0001144204-19-024497.txt : 20190508 0001144204-19-024497.hdr.sgml : 20190508 20190508160653 ACCESSION NUMBER: 0001144204-19-024497 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 67 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190508 DATE AS OF CHANGE: 20190508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RING ENERGY, INC. CENTRAL INDEX KEY: 0001384195 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 980495938 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36057 FILM NUMBER: 19806652 BUSINESS ADDRESS: STREET 1: 6555 SOUTH LEWIS STREET CITY: TULSA STATE: OK ZIP: 74136 BUSINESS PHONE: 918-499-3880 MAIL ADDRESS: STREET 1: 6555 SOUTH LEWIS STREET CITY: TULSA STATE: OK ZIP: 74136 FORMER COMPANY: FORMER CONFORMED NAME: Transglobal Mining Corp. DATE OF NAME CHANGE: 20070425 FORMER COMPANY: FORMER CONFORMED NAME: Blanca Corp. DATE OF NAME CHANGE: 20061220 10-Q 1 tv520184_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2019

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 001-36057

Ring Energy, Inc.

(Exact Name of registrant as specified in its charter)

Nevada

90-0406406

(State or other jurisdiction of incorporation or

organization)

(IRS Employer Identification No.)

901 West Wall St. 3^rd Floor

Midland, TX

79701

(Address of principal executive offices)

(Zip Code)

(432) 682-7464

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company ¨
Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Exchange Act).

¨ Yes x No

Securities registered pursuant to Section 12(b) of the Act

Title of each Class	Trading Symbol	Name of each exchange on which registered

Common Stock, $0.001 par value	REI	NYSE American

The registrant has one class of common stock of which 67,810,711 shares were outstanding at May 7, 2019.

INDEX

Ring Energy, Inc.

For the Quarter Ended March 31, 2019

PART I – FINANCIAL INFORMATION	4
Item 1. Financial Statements.	4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3. Quantitative and Qualitative Disclosures About Market Risk	24
Item 4. Controls and Procedures	26
Part II – OTHER INFORMATION	26
Item 1. Legal Proceedings	26
Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities	27
Item 6. Exhibits	27
SIGNATURES	28

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained in this report that are not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently available information. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, need for financing, competitive position, and potential growth opportunities. Our forward-looking statements do not consider the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believes,” “intends,” “may,” “should,” “anticipates,” “expects,” “could,” “plans,” “estimates,” “projects,” “targets,” or comparable terminology or by discussions of strategy or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve risks and uncertainties that could significantly affect expected results, and actual future results could differ materially from those described in such forward-looking statements.

Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed in this report and in our annual report on Form 10-K for the year ended December 31, 2018. While it is not possible to identify all factors, we continue to face many risks and uncertainties including, but not limited to:

declines or volatility in the prices we receive for our oil and natural gas;

our ability to raise additional capital to fund future capital expenditures;

our ability to generate sufficient cash flow from operations, borrowings or other sources to enable us to fully develop and produce our oil and natural gas properties;

general economic conditions, whether internationally, nationally or in the regional and local market areas in which we do business;

risks associated with drilling, including completion risks, cost overruns and the drilling of non-economic wells or dry holes;

uncertainties associated with estimates of proved oil and natural gas reserves;

the presence or recoverability of estimated oil and natural gas reserves and the actual future production rates and associated costs;

risks and liabilities associated with acquired companies and properties;

risks related to integration of acquired companies and properties;

potential defects in title to our properties;

cost and availability of drilling rigs, equipment, supplies, personnel and oilfield services;

geological concentration of our reserves;

environmental or other governmental regulations, including legislation of hydraulic fracture stimulation;

our ability to secure firm transportation for oil and natural gas we produce and to sell the oil and natural gas at market prices;

exploration and development risks;

management’s ability to execute our plans to meet our goals;

our ability to retain key members of our management team on commercially reasonable terms;

the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems;

weather conditions;

actions or inactions of third-party operators of our properties;

costs and liabilities associated with environmental, health and safety laws;

our ability to find and retain highly skilled personnel;

operating hazards attendant to the oil and natural gas business;

competition in the oil and natural gas industry; and

the other factors discussed under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

Should our underlying assumptions prove incorrect or the consequences of the aforementioned risks worsen, actual results could differ materially from those expected.

Forward-looking statements speak only as to the date hereof. All such forward-looking statements and any subsequent written or oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the statements contained herein or referred to in this section and any other cautionary statements that may accompany such forward-looking statements. Except as otherwise required by applicable law, we disclaim any intention or obligation to update publicly or revise such statements whether as a result of new information, future events or otherwise.

There may also be other risks and uncertainties that we are unable to predict at this time or that we do not now expect to have a material adverse impact on our business.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

The unaudited condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited interim financial statements should be read in conjunction with the Company’s audited financial statements and related footnotes included in its most recent Annual Report on Form 10-K.

RING ENERGY, INC.

CONDENSED BALANCE SHEETS

(UNAUDITED)

	March 31,			December 31,
	2019			2018
ASSETS
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			-
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

LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable	$	63,862,098		$	51,910,432
Acquisition liability to be settled through equity		28,356,396			-
Operating lease liability		417,567
Derivative liabilities		340,685			-
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			-
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		-			-
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

The accompanying notes are an integral part of these unaudited condensed financial statements.

RING ENERGY, INC.

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

	For The Three Months
	Ended March 31,
	2019			2018

Oil and Gas Revenues	$	41,798,315		$	29,891,391

Costs and Operating Expenses
Oil and gas production costs		9,408,764			5,781,910
Oil and gas production taxes		2,082,875			1,425,882
Depreciation, depletion and amortization		12,929,054			8,501,379
Asset retirement obligation accretion		215,945			161,120
Lease expense		128,175			-
General and administrative expense		6,798,017			3,085,980

Total Costs and Operating Expenses		31,562,830			18,956,271

Income from Operations		10,235,485			10,935,120

Other Income (Expense)
Interest income		12,236			8,953
Interest expense		(773,017	)		(44,483	)
Realized loss on derivatives		-			(1,475,026	)
Unrealized loss on change in fair value of derivatives		(340,685	)		(790,701	)

Net Other Income (Expense)		(1,101,466	)		(2,301,257	)

Income before tax provision		9,134,019			8,633,863

(Provision for) Benefit from Income Taxes		1,955,424			(2,968,229	)

Net Income	$	11,089,443		$	5,665,634

Basic Income per Share	$	0.18		$	0.10
Diluted Income per Share	$	0.17		$	0.10

The accompanying notes are an integral part of these unaudited condensed financial statements.

RING ENERGY, INC.

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

					Additional		Retained Earnings			Total
	Common Stock				Paid-in		(Accumulated			Stockholders'
	Shares		Amount		Capital		Deficit)			Equity
For the three Months Ended March 31, 2019
Balance, December 31, 2018		63,229,710	$	63,230	$	494,892,093	$	(32,355,893	)	$	462,599,430
Share-based compensation		-		-		834,465		-			834,465
Net income		-		-		-		11,089,443			11,089,443
Balance, March 31, 2019		63,229,710	$	63,230	$	495,726,558	$	(21,266,450	)	$	474,523,338

For the three Months Ended March 31, 2018
Balance, December 31, 2017		54,224,029	$	54,224	$	397,904,769	$	(41,355,653	)	$	356,603,340
Share-based compensation		-		-		1,081,199		-			1,081,199
Common stock issued for cash, net		6,164,000		6,164		81,815,902		-			81,822,066
Net income		-		-		-		5,665,634			5,665,634
Balance, March 31, 2018		60,388,029	$	60,388	$	480,801,870	$	(35,690,019	)	$	445,172,239

The accompanying notes are an integral part of these unaudited condensed financial statements.

RING ENERGY, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the Three Months Ended March 31,	2019			2018
Cash Flows From Operating Activities
Net income	$	11,089,443		$	5,665,634
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
Depreciation, depletion and amortization		12,929,054			8,501,379
Accretion expense		215,945			161,120
Share-based compensation		834,465			1,081,199
Deferred income tax provision		1,918,144			1,809,625
Excess tax deficiency related to share-based compensation		(3,873,568	)		1,158,604
Change in fair value of derivative instruments		340,685			790,701
Changes in assets and liabilities, net of Acquisition:
Accounts receivable		(15,808,739	)		(195,642	)
Prepaid expenses and retainers		180,452			166,082
Accounts payable		2,111,804			(32,653,094	)
Settlement of asset retirement obligation		(107,770	)		(149,772	)
Net Cash Provided by (Used in) Operating Activities		9,829,915			(13,664,164	)
Cash Flows From Investing Activities
Payments to purchase oil and natural gas properties		(13,358,132	)		(1,061,195	)
Payments to develop oil and natural gas properties		(42,228,740	)		(35,081,925	)
Proceeds from disposal of fixed assets subject to depreciation		-			14,738
Net Cash Used in Investing Activities		(55,586,872	)		(36,128,382	)
Cash Flows From Financing Activities
Proceeds from revolving line of credit		45,000,000			-
Proceeds from issuance of common stock, net of offering costs		-			81,822,066
Net Cash Provided by Financing Activities		45,000,000			81,822,066
Net Change in Cash		(756,957	)		32,029,520
Cash at Beginning of Period		3,363,726			15,006,581
Cash at End of Period	$	2,606,769		$	47,036,101
Supplemental Cash Flow Information
Cash paid for interest	$	708,951		$	44,483
Noncash Investing and Financing Activities
Asset retirement obligation incurred during development	$	175,173		$	380,807
Capitalized expenditures attributable to drilling projects
financed through current liabilities		34,605,000			13,000,000
Acquisition of oil and gas properties
Assumption of joint interest billing receivable		1,464,394			-
Assumption of prepaid assets		2,864,554			-
Assumption of accounts and revenue payables		(1,234,862	)		-
Asset retirement obligation incurred through acquisition		(2,979,645	)		-
Acquisition payable to be settled through equity		(28,356,396	)		-
Acquisition payable to be settled through cash payment		(256,877,766	)		-
Oil and gas properties subject to amortization		285,119,721			-

The accompanying notes are an integral part of these unaudited condensed financial statements.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Condensed Financial Statements – The accompanying condensed financial statements prepared by Ring Energy, Inc. (the “Company” or “Ring”) have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three months ended March 31, 2019, are not necessarily indicative of the results to be expected for the full year ending December 31, 2019.

Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s annual report on Form 10-K for the year ended December 31, 2018.

Organization and Nature of Operations – The Company is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and New Mexico. The Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations.

Fair Measurements – Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Financial Accounting Standards Board (“FASB”) has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability.

Fair Values of Financial Instruments – The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The carrying amounts of accounts receivables and accounts payable and other current assets and liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities.

Derivative Instruments and Hedging Activities – The Company may periodically enter into derivative contracts to manage its exposure to commodity risk. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps, or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production.

When applicable, the Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three months ended March 31, 2019, the change in fair value resulted in the recognition of unrealized loss of $340,685 on derivative contracts. During 2018, the change in fair value resulted in the recognition of an unrealized loss of $790,701 for the three months ended March 31, 2018.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

During the three months ended March 31, 2019, the Company had no realized gain or losses on derivatives. During the three months ended March 31, 2018, the Company had a realized loss on derivatives of $1,475,026.

Concentration of Credit Risk and Major Customer – The Company had cash in excess of federally insured limits at March 31, 2019. During the three months ended March 31, 2019, sales to two customers represented 51% and 32%, respectively, of the Company’s oil and gas revenues. At March 31, 2019, these two customers made up 40% and 26%, respectively, of the Company’s accounts receivable.

Approximately 96% of the Company’s accounts and joint interest billing receivables are from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts and joint interest billing receivables are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at March 31, 2019. The Company also has a joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself.

Oil and Gas Properties – The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with the acquisition, leasing, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, estimated future costs of abandonment and site restoration, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are generally categorized either as being subject to amortization or not subject to amortization. All of our costs are subject to amortization.

All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent petroleum engineers. The Company evaluates oil and gas properties for impairment at least annually. Depreciation, depletion and amortization expense for the three months ended March 31, 2019, was $12,929,054, based on depletion at the rate of $14.72 per barrel of oil equivalent compared to $8,501,379 based on depletion at the rate of $16.36 per barrel of oil equivalent for the three months ended March 31, 2018. These amounts include $41,154 of depreciation for the three months ended March 31, 2019, compared to $80,446 of depreciation for the three months ended March 31, 2018.

Equipment, vehicles and leasehold improvements – Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing such equipment in service. Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.

Asset Retirement Obligation – The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

Revenue Recognition – In January 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 Revenues from Contracts with Customers (Topic 606) (“ASU 2014-09”). The timing of recognizing revenue from the sale of produced crude oil and natural gas was not changed as a result of adopting ASU 2014-09. The Company predominantly derives its revenue from the sale of produced crude oil and natural gas. The contractual performance obligation is satisfied when the product is delivered to the customer. Revenue is recorded in the month the product is delivered to the purchaser and the Company receives payment from one to three months after delivery. The transaction price includes variable consideration as product pricing is based on published market prices and reduced for contract specified differentials. The new guidance regarding ASU 2014-09 does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and Ring engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. See Note 2 for additional information.

Share-Based Employee Compensation – The Company has outstanding stock option grants to directors, officers and employees, which are described more fully in Note 11. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

Share-Based Compensation to Non-Employees – The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipient’s performance is complete.

Income Taxes – Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes. Deferred taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, and tax carry forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.

In January 2017, the Company adopted ASU 2016-09, Compensation – Stock Compensation (Topic 718.) The Company used the modified retrospective method to account for unrecognized excess tax benefits from prior periods. For the three months ended March 31, 2019, we recorded a decrease of $3,873,568 to our income tax provision. For the three months ended March 31, 2018, we recorded an increase of $1,158,604 to our income tax provision.

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The SEC subsequently issued a Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act” (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. Among other changes, the Tax Act lowered the corporate tax rate to 21%.

Recently Adopted Accounting Pronouncements – In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842). For lessees, the amendments in this update require that for all leases not considered to be short term, a company recognize both a lease liability and right-of-use asset on its balance sheet, representing the obligation to make payments and the right to use or control the use of a specified asset for the lease term. The amendments in this update are effective for annual periods beginning after December 15, 2018. The Company adopted ASU 2016-02 effective January 1, 2019 using the modified retrospective method and chose the option to not restate prior periods and to record any cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company’s adoption of ASU 2016-02 did not require a cumulative-effect adjustment to retained earnings. The Company opted to not apply ASU 2016-02 to its leases with terms of 12 months or less. See Note 3 – Leases for new disclosures required as a result of our adoption of ASU 2016-02.

In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815), which makes significant changes to the current hedge accounting guidance. The new standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The new standard also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The Company adopted this guidance in January 2019. The adoption of this guidance did not have a material impact on the Company’s financial statements.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The new standard allows for stranded tax effects resulting from tax reform legislation known as the Tax Act previously recognized in accumulated other comprehensive income to be reclassified to retained earnings. The Company adopted this guidance in January 2019. The adoption of this guidance did not have a material impact on the Company’s financial statements.

Recent Accounting Pronouncements – The FASB issued ASU 2018-13, Fair Value Measurement (Topic 820); Changes to the Disclosure Requirements for Fair Value Measurement. This ASU will eliminate, add and modify certain disclosure requirements for fair value measurement. The ASU is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted for either the entire standard or only the provisions that eliminate or modify requirements. The ASU requires the additional disclosure requirements be adopted using a retrospective approach. The Company is currently evaluating the provisions of this ASU and assessing the impact it may have on its disclosures in the notes to the financial statements.

Basic and Diluted Earnings (Loss) per Share – Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method.

NOTE 2 – REVENUE RECOGNITION

Oil sales

Under the Company’s oil sales contracts, the Company sells oil production at the point of delivery and collects an agreed upon index price, net of pricing differentials. The Company recognizes revenue when control transfers to the purchaser at the point of delivery at the net price received.

