Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.10.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue        
Oil and gas sales $ 1,895,932 $ 221,329 $ 6,376,501 $ 588,622
Operating expenses        
Lease operating costs 913,331 172,893 2,957,073 437,477
General and administrative 1,364,779 180,400 3,391,240 666,323
Stock based compensation 680,156 153,155 1,898,255 1,304,175
Accretion - ARO 40,081 10,526 137,858 29,167
Depreciation, depletion and amortization 412,669 59,711 1,362,306 146,602
Total operating expenses 3,411,016 576,685 9,746,732 2,583,744
Loss from operations (1,515,084) (355,356) (3,370,231) (1,995,122)
Other income (expenses)        
Interest expense (1,676,458) (470,614) (5,276,946) (1,160,875)
Change in fair value of derivatives (342,318) 40,370 (1,330,102) 495,468
Loss on sale of investments (7,185)
Gain on disposal of assets 555,548 613,589
Total other income (expense) (1,463,228) (430,244) (5,993,459) (672,592)
Net loss before income taxes (2,978,312) (785,600) (9,363,690) (2,667,714)
Income tax benefit (expense) 33,548   910,827
Net loss (2,944,764) (785,600) (8,452,863) (2,667,714)
Other comprehensive income        
Unrealized gain (loss) on securities available-for-sale 1,446
Net Comprehensive income (loss) $ (2,944,764) $ (785,600) $ (8,452,863) $ (2,666,268)
Earnings (loss) per common share        
Basic $ (0.03) $ (0.01) $ (0.11) $ (0.04)
Weighted average number of common shares outstanding        
Basic 84,561,061 64,051,015 79,979,011 60,723,535