v3.26.3
CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 1,473,639 $ 902,913
Accounts receivable 49,387,082 30,938,908
Joint interest billing receivables, net 1,327,039 1,623,991
Derivative assets 7,115,775 21,468,134
Inventory 6,068,196 5,312,715
Prepaid expenses and other assets 2,526,316 1,822,751
Total Current Assets 67,898,047 62,069,412
Properties and Equipment    
Oil and natural gas properties, full cost method 1,855,601,600 1,891,510,431
Financing lease asset subject to depreciation 3,677,613 3,633,586
Fixed assets subject to depreciation 3,404,826 3,504,788
Total Properties and Equipment 1,862,684,039 1,898,648,805
Accumulated depreciation, depletion and amortization (629,969,873) (569,180,901)
Net Properties and Equipment 1,232,714,166 1,329,467,904
Operating lease asset 850,696 1,285,159
Derivative assets 8,955,873 9,739,430
Deferred financing costs 7,314,084 9,337,344
Total Assets 1,317,732,866 1,411,899,249
Current Liabilities    
Accounts payable 117,296,494 90,258,731
Income tax liability 390,507 356,436
Financing lease liability 646,731 730,564
Operating lease liability 498,844 586,614
Derivative liabilities 44,004,900 841,193
Notes payable 1,006,152 505,752
Asset retirement obligations 291,844 418,526
Total Current Liabilities 164,135,472 93,697,816
Non-current Liabilities    
Deferred income taxes 12,755,515 22,298,701
Revolving line of credit 350,000,000 420,000,000
Financing lease liability, less current portion 439,869 593,146
Operating lease liability, less current portion 442,008 819,223
Derivative liabilities 20,007,162 2,512,692
Asset retirement obligations 30,632,348 29,972,429
Total Liabilities 578,412,374 569,894,007
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; 260,539,607 shares and 207,656,929 shares issued and outstanding, respectively 260,539 207,657
Additional paid-in capital 882,438,355 812,777,586
Retained earnings (Accumulated deficit) (143,378,402) 29,019,999
Total Stockholders’ Equity 739,320,492 842,005,242
Total Liabilities and Stockholders' Equity $ 1,317,732,866 $ 1,411,899,249