XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities:    
Net Loss $ (3,026,542) $ (3,540,515)
Adjustments to Reconcile Net Loss to Net Cash Provided by (used in) Operating Activities:    
Gain on Sales of Assets (1,268,760) 0
Value of warrants and options granted 406,250 1,491,630
Amortization of Warrant Value and Conversion Feature on Convertible Notes 0 4,447
Amortization of Loan Issue Costs 43,758 29,072
Depreciation, Depletion and Amortization 1,008,699 1,649,578
Impairment of Oil and Natural Gas Properties 800,452 0
Accretion of Asset Retirement Obligation 631,710 133,082
Cash paid to Ovintiv (see Note 4) (850,000) 0
Loss relating to Ovintiv Purchase Deposit (see Note 4) 800,000 0
Change in Operating Assets and Liabilities:    
Accounts Receivable (64,278) (1,039,252)
Unrealized Gain on Derivative Instruments (680,079) (663,350)
Inventory 34,954 (33,703)
Prepaids, Current (88,474) (96,283)
Utility Deposits (181,600) 0
Accounts Payable 490,443 457,242
Accrued Expenses (26,659) 607,344
Net Cash Used In Operating Activities (1,970,126) (1,000,708)
Cash Flows from Investing Activities:    
Acquisition of Oil and Natural Gas Properties (506,000) (6,033,135)
Purchase of Other Fixed Assets 0 (14,456)
Proceeds From Sale of Oil and Natural Gas Properties 1,309,800 0
Net Cash Used in Investing Activities 803,800 (6,047,591)
Cash Flows from Financing Activities:    
Proceeds from Debt Issued 925,700 7,879,744
Principal Payments of Debt (150,000) (1,065,000)
Proceeds from Stock and Warrant Issuance 525,000 167,000
Net Cash Provided by Financing Activities 1,300,700 6,981,744
Net Change in Cash 134,374 (66,555)
Cash - Beginning of Period 0 84,631
Cash - End of Period 134,374 18,076
Supplemental Cash Flow Information:    
Cash Paid for Interest 442,299 316,809
Non-cash Investing and Financing Activities:    
Non-cash Additions to Asset Retirement Obligations 9,508,483 3,400,770
Common Stock Issued in Exchange for Outstanding Notes Payable 102,500 157,500
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
Note payable issued - PIE Agreement (see Note 8) $ 69,962 $ 0