Consolidated Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
| Revenue | ||||
| Oil and gas sales | $ 8,734,323 | $ 2,318,622 | $ 18,080,915 | $ 4,480,569 |
| Operating expenses | ||||
| Lease operating costs | 2,857,278 | 1,035,474 | 5,456,672 | 2,043,742 |
| General and administrative | 1,257,959 | 1,125,936 | 2,291,304 | 2,026,461 |
| Stock based compensation | 2,500 | 1,044,612 | 42,082 | 1,218,099 |
| Depreciation, depletion and amortization | 2,228,191 | 459,951 | 4,598,879 | 949,637 |
| Accretion - ARO | 75,681 | 49,346 | 158,227 | 97,777 |
| Total operating expenses | 6,421,609 | 3,715,319 | 12,547,164 | 6,335,716 |
| Income (loss) from operations | 2,312,714 | (1,396,697) | 5,533,751 | (1,855,147) |
| Other income (expense) | ||||
| Interest expense | (3,192,574) | (600,181) | (6,323,967) | (961,384) |
| Amortization of debt discount | (2,304,291) | (1,930,997) | (4,583,250) | (2,639,104) |
| Change in fair value of derivatives | 4,474,016 | (632,831) | (5,271,567) | (987,784) |
| Gain on ARO settlement | 58,041 | |||
| Interest and other income | 2,481 | 5,898 | ||
| Total other income (expense) | (1,020,368) | (3,164,009) | (16,172,886) | (4,530,231) |
| Net loss before income taxes | 1,292,346 | (4,560,706) | (10,639,135) | (6,385,378) |
| Income tax benefit (expense) | 605,490 | 877,279 | ||
| Net Income (loss) | $ 1,292,346 | $ (3,955,216) | $ (10,639,135) | $ (5,508,099) |
| Earnings (loss) per common share | ||||
| Basic | $ 0.01 | $ (0.05) | $ (0.12) | $ (0.07) |
| Weighted average number of common shares outstanding | ||||
| Basic | 91,192,033 | 80,957,111 | 91,147,958 | 77,650,012 |
| X | ||||||||||
- Definition Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of income (loss) from continuing operations attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of income related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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