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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2019
STOCKHOLDERS' EQUITY |
STOCKHOLDERS' EQUITY | NOTE 12 – STOCKHOLDERS’ EQUITY The Company is authorized to issue 150,000,000 common shares, with a par value of $0.001 per share and 50,000,000 shares of Preferred Stock. Common Stock Issued in Public Offering – In July 2017, the Company closed on an underwritten public offering of 4,977,658 shares of its common stock, including 477,658 shares sold pursuant to the partial exercise of an over-allotment option, at $12.50 per share for gross proceeds of $62,220,725. Total net proceeds from the offering were $59,026,956, after deducting underwriting commissions and offering expenses payable by the Company of $3,193,769. 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 $81,821,138, after deducting underwriting commissions and offering expenses payable by the Company of $4,474,862. Common stock issued in property acquisition – As discussed in Note 6, in December 2018, the Company issued 2,623,948 shares of common stock as consideration for the acquisition of oil and natural gas properties. These shares were valued at $5.80 per share for an aggregate of $11,204,258. Also as discussed in Note 6, in April 2019, the Company completed the acquisition of assets from Wishbone Partners, LLC. As a part of the consideration for the acquisition, the Company issued 4,576,951 shares of common stock, of which 2,538,071 shares were placed in escrow to satisfy potential indemnification claims arising under the Purchase Agreement. One half of the shares placed into escrow remain in escrow as of December 31, 2019. The escrow shares will be released pursuant to the terms of the Purchase and Sale Agreement. The shares were valued at February 25, 2019, the date of the signing of the Purchase and Sale Agreement. The price on February 25, 2019 was $6.19 per share. The aggregate value of the shares issued, based on this price, was $28,331,327. Common Stock Issued for option exercises – During the years ended December 31, 2017 and 2018, the Company issued 133,308 and 153,113 shares of common stock as a result of option exercises, respectively. No options were exercised in 2019. The following tables present the details of the 2017 and 2018 exercises:
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​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Stock price on |  | Aggregate value
​ | ​ | Options |  | Exercise |  | Shares |  | Shares |  | Cash paid at |  | date of exercise | ​ | of shares retained
​ | ​ | exercised | ​ | price ($) | ​ | issued | ​ | retained | ​ | exercise ($) | ​ | ($) | ​ | ($)
2017 |  | 4,100 | ​ | $ | 2.00 |  | 3,491 |  | 609 | ​ | $ | — | ​ | $ | 13.47 | ​ | $ | 8,200
​ |  | 60,000 | ​ |  | 2.00 |  | 50,156 |  | 9,844 | ​ |  | — | ​ |  | 12.19 | ​ |  | 120,000
​ |  | 200 | ​ |  | 8.00 |  | 116 |  | 84 | ​ |  | — | ​ |  | 13.75 | ​ |  | 1,600
​ |  | 1,500 | ​ |  | 10.89 |  | 1,188 |  | 312 | ​ |  | — | ​ |  | 13.75 | ​ |  | 16,335
​ |  | 600 | ​ |  | 5.25 |  | 229 |  | 371 | ​ |  | — | ​ |  | 13.75 | ​ |  | 3,150
​ |  | 20,000 | ​ |  | 5.50 |  | 11,953 |  | 8,047 | ​ |  | — | ​ |  | 13.67 | ​ |  | 110,000
​ |  | 2,000 | ​ |  | 8.00 |  | 830 |  | 1,170 | ​ |  | — | ​ |  | 13.67 | ​ |  | 16,000
​ |  | 2,000 | ​ |  | 5.25 |  | 1,232 |  | 768 | ​ |  | — | ​ |  | 13.67 | ​ |  | 10,500
​ |  | 15,000 | ​ |  | 2.00 |  | 12,875 |  | 2,125 | ​ |  | — | ​ |  | 14.12 | ​ |  | 30,000
​ |  | 60,000 | ​ |  | 2.00 |  | 51,238 |  | 8,762 | ​ |  | — | ​ |  | 13.70 | ​ |  | 120,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2017 Totals |  | 165,400 | ​ |  | ​ |  | 133,308 |  | 32,092 | ​ | $ | — | ​ |  | ​ | ​ | $ | 435,785
2017 Weighted Averages |  | ​ | ​ | $ | 2.63 |  | ​ |  | ​ | ​ |  | ​ | ​ | $ | 13.18 | ​ |  | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | ​ |  | ​ |  | ​ |  | Stock price on |  | Aggregate value
​ | ​ | Options | ​ | Exercise | ​ | Shares | ​ | Shares | ​ | Cash paid at | ​ | date of exercise | ​ | of shares retained
​ | ​ | exercised | ​ | price ($) | ​ | issued | ​ | retained | ​ | exercise ($) | ​ | ($) | ​ | ($)
2018 |  | 110,000 | ​ | $ | 2.00 |  | 90,375 |  | 19,625 | ​ | $ | — | ​ | $ | 11.21 | ​ | $ | 220,000
​ |  | 50,000 | ​ |  | 2.00 |  | 50,000 |  | — | ​ |  | 100,000 | ​ |  | 8.00 | ​ |  | —
​ |  | 25,000 | ​ |  | 7.50 |  | 9,829 |  | 15,171 | ​ |  | — | ​ |  | 12.36 | ​ | $ | 187,500
​ |  | 3,000 | ​ |  | 8.00 |  | 1,059 |  | 1,941 | ​ |  | — | ​ |  | 12.36 | ​ | $ | 24,000
​ |  | 3,000 | ​ |  | 5.25 |  | 1,750 |  | 1,250 | ​ |  | — | ​ |  | 12.36 | ​ | $ | 15,750
​ |  | 2,000 | ​ |  | 11.75 |  | 100 |  | 1,900 | ​ |  | — | ​ |  | 12.36 | ​ | $ | 23,500
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2018 Totals |  | 193,000 | ​ |  | ​ |  | 153,113 |  | 39,887 | ​ | $ | 100,000 | ​ | ​ | ​ | ​ | $ | 470,750
2018 Weighted Averages |  | ​ | ​ | $ | 2.96 |  | ​ |  | ​ | ​ |  | ​ | ​ | $ | 10.58 | ​ |  | ​
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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