Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2020
Summary of Significant Accounting Policies  
Summary of financial Assets and liabilities measured at fair value

Description

 

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable

Inputs

(Level 3)

 

 

Total Gains

(Losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Derivative

 

 

-

 

 

 

8,426,610

 

 

 

-

 

 

 

13,587,431

 

 

 

$

-

 

 

$

8,426,610

 

 

$

-

 

 

$

13,587,431

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Commodity Derivative

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

Assets and liabilities measured at fair value as of December 31, 2019 are classified below based on the three fair value hierarchy described above:

 

Description

 

Quoted Prices

in Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable Inputs

(Level 3)

 

 

Total Gains

(Losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Commodity Derivative

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Derivative

 

 

-

 

 

 

5,158,822

 

 

 

-

 

 

 

(3,308,880

)

 

 

$

-

 

 

$

5,158,822

 

 

$

-

 

 

$

(3,308,880

)

 

Summary of company commodity derivatives

Natural Gas

 

Period

 

Average

MMBTU per

Month

 

 

Fixed Price

per MMBTU

 

 

 

 

 

 

 

 

Swap

 

Dec-18 to Dec-22

 

 

118,936

 

 

$2.715

Collar

 

Mar 20 / Aug 22

 

 

196,078

 

 

$2.00 / $2.43

 

 

 

 

 

 

 

 

 

 

Crude Oil

 

Period

 

Average

BBL per

Month

 

 

Price

per BBL

 

 

 

 

 

 

 

 

 

 

Swap

 

Dec-18 to Dec- 22

 

 

24,600

 

 

$50.85

Swap

 

Jan-20 to Jun-20

 

 

1,400

 

 

$52.71

Collar

 

Dec-17 to Jun-20

 

 

4,000

 

 

$55.00 / $72.00

Collar

 

Feb 20 to Dec 20

 

 

16,278

 

 

$45.00 / $54.20

Collar

 

Jan 21 to Dec 21

 

 

10,135

 

 

$45.00 / $56.00

Collar

 

Jan 22 to July 22

 

 

6,934

 

 

$45.00 / $52.70

Summary of disaggregates the company's revenue by source

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

$

7,539,991

 

 

$

7,194,400

 

 

$

17,065,755

 

 

$

14,926,562

 

Natural gas and natural gas liquids

 

 

2,009,872

 

 

 

1,539,923

 

 

 

4,272,060

 

 

 

3,154,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

9,549,863

 

 

$

8,734,323

 

 

$

21,337,815

 

 

$

18,080,915

 

 

Summary of stock warrant activity

 

 

Number of Shares

 

 

Weighted Average Exercise Price

 

 

Weighted Average Remaining Contractual Life

 

 

Aggregate Intrinsic Value

 

Warrants Outstanding – December 31, 2019

 

 

44,629,939

 

 

 

0.26

 

 

6.0 years

 

 

 

-

 

Granted

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

675,000

 

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited/expired/cancelled

 

 

-

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants Outstanding – June 30, 2020

 

 

43,954,939

 

 

$

0.25

 

 

5.2 years

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Exercisable – June 30, 2020

 

 

43,954,939

 

 

$

0.25

 

 

5.2 years

 

 

$

-

 

Summary of changes in the company's asset retirement obligations

 

 

Six months

ended

June 30,

2020

 

 

 

 

 

Asset retirement obligation – beginning

 

$

3,538,637

 

Oil and gas purchases

 

 

1,514,328

 

Accretion expense

 

 

241,278

 

 

 

 

 

 

Asset retirement obligation – ending

 

$

5,294,243