Natural gas sales

Under the Company’s natural gas sales contracts, the Company delivers unprocessed natural gas to a midstream processing entity at the wellhead. The midstream processing entity obtains control of the natural gas at the wellhead. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sale of natural gas. Under these agreements, the Company recognizes revenue when control transfers to the purchaser at the point of delivery.

Natural gas liquids sales

Under the Company’s natural gas liquids sales contracts, the Company delivers natural gas liquids to a midstream entity. The Company recognizes revenue at the price received when control transfers to the purchaser at the point of delivery.

Disaggregation of Revenue. The following table presents revenues disaggregated by product for the three months ended March 31, 2019 and 2018:

	For The Three Months
	Ended March 31,
	2019		2018
Operating revenues
Oil	$	40,877,983	$	29,140,165
Natural gas		782,139		751,226
Natural gas liquids		138,193		-

Total operating revenues	$	41,798,315	$	29,891,391

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

All revenues are from production from the Permian Basin in Texas and New Mexico.

NOTE 3 – LEASES

Effective January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842). This guidance attempts to increase transparency and comparability among organizations by recognizing certain lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP methodology and the method proposed by this new guidance is the recognition on the balance sheet of certain lease assets and lease liabilities by lessees for those leases that were classified as operating leases under previous GAAP.

The Company made accounting policy elections to not capitalize leases with a lease term of twelve months or less and to not separate lease and non-lease components for all asset classes. The Company has also elected to adopt the package of practical expedients within ASU 2016-02 that allows an entity to not reassess prior to the effective date (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases and the practical expedient regarding land easements that exist prior to the adoption of ASU 2016-02. The Company did not elect the practical expedient of hindsight when determining the lease term of existing contracts at the effective date.

The Company has operating leases for our offices in Midland, Texas and Tulsa, Oklahoma with terms through January 31, 2020. The office space being leased in Tulsa is owned by Arenaco, LLC, a company that is owned by Mr. Rochford, Chairman of the Board of the Company, and Mr. McCabe, a Director of the Company. Future lease payments associated with these operating leases as of March 31, 2019 are as follows:

		2019 ₍₁₎				2020
Operating lease payments		$	384,525			$	42,725

(1) 2019 excludes the three months ended March 31, 2019.

The following table provides supplemental information regarding cash flows from operations:

		2019
Cash paid for amounts included in the measurement of lease liabilities		$	128,175

Short term lease costs for the period ended March 31, 2019 were $153,759.

NOTE 4 – EARNINGS PER SHARE INFORMATION

	For The Three Months
	Ended March 31,
	2019		2018
Net Income	$	11,089,443	$	5,665,634
Basic Weighted-Average Shares Outstanding		63,229,710		56,415,673
Effect of dilutive securities:
Stock options		590,098		1,491,095
Restricted stock		172,741		42,621
Diluted Weighted-Average Shares Outstanding		63,992,549		57,949,389
Basic Income per Share	$	0.18	$	0.10
Diluted Income per Share	$	0.17	$	0.10

Stock options to purchase 993,500 shares of common stock and 326,200 shares of unvested restricted stock were excluded from the computation of diluted earnings per share during the three months ended March 31, 2019, as their effect would have been anti-dilutive. Stock options to purchase 583,500 shares of common stock were excluded from the computation of diluted earnings per share during the three months ended March 31, 2018, as their effect would have been anti-dilutive.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 5 – ACQUISITIONS

On April 9, 2019, the Company completed the acquisition of oil and gas properties from Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks LLC on the Northwest Shelf in Gaines, Yoakum, Runnels and Coke Counties, Texas and Lea County, New Mexico (the “Acquisition”). The acquired properties consist of 49,754 gross (38,230 net) acres and include a 77% average working interest and a 58% average net revenue interest. The Company incurred approximately $3.5 million in acquisition related costs, which were recognized in general and administrative expense during the three months ended March 31, 2019.

The Acquisition was recognized as a business combination whereby Ring recorded the assets acquired and the liabilities assumed at their fair values as of February 1, 2019, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. Revenues and related expenses for the Acquisition are included in our condensed statement of operations beginning February 1, 2019. The estimated fair value of the acquired properties approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed:

Assets acquired:
Joint interest billing receivable	$	1,464,394
Prepaid assets		2,864,554
Liabilities assumed
Draw on revolving line of credit		(15,000,000	)
Accounts and revenues payable		(1,234,862	)
Asset retirement obligations		(2,979,645	)
Acquisition payable to be settled through equity		(28,356,396	)
Acquisition payable to be settled through cash payment		(256,877,766	)
Total Identifiable Net Assets	$	(300,119,721	)

The $15 million draw on the revolving line of credit was the deposit placed at the signing of the Purchase and Sale Agreement on February 25, 2019. The Acquisition payable to be settled through equity was settled at the closing on April 9, 2019 through the issuance of 4,581,001 shares of common stock, of which 2,538,071 shares are being held in escrow to satisfy potential indemnification claims. The Acquisition payable to be settled through cash payment was settled at closing with the amendment and restatement of the Credit Facility as discussed further in Note 8.

The Company will continue to evaluate the fair value of the assets and liabilities reflected above and will record any adjustments, if needed, in future periods.

The following unaudited pro forma information for the three months ended March 31, 2019 and 2018, respectively, is presented to reflect the operations of the Company as if the acquisition of assets had been completed on January 1, 2019 and 2018, respectively:

	For The Three Months
	Ended March 31,
	2019		2018

Oil and Gas Revenues	$	48,463,729	$	42,759,403
Net Income (Loss)	$	11,379,247	$	10,939,149

Basic Earnings (Loss) per Share	$	0.17	$	0.18
Diluted Earnings (Loss) per Share	$	0.17	$	0.17

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 6 – DERIVATIVE FINANCIAL INSTRUMENTS

The Company is exposed to fluctuations in crude oil and natural gas prices on its production. It can utilize derivative strategies that consist of either a single derivative instrument or a combination of instruments to manage the variability in cash flows associated with the forecasted sale of its future domestic oil and natural gas production. While the use of derivative instruments may limit or partially reduce the downside risk of adverse commodity price movements, the use also may limit future income from favorable commodity price movements.

During March 2019, the Company entered into new derivative contracts in the form of costless collars of WTI Crude Oil prices in order to protect the Company’s cash flow from price fluctuation and maintain its capital programs. “Costless collars” are the combination of two options, a put option (floor) and call option (ceiling) with the options structured so that the premium paid for the put option will be offset by the premium received from selling the call option. The trades were for a total of 3,500 barrels of oil per day and were for the period of April 2019 through December 2019. The following is a table reflects the put and call prices of those contracts:

Date entered into	Barrels per day		Put price		Call price

03/12/19		1,500	$	50.00	$	66.00
03/13/19		500		50.00		67.40
03/20/19		500		50.00		67.90
03/20/19		1,000		50.00		68.71

On September 25, 2017, the Company entered into derivative contracts in the form of costless collars for the period of January 2018 through December 2018 for 1,000 barrels per day with a put price of $49.00 and a call price of $54.60.

On October 27, 2017, the Company entered into costless collars of WTI Crude Oil for the period of January 2018 through December 2018 for an additional 1,000 barrels of oil per day with a put price of $51.00 and a call price of $54.80.

Derivative financial instruments are recorded at fair value and included as either assets or liabilities in the accompanying balance sheets. Any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of other income (expense) in the accompanying statements of operations.

The use of derivative transactions involves the risk that the counterparties, which generally are financial institutions, will be unable to meet the financial terms of such transactions. At March 31, 2019, 100% of our volumes subject to derivative instruments are with lenders under our Credit Facility (as defined in Note 8).

As noted in Note 13, the Company entered into additional derivative contracts subsequent to March 31, 2019. These contracts were for an additional 2,000 barrels per day for the period April 2019 through December 2019 and for 2,000 barrels per day for the period January 2020 through December 2020.

NOTE 7 – FAIR VALUE MEASUREMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The authoritative guidance requires disclosure of the framework for measuring fair value and requires that fair value measurements be classified and disclosed in one of the following categories:

Level 1:

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

Level 2:	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that we value using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

Level 3:	Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. We continue to evaluate our inputs to ensure the fair value level classification is appropriate. When transfers between levels occur, it is our policy to assume that the transfer occurred at the date of the event or change in circumstances that caused the transfer.

The fair values of the Company’s derivatives are not actively quoted in the open market. The Company uses a market approach to estimate the fair values of its derivative instruments on a recurring basis, utilizing commodity futures pricing for the underlying commodities provided by a reputable third party, a Level 2 fair value measurement.

The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis.

	Fair Value Measurement Classification
	Quoted prices in Actives Markets for Identical Assets or (Liabilities) (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
As of March 31, 2019

Oil and gas derivative contracts	$	-	$	(340,685	)	$	-	$	(340,685	)

Total	$	-	$	(340,685	)	$	-	$	(340,685	)

NOTE 8 – REVOLVING LINE OF CREDIT

On July 1, 2014, the Company entered into a Credit Agreement with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (“Administrative Agent”), which was amended on June 14, 2018, May 18, 2016, June 26, 2015, and July 24, 2015 (as amended, the “Credit Facility”). The Credit Facility provides for a senior secured revolving credit facility with a maximum borrowing amount of $500 million. The Credit Facility matures on June 26, 2020, and is secured by substantially all of the Company’s assets.

In June 2018, the borrowing base (the “Borrowing Base”) for the Credit Facility was increased from $60 million to $175 million. The Borrowing Base is subject to periodic redeterminations, mandatory reductions and further adjustments from time to time. The Borrowing Base will be redetermined semi-annually on each May 1 and November 1. The Borrowing Base will also be reduced in certain circumstances such as the sale or disposition of certain oil and gas properties of the Company or its subsidiaries and cancellation of certain hedging positions.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

The Credit Facility allows for Eurodollar Loans and Base Rate Loans (each as defined in the Credit Facility). The interest rate on each Eurodollar Loan will be the adjusted LIBOR for the applicable interest period plus a margin between 1.75% and 2.75% (depending on the then-current level of borrowing base usage). The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agent’s prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage).

The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total Leverage Ratio (as defined in the Credit Facility) of not more than 4.0 to 1.0 and (ii) a minimum Current Ratio (as defined in the Credit Facility) of 1.0 to 1.0. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of March 31, 2019, $84,500,000 was outstanding on the Credit Facility. We are in compliance with all covenants contained in the Credit Facility.

As reflected in Note 13, subsequent to March 31, 2019, the Company amended and restated its Credit Facility with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (the “Amended and Restated Senior Credit Facility”). The Amended and Restated Senior Credit Facility, among other things, increases the maximum facility amount to $1 billion, increases the Borrowing Base to $425 million, extends the maturity date and makes other modifications to the terms of the Credit Facility. The Amended and Restated Senior Credit Facility is secured by a first lien with substantially the same collateral requirements as the Credit Facility, has substantially the same covenants as the Credit Facility and is for a term of five years.

NOTE 9 – ASSET RETIREMENT OBLIGATION

The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation incurred at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation were as follows:

Balance, December 31, 2018	$	13,055,797
Liabilities acquired		2,979,645
Liabilities incurred		175,173
Liabilities settled		(107,770	)
Accretion expense		215,945
Balance, March 31, 2019	$	16,318,790

NOTE 10 – STOCKHOLDERS’ EQUITY

Common Stock Issued in Public Offering – In February 2018, the Company closed on an underwritten public offering of 6,164,000 shares of its common stock, including 804,000 shares sold pursuant to the full exercise of an over-allotment option, at $14.00 per share for gross proceeds of $86,296,000. Total net proceeds from the offering were $81,819,073, after deducting underwriting commissions and offering expenses payable by the Company of $4,476,927.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 11 – EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN

Compensation expense charged against income for share-based awards during the three months ended March 31, 2019, was $834,465, as compared to $1,081,199 for the three months ended March 31, 2018. These amounts are included in general and administrative expense in the accompanying financial statements.

In 2011, the board of directors and stockholders approved and adopted a long-term incentive plan which allowed for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. In 2013, the Company’s board of directors and stockholders approved an amendment to the long-term incentive plan, increasing the number of shares eligible under the plan to 5,000,000 shares. As of March 31, 2019, there were 684,020 shares remaining eligible for issuance under the plan.

Stock Options

A summary of the stock option activity as of March 31, 2019, and changes during the three months then ended is as follows:

						Weighted-
				Weighted-		Average
				Average		Remaining	Aggregate
				Exercise		Contractual	Intrinsic
	Shares			Price		Term	Value
Outstanding, December 31, 2018		2,751,000		$	6.28
Granted		-		$	-
Forfeited or rescinded		(2,500	)	$	11.70
Vested		-		$	-
Outstanding, March 31, 2019		2,748,500		$	6.28	5.3 Years	$	3,366,300
Exercisable, March 31, 2019		2,323,400		$	5.42	4.6 Years

The intrinsic value was calculated using the closing price on March 29, 2019 of $5.87. As of March 31, 2019, there was $1,501,300 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 1.8 years.

Restricted Stock

A summary of the restricted stock activity as of March 31, 2019, and changes during the three months then ended is as follows:

	Restricted stock			Weighted- Average Grant Date Fair Value
Outstanding, December 31, 2018		878,360		$	7.36
Granted		-			-
Forfeited or rescinded		(4,400	)		7.53
Vested		-			-
Outstanding, March 31, 2019		873,960		$	7.36

As of March 31, 2019, there was $2,547,688 of unrecognized compensation cost related to restricted stock grants that will be recognized over a weighted average period of 2.3 years.

RING ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 12 – CONTINGENCIES AND COMMITMENTS

Standby Letters of Credit – A commercial bank issued a standby letter of credit on behalf of the Company to the state of Texas for $250,000 to allow the Company to do business there. The standby letter of credit is valid until cancelled or matured and is collateralized by the revolving credit facility with the bank. The terms of the letter of credit are extended for a term of one year at a time. The Company intends to renew the standby letters of credit for as long as the Company does business in the state of Texas. No amounts have been drawn under the standby letters of credit.

NOTE 13 – SUBSEQUENT EVENTS

Subsequent to March 31, 2019, on April 9, 2019, the Company completed the acquisition of assets from Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks LLC through a cash payment of $249,062,999 and issuance of 4,581,001 shares of common stock, of which 2,538,071 shares are being held in escrow to satisfy potential indemnification claims. As the Company had effective control of the assets beginning February 1, 2019, this Acquisition was recorded effective that date and the balance sheet as of March 31, 2019 included Acquisition liabilities for such payment and stock issuance. The closing included settlement of those liabilities.

In connection with the closing of the Acquisition, the Company entered into a registration rights agreement under which the Company agreed to register with the Securities and Exchange Commission the shares issued as consideration. The Company agreed to file a resale registration statement and to use reasonable best efforts to cause such registration statement to be declared effective as promptly as possible after the filing thereof. The Holders (as defined in the registration rights agreement) are also entitled to piggyback registration rights under the terms of the registration rights agreement.

Also subsequent to March 31, 2019, on April 9, 2019, the Company amended and restated its Credit Facility dated July 1, 2014, with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders. The Amended and Restated Senior Credit Facility, among other things, increases the maximum facility amount to $1 billion, increases the borrowing base to $425 million, extends the maturity date and makes other modifications to the terms of the Credit Facility. The Amended and Restated Senior Credit Facility is secured by a first lien with substantially the same collateral requirements as the Credit Facility, has substantially the same covenants as the Credit Facility and is for a term of five-years. This amendment and restatement was done in conjunction with the above referenced Acquisition.

