XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Oil Sales $ 11,501,521 $ 7,761,584 $ 35,247,309 $ 13,882,077
Gas Sales 1,587,542 855,507 4,019,400 1,536,569
Natural Gas Liquids Sales 1,637,808 1,439,799 5,133,872 1,913,191
Other 22,921 71,043 71,877 154,018
Net Realized and Unrealized Gain (Loss) on Derivatives 42,474 (32,271) (93,740) (572,220)
Total Revenue 14,792,266 10,095,662 44,378,718 16,913,635
Costs and Expenses:        
Operating 8,505,640 3,597,124 19,200,436 7,328,066
Taxes - Production 1,112,246 678,295 3,151,325 1,266,808
Depletion, Depreciation & Amortization 539,543 1,279,534 1,429,788 2,025,407
Accretion of Asset Retirement Obligation 342,619 327,018 1,009,107 881,638
General and Administrative 2,850,059 1,914,326 8,587,891 6,040,475
Total Costs and Expenses 13,350,107 7,796,297 33,378,547 17,542,394
Operating Income (Loss) 1,442,159 2,299,365 11,000,171 (628,759)
Other Income and (Expense):        
Convertible Debt Modification Inducement Expense (2,276,813) (2,276,813)
Unrealized Gain on Embedded Conversion Option 689,215 92,931
Other Income (Expense) (1,100,888) 29,687 (1,278,760) 190,387
Interest Expense (125,330) (4,467,679) (347,763) (7,373,113)
Net Income (Loss) $ 215,941 $ (3,726,225) $ 9,373,648 $ (9,995,367)
Net Income  (Loss) per Common Share:        
Basic $ 0.01 $ (0.23) $ 0.45 $ (0.75)
Diluted $ 0.01 $ (0.23) $ 0.41 $ (0.75)
Weighted Average Number of Common Shares Outstanding,        
Basic 21,651,383 16,560,705 20,654,294 13,278,341
Diluted 24,065,485 16,560,705 22,778,836 13,278,341