Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net Income (loss)	$ (9,052,273)	$ 20,249,159
Adjustments to reconcile net loss to cash provided by operating activities:
Change in fair value of derivative liability	5,668,606	(22,879,444)
Stock based compensation	273,750	253,750
Depreciation, depletion and amortization	2,357,002	3,177,202
Amortization of operational right-of-use assets	248	768
Accretion - Asset retirement obligation	142,366	125,620
Loss on debt settlement	926,531	0
Amortization of debt discount	1,058,356	1,235,530
Changes in operating assets and liabilities
Accounts receivable	(1,775,483)	(1,756,191)
Prepaid expenses and other assets	0	17,126
Accounts payable	356,095	(1,792,463)
Accrued expenses and other current liabilities	(302,692)	1,008,761
Undistributed revenues and royalties	712,066	424,184
Net cash provided by operating activities	364,572	64,002
Cash flows from investing activities:
Investment in and acquisition of oil and gas properties	(673,761)	(811,276)
Net cash used in investing activities	(673,761)	(811,276)
Cash flows from financing activities:
Proceeds from long-term debt	425,000	3,773,679
Repayment of long-term debt	(1,996,321)	(2,438,014)
Proceeds from exercise of warrants	0	38,000
Repayment of amount due director	(20,000)	0
Net cash (used in) provided by financing activities	(1,591,321)	1,373,665
Net increase in cash	(1,900,510)	626,391
Cash and Restricted Cash, beginning of period	7,839,539	5,638,724
Cash and Restricted Cash, end of period	5,939,029	6,265,115
Cash paid for:
Interest	3,360,602	3,531,095
Income taxes	0	0
Supplemental disclosure of Non-Cash Investing and Financing Activities:
Recognition of asset retirement obligation	0	1,514,328
Amortization of right-of-use asset and lease liability	17,959	15,751
Issuance of warrant shares as reduction of debt	0	15,000
Issuance of shares as discount on debt	133,947	110,160
Private placement debt exchanged for new private placement debt	0	654,000
Purchase of working interest through new debt	0	29,496,356
Accrued interest rolled into new private placement	0	39,592
Issuance of shares to parent for reduction of debt and accrued expenses	$ 18,900,000	$ 0