Also subsequent to March 31, 2019, the Company entered into additional derivative contracts. These contracts were for an additional 2,000 barrels per day for the period April 2019 through December 2019 and for 2,000 barrels per day for the period January 2020 through December 2020. Following is a table reflecting these additional contracts:

	Date entered into	Barrels per day		Put price		Call price

2019 contracts
	04/01/19		1,000	$	50.00	$	69.50
	04/03/19		1,000		50.00		70.20

2020 contracts
	04/01/19		1,000		50.00		65.83
	04/01/19		1,000		50.00		65.40

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s Discussion and Analysis of Financial Condition and Results of Operations analyzes the major elements of our balance sheets and statements of operations. This section should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018, and our interim unaudited financial statements and accompanying notes to these financial statements.

Our Business

Ring is a Midland-based exploration and production company that is engaged in oil and natural gas acquisition, exploration, development and production activities. Our exploration and production interests are currently focused in Texas and New Mexico. We take a conventional approach to our drilling program and seek to develop our traditional core areas, as well as look for new growth opportunities with significant upside potential.

In April 2019, the Company significantly expanded its acreage position through the acquisition of oil and gas properties primarily in southwest Yoakum County, Texas and eastern Lea County, New Mexico, from Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks, LLC, effective as of February 1, 2019 (the “Acquisition”). The acquired properties consist of 49,754 gross (38,230 net) acres and include a 77% average working interest and a 58% average net revenue interest and the Acquisition has resulted in increases to our production and our revenues.

We plan to continue to exploit our acreage position through the drilling of highly economic horizontal and vertical wells using the most recent drilling and completion techniques, as well as to continue to evaluate potential transactions to acquire attractive acreage in our core areas of interest.

Results of Operations – For the Three Months Ended March 31, 2019 and 2018

Oil and natural gas sales. For the three months ended March 31, 2019, oil and natural gas sales revenue increased $11,906,924 to $41,798,315, compared to $29,891,391 for the same period during 2018, primarily as a result of the Acquisition.

Oil sales increased $11,737,818, natural gas sales increased $30,913 and natural gas liquids sales increased $138,193. For the three months ended March 31, 2019, oil sales volume increased 332,700 barrels to 812,565 barrels, compared to 479,864 barrels for the same period in 2018. The average realized per barrel of oil price decreased 17% from $60.73 for the three months ended March 31, 2018, to $50.30 for the three months ended March 31, 2019. For the three months ended March 31, 2019, gas sales volume increased 147,511 thousand cubic feet (MCF) to 357,542 MCF, compared to 210,031 MCF for the same period in 2018. The average realized natural gas price per MCF decreased 39% from $3.58 for the three months ended March 31, 2018, to $2.19 for the three months ended March 31, 2019. For the three months ended March 31, 2019, natural gas liquids volume was 271,059 gallons with an average price of $0.51 per gallon. There were no natural gas liquids sales during the three months ended March 31, 2018.

Oil and gas production costs. Our lease operating expenses (LOE) increased from $5,781,910 or $11.23 per barrel of oil equivalent (BOE) for the three months ended March 31, 2018, to $9,408,764 or $10.71 per BOE for the three months ended March 31, 2019. The increase in total is the result of both increased production between the periods and from the Acquisition. The decrease in the per BOE rate is primarily a result of the Acquisition.

Production taxes. Production taxes as a percentage of oil and natural gas sales were 5% during the three months ended March 31, 2018 and remained steady at 5% for the three months ended March 31, 2019. These rates are expected to stay relatively steady unless we make acquisitions in other states with differing production tax rates or the states of Texas or New Mexico change their production tax rates.

Depreciation, depletion, amortization and accretion. Our depreciation, depletion and amortization expense increased by $4,482,500 to $13,144,999 for the three months ended March 31, 2019, compared to $8,662,499 during the same period in 2018. The increase was primarily a result of higher production volumes as a result of the Acquisition.

Realized loss from Derivative Instruments. Realized loss on derivatives for the three months ended March 31, 2018 was $1,475,026. There was no realized gain or loss on derivatives during the three months ended March 31, 2019.

Unrealized loss from Derivative Instruments and Hedging Activities. The Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. During the three months ended March 31, 2019, the change in fair value resulted in the recognition of a loss of $340,685 on derivative contracts as compared to a loss of $790,701 during the same period in 2018.

General and administrative expenses. General and administrative expense increased $3,712,037 to $6,798,017 for the three months ended March 31, 2019, as compared to $3,085,980 for the three months ended March 31, 2018. Acquisition related costs of approximately $3.5 million was the primary reason for the increase.

Net income. For the three months ended March 31, 2019, the Company had net income of $11,089,443, as compared to $5,665,634 for the three months ended March 31, 2018. This change primarily resulted from increased revenues as a result of the Acquisition.

Capital Resources and Liquidity

As shown in the financial statements for the three months ended March 31, 2019, the Company had cash on hand of $2,606,769, compared to $3,363,726 as of December 31, 2018. The Company had net cash provided by operating activities for the three months ended March 31, 2019, of $9,829,915, compared to cash used in operating activities of $13,664,164 for the same period of 2018. The other most significant cash inflows during the periods were proceeds from draws on our Credit Facility of $45,000,000 in 2019 and proceeds from issuance of common stock of $81,822,066 in 2018. The most significant cash outflows during the three months ended March 31, 2019 and 2018 were capital expenditures in connection with the purchase and development of oil and gas properties of $55,586,872 and $36,128,382, respectively.

Availability of Capital Resources under Credit Facility

On July 1, 2014, the Company entered into a Credit Agreement with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (“Administrative Agent”), which was amended on June 14, 2018, May 18, 2016, June 26, 2015, and July 24, 2015 (as amended, the “Credit Facility”). The Credit Facility provides for a senior secured revolving credit facility with a maximum borrowing amount of $500 million. The Credit Facility matures on June 26, 2020 and is secured by substantially all of the Company’s assets.

In June 2018, the borrowing base (the “Borrowing Base”) for the Credit Facility was increased from the $60 million to $175 million. The Borrowing Base is subject to periodic redeterminations, mandatory reductions and further adjustments from time to time. The Borrowing Base will be redetermined semi-annually on each May 1 and November 1. The Borrowing Base will also be reduced in certain circumstances such as the sale or disposition of certain oil and gas properties of the Company or its subsidiaries and cancellation of certain hedging positions.

The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total leverage ratio of not more than 4.0 to 1.0 and (ii) a minimum current ratio of 1.0 to 1.0. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of March 31, 2019, $84,500,000 was outstanding on the Credit Facility. We are in compliance with all covenants contained in the Credit Facility.

Subsequent to March 31, 2019, the Company amended and restated the Credit Facility with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (the “Amended and Restated Senior Credit Facility”). The Amended and Restated Senior Credit Facility, among other things, increases the maximum facility amount to $1 billion, increases the borrowing base to $425 million, extends the maturity date and makes other modifications to the terms of the Existing Senior Credit Facility. The Amended and Restated Senior Credit Facility is secured by a first lien with substantially the same collateral requirements as the Credit Facility, has substantially the same covenants as the Credit Facility and is for a term of five-years. This amendment and restatement was done in conjunction with the Acquisition referenced above.

Derivative Financial Instruments and Hedging Activity

Date entered into	Barrels per day		Put price		Call price

03/12/19		1,500	$	50.00	$	66.00
03/13/19		500		50.00		67.40
03/20/19		500		50.00		67.90
03/20/19		1,000		50.00		68.71

Subsequent to March 31, 2019, the Company entered into additional costless collar contracts. These contracts were for an additional 2,000 barrels per day for the period April 2019 through December 2019 and for 2,000 barrels per day for the period January 2020 through December 2020.

Capital Resources for Future Acquisition and Development Opportunities

We continuously evaluate potential acquisitions and development opportunities. To the extent possible, we intend to acquire producing properties and/or developed undrilled properties rather than exploratory properties. We do not intend to limit our evaluation to any one state. We presently have no intention to evaluate off-shore properties or properties located outside of the United States.

The pursuit of and acquisition of additional oil and gas properties may require substantially greater capital than we currently have available, and obtaining additional capital would require that we enter into the sale of either short-term or long-term notes payable or the sale of our common stock. Furthermore, it may be necessary for us to retain outside consultants and others in our endeavors to locate desirable oil and gas properties.

The process of acquiring one or more additional oil and gas properties would impact our financial position and reduce our cash position. The types of costs that we may incur include travel costs relating to meeting with individuals instrumental to our acquisition of one or more oil and gas properties, the costs to retain one or more consultants specializing in the purchase of oil and gas properties, obtaining petroleum engineer reports relative to the oil and gas properties that we are investigating, legal fees associated with any such acquisitions including title reports, and accounting fees relative to obtaining historical information regarding such oil and gas properties. Even though we may incur such costs, there is no assurance that we will ultimately be able to consummate a transaction resulting in our acquisition of an oil and/or gas property.

Effects of Inflation and Pricing

The oil and natural gas industry is very cyclical and the demand for goods and services of oil field companies, suppliers and others associated with the industry puts pressure on the economic stability and pricing structure within the industry. Typically, as prices for oil and natural gas increase, so do all associated costs. Material changes in prices impact the current revenue stream, estimates of future reserves, borrowing base calculations of bank loans and the value of properties in purchase and sale transactions. Material changes in prices can impact the value of oil and natural gas companies and their ability to raise capital, borrow money and retain personnel. We anticipate business costs will vary in accordance with commodity prices for oil and natural gas, and the associated increase or decrease in demand for services related to production and exploration.

Off Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements, and it is not anticipated that the Company will enter into any off-balance sheet arrangements.

Disclosures About Market Risks

Like other natural resource producers, the Company faces certain unique market risks associated with the exploration and production of oil and natural gas. The most salient risk factors are the volatile prices of oil and gas, operational risks, ability to integrate properties and businesses, and certain environmental concerns and obligations.

Oil and Gas Prices

The price we receive for our oil and natural gas will heavily influence our revenue, profitability, access to capital and future rate of growth. Oil and natural gas are commodities and, therefore, their prices are subject to wide fluctuations in response to relatively minor changes in supply and demand. The prices we receive for our production depend on numerous factors beyond our control. These factors include, without limitation, the following: worldwide and regional economic conditions impacting the global supply and demand for oil and natural gas; the price and quantity of imports of foreign oil and natural gas; the level of global oil and natural gas inventories; localized supply and demand fundamentals; the availability of refining capacity; price and availability of transportation and pipeline systems with adequate capacity; weather conditions and natural disasters; governmental regulations; speculation as to the future price of oil and the speculative trading of oil and natural gas futures contracts; price and availability of competitors’ supplies of oil and natural gas; energy conservation and environmental measures; technological advances affecting energy consumption; the price and availability of alternative fuels and energy sources; and domestic and international drilling activity.

A substantial or extended decline in oil or natural gas prices may result in impairments of our proved oil and gas properties and may materially and adversely affect our future business, financial condition, cash flows, and results of operations.

Transportation of Oil and Natural Gas

Ring is presently committed to use the services of the existing gatherers in its present areas of production. This gives such gatherers certain short term relative monopolistic powers to set gathering and transportation costs. Obtaining the services of an alternative gathering company would require substantial additional costs since an alternative gatherer would be required to lay new pipeline and/or obtain new rights-of-way.

Competition in the Oil and Natural Gas Industry

We operate in a highly competitive environment for developing and acquiring properties, marketing oil and natural gas and securing equipment and trained personnel. As a relatively small oil and natural gas company, many large producers possess and employ financial, technical and personnel resources substantially greater than ours. Those companies may be able to develop and acquire more prospects and productive properties than our financial or personnel resources permit. It is also significant that more favorable prices can usually be negotiated for larger quantities of oil and/or gas product, such that Ring views itself as having a price disadvantage compared to larger producers.

Retention of Key Personnel

We depend to a large extent on the services of our officers. These individuals have extensive experience in the energy industry, as well as expertise in evaluating and analyzing producing oil and natural gas properties and drilling prospects, maximizing production from oil and natural gas properties and developing and executing financing strategies. The loss of any of these individuals could have a material adverse effect on our operations and business prospects. Our success may be dependent on our ability to continue to hire, retain and utilize skilled executive and technical personnel.

Environmental and Regulatory Risks

Our business and operations are subject to and impacted by a wide array of federal, state, and local laws and regulations governing the exploration for and development, production, and marketing of oil and natural gas, the operation of oil and natural gas wells, taxation, and environmental and safety matters. Many laws and regulations require drilling permits and govern the spacing of wells, rates of production, water and waste use and disposal, prevention of waste hydraulic fracturing and other matters. From time to time, regulatory agencies have imposed price controls and limitations on production in order to conserve supplies of oil and natural gas. In addition, the production, handling, storage, transportation and disposal of oil and natural gas, byproducts thereof and other substances and materials produced or used in connection with oil and natural gas operations are subject to regulation under federal, state and local laws and regulations.

Compliance with these regulations may constitute a significant cost and effort for Ring. No specific accounting for environmental compliance has been maintained or projected by Ring to date. Ring does not presently know of any environmental demands, claims, or adverse actions, litigation or administrative proceedings in which it or the acquired properties are involved or subject to or arising out of its predecessor operations.

In the event of a violation of environmental regulations, these environmental regulatory agencies have a broad range of alternative or cumulative remedies including: ordering a cleanup of any spills or waste material and restoration of the soil or water to conditions existing prior to the environmental violation; fines; or enjoining further drilling, completion or production activities.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk

The Company is subject to market risk exposure related to changes in interest rates on its indebtedness under its Credit Facility, which bears variable interest based upon a prime rate and is therefore susceptible to interest rate fluctuations. Changes in interest rates affect the interest earned on the Company’s cash and cash equivalents and the interest rate paid on borrowings under the Credit Facility. As of March 31, 2019, the Company had $84.5 million outstanding borrowings under the Credit Facility. Our weighted average interest rate on borrowings under the Credit Facility was 4.49%. An increase or decrease of 1% in the interest rate would have a corresponding decrease or increase in our annualized interest expense of approximately $845,000 based on the aggregate of $84.5 million outstanding under the Credit Facility as of March 31, 2019.

Currently, the Company does not use interest rate derivative instruments to manage exposure to interest rate changes.

Commodity Price Risk

Our major market risk exposure is in the pricing applicable to our oil and natural gas production. Market risk refers to the risk of loss from adverse changes in oil and natural gas prices. Realized pricing is primarily driven by the prevailing domestic price for crude oil and spot prices applicable to the region in which we produce natural gas. Historically, prices received for oil and natural gas production have been volatile and unpredictable. We expect pricing volatility to continue.

The prices we receive depend on many factors outside of our control. Oil prices we received during the three month period ended March 31, 2019, ranged from a low of $40.40 per barrel to a high of $56.18 per barrel. Natural gas prices we received during the same period ranged from a low of $1.28 per Mcf to a high of $3.78 per Mcf. A significant decline in the prices of oil or natural gas could have a material adverse effect on our financial condition and results of operations. In order to reduce commodity price uncertainty and increase cash flow predictability relating to the marketing of our crude oil and natural gas, we may enter into crude oil and natural gas price hedging arrangements with respect to a portion of our expected production.

Date entered into	Barrels per day		Put price		Call price

03/12/19		1,500	$	50.00	$	66.00
03/13/19		500		50.00		67.40
03/20/19		500		50.00		67.90
03/20/19		1,000		50.00		68.71

The Company’s revenues, profitability and future growth depend substantially on prevailing prices for oil and natural gas. Prices also affect the amount of cash flow available for capital expenditures and Ring’s ability to borrow and raise additional capital. The amount the Company can borrow under our Credit Facility is subject to periodic redetermination based in part on changing expectations of future prices. Lower prices may also reduce the amount of oil and natural gas that the Company can economically produce. Ring currently sells all of its oil and natural gas production under price sensitive or market price contracts.

