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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities    
Net income $ 32,715,779 $ 7,112,043
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 21,271,671 9,781,287
Asset retirement obligation accretion 365,847 188,242
Amortization of deferred financing costs 1,220,384 199,274
Share-based compensation 1,943,696 1,521,910
Bad debt expense 2,894 0
Deferred income tax expense 1,972,653 65,939
(Gain) loss on derivative contracts (9,474,905) 27,596,141
Cash paid for derivative settlements, net (658,525) (14,115,501)
Changes in assets and liabilities:    
Accounts receivable 3,428,287 (10,078,098)
Inventory 442,598 0
Prepaid expenses and other assets 529,934 202,885
Accounts payable (9,589,898) 2,519,011
Settlement of asset retirement obligation (490,319) (553,368)
Net Cash Provided by Operating Activities 43,680,096 24,439,765
Cash Flows From Investing Activities    
Payments for the Stronghold Acquisition (18,511,170) 0
Payments to purchase oil and natural gas properties (59,099) (360,848)
Payments to develop oil and natural gas properties (36,939,307) (13,860,249)
Payments to acquire or improve fixed assets subject to depreciation (14,570) (10,114)
Sale of fixed assets subject to depreciation 0 8,500
Proceeds from divestiture of oil and natural gas properties 54,558 0
Net Cash (Used in) Investing Activities (55,469,588) (14,222,711)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 56,000,000 10,000,000
Payments on revolving line of credit (49,000,000) (20,000,000)
Proceeds from issuance of common stock from warrant exercises 3,613,941 0
Payments for taxes withheld on vested restricted shares, net (134,381) 0
Payments on notes payable (499,880) (367,381)
Reduction of financing lease liabilities (177,014) (118,778)
Net Cash Provided by (Used in) Financing Activities 9,802,666 (10,486,159)
Net Increase (Decrease) in Cash (1,986,826) (269,105)
Cash at Beginning of Period 3,712,526 2,408,316
Cash at End of Period 1,725,700 2,139,211
Supplemental Cash Flow Information    
Cash paid for interest 9,246,281 3,155,943
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 95,062 44,458
Financing lease assets obtained in exchange for new financing lease liability 83,811 0
Capitalized expenditures attributable to drilling projects financed through current liabilities 1,981,649 5,522,595
Investing Activities - Cash Paid    
Payment of deferred cash payment 15,000,000 0
Payment of post-close settlement 3,511,170 0
Payments for the Stronghold Acquisition $ 18,511,170 $ 0