v3.26.1
CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 1,137,410 $ 902,913
Accounts receivable 43,460,514 30,938,908
Joint interest billing receivables, net 1,083,368 1,623,991
Derivative assets 6,335,601 21,468,134
Inventory 5,626,261 5,312,715
Prepaid expenses and other assets 3,195,806 1,822,751
Total Current Assets 60,838,960 62,069,412
Properties and Equipment    
Oil and natural gas properties, full cost method 1,804,582,372 1,891,510,431
Financing lease asset subject to depreciation 3,687,531 3,633,586
Fixed assets subject to depreciation 3,389,403 3,504,788
Total Properties and Equipment 1,811,659,306 1,898,648,805
Accumulated depreciation, depletion and amortization (610,047,201) (569,180,901)
Net Properties and Equipment 1,201,612,105 1,329,467,904
Operating lease asset 963,396 1,285,159
Derivative assets 10,154,821 9,739,430
Deferred financing costs 7,987,814 9,337,344
Total Assets 1,281,557,096 1,411,899,249
Current Liabilities    
Accounts payable 98,068,202 90,258,731
Income tax liability 514,966 356,436
Financing lease liability 693,432 730,564
Operating lease liability 491,796 586,614
Derivative liabilities 11,373,096 841,193
Notes payable 1,496,304 505,752
Asset retirement obligations 291,844 418,526
Total Current Liabilities 112,929,640 93,697,816
Non-current Liabilities    
Deferred income taxes 11,243,098 22,298,701
Revolving line of credit 360,000,000 420,000,000
Financing lease liability, less current portion 533,212 593,146
Operating lease liability, less current portion 569,328 819,223
Derivative liabilities 12,035,055 2,512,692
Asset retirement obligations 30,823,001 29,972,429
Total Liabilities 528,133,334 569,894,007
Commitments and contingencies (See Note 12)
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; 450,000,000 shares authorized; 260,520,291 shares and 207,656,929 shares issued and outstanding, respectively 260,520 207,657
Additional paid-in capital 879,941,415 812,777,586
Retained earnings (Accumulated deficit) (126,778,173) 29,019,999
Total Stockholders’ Equity 753,423,762 842,005,242
Total Liabilities and Stockholders' Equity $ 1,281,557,096 $ 1,411,899,249