Customer Credit Risk

Our principal exposures to credit risk is through receivables from the sale of our oil and natural gas production (approximately $27.9 million at March 31, 2019) and through receivables from our joint interest partners (approximately $2.6 million at March 31, 2019). We are subject to credit risk due to the concentration of our oil and natural gas receivables with our most significant customers. We do not require our customers to post collateral, and the inability of our significant customers to meet their obligations to us or their insolvency or liquidation may adversely affect our financial results. For the three months ended March 31, 2019, sales to two customers, Occidental Energy Marketing (“Oxy”) and Phillips 66 (“Phillips”) represented 51% and 32% of oil and gas revenues, respectively. As of March 31, 2019, Oxy and Phillips represented 40% and 26% of our accounts receivable, respectively. Due to availability of other purchasers, we do not believe the loss of any single oil or natural gas customer would have a material adverse effect on our results of operations.

Currency Exchange Rate Risk

Foreign sales accounted for none of the Company’s sales; further, the Company accepts payment for its commodity sales only in U.S. dollars. Ring is therefore not exposed to foreign currency exchange rate risk on these sales.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

Our management, with the participation of Kelly W. Hoffman, our principal executive officer, and William R. Broaddrick, our principal financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on management’s evaluation, Mssrs. Hoffman and Broaddrick concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective in ensuring that information required to be disclosed by us in reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

We will continue to monitor and evaluate the effectiveness of our disclosure controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

Changes in internal control over financial reporting

We regularly review our system of internal control over financial reporting and make changes to our processes and systems to improve controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, consolidating activities, and migrating processes. There were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2019, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We may be the subject of threatened or pending legal actions and contingencies in the normal course of conducting our business. We provide for costs related to these matters when a loss is probable and the amount can be reasonably estimated. The effect of the outcome of these matters on our future results of operations and liquidity cannot be predicted because any such effect depends on future results of operations and the amount or timing of the resolution of such matters. For certain types of claims, we maintain insurance coverage for personal injury and property damage, product liability and other liability coverages in amounts and with deductibles that we believe are prudent, but there can be no assurance that these coverages will be applicable or adequate to cover adverse outcomes of claims or legal proceedings against us.

Item 2. Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities.

On April 9, 2019, the Company completed an acquisition of assets, consisting of approximately 38,230 net acres located primarily in southwest Yoakum County, Texas and eastern Lea County, New Mexico, for an aggregate adjusted consideration of approximately $291 million, comprised of approximately $264 million cash and 4,581,001 shares of the Company’s common stock (the “Equity Consideration”), of which 2,538,071 shares are being held in escrow to satisfy potential indemnification claims arising under the Purchase Agreement, pursuant to a Purchase and Sale Agreement (the “Purchase Agreement”) with Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks, LLC. The Equity Consideration was issued in reliance upon the exemption from registration provided by Rule 506 of Regulation D of the Securities Act of 1933.

On April 19, 2019, the Company filed a registration statement on Form S-3 (Registration No. 333-230966) to register the above-referenced unregistered common stock; however, the registration statement has not yet been declared effective by the SEC.

Item 6. Exhibits

		Incorporated by Reference
Exhibit Number	Exhibit Description	Form	File No.	Exhibit	Filing Date	Filed Here- with


2.1	Purchase and Sale Agreement, dated February 25, 2019, by and among Ring Energy, Inc. and Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks, LLC	8-K	001-36057	2.1	2/28/19
3.1	Articles of Incorporation (as amended)	10-K	000-53920	3.1	4/1/13
3.2	Current Bylaws	8-K	000-53920	3.2	1/24/13
4.1	Registration Rights Agreement, dated April 9, 2019, by and between Ring Energy, Inc. and Wishbone Energy Partners, LLC.	8-K	001-36057	4.1	4/12/19
10.1	Commitment Letter dated February 24, 2019 between Ring Energy, Inc., SunTrust Bank and SunTrust Robinson Humphrey, Inc.	8-K	001-36057	10.1	2/28/19
10.2	Amended and Restated Credit Agreement, dated April 9, 2019, by and among Ring Energy, Inc., the several banks and other financial institutions and lenders from time to time party thereto, and SunTrust Bank, as administrative agent for the lenders and as issuing bank.	8-K	001-36057	10.2	4/12/19
31.1	Rule 13a-14(a) Certification by Chief Executive Officer					X
31.2	Rule 13a-14(a) Certification by Chief Financial Officer					X
32.1	Section 1350 Certification by Chief Executive Officer					X
32.2	Section 1350 Certification by Chief Financial Officer					X
101.INS	XBRL Instance Document					X
101.SCH	XBRL Taxonomy Extension Schema Document					X
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document					X
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document					X
101.LAB	XBRL Taxonomy Extension Label Linkbase Document					X
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document					X

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Ring Energy, Inc.

Date: May 8, 2019	By:	/s/ Kelly W. Hoffman
		Kelly W. Hoffman
		Chief Executive Officer and Director
		(Principal Executive Officer)

Date: May 8, 2019	By:	/s/ William R. Broaddrick
		William R. Broaddrick
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 tv520184_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATIONS

I, Kelly W. Hoffman, certify that:

I have reviewed this Form 10-Q for the quarter ended March 31, 2019, of Ring Energy, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2019

/s/ Kelly W. Hoffman

Kelly W. Hoffman, CEO

(Principal Executive Officer)

EX-31.2 3 tv520184_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATIONS

I, William R. Broaddrick, certify that:

I have reviewed this Form 10-Q for the quarter ended March 31, 2019, of Ring Energy, Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 8, 2019

/s/ William R. Broaddrick

William R. Broaddrick, CFO

(Principal Financial Officer)

EX-32.1 4 tv520184_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Ring Energy, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2019, as filed with the Securities and Exchange Commission (the “Report”), the undersigned principal executive officer and financial officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2019

/s/ Kelly W. Hoffman

Kelly W. Hoffman

(Principal Executive Officer)

EX-32.2 5 tv520184_ex32-2.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 8, 2019

/s/ William R. Broaddrick

William R. Broaddrick

(Principal Financial Officer)

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13358132

1061195

42228740

35081925

-55586872

-36128382

45000000

81822066

45000000

81822066

-756957

32029520

3363726

15006581

2606769

47036101

708951

44483

175173

380807

0 14738 782139 751226

41798315

29891391

40877983 29140165 86296000

2547688

250000

39500000

0.001

50000000

0.001

150000000

0.001

150000000

63229710

0.18

0.10

0.17

0.10

-1918144

-1809625

<div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Organization and Nature of Operations – </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company </div> is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and New Mexico. The <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Revenue Recognition</div></div></div><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> – In January 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 </div><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Revenues from Contracts with Customers (Topic 606) </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(“ASU 2014-09”). The timing of recognizing revenue from the sale of produced crude oil and natural gas was not changed as a result of adopting ASU 2014-09. The Company predominantly derives its revenue from the sale of produced crude oil and natural gas. The contractual performance obligation is satisfied when the product is delivered to the customer. Revenue is recorded in the month the product is delivered to the purchaser and the Company receives payment from one to three months after delivery. The transaction price includes variable consideration as product pricing is based on published market prices and reduced for contract specified differentials. The new guidance regarding ASU 2014-09 does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and Ring engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. See Note 2 for additional information.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Basic and Diluted Earnings (Loss) per Share</div></div></div><div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;"> – Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

0.18

0.10

0.17

0.10

583500

49.00

54.60

1000

51.00

54.80

The Borrowing Base will be redetermined semi-annually on each May 1 and November 1

60000000

175000000

4.0 to 1.0 1.0 to 1.0

84500000

1000000000

2751000

2500

2748500

2323400

6.28

11.70

6.28

5.42

3366300

P5Y3M18D

P4Y7M6D

834465 1081199

2500000

5000000

684020

5.87

1501300

P1Y9M18D

1000000000

425000000

<table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; margin-bottom: 0.001pt; width: 70%; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="6" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For The Three Months</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="6" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Ended March 31,</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net Income</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">11,089,443</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">5,665,634</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Basic Weighted-Average Shares Outstanding</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">63,229,710</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">56,415,673</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Effect of dilutive securities:</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding-top: 0px; padding-right: 0px; padding-bottom: 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; margin-left: 0.13in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Stock options</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">590,098</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">1,491,095</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding-top: 0px; padding-right: 0px; padding-bottom: 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; margin-left: 0.13in;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Restricted stock</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">172,741</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">42,621</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Diluted Weighted-Average Shares Outstanding</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">63,992,549</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">57,949,389</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Basic Income per Share</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.18</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.10</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Diluted Income per Share</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.17</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.10</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

The following table summarizes the fair values of the assets acquired and the liabilities assumed:<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 12px; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 70%;;margin : 0px auto;;text-align:left;"><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Assets acquired:</div></div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Joint interest billing receivable</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> $</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">1,464,394</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Prepaid assets</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,864,554</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Liabilities assumed</div></div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">Draw on revolving line of credit</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px; text-decoration: none;"> </div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px; text-decoration: none;"> </div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;">(15,000,000</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">)</div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accounts and revenues payable</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(1,234,862</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">)</div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Asset retirement obligations</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(2,979,645</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Acquisition payable to be settled through equity</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(28,356,396</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Acquisition payable to be settled through cash payment</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(256,877,766</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total Identifiable Net Assets</div></div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 2.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px 1.5pt; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(300,119,721</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px;">)</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A summary of the stock option activity as of March 31, 2019, and changes during the three months then ended is as follows:</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"> </div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; margin-bottom: 0.001pt; width: 100%; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted-</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted-</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Remaining</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Aggregate</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Exercise</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Intrinsic</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Shares</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Price</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Term</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Value</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Outstanding, December 31, 2018</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,751,000</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6.28</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited or rescinded</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(2,500</div></div></td><td style="background: rgb(204, 238, 255); padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">11.70</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Outstanding, March 31, 2019</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,748,500</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6.28</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; text-align: center;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">5.3 Years</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">3,366,300</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px 2pt; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Exercisable, March 31, 2019</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,323,400</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">5.42</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; text-align: center;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">4.6 Years</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 2pt; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

417567

28356396

417567

128175

285119721

1464394

2864554

1234862

2979645 0 28356396 256877766

1464394

2864554

1234862

48463729

42759403

11379247

10939149

0.17

0.18

0.17

2000 2000 256877766 0

34605000

13000000

138193 0

2019-03-12

1500

50.00

66.00

2019-03-13

500

50.00

67.40

2019-03-20

500

50.00

67.90

2019-03-20

1000

50.00

68.71

340685

-340685

249062999

4581001

0.51

0.32

0.40

0.26

0.96 12929054 14.72 8501379 16.36

41154

80446

P5Y

P7Y

1158604

-28356396 0 -256877766 0 -3873568

P5Y

The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agent’s prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage).

38230

2000 2000 3500

63229710

63230

494892093

-32355893

462599430

834465

11089443

63229710

495726558

-21266450

474523338

63230

54224029

54224

397904769

356603340

1081199

6164000

6164

81815902

81822066

5665634

60388029

60388

480801870

445172239

-41355653

5665634

-35690019

P12M

<div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Recently Adopted Accounting Pronouncements</div></div></div><div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;"> – In </div></div><div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">February 2016</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, FASB issued ASU No. </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">2016</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">-</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">02</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;">, </div><div style="font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Leases</div></div><div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;"> (Topic </div></div><div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">842)</div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">. For lessees, the amendments in this update require that for all leases not considered to be short term, a company recognize both a lease liability and right-of-use asset on its balance sheet, representing the obligation to make payments and the right to use or control the use of a specified asset for the lease term. The amendments in this update are effective for annual periods beginning after </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">December 15, 2018</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;">. </div>The Company adopted ASU 2016-02 effective January 1, 2019 using the modified retrospective method and chose the option to not restate prior periods and to record any cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company’s adoption of ASU 2016-02 did not require a cumulative-effect adjustment to retained earnings.  The Company opted to not apply ASU 2016-02 to its leases with terms of 12 months or less. See Note 3 – Leases for new disclosures required as a result of our adoption of ASU 2016-02<div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-size: 10pt;;display:inline;">.</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-family: "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; text-align: justify; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">In August 2017, the FASB issued ASU 2017-12<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">, Derivatives and Hedging (Topic 815), </div>which makes significant changes to the current hedge accounting guidance. The new standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The new standard also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The Company adopted this guidance in January 2019. The adoption of this guidance did not have a material impact on the Company’s financial statements.</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="color: rgb(0, 0, 0); font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-family: "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; text-align: justify; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02, <div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</div>. The new standard allows for stranded tax effects resulting from tax reform legislation known as the Tax Act previously recognized in accumulated other comprehensive income to be reclassified to retained earnings. The Company adopted this guidance in January 2019. The </div></div> adoption of this guidance did not have a material impact on the Company’s financial <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;"> statements.</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="margin: 0in 0px 0.0001pt 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt;;font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Recent Accounting Pronouncements</div></div> – The FASB issued ASU 2018-13, <div style="font-size: 10pt;;font-style:italic;display:inline;;font-style:italic;display:inline;">Fair Value Measurement (Topic 820); Changes to the Disclosure Requirements for Fair Value Measurement. </div>This ASU will eliminate, add and modify certain disclosure requirements for fair value measurement. The ASU is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted for either the entire standard or only the provisions that eliminate or modify requirements. The ASU requires the additional disclosure requirements be adopted using a retrospective approach. The Company is currently evaluating the provisions of this ASU and assessing the impact it may have on its disclosures in the notes to the financial statements.</div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="color: rgb(0, 0, 0); font-family: 'times new roman', times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px;">The Company has operating leases for our offices in Midland, Texas and Tulsa, Oklahoma with terms through January 31, 2020. The office space being leased in Tulsa is owned by Arenaco, LLC, a company that is owned by Mr. Rochford, Chairman of the Board of the Company, and Mr. McCabe, a Director of the Company. Future lease payments associated with these operating leases as of March 31, 2019 are as follows:</div><div style="color: rgb(0, 0, 0); font: 10pt "times new roman", times, serif; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; margin: 0pt 0px; background: none;"></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 60%;;margin : 0px auto;;text-align:left;"><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; text-align: center; margin-right: 0px; line-height: normal; font-size: 10pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019 <div style="vertical-align: super;font-size: smaller;display:inline;">(1)</div></div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2020</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Operating lease payments</div></div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">384,525</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">42,725</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"> </div><div style="margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt;">(1) 2019 excludes the three months ended March 31, 2019.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt;">The following table provides supplemental information regarding cash flows from operations:</div><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><table style="width: 70%; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td colspan="2" style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; margin-right: 0px; margin-left: 0in; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">2019</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: rgb(204, 238, 255); width: 87%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; margin-right: 0px; margin-left: 0in; font-size: 10pt; line-height: normal;">Cash paid for amounts included in the measurement of lease liabilities</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; margin-right: 0px; margin-left: 0in; font-size: 10pt; line-height: normal;">$</div></td><td style="background: rgb(204, 238, 255); width: 10%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; margin-right: 0px; margin-left: 0in; font-size: 10pt; line-height: normal;">128,175</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

