v3.26.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities    
Net income (loss) $ (155,798,172) $ 29,745,625
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation, depletion and amortization 41,520,838 48,185,897
Ceiling test impairment 162,086,257 0
Asset retirement obligation accretion 797,440 708,800
Amortization of deferred financing costs 1,384,990 3,074,667
Share-based compensation 3,674,404 3,042,797
Credit loss expense 92,432 18,122
(Gain) loss on disposal of assets (104,150) (279,903)
Deferred income tax expense (benefit) (11,216,495) 8,755,985
Excess tax expense (benefit) related to share-based compensation 160,892 108,763
(Gain) loss on derivative contracts 58,506,499 (13,719,264)
Cash received (paid) for derivative settlements, net (23,735,091) 124,249
Changes in operating assets and liabilities:    
Accounts receivable (12,073,415) (2,373,460)
Inventory (313,546) (1,336,734)
Prepaid expenses and other assets (1,373,055) (935,483)
Accounts payable 3,717,851 (12,880,531)
Settlement of asset retirement obligation (643,685) (571,271)
Net Cash Provided by Operating Activities 66,683,994 61,668,259
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (4,393,338) (797,289)
Payments to develop oil and natural gas properties (72,435,456) (49,256,881)
Payments to acquire or improve fixed assets subject to depreciation 0 (169,661)
Proceeds from sale of fixed assets subject to depreciation 100,832 17,360
Proceeds from divestiture of oil and natural gas properties 4,868,950 0
Insurance proceeds received for damage to oil and natural gas properties 0 99,913
Net Cash Used in Investing Activities (71,859,012) (120,966,327)
Cash Flows From Financing Activities    
Proceeds from revolving line of credit 103,000,000 170,322,997
Payments on revolving line of credit (163,000,000) (107,322,997)
Proceeds from issuance of common stock 64,780,500 0
Payments for taxes withheld on vested restricted shares, net (965) (953,446)
Proceeds from notes payable 1,657,810 1,648,539
Payments on notes payable (667,258) (656,517)
Payment of deferred financing costs (35,460) (5,381,602)
Reduction of financing lease liabilities (325,112) (225,301)
Net Cash Provided by (Used in) Financing Activities 5,409,515 57,431,673
Net Increase (Decrease) in Cash 234,497 (1,866,395)
Cash at Beginning of Period 902,913 1,866,395
Cash at End of Period 1,137,410 0
Supplemental Cash Flow Information    
Cash paid for interest 16,454,079 20,958,502
Cash paid (refunded) for income taxes (3,295) (62,513)
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 26,854 23,158
Asset retirement obligation acquired 0 2,587,179
Asset retirement obligation revision of estimate 233,184 0
Asset retirement obligation sold (51,635) 0
Financing lease assets obtained in exchange for new financing lease liability, net [1] 92,445 264,114
Change in capitalized expenditures attributable to drilling projects financed through current liabilities 2,989,952 (781,392)
Offering costs incurred and not yet paid 277,592 0
Lime Rock Acquisition    
Cash Flows From Investing Activities    
Payments for Lime Rock Acquisition 0 (70,859,769)
Investing Activities - Cash Paid    
Cash paid to Lime Rock on closing 0 63,599,939
Escrow deposit released at closing 0 5,000,000
Direct transaction costs 0 2,294,105
Cash paid for fixed assets acquired 0 (34,275)
Payments for the Lime Rock Acquisition 0 70,859,769
Investing Activities - Noncash    
Assumption of suspense liability 0 561,977
Assumption of asset retirement obligation 0 2,587,179
Deferred cash payment at fair value 0 9,415,066
Financing Activities - Noncash    
Common stock issued for acquisition $ 0 $ 7,420,811
[1] Included within the financing lease assets obtained in exchange for new financing lease liability, net is $216,608 of finance lease asset terminations for the six months ended June 30, 2026. For the six months ended June 30, 2025, the Company had $95,845 in finance lease asset terminations.