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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities:    
Net Loss $ (1,385,170) $ (2,593,562)
Adjustments to Reconcile Net Loss to Net Cash Provided by (used in) Operating Activities:    
Gain on Sales of Assets $ (1,143,760) $ 0
Value of warrants and options granted 406,250 1,491,630
Amortization of Warrant Value and Conversion Feature on Convertible Notes $ 0 $ 2,998
Amortization of Loan Issue Costs 29,172 14,486
Depreciation, Depletion and Amortization 754,585 880,206
Impairment of Oil and Natural Gas Properties 800,452 0
Accretion of Asset Retirement Obligation 355,997 69,827
Allowance for loss relating to purchase deposit 725,000 0
Change in Operating Assets and Liabilities:    
Accounts Receivable 54,662 (662,165)
Unrealized Gain on Derivative Instruments (1,062,775) (334,155)
Inventory 56,124 (33,703)
Prepaids 46,294 (56,819)
Utility and other deposits 8,366 0
Accounts Payable (6,005) 121,794
Accrued Expenses 66,521 1,154,074
Net Cash Provided by (used in) Operating Activities (294,287) 54,611
Cash Flows from Investing Activities:    
Acquisition of Oil and Natural Gas Properties (506,000) (5,706,531)
Purchase of other fixed assets 0 (14,455)
Proceeds From Sale of Oil and Natural Gas Properties 1,160,400 0
Deposit for Purchase of Oil and Natural Gas Properties (850,000) 0
Net Cash Used in Investing Activities (195,600) (5,720,986)
Cash Flows from Financing Activities:    
Proceeds from Debt Issued 925,700 6,479,744
Principal Payments of Debt (150,000) (1,065,000)
Proceeds from Stock and Warrant Issuance 0 167,000
Net Cash Provided by Financing Activities 775,700 5,581,744
Net Change in Cash 285,813 (84,631)
Cash - Beginning of Period 0 84,631
Cash - End of Period 285,813 0
Supplemental Cash Flow Information:    
Cash Paid for Interest 306,333 160,088
Non-cash Investing and Financing Activities:    
Non-cash Additions to Asset Retirement Obligations 9,508,484 3,400,770
Common Stock Issued in Exchange for Outstanding Notes Payable 102,500  
Purchases of oil and natural gas properties in accounts payable 0 291,420
Purchases of oil and natural gas properties and deposits in accounts and notes payable, royalty suspense, and contingent payable to seller $ 2,569,863 $ 0