128175

153759

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 5 – ACQUISITIONS</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On April 9, 2019, the Company completed the acquisition of oil and gas properties </div>from Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks LLC <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">on the Northwest Shelf in Gaines, Yoakum, Runnels and Coke Counties, </div> Texas and Lea County, New Mexico (the “Acquisition”). The <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> acquired properties consist of 49,754 gross (38,230 net)</div> acres<div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> and include a 77% average working interest and a 58% average net revenue interest. The Company incurred approximately $3.5 million in acquisition related costs, which were recognized in general and administrative expense during the three months ended March 31, 2019.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The </div> Acquisition was recognized as a business combination <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> whereby Ring recorded the assets acquired and the liabilities assumed at their fair values as of February 1, 2019, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. </div> Revenues and related expenses for the Acquisition are included in our condensed statement of operations beginning February 1, 2019. <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The estimated fair value of the acquired properties approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. </div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes the fair values of the assets acquired and the liabilities assumed:</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="font-size: 12px; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 70%;;margin : 0px auto;;text-align:left;"><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Assets acquired:</div></div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Joint interest billing receivable</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> $</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">1,464,394</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Prepaid assets</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,864,554</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Liabilities assumed</div></div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">Draw on revolving line of credit</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px; text-decoration: none;"> </div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px; text-decoration: none;"> </div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;">(15,000,000</div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">)</div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accounts and revenues payable</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(1,234,862</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">)</div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Asset retirement obligations</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(2,979,645</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Acquisition payable to be settled through equity</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(28,356,396</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Acquisition payable to be settled through cash payment</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(256,877,766</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 81%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Total Identifiable Net Assets</div></div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 2.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px 1.5pt; vertical-align: bottom; width: 16%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(300,119,721</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-bottom: 0px; margin-top: 0px;">)</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin-bottom: 0px; margin-top: 0px;"> </div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;">The $15 million draw on the revolving line of credit was the deposit placed at the signing of the Purchase and Sale Agreement on February 25, 2019. The Acquisition payable to be settled through equity was settled at the closing on April 9, 2019 through the issuance of 4,581,001 shares of common stock, of which 2,538,071 shares are being held in escrow to satisfy potential indemnification claims. The Acquisition payable to be settled through cash payment was settled at closing with the amendment and restatement of the Credit Facility as discussed further in Note 8.</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"> </div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company will continue to evaluate the fair value of the assets and liabilities reflected above and will record any adjustments, if needed, in future periods.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following unaudited pro forma information </div>for the three months ended March 31, 2019 and 2018, respectively, <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">is presented to reflect the operations of the Company as if the </div>acquisition of assets<div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> had been completed on January 1, 2019 and 2018, respectively:</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"> </div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 70%;;margin : 0px auto;;text-align:left;"><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="6" style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For The Three Months</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Ended March 31,</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 66%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Oil and Gas Revenues</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">48,463,729</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">42,759,403</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 66%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Net Income (Loss)</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">11,379,247</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">10,939,149</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 66%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 66%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Basic Earnings (Loss) per Share</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.17</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.18</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 66%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Diluted Earnings (Loss) per Share</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.17</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 14%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">0.17</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

The following is a table reflects the put and call prices of those contracts:<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><table style="width: 80%; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Date entered into</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td colspan="2" style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Barrels per day</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td colspan="2" style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Put price</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td colspan="2" style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Call price</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td></tr><tr><td style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td colspan="2" style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td colspan="2" style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td colspan="2" style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: rgb(204, 238, 255); width: 46%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">03/12/19</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 15%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">1,500</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">$</div></td><td style="background: rgb(204, 238, 255); width: 15%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">50.00</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">$</div></td><td style="background: rgb(204, 238, 255); width: 15%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">66.00</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">03/13/19</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">500</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">50.00</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">67.40</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">03/20/19</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">500</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">50.00</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">67.90</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">03/20/19</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">1,000</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">50.00</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">68.71</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 7 – FAIR VALUE MEASUREMENTS</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The authoritative guidance requires disclosure of the framework for measuring fair value and requires that fair value measurements be classified and disclosed in one of the following categories:</div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: middle; width: 63pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: middle;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"> </div></td></tr><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: top;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: justify; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Level 1:</div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: top;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: justify; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: top; width: 63pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: justify; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Level 2:</div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: top;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that we value using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%;"><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: top; width: 63pt;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: justify; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Level 3:</div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: top;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: justify; margin-right: 0px; line-height: normal;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"> </div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. We continue to evaluate our inputs to ensure the fair value level classification is appropriate. When transfers between levels occur, it is our policy to assume that the transfer occurred at the date of the event or change in circumstances that caused the transfer.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The fair values of the Company’s derivatives are not actively quoted in the open market. The Company uses a market approach to estimate the fair values of its derivative instruments on a recurring basis, utilizing commodity futures pricing for the underlying commodities provided by a reputable third party, a Level 2 fair value measurement.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial;border-top-style: none;border-bottom-style: none;border-color: initial;border-image: initial;border-collapse: collapse;margin-bottom: 0.001pt;width: 100%;margin-left: auto;margin-right: auto;"><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="10" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; text-align: center; margin-right: 0px; line-height: normal; font-size: 10pt;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Fair Value Measurement Classification</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td></tr><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; text-align: center; margin-right: 0px; line-height: normal; font-size: 10pt;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Quoted prices in</div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Actives Markets</div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">for Identical Assets</div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">or (Liabilities)</div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(Level 1)</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; text-align: center; margin-right: 0px; line-height: normal; font-size: 10pt;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Significant Other</div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Observable Inputs</div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(Level 2)</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; text-align: center; margin-right: 0px; line-height: normal; font-size: 10pt;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Significant</div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Unobservable</div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Inputs (Level 3)</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; text-align: center; margin-right: 0px; line-height: normal; font-size: 10pt;"><div style="font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; margin-right: 0px; background: none; margin-bottom: 0px; margin-top: 0px; line-height: normal; font-size: 10pt;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">As of </div></div><div style="font-weight:bold;display:inline;">March 31, 2019</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Oil and gas derivative contracts</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(340,685</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(340,685</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0px; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 18pt; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 2.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 2.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(340,685</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 2.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 2.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 2.5pt double rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(340,685</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 11 – EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Compensation expense charged against income for share-based awards during the three months ended March 31, 2019, was $834,465, as compared to $1,081,199 for the three months ended March 31, 2018. These amounts are included in general and administrative expense in the accompanying financial statements.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In 2011, the board of directors and stockholders approved and adopted a long-term incentive plan which allowed for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. In 2013, the Company’s</div> board of directors and<div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> stockholders approved an amendment to the long-term incentive plan, increasing the number of shares eligible under the plan to 5,000,000 shares. As of March 31, 2019, there were 684,020 shares remaining eligible for issuance under the plan.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Stock Options </div></div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A summary of the stock option activity as of March 31, 2019, and changes during the three months then ended is as follows:</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"> </div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; margin-bottom: 0.001pt; width: 100%; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted-</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted-</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Remaining</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Aggregate</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Exercise</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Contractual</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Intrinsic</div></div></div></td><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Shares</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Price</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Term</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Value</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Outstanding, December 31, 2018</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,751,000</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6.28</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited or rescinded</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(2,500</div></div></td><td style="background: rgb(204, 238, 255); padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">11.70</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Outstanding, March 31, 2019</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,748,500</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">6.28</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; text-align: center;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">5.3 Years</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">3,366,300</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px 2pt; vertical-align: bottom; width: 48%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Exercisable, March 31, 2019</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,323,400</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">5.42</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; width: 10%; border-bottom: 1pt solid rgb(0, 0, 0);"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; text-align: center;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">4.6 Years</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 2pt; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 2pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 10pt; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The intrinsic value was calculated using the closing price on March 29, 2019 of $5.87. As of March 31, 2019, there was $1,501,300 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 1.8 years.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;"><div style="font-weight:bold;display:inline;">Restricted Stock</div></div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A summary of the restricted stock activity as of March 31, 2019, and changes during the three months then ended is as follows:</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"> </div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; margin-bottom: 0.001pt; width: 80%; margin-left: auto; margin-right: auto; border-spacing: 0px;"><tr><td style="padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Restricted stock</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Weighted-</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Average Grant</div></div><br/><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Date Fair Value</div></div></div></td><td style="padding: 0px 0px 0.5pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Outstanding, December 31, 2018</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">878,360</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">7.36</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Granted</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Forfeited or rescinded</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(4,400</div></div></td><td style="background: rgb(204, 238, 255); padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">7.53</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Vested</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Outstanding, March 31, 2019</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">873,960</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); padding: 0pt 0px 0in; vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0); width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">7.36</div></div></td><td style="background: rgb(204, 238, 255); padding: 0px 0px 0.5pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin-bottom: 0px; margin-top: 0px; font-size: 10pt; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As of March 31, 2019, there was $2,547,688 of unrecognized compensation cost related to restricted stock grants that will be recognized over a weighted average period of<div style="letter-spacing: 0px; top: 0px;;display:inline;"> 2.3</div> years.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

P2Y3M18D

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 13 – SUBSEQUENT EVENTS</div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Subsequent to </div></div></div><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">March 31, 2019</div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">, </div>on </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">April 9, 2019</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">, <div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "times new roman", times, serif; font-size: 10pt;;display:inline;">the Company completed the acquisition </div>of assets from Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks </div></div> LLC through a cash payment <div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "times new roman", times, serif; font-size: 10pt;;display:inline;"> of $249,062,999 and issuance of 4,581,001 shares of common stock</div>, of which 2,538,071 shares are being held in escrow to satisfy potential indemnification claims.<div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; font-family: "times new roman", times, serif; font-size: 10pt;;display:inline;"> As the Company had effective control of the assets beginning </div></div></div><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">February 1, 2019</div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">, this Acquisition was recorded effective that date and the balance sheet as of </div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;">March 31, 2019</div></div></div><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: "times new roman", times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> included Acquisition liabilities for such payment and stock issuance. The closing included settlement of those liabilities.</div></div></div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"> </div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In connection with the closing of the Acquisition, the Company entered into a registration rights agreement under which the Company agreed to register with the Securities and Exchange Commission the shares issued as consideration. The Company agreed to file a resale registration statement and to use reasonable best efforts to cause such registration statement to be declared effective as promptly as possible after the filing thereof. The Holders (as defined </div>in the registration rights agreement<div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">) are also entitled to piggyback registration rights under the </div>terms of the registration rights agreement<div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">.</div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Also subsequent to March 31, 2019, </div>on April 9, 2019, <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">the Company amended and restated its Credit Facility dated July 1, 2014, with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial </div> institutions and lenders. The Amended <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> and Restated Senior Credit Facility, among other things, increases the maximum facility amount to $1 billion, increases the borrowing base to $425 million, extends the maturity date and makes other modifications to the terms of the Credit Facility. The Amended and Restated Senior Credit Facility </div>is secured by a first lien with substantially the same collateral requirements as the Credit Facility, <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">has </div>substantially the same covenants as the Credit Facility and is for a term of <div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> five-</div>years. This amendment and restatement was done in conjunction with the above referenced Acquisition.</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Also subsequent to March 31, 2019, the Company entered into additional derivative contracts. These contracts were for an additional 2,000 barrels per day for the period April 2019 through December 2019 and for 2,000 barrels per day for the period January 2020 through December 2020. </div>Following is a table reflecting these additional contracts:</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"> </div><table style="width: 80%; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px 0in; font-size: 10pt; vertical-align: bottom;;width:;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;">Date entered into</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 10pt; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;">Barrels per day</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 1pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;">Put price</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 1pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;">Call price</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td></tr><tr><td style="padding: 0px 0in; vertical-align: bottom;;width:;"> </td><td style="padding: 0in; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-top: 0px; text-align: center; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-top: 0px; text-align: center; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-top: 0px; text-align: center; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); width: 40%; padding: 0px 0in; font-size: 10pt; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-weight:bold;display:inline;">2019 contracts</div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 17%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 17%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 17%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">04/01/19</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">1,000</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="text-align: left; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">50.00</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="text-align: left; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">69.50</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">04/03/19</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">1,000</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">50.00</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">70.20</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in; width: 40%; vertical-align: bottom;"> </td><td style="background: rgb(255, 255, 255); padding: 0in; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-weight:bold;display:inline;">2020 contracts</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">04/01/19</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">1,000</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">50.00</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">65.83</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">04/01/19</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">1,000</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">50.00</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">65.40</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

2538071

<div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Disaggregation of Revenue.</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div>The following table presents revenues disaggregated by product for the three months ended March 31, 2019 and 2018:</div><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 90%;;margin : 0px auto;;text-align:left;"><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="6" style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">For The Three Months</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="6" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Ended March 31,</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2019</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td><td colspan="2" style="border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: center; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">2018</div></div></div></td><td style="border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom;;width:;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Operating revenues</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Oil</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">40,877,983</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">29,140,165</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Natural gas</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">782,139</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">751,226</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 0px 9pt; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Natural gas liquids</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">138,193</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">-</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 74%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Total operating revenues</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">41,798,315</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">29,891,391</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

384525

42725

P5Y

<div style="font-family: "times new roman", times, serif; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; font-size: 10pt;">Changes in the asset retirement obligation were as follows:</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; background: none;"><div style="white-space: pre-line; font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div> </div><table style="border-width: initial; border-top-style: none; border-bottom-style: none; border-color: initial; border-image: initial; border-collapse: collapse; margin-bottom: 0.001pt; width: 50%;;margin : 0px auto;;text-align:left;"><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 87%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Balance, December 31, 2018</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">13,055,797</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 87%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Liabilities acquired</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2,979,645</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 87%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Liabilities incurred</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">175,173</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 87%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Liabilities settled</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(107,770</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding-top: 0pt; padding-right: 0px; padding-bottom: initial; padding-left: 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">)</div></div></td></tr><tr><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 87%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Accretion expense</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">215,945</div></div></td><td style="background: rgb(204, 238, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0pt 0px; vertical-align: bottom; width: 87%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Balance, March 31, 2019</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">$</div></div></td><td style="background: rgb(255, 255, 255); border-bottom: 1pt solid rgb(0, 0, 0); border-left-width: initial; border-left-color: initial; border-right-width: initial; border-right-color: initial; border-top: none; padding: 0pt 0px; vertical-align: bottom; width: 10%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; text-align: right; margin-right: 0px; line-height: normal;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">16,318,790</div></div></td><td style="background: rgb(255, 255, 255); border-width: initial; border-bottom-style: none; border-color: initial; border-top-style: none; padding: 0px 0px 1pt; vertical-align: bottom; width: 1%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table>

10-Q false 2019-03-31 2019 Q1 RING ENERGY, INC. 0001384195 --12-31 Large Accelerated Filer REI 67810711 false false

<div style="margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt;"><div style="font-weight:bold;display:inline;">NOTE 6 – DERIVATIVE FINANCIAL INSTRUMENTS </div></div><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div><div style="margin: 0in 0px 0.0001pt 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt;">The Company is exposed to fluctuations in crude oil and natural gas prices on its production. It can utilize derivative strategies that consist of either a single derivative instrument or a combination of instruments to manage the variability in cash flows associated with the forecasted sale of its future domestic oil and natural gas production. While the use of derivative instruments may limit or partially reduce the downside risk of adverse commodity price movements, the use also may limit future income from favorable commodity price movements.</div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><div style="margin: 0in 0px 0.0001pt 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt;">During March 2019, the Company entered into new derivative contracts in the form of costless collars of WTI Crude Oil prices in order to protect the Company’s cash flow from price fluctuation and maintain its capital programs.  “Costless collars” are the combination of two options, a put option (floor) and call option (ceiling) with the options structured so that the premium paid for the put option will be offset by the premium received from selling the call option.  The trades were for a total of 3,500 barrels of oil per day and were for the period of April 2019 through December 2019. The following is a table reflects the put and call prices of those contracts:</div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><table style="width: 80%; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Date entered into</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td colspan="2" style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Barrels per day</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td colspan="2" style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Put price</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td><td colspan="2" style="border-top: none; border-right-width: initial; border-right-color: initial; border-left-width: initial; border-left-color: initial; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="font-weight:bold;display:inline;">Call price</div></div></td><td style="padding: 0in 0in 1pt; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;"><div style="background: none;;font-weight:bold;display:inline;"> </div></div></td></tr><tr><td style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td colspan="2" style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td colspan="2" style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td colspan="2" style="padding: 0in; font-size: 10pt; line-height: 10pt; white-space: nowrap;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: rgb(204, 238, 255); width: 46%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">03/12/19</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 15%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">1,500</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">$</div></td><td style="background: rgb(204, 238, 255); width: 15%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">50.00</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">$</div></td><td style="background: rgb(204, 238, 255); width: 15%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">66.00</div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">03/13/19</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">500</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">50.00</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">67.40</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">03/20/19</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">500</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">50.00</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">67.90</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr><tr><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: center; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">03/20/19</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">1,000</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">50.00</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="text-align: right; margin: 0in 0px 0.0001pt 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal;">68.71</div></td><td style="background: white; padding: 0in; font-size: 10pt; line-height: 10pt;;vertical-align:bottom;"><div style="margin: 0px 0px 0px 0in; font-family: "times new roman", times, serif; font-size: 10pt; line-height: normal; background: none;"> </div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><div style="margin: 0in 0px 0.0001pt 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt;">On September 25, 2017, the Company entered into derivative contracts in the form of costless collars for the period of January 2018 through December 2018 for 1,000 barrels per day with a put price of $49.00 and a call price of $54.60.</div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><div style="margin: 0in 0px 0.0001pt 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt;">On October 27, 2017, the Company entered into costless collars of WTI Crude Oil for the period of January 2018 through December 2018 for an additional 1,000 barrels of oil per day with a put price of $51.00 and a call price of $54.80.</div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><div style="margin: 0in 0px 0.0001pt 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt;">Derivative financial instruments are recorded at fair value and included as either assets or liabilities in the accompanying balance sheets. Any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of other income (expense) in the accompanying statements of operations.</div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><div style="margin: 0in 0px 0.0001pt 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt;">The use of derivative transactions involves the risk that the counterparties, which generally are financial institutions, will be unable to meet the financial terms of such transactions. At March 31, 2019, 100% of our volumes subject to derivative instruments are with lenders under our Credit Facility (as defined in Note 8).</div><div style="margin: 0px 0px 0px 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt; background: none;"> </div><div style="margin: 0in 0px 0.0001pt 0in; text-align: justify; font-family: "times new roman", times, serif; font-size: 10pt;">As noted in Note 13, the Company entered into additional derivative contracts subsequent to March 31, 2019. These contracts were for an additional 2,000 barrels per day for the period April 2019 through December 2019 and for 2,000 barrels per day for the period January 2020 through December 2020.</div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

