 163,840 2,894
Deferred income tax expense (benefit) 1,585,445 1,972,653
Excess tax expense (benefit) related to share-based compensation 40,808 0
(Gain) loss on derivative contracts 19,014,495 (9,474,905)
Cash received (paid) for derivative settlements, net (1,461,515) (658,525)
Changes in operating assets and liabilities:    
Accounts receivable (5,240,487) 3,428,287
Inventory 171,416 442,598
Prepaid expenses and other assets 503,704 529,934
Accounts payable (1,601,276) (9,589,898)
Settlement of asset retirement obligation (591,361) (490,319)
Net Cash Provided by Operating Activities 45,189,169 43,680,096
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (475,858) (59,099)
Payments to develop oil and natural gas properties (38,904,808) (36,939,307)
Payments to acquire or improve fixed assets subject to depreciation (124,937) (14,570)
Proceeds from divestiture of equipment for oil and natural gas properties 0 54,558
Net Cash (Used in) Investing Activities (39,505,603) (55,469,588)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 51,500,000 56,000,000
Payments on revolving line of credit (54,500,000) (49,000,000)
Proceeds from issuance of common stock from warrant exercises 0 3,613,941
Payments for taxes withheld on vested restricted shares, net (814,985) (134,381)
Payments on notes payable (533,734) (499,880)
Reduction of financing lease liabilities (255,156) (177,014)
Net Cash Provided by (Used in) Financing Activities (4,603,875) 9,802,666
Net Increase (Decrease) in Cash 1,079,691 (1,986,826)
Cash at Beginning of Period 296,384 3,712,526
Cash at End of Period 1,376,075 1,725,700
Supplemental Cash Flow Information    
Cash paid for interest 9,926,520 9,246,281
Cash paid for income taxes 0 0
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 168,848 95,062
Financing lease assets obtained in exchange for new financing lease liability 254,855 83,811
Change in capitalized expenditures attributable to drilling projects financed through current liabilities (3,120,789) 1,981,649
Stronghold Acquisition    
Cash Flows From Investing Activities    
Payments for the Stronghold Acquisition 0 (18,511,170)
Investing Activities - Cash Paid    
Payment of deferred cash payment 0 15,000,000
Payment of post-close settlement 0 3,511,170
Payments for the Stronghold Acquisition $ 0 $ 18,511,170