15000000

4581001

1000

50.00

69.50

1000

50.00

70.20

1000

50.00

65.83

1000

50.00

65.40

Following is a table reflecting these additional contracts:<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-family: "times new roman", times, serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px;"> </div><table style="width: 80%; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;"><tr><td style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0px 0in; font-size: 10pt; vertical-align: bottom;;width:;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-weight:bold;display:inline;width:100%;">Date entered into</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 10pt; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;">Barrels per day</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 1pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;">Put price</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 1pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="border-top: none; border-image: initial; border-bottom: 1pt solid black; padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;">Call price</div></div></td><td style="border-top: none; border-image: initial; padding: 0in 0in 0.5pt; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td></tr><tr><td style="padding: 0px 0in; vertical-align: bottom;;width:;"> </td><td style="padding: 0in; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-top: 0px; text-align: center; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-top: 0px; text-align: center; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td><td colspan="2" style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;;width:;"><div style="margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; background: none; margin-top: 0px; text-align: center; white-space: nowrap;"><div style="font-weight:bold;display:inline;width:100%;"> </div></div></td><td style="padding: 0in; font-size: 10pt; white-space: nowrap; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; margin-bottom: 0px; margin-top: 0px;"><div style="background: none;;font-weight:bold;display:inline;width:100%;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div></td></tr><tr><td style="background: rgb(204, 238, 255); width: 40%; padding: 0px 0in; font-size: 10pt; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-weight:bold;display:inline;">2019 contracts</div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 17%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 17%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); width: 17%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); width: 1%; padding: 0in; font-size: 10pt; white-space: nowrap; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">04/01/19</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">1,000</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="text-align: left; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">50.00</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="text-align: left; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal; white-space: nowrap; margin-left: 0in; text-indent: 0in;">$</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">69.50</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">04/03/19</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">1,000</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">50.00</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">70.20</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in; width: 40%; vertical-align: bottom;"> </td><td style="background: rgb(255, 255, 255); padding: 0in; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;"><div style="font-weight:bold;display:inline;">2020 contracts</div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0px; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; margin-top: 0px; white-space: nowrap;"> </div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(255, 255, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">04/01/19</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">1,000</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">50.00</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(255, 255, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">65.83</div></td><td style="background: rgb(255, 255, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr><tr><td style="background: rgb(204, 238, 255); padding: 0px 0in; font-size: 10pt; width: 40%; vertical-align: bottom;"><div style="text-align: center; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0px; line-height: normal;">04/01/19</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; width: 1%; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">1,000</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">50.00</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background-color: rgb(204, 238, 255); width: 1%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 17%; text-align: right; vertical-align: bottom;"><div style="text-align: right; margin-bottom: 0.0001pt; font-family: "times new roman", times, serif; font-size: 10pt; margin-right: 0in; line-height: normal; white-space: nowrap;">65.40</div></td><td style="background: rgb(204, 238, 255); padding: 0in; font-size: 10pt; white-space: nowrap; width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: "times new roman", times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; line-height: normal; background: none; margin-bottom: 0px; margin-top: 0px;"><div style="font-family: "times new roman", times, serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 07, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	RING ENERGY, INC.
Entity Central Index Key	0001384195
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	REI
Entity Common Stock, Shares Outstanding		67,810,711
Entity Emerging Growth Company	false
Entity Small Business	false

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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

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CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	63,229,710	63,229,710
Common Stock, Shares, Outstanding	63,229,710	63,229,710

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Oil and Gas Revenues	$ 41,798,315	$ 29,891,391
Costs and Operating Expenses
Oil and gas production costs	9,408,764	5,781,910
Oil and gas production taxes	2,082,875	1,425,882
Depreciation, depletion and amortization	12,929,054	8,501,379
Asset retirement obligation accretion	215,945	161,120
Lease expense	128,175	0
General and administrative expense	6,798,017	3,085,980
Total Costs and Operating Expenses	31,562,830	18,956,271
Income from Operations	10,235,485	10,935,120
Other Income (Expense)
Interest income	12,236	8,953
Interest expense	(773,017)	(44,483)
Realized loss on derivatives	0	(1,475,026)
Unrealized loss on change in fair value of derivatives	(340,685)	(790,701)
Net Other Income (Expense)	(1,101,466)	(2,301,257)
Income before tax provision	9,134,019	8,633,863
(Provision for) Benefit from Income Taxes	1,955,424	(2,968,229)
Net Income	$ 11,089,443	$ 5,665,634
Basic Income per Share	$ 0.18	$ 0.10
Diluted Income per Share	$ 0.17	$ 0.10

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (AccumulatedDeficit) [Member]
Balance at Dec. 31, 2017	$ 356,603,340	$ 54,224	$ 397,904,769	$ (41,355,653)
Balance (in shares) at Dec. 31, 2017		54,224,029
Share-based compensation	1,081,199	$ 0	1,081,199	0
Common stock issued for cash, net	81,822,066	$ 6,164	81,815,902	0
Common stock issued for cash, net (in shares)		6,164,000
Net income (loss)	5,665,634	$ 0	0	5,665,634
Balance at Mar. 31, 2018	445,172,239	$ 60,388	480,801,870	(35,690,019)
Balance (in shares) at Mar. 31, 2018		60,388,029
Balance at Dec. 31, 2018	462,599,430	$ 63,230	494,892,093	(32,355,893)
Balance (in shares) at Dec. 31, 2018		63,229,710
Share-based compensation	834,465	$ 0	834,465	0
Net income (loss)	11,089,443	0	0	11,089,443
Balance at Mar. 31, 2019	$ 474,523,338	$ 63,230	$ 495,726,558	$ (21,266,450)
Balance (in shares) at Mar. 31, 2019		63,229,710

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Cash Flows From Operating Activities
Net income	$ 11,089,443	$ 5,665,634
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	12,929,054	8,501,379
Accretion expense	215,945	161,120
Share-based compensation	834,465	1,081,199
Deferred income tax provision	1,918,144	1,809,625
Excess tax deficiency related to share-based compensation	(3,873,568)	1,158,604
Change in fair value of derivative instruments	340,685	790,701
Changes in assets and liabilities, net of Acquisition:
Accounts receivable	(15,808,739)	(195,642)
Prepaid expenses and retainers	180,452	166,082
Accounts payable	2,111,804	(32,653,094)
Settlement of asset retirement obligation	(107,770)	(149,772)
Net Cash Provided by (Used in) Operating Activities	9,829,915	(13,664,164)
Cash Flows From Investing Activities
Payments to purchase oil and natural gas properties	(13,358,132)	(1,061,195)
Payments to develop oil and natural gas properties	(42,228,740)	(35,081,925)
Proceeds from disposal of fixed assets subject to depreciation	0	14,738
Net Cash Used in Investing Activities	(55,586,872)	(36,128,382)
Cash Flows From Financing Activities
Proceeds from revolving line of credit	45,000,000	0
Proceeds from issuance of common stock, net of offering costs	0	81,822,066
Net Cash Provided by Financing Activities	45,000,000	81,822,066
Net Change in Cash	(756,957)	32,029,520
Cash at Beginning of Period	3,363,726	15,006,581
Cash at End of Period	2,606,769	47,036,101
Supplemental Cash Flow Information
Cash paid for interest	708,951	44,483
Noncash Investing and Financing Activities
Asset retirement obligation incurred during development	175,173	380,807
Capitalized expenditures attributable to drilling projects financed through current liabilities	34,605,000	13,000,000
Acquisition of oil and gas properties
Assumption of joint interest billing receivable	1,464,394	0
Assumption of prepaid assets	2,864,554	0
Assumption of accounts and revenue payables	(1,234,862)	0
Asset retirement obligations	(2,979,645)	0
Acquisition payable to be settled through equity	(28,356,396)	0
Acquisition payable to be settled through cash payment	(256,877,766)	0
Oil and gas properties subject to amortization	$ 285,119,721	$ 0

XML 18 R7.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Condensed Financial Statements

– The accompanying condensed financial statements prepared by Ring Energy, Inc. (the “Company” or “Ring”) have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The results of operations for the three months ended M

arch 31, 2019,

are not necessarily indicative of the results to be expected for the full year ending December 31, 2019.

Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s a

nnual report

on Form 10-K

for the year ended December 31, 2018

Organization and Nature of Operations –

The Company

is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and New Mexico. The

Company’s oil and natural gas sales, profitability and future growth are dependent upon prevailing and future prices for oil and natural gas and the successful acquisition, exploration and development of oil and natural gas properties. Oil and natural gas prices have historically been volatile and may be subject to wide fluctuations in the future. A substantial decline in oil and natural gas prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows and quantities of oil and natural gas reserves that may be economically produced.

Use of Estimates

– The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America

(“GAAP”)

requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations.

Fair Measurements

– Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Financial Accounting Standards Board (“FASB”) has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability.

Fair Values of Financial Instruments

– The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. The carrying amounts of accounts receivables and accounts payable and other current assets and liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities.

Derivative Instruments and Hedging Activities

– The Company may periodically enter into derivative contracts to manage its exposure to commodity risk. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps, or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production.

During the three months ended March 31, 2019, the Company had no realized gain or losses

on derivatives.

During the three months ended March 31, 2018, the Company had a realized loss on derivatives of $1,475,026.

Concentration of Credit Risk and Major Customer

– The Company had cash in excess of federally insured limits at March 31, 2019. During the three months ended March 31, 2019, sales to two customers represented 51% and 32%, respectively, of the Company’s oil and gas revenues. At March 31, 2019, these two customers made up 40% and 26%, respectively, of the Company’s accounts receivable.

March 31, 2019.

The Company also has a joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself.

Oil and Gas Properties

– The Company uses the full cost method of accounting for oil and gas properties. Under this method, all costs associated with the acquisition, leasing, exploration, and development of oil and gas reserves are capitalized. Costs capitalized include acquisition costs, estimated future costs of abandonment and site restoration, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are generally categorized either as being subject to amortization or not subject to amortization. All of our costs are subject to amortization.

petroleum

engineers. The Company evaluates oil and gas properties for impairment at least annually. Depreciation, depletion and amortization expense for the three months ended March 31, 2019, was $12,929,054, based on depletion at the rate of $14.72 per barrel of oil equivalent compared to $8,501,379 based on depletion at the rate of $16.36 per barrel of oil equivalent

for the three months ended March 31, 2018. T

hese amounts include $41,154 of depreciation for the three months ended March 31, 2019, compared to $80,446 of depreciation for the three months ended March 31, 2018.

Equipment, vehicles and leasehold improvements

– Office equipment is valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical costs include all direct costs associated with the acquisition of office equipment and placing such equipment in service. Depreciation is calculated using the straight-line method based upon an estimated useful life of 5 to 7 years.

Asset Retirement Obligation

– The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter, this liability is accreted up to the final estimated retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal.

Revenue Recognition

– In January 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09

Revenues from Contracts with Customers (Topic 606)

(“ASU 2014-09”). The timing of recognizing revenue from the sale of produced crude oil and natural gas was not changed as a result of adopting ASU 2014-09. The Company predominantly derives its revenue from the sale of produced crude oil and natural gas. The contractual performance obligation is satisfied when the product is delivered to the customer. Revenue is recorded in the month the product is delivered to the purchaser and the Company receives payment from one to three months after delivery. The transaction price includes variable consideration as product pricing is based on published market prices and reduced for contract specified differentials. The new guidance regarding ASU 2014-09 does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and Ring engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. See Note 2 for additional information.

Share-Based Employee Compensation

– The Company has outstanding stock option grants to directors, officers and employees, which are described more fully in Note 11. The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.

Share-Based Compensation to Non-Employees

– The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipient’s performance is complete.

Income Taxes

– Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes. Deferred taxes are provided on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements, and tax carry forwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.

In January 2017, the Company adopted ASU 2016-09,

Compensation – Stock Compensation (Topic 718.)

The Company used the modified retrospective method to account for unrecognized excess tax benefits from prior periods. For the three months ended March 31, 2019, we recorded a decrease of $3,873,568 to our income tax provision. For the three months ended March 31, 2018, we recorded an increase of $1,158,604 to our income tax provision.

Recently Adopted Accounting Pronouncements

– In

February 2016

, FASB issued ASU No.

2016

Leases

(Topic

842)

. For lessees, the amendments in this update require that for all leases not considered to be short term, a company recognize both a lease liability and right-of-use asset on its balance sheet, representing the obligation to make payments and the right to use or control the use of a specified asset for the lease term. The amendments in this update are effective for annual periods beginning after

December 15, 2018

The Company adopted ASU 2016-02 effective January 1, 2019 using the modified retrospective method and chose the option to not restate prior periods and to record any cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company’s adoption of ASU 2016-02 did not require a cumulative-effect adjustment to retained earnings. The Company opted to not apply ASU 2016-02 to its leases with terms of 12 months or less. See Note 3 – Leases for new disclosures required as a result of our adoption of ASU 2016-02

In August 2017, the FASB issued ASU 2017-12

, Derivatives and Hedging (Topic 815),

which makes significant changes to the current hedge accounting guidance. The new standard eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The new standard also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. The Company adopted this guidance in January 2019. The adoption of this guidance did not have a material impact on the Company’s financial statements.

In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02,

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

. The new standard allows for stranded tax effects resulting from tax reform legislation known as the Tax Act previously recognized in accumulated other comprehensive income to be reclassified to retained earnings. The Company adopted this guidance in January 2019. The

adoption of this guidance did not have a material impact on the Company’s financial

statements.

Recent Accounting Pronouncements

– The FASB issued ASU 2018-13,

Fair Value Measurement (Topic 820); Changes to the Disclosure Requirements for Fair Value Measurement.

This ASU will eliminate, add and modify certain disclosure requirements for fair value measurement. The ASU is effective for annual and interim periods beginning January 1, 2020, with early adoption permitted for either the entire standard or only the provisions that eliminate or modify requirements. The ASU requires the additional disclosure requirements be adopted using a retrospective approach. The Company is currently evaluating the provisions of this ASU and assessing the impact it may have on its disclosures in the notes to the financial statements.

Basic and Diluted Earnings (Loss) per Share

– Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. The dilutive effect of stock options and other share-based compensation is calculated using the treasury method.

XML 19 R8.htm IDEA: XBRL DOCUMENT

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

NOTE 2 – REVENUE RECOGNITION

Oil sales

Natural gas sales

Natural gas liquids sales

Disaggregation of Revenue.

The following table presents revenues disaggregated by product for the three months ended March 31, 2019 and 2018:

	For The Three Months
	Ended March 31,
	2019		2018
Operating revenues
Oil	$	40,877,983	$	29,140,165
Natural gas		782,139		751,226
Natural gas liquids		138,193		-

Total operating revenues	$	41,798,315	$	29,891,391

All

revenues are from production from the Permian Basin in Texas and New Mexico

XML 20 R9.htm IDEA: XBRL DOCUMENT

LEASES

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases of Lessee Disclosure [Text Block]

NOTE 3 – LEASES

Effective January 1, 2019, the Company adopted ASU No. 2016-02,

Leases

(Topic 842). This guidance attempts to increase transparency and comparability among organizations by recognizing certain lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP methodology and the method proposed by this new guidance is the recognition on the balance sheet of certain lease assets and lease liabilities by lessees for those leases that were classified as operating leases under previous GAAP.

		2019 (1)				2020
Operating lease payments		$	384,525			$	42,725

(1) 2019 excludes the three months ended March 31, 2019.

The following table provides supplemental information regarding cash flows from operations:

		2019
Cash paid for amounts included in the measurement of lease liabilities		$	128,175

Short term lease costs for the period ended March 31, 2019 were $153,759.

XML 21 R10.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE INFORMATION

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4 – EARNINGS PER SHARE INFORMATION

	For The Three Months
	Ended March 31,
	2019		2018
Net Income	$	11,089,443	$	5,665,634
Basic Weighted-Average Shares Outstanding		63,229,710		56,415,673
Effect of dilutive securities:
Stock options		590,098		1,491,095
Restricted stock		172,741		42,621
Diluted Weighted-Average Shares Outstanding		63,992,549		57,949,389
Basic Income per Share	$	0.18	$	0.10
Diluted Income per Share	$	0.17	$	0.10

XML 22 R11.htm IDEA: XBRL DOCUMENT

ACQUISITIONS

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE 5 – ACQUISITIONS

On April 9, 2019, the Company completed the acquisition of oil and gas properties

from Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks LLC

on the Northwest Shelf in Gaines, Yoakum, Runnels and Coke Counties,

Texas and Lea County, New Mexico (the “Acquisition”). The

acquired properties consist of 49,754 gross (38,230 net)

acres

and include a 77% average working interest and a 58% average net revenue interest. The Company incurred approximately $3.5 million in acquisition related costs, which were recognized in general and administrative expense during the three months ended March 31, 2019.

The

Acquisition was recognized as a business combination

whereby Ring recorded the assets acquired and the liabilities assumed at their fair values as of February 1, 2019, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes.

Revenues and related expenses for the Acquisition are included in our condensed statement of operations beginning February 1, 2019.

The estimated fair value of the acquired properties approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant.

The following table summarizes the fair values of the assets acquired and the liabilities assumed:

Assets acquired:
Joint interest billing receivable	$	1,464,394
Prepaid assets		2,864,554
Liabilities assumed
Draw on revolving line of credit		(15,000,000	)
Accounts and revenues payable		(1,234,862	)
Asset retirement obligations		(2,979,645	)
Acquisition payable to be settled through equity		(28,356,396	)
Acquisition payable to be settled through cash payment		(256,877,766	)
Total Identifiable Net Assets	$	(300,119,721	)

The Company will continue to evaluate the fair value of the assets and liabilities reflected above and will record any adjustments, if needed, in future periods.

The following unaudited pro forma information

for the three months ended March 31, 2019 and 2018, respectively,

is presented to reflect the operations of the Company as if the

acquisition of assets

had been completed on January 1, 2019 and 2018, respectively:

	For The Three Months
	Ended March 31,
	2019		2018

Oil and Gas Revenues	$	48,463,729	$	42,759,403
Net Income (Loss)	$	11,379,247	$	10,939,149

Basic Earnings (Loss) per Share	$	0.17	$	0.18
Diluted Earnings (Loss) per Share	$	0.17	$	0.17

XML 23 R12.htm IDEA: XBRL DOCUMENT

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

NOTE 6 – DERIVATIVE FINANCIAL INSTRUMENTS

Date entered into	Barrels per day		Put price		Call price

03/12/19		1,500	$	50.00	$	66.00
03/13/19		500		50.00		67.40
03/20/19		500		50.00		67.90
03/20/19		1,000		50.00		68.71

XML 24 R13.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

NOTE 7 – FAIR VALUE MEASUREMENTS


Level 1:	Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:

Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that we value using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace.

Level 3:

Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis.

	Fair Value Measurement Classification
	Quoted prices in Actives Markets for Identical Assets or (Liabilities) (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
As of March 31, 2019

Oil and gas derivative contracts	$	-	$	(340,685	)	$	-	$	(340,685	)

Total	$	-	$	(340,685	)	$	-	$	(340,685	)

XML 25 R14.htm IDEA: XBRL DOCUMENT

REVOLVING LINE OF CREDIT

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 8 – REVOLVING LINE OF CREDIT

The Credit Facility contains certain covenants, which, among other things, require the maintenance of

(i) a total Leverage Ratio (as defined in the Credit Facility) of not more than

4.0 to 1.0 and

(ii) a minimum Current Ratio (as defined in the Credit Facility) of

1.0 to 1.0. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of March 31, 2019, $84,500,000 was outstanding on the Credit Facility. We are in compliance with all covenants contained in the Credit Facility.

is secured by a first lien with substantially the same collateral requirements as the Credit Facility,

has

substantially the same covenants as the Credit Facility and is for a

term of five years.

XML 26 R15.htm IDEA: XBRL DOCUMENT

ASSET RETIREMENT OBLIGATION

3 Months Ended

Mar. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation Disclosure [Text Block]

NOTE 9 – ASSET RETIREMENT OBLIGATION

Changes in the asset retirement obligation were as follows:

Balance, December 31, 2018	$	13,055,797
Liabilities acquired		2,979,645
Liabilities incurred		175,173
Liabilities settled		(107,770	)
Accretion expense		215,945
Balance, March 31, 2019	$	16,318,790

XML 27 R16.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 10 – STOCKHOLDERS’ EQUITY

Common Stock Issued in Public Offering

– In February 2018, the Company closed on an underwritten public offering of 6,164,000 shares of its common stock, including 804,000 shares sold pursuant to the full exercise of an over-allotment option, at $14.00 per share for gross proceeds of $86,296,000. Total net proceeds from the offering were $81,819,073, after deducting underwriting commissions and offering expenses payable by the Company of $4,476,927.

XML 28 R17.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

NOTE 11 – EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN

board of directors and

stockholders approved an amendment to the long-term incentive plan, increasing the number of shares eligible under the plan to 5,000,000 shares. As of March 31, 2019, there were 684,020 shares remaining eligible for issuance under the plan.

Stock Options

A summary of the stock option activity as of March 31, 2019, and changes during the three months then ended is as follows:

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
Outstanding, December 31, 2018		2,751,000		$	6.28
Granted		-		$	-
Forfeited or rescinded		(2,500	)	$	11.70
Vested		-		$	-
Outstanding, March 31, 2019		2,748,500		$	6.28		5.3 Years	$	3,366,300
Exercisable, March 31, 2019		2,323,400		$	5.42		4.6 Years

Restricted Stock

A summary of the restricted stock activity as of March 31, 2019, and changes during the three months then ended is as follows:

	Restricted stock			Weighted- Average Grant Date Fair Value
Outstanding, December 31, 2018		878,360		$	7.36
Granted		-			-
Forfeited or rescinded		(4,400	)		7.53
Vested		-			-
Outstanding, March 31, 2019		873,960		$	7.36

As of March 31, 2019, there was $2,547,688 of unrecognized compensation cost related to restricted stock grants that will be recognized over a weighted average period of

2.3

years.

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CONTINGENCIES AND COMMITMENTS

3 Months Ended

Mar. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 12 – CONTINGENCIES AND COMMITMENTS

Standby Letters of Credit

– A commercial bank issued a standby letter of credit on behalf of the Company to the state of Texas for $250,000 to allow the Company to do business there. The standby letter of credit is valid until cancelled or matured and is collateralized by the revolving credit facility with the bank. The terms of the letter of credit are extended for a term of one year at a time. The Company intends to renew the standby letters of credit for as long as the Company does business in the state of Texas. No amounts have been drawn under the standby letters of credit.

XML 30 R19.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 13 – SUBSEQUENT EVENTS

Subsequent to

March 31, 2019

April 9, 2019

the Company completed the acquisition

of assets from Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks

LLC through a cash payment

of $249,062,999 and issuance of 4,581,001 shares of common stock

, of which 2,538,071 shares are being held in escrow to satisfy potential indemnification claims.

As the Company had effective control of the assets beginning

February 1, 2019

, this Acquisition was recorded effective that date and the balance sheet as of

March 31, 2019

included Acquisition liabilities for such payment and stock issuance. The closing included settlement of those liabilities.

in the registration rights agreement

) are also entitled to piggyback registration rights under the

terms of the registration rights agreement

Also subsequent to March 31, 2019,

on April 9, 2019,

the Company amended and restated its Credit Facility dated July 1, 2014, with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial

institutions and lenders. The Amended

and Restated Senior Credit Facility, among other things, increases the maximum facility amount to $1 billion, increases the borrowing base to $425 million, extends the maturity date and makes other modifications to the terms of the Credit Facility. The Amended and Restated Senior Credit Facility

is secured by a first lien with substantially the same collateral requirements as the Credit Facility,

has

substantially the same covenants as the Credit Facility and is for a term of

five-

years. This amendment and restatement was done in conjunction with the above referenced Acquisition.

Following is a table reflecting these additional contracts:

Date entered into	Barrels per day		Put price		Call price

2019 contracts
04/01/19		1,000	$	50.00	$	69.50
04/03/19		1,000		50.00		70.20

2020 contracts
04/01/19		1,000		50.00		65.83
04/01/19		1,000		50.00		65.40

XML 31 R20.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Condensed Financial Statements

arch 31, 2019,

are not necessarily indicative of the results to be expected for the full year ending December 31, 2019.

Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company’s a

nnual report

on Form 10-K

for the year ended December 31, 2018

Organization And Nature Of Operations [Policy Text Block]

Organization and Nature of Operations –

The Company

is a Nevada corporation that owns interests in oil and natural gas properties located in Texas and New Mexico. The

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

– The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America

(“GAAP”)

Fair Value Measurement, Policy [Policy Text Block]

Fair Measurements

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Values of Financial Instruments

Derivatives, Policy [Policy Text Block]

Derivative Instruments and Hedging Activities

During the three months ended March 31, 2019, the Company had no realized gain or losses

on derivatives.

During the three months ended March 31, 2018, the Company had a realized loss on derivatives of $1,475,026.

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk and Major Customer

March 31, 2019.

Oil and Gas Properties Policy [Policy Text Block]

Oil and Gas Properties

petroleum

for the three months ended March 31, 2018. T

hese amounts include $41,154 of depreciation for the three months ended March 31, 2019, compared to $80,446 of depreciation for the three months ended March 31, 2018.

Property, Plant and Equipment, Policy [Policy Text Block]

Equipment, vehicles and leasehold improvements

Asset Retirement Obligation [Policy Text Block]

Asset Retirement Obligation

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

– In January 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09

Revenues from Contracts with Customers (Topic 606)

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Share-Based Employee Compensation

Share-based Compensation, Option and Incentive Plans, Director Policy [Policy Text Block]

Share-Based Compensation to Non-Employees

Income Tax, Policy [Policy Text Block]

Income Taxes

In January 2017, the Company adopted ASU 2016-09,

Compensation – Stock Compensation (Topic 718.)

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Pronouncements

– In

February 2016

, FASB issued ASU No.

2016

Leases

(Topic

842)

December 15, 2018

In August 2017, the FASB issued ASU 2017-12

, Derivatives and Hedging (Topic 815),

In February 2018, the FASB issued Accounting Standards Update (ASU) 2018-02,

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

adoption of this guidance did not have a material impact on the Company’s financial

statements.

Recent Accounting Pronouncements

– The FASB issued ASU 2018-13,

Fair Value Measurement (Topic 820); Changes to the Disclosure Requirements for Fair Value Measurement.

Earnings Per Share, Policy [Policy Text Block]

Basic and Diluted Earnings (Loss) per Share

XML 32 R21.htm IDEA: XBRL DOCUMENT

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue.

The following table presents revenues disaggregated by product for the three months ended March 31, 2019 and 2018:

	For The Three Months
	Ended March 31,
	2019		2018
Operating revenues
Oil	$	40,877,983	$	29,140,165
Natural gas		782,139		751,226
Natural gas liquids		138,193		-

Total operating revenues	$	41,798,315	$	29,891,391

XML 33 R22.htm IDEA: XBRL DOCUMENT

LEASES (Tables)

3 Months Ended

Mar. 31, 2019

Leases, Operating [Abstract]

Lessee, Operating Lease, Disclosure [Table Text Block]

		2019 (1)				2020
Operating lease payments		$	384,525			$	42,725

(1) 2019 excludes the three months ended March 31, 2019.

Lease, Cost [Table Text Block]

The following table provides supplemental information regarding cash flows from operations:

		2019
Cash paid for amounts included in the measurement of lease liabilities		$	128,175

XML 34 R23.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE INFORMATION (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	For The Three Months
	Ended March 31,
	2019		2018
Net Income	$	11,089,443	$	5,665,634
Basic Weighted-Average Shares Outstanding		63,229,710		56,415,673
Effect of dilutive securities:
Stock options		590,098		1,491,095
Restricted stock		172,741		42,621
Diluted Weighted-Average Shares Outstanding		63,992,549		57,949,389
Basic Income per Share	$	0.18	$	0.10
Diluted Income per Share	$	0.17	$	0.10

XML 35 R24.htm IDEA: XBRL DOCUMENT

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the fair values of the assets acquired and the liabilities assumed:

Assets acquired:
Joint interest billing receivable	$	1,464,394
Prepaid assets		2,864,554
Liabilities assumed
Draw on revolving line of credit		(15,000,000	)
Accounts and revenues payable		(1,234,862	)
Asset retirement obligations		(2,979,645	)
Acquisition payable to be settled through equity		(28,356,396	)
Acquisition payable to be settled through cash payment		(256,877,766	)
Total Identifiable Net Assets	$	(300,119,721	)

Business Acquisition, Pro Forma Information [Table Text Block]

The following unaudited pro forma information

for the three months ended March 31, 2019 and 2018, respectively,

is presented to reflect the operations of the Company as if the

acquisition of assets

had been completed on January 1, 2019 and 2018, respectively:

	For The Three Months
	Ended March 31,
	2019		2018

Oil and Gas Revenues	$	48,463,729	$	42,759,403
Net Income (Loss)	$	11,379,247	$	10,939,149

Basic Earnings (Loss) per Share	$	0.17	$	0.18
Diluted Earnings (Loss) per Share	$	0.17	$	0.17

XML 36 R25.htm IDEA: XBRL DOCUMENT

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives Not Designated as Hedging Instruments [Table Text Block]

The following is a table reflects the put and call prices of those contracts:

Date entered into	Barrels per day		Put price		Call price

03/12/19		1,500	$	50.00	$	66.00
03/13/19		500		50.00		67.40
03/20/19		500		50.00		67.90
03/20/19		1,000		50.00		68.71

XML 37 R26.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis.

	Fair Value Measurement Classification
	Quoted prices in Actives Markets for Identical Assets or (Liabilities) (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
As of March 31, 2019

Oil and gas derivative contracts	$	-	$	(340,685	)	$	-	$	(340,685	)

Total	$	-	$	(340,685	)	$	-	$	(340,685	)

XML 38 R27.htm IDEA: XBRL DOCUMENT

ASSET RETIREMENT OBLIGATION (Tables)

3 Months Ended

Mar. 31, 2019

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Asset Retirement Obligations [Table Text Block]

Changes in the asset retirement obligation were as follows:

Balance, December 31, 2018	$	13,055,797
Liabilities acquired		2,979,645
Liabilities incurred		175,173
Liabilities settled		(107,770	)
Accretion expense		215,945
Balance, March 31, 2019	$	16,318,790

XML 39 R28.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the stock option activity as of March 31, 2019, and changes during the three months then ended is as follows:

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
Outstanding, December 31, 2018		2,751,000		$	6.28
Granted		-		$	-
Forfeited or rescinded		(2,500	)	$	11.70
Vested		-		$	-
Outstanding, March 31, 2019		2,748,500		$	6.28		5.3 Years	$	3,366,300
Exercisable, March 31, 2019		2,323,400		$	5.42		4.6 Years

Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block]

A summary of the restricted stock activity as of March 31, 2019, and changes during the three months then ended is as follows:

	Restricted stock			Weighted- Average Grant Date Fair Value
Outstanding, December 31, 2018		878,360		$	7.36
Granted		-			-
Forfeited or rescinded		(4,400	)		7.53
Vested		-			-
Outstanding, March 31, 2019		873,960		$	7.36

XML 40 R29.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Tables)

3 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Schedule of Derivative Instruments [Table Text Block]

Following is a table reflecting these additional contracts:

Date entered into	Barrels per day		Put price		Call price

2019 contracts
04/01/19		1,000	$	50.00	$	69.50
04/03/19		1,000		50.00		70.20

2020 contracts
04/01/19		1,000		50.00		65.83
04/01/19		1,000		50.00		65.40

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

XML 41 R30.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019
Organization And Summary Of Significant Accounting Policies [Line Items]
Depreciation	$ 41,154	$ 80,446
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Adjustment to Deferred Tax Asset for Change in Effective Tax Rate	$ (3,873,568)	1,158,604
Unrealized Gain (Loss) on Derivatives	(340,685)	(790,701)
Derivative, Loss on Derivative	$ 0	1,475,026
Percentage Of Accounts Receivables	96.00%
Amortization expense	$ 12,929,054	8,501,379
Depletion At The Rate Per Barrel	$ 14.72	$ 16.36
Accounting Standards Update 2016-02 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Lessee, Operating Lease, Term of Contract			12 months
Maximum [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Minimum [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Sales Revenue, Net [Member] \| Customer One [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	51.00%
Sales Revenue, Net [Member] \| Customer Two [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	32.00%
Accounts Receivable [Member] \| Customer One [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	40.00%
Accounts Receivable [Member] \| Customer Two [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	26.00%

XML 42 R31.htm IDEA: XBRL DOCUMENT

REVENUE RECOGNITION (Details) - USD ($)	3 Months Ended
REVENUE RECOGNITION (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Oil	$ 40,877,983	$ 29,140,165
Natural gas	782,139	751,226
Natural Gas Liquids	138,193	0
Total operating revenues	$ 41,798,315	$ 29,891,391

XML 43 R32.htm IDEA: XBRL DOCUMENT

LEASES (Details)

Mar. 31, 2019

USD ($)

Operating lease payments, 2019

$ 384,525

^[1]

Operating lease payments, 2020

$ 42,725

[1]	2019 excludes the three months ended March 31, 2019.

XML 44 R33.htm IDEA: XBRL DOCUMENT

LEASES (Details 1) - USD ($)	3 Months Ended
LEASES (Details 1) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Cash paid for amounts included in the measurement of lease liabilities	$ 128,175	$ 0

XML 45 R34.htm IDEA: XBRL DOCUMENT

LEASES (Details Textual)	3 Months Ended
LEASES (Details Textual)	Mar. 31, 2019 USD ($)
Short-term Lease, Cost	$ 153,759

XML 46 R35.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended
EARNINGS PER SHARE INFORMATION (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income	$ 11,089,443	$ 5,665,634
Basic Weighted-Average Shares Outstanding	63,229,710	56,415,673
Effect of dilutive securities:
Diluted Weighted-Average Shares Outstanding	63,992,549	57,949,389
Basic Income per Share	$ 0.18	$ 0.10
Dilute Income per Share	$ 0.17	$ 0.10
Employee Stock Option [Member]
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment	590,098	1,491,095
Restricted Stock [Member]
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment	172,741	42,621

XML 47 R36.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE INFORMATION (Details Textual) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		583,500
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	326,200
Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	993,500

XML 48 R37.htm IDEA: XBRL DOCUMENT

ACQUISITIONS (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Assets acquired
Joint interest billing receivable	$ 1,464,394	$ 0
Prepaid assets	2,864,554	0
Liabilities assumed
Draw on revolving line of credit	(15,000,000)
Accounts and revenues payable	(1,234,862)	0
Asset retirement obligations	(2,979,645)	$ 0
Acquisition payable to be settled through equity	(28,356,396)
Acquisition payable to be settled through cash payment	(256,877,766)
Total Identifiable Net Assets	$ (300,119,721)

XML 49 R38.htm IDEA: XBRL DOCUMENT

ACQUISITIONS (Details 1) - USD ($)	3 Months Ended
ACQUISITIONS (Details 1) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Business Acquisition [Line Items]
Oil and Gas Revenues	$ 48,463,729	$ 42,759,403
Net Income (Loss)	$ 11,379,247	$ 10,939,149
Basic Earnings (Loss) per Share	$ 0.17	$ 0.18
Diluted Earnings (Loss) per Share	$ 0.17	$ 0.17

XML 50 R39.htm IDEA: XBRL DOCUMENT

ACQUISITIONS (Details Textual)		3 Months Ended
ACQUISITIONS (Details Textual)	Apr. 09, 2019 a shares	Mar. 31, 2019 USD ($) shares
Business Acquisition [Line Items]
Gas and Oil Area, Developed, Net \| a	38,230
Gas and Oil Area, Developed, Gross \| a	49,754
Business Combination, Acquisition Related Costs \| $		$ 3,500,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	4,581,001
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Revolving Line Of Credit \| $		$ 15,000,000
Escrow Shares Held \| shares		2,538,071
Average Working Interest [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	77.00%
Average Net Revenue Interest [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	58.00%

XML 51 R40.htm IDEA: XBRL DOCUMENT

DERIVATIVE FINANCIAL INSTRUMENTS (Details)	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Details)	Mar. 31, 2019 a $ / BarrelofOilEquivalent
Commodity Contract [Member]
Date entered into	Mar. 12, 2019
Barrels per day \| a	1,500
Commodity Contract [Member] \| Put Option [Member]
Put price	50.00
Commodity Contract [Member] \| Call Option [Member]
Call price	66.00
Commodity Contract A [Member]
Date entered into	Mar. 13, 2019
Barrels per day \| a	500
Commodity Contract A [Member] \| Put Option [Member]
Put price	50.00
Commodity Contract A [Member] \| Call Option [Member]
Call price	67.40
Commodity Contract B [Member]
Date entered into	Mar. 20, 2019
Barrels per day \| a	500
Commodity Contract B [Member] \| Put Option [Member]
Put price	50.00
Commodity Contract B [Member] \| Call Option [Member]
Call price	67.90
Commodity Contract C [Member]
Date entered into	Mar. 20, 2019
Barrels per day \| a	1,000
Commodity Contract C [Member] \| Put Option [Member]
Put price	50.00
Commodity Contract C [Member] \| Call Option [Member]
Call price	68.71

XML 52 R41.htm IDEA: XBRL DOCUMENT

DERIVATIVE FINANCIAL INSTRUMENTS (Details Textual)	Dec. 31, 2020 bbl	Dec. 31, 2019 bbl	Mar. 31, 2019 bbl	Dec. 31, 2018 $ / BarrelofOilEquivalent	Oct. 27, 2017 bbl	Sep. 25, 2017 bbl
Number Of Barrels Per Day \| bbl			3,500			1,000
Addititional Derivative Contracts [Member]
Number Of Barrels Per Day \| bbl					1,000
Addititional Derivative Contracts [Member] \| Scenario, Forecast [Member]
Derivative, Nonmonetary Notional Amount \| bbl	2,000	2,000
Call Option [Member]
Derivative, Price Risk Option Strike Price				54.60
Call Option [Member] \| Addititional Derivative Contracts [Member]
Derivative, Price Risk Option Strike Price				54.80
Put Option [Member]
Derivative, Price Risk Option Strike Price				49.00
Put Option [Member] \| Addititional Derivative Contracts [Member]
Derivative, Price Risk Option Strike Price				51.00

XML 53 R42.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member]	Mar. 31, 2019 USD ($)
Oil and gas derivative contracts	$ (340,685)
Total	(340,685)
Fair Value, Inputs, Level 1 [Member]
Oil and gas derivative contracts	0
Total	0
Fair Value, Inputs, Level 2 [Member]
Oil and gas derivative contracts	(340,685)
Total	(340,685)
Fair Value, Inputs, Level 3 [Member]
Oil and gas derivative contracts	0
Total	$ 0

XML 54 R43.htm IDEA: XBRL DOCUMENT

REVOLVING LINE OF CREDIT (Details Textual) - USD ($)		3 Months Ended	12 Months Ended
REVOLVING LINE OF CREDIT (Details Textual) - USD ($)	Apr. 09, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 01, 2018	Jul. 01, 2014
Line of Credit Facility [Line Items]
Line of Credit Facility, Interest Rate Description		The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agent’s prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage).
Leverage Ratio, Total		4.0 to 1.0
Minimum Leverage Ratio Current		1.0 to 1.0
Debt Instrument, Redemption, Description		The Borrowing Base will be redetermined semi-annually on each May 1 and November 1
Long-term Line of Credit		$ 84,500,000	$ 39,500,000
Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 60,000,000
Debt Instrument, Basis Spread on Variable Rate		1.75%
Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 175,000,000
Debt Instrument, Basis Spread on Variable Rate		2.75%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 500,000,000
Line of Credit Facility, Expiration Date			Jun. 26, 2020
Revolving Credit Facility [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Expiration Period	5 years
Revolving Credit Facility [Member] \| Minimum [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 425,000,000
Revolving Credit Facility [Member] \| Maximum [Member] \| Subsequent Event [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000,000

XML 55 R44.htm IDEA: XBRL DOCUMENT

ASSET RETIREMENT OBLIGATION (Details) - USD ($)	3 Months Ended
ASSET RETIREMENT OBLIGATION (Details) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Asset Retirement Obligation [Line Items]
Balance	$ 13,055,797
Liabilities acquired	2,979,645
Liabilities incurred	175,173
Liabilities settled	(107,770)
Accretion expense	215,945	$ 161,120
Balance	$ 16,318,790

XML 56 R45.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 0	$ 81,822,066
Underwritten Public Offering [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	6,164,000
Share Price	$ 14.00
Proceeds from issuance of common stock	$ 81,819,073
Payments of Stock Issuance Costs	4,476,927
Proceeds From Issuance Of Common Stock Gross	$ 86,296,000
Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	804,000

XML 57 R46.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details) - Equity Option [Member]	3 Months Ended
	Mar. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding at beginning of the year \| shares	2,751,000
Options,Granted \| shares	0
Forfeited or rescinded \| shares	(2,500)
Options,Vested \| shares	0
Options Outstanding at end of year \| shares	2,748,500
Options Exercisable at end of year \| shares	2,323,400
Weighted Average Exercise Price, Outstanding at beginning of the year \| $ / shares	$ 6.28
Weighted Average Exercise Price, Granted \| $ / shares	0
Weighted Average Exercise Price, Forfeited or rescinded \| $ / shares	11.70
Weighted Average Exercise Price, Vested \| $ / shares	0
Weighted Average Exercise Price, Outstanding at end of year \| $ / shares	6.28
Weighted Average Exercise Price, Exercisable at end of year \| $ / shares	$ 5.42
Weighted Average Remaining contractual Term Outstanding at end of year	5 years 3 months 18 days
Weighted Average Remaining contractual Term Exercisable	4 years 7 months 6 days
Aggregate Intrinsic Value \| $	$ 3,366,300

XML 58 R47.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details 1) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, Outstanding at beginning of the year \| shares	878,360
Restricted stock, Granted \| shares	0
Restricted stock, Forfeited or rescinded \| shares	(4,400)
Restricted stock, Vested \| shares	0
Restricted stock, Outstanding at end of year \| shares	873,960
Weighted-Average Grant Date Fair Value, Outstanding at beginning of the year \| $ / shares	$ 7.36
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	0
Weighted-Average Grant Date Fair Value, Forfeited or rescinded \| $ / shares	7.53
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	0
Weighted-Average Grant Date Fair Value, Outstanding at end of year \| $ / shares	$ 7.36

XML 59 R48.htm IDEA: XBRL DOCUMENT

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2013	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	684,020
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 5.87
Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses	$ 834,465	$ 1,081,199
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				2,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized			5,000,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	1,501,300
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 9 months 18 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 2,547,688
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days

XML 60 R49.htm IDEA: XBRL DOCUMENT

CONTINGENCIES AND COMMITMENTS (Details Textual)	Mar. 31, 2019 USD ($)
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 250,000

XML 61 R50.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details)	Mar. 31, 2019 bbl $ / BarrelofOilEquivalent	Dec. 31, 2018 $ / BarrelofOilEquivalent	Sep. 25, 2017 bbl
Number of Barrels Per Day \| bbl	3,500		1,000
Period One [Member]
Number of Barrels Per Day \| bbl	1,000
Period Two [Member]
Number of Barrels Per Day \| bbl	1,000
Period Three [Member]
Number of Barrels Per Day \| bbl	1,000
Period Four [Member]
Number of Barrels Per Day \| bbl	1,000
Put price [Member]
Derivative, Price Risk Option Strike Price		49.00
Put price [Member] \| Period One [Member]
Derivative, Price Risk Option Strike Price	50.00
Put price [Member] \| Period Two [Member]
Derivative, Price Risk Option Strike Price	50.00
Put price [Member] \| Period Three [Member]
Derivative, Price Risk Option Strike Price	50.00
Put price [Member] \| Period Four [Member]
Derivative, Price Risk Option Strike Price	50.00
Call price [Member]
Derivative, Price Risk Option Strike Price		54.60
Call price [Member] \| Period One [Member]
Derivative, Price Risk Option Strike Price	69.50
Call price [Member] \| Period Two [Member]
Derivative, Price Risk Option Strike Price	70.20
Call price [Member] \| Period Three [Member]
Derivative, Price Risk Option Strike Price	65.83
Call price [Member] \| Period Four [Member]
Derivative, Price Risk Option Strike Price	65.40

XML 62 R51.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Textual)	Apr. 09, 2019 USD ($) shares	Dec. 31, 2020 bbl	Dec. 31, 2019 bbl	Dec. 31, 2018 USD ($)	Jun. 01, 2018 USD ($)	Jul. 01, 2014 USD ($)
Subsequent Event [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	4,581,001
Scenario, Forecast [Member] \| Addititional Derivative Contracts [Member]
Subsequent Event [Line Items]
Derivative, Nonmonetary Notional Amount \| bbl		2,000	2,000
Maximum [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						$ 175,000,000
Minimum [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 60,000,000
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 500,000,000
Subsequent Event [Member] \| Wishbone Acquisition [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross	$ 249,062,999
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	4,581,001
Common Stock Held in Escrow \| shares	2,538,071
Subsequent Event [Member] \| Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Expiration Period	5 years
Subsequent Event [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,000,000,000
Subsequent Event [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 425,000,000

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