Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2021
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

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Derivative

 

 

-

 

 

 

16,074,519

 

 

 

-

 

 

 

(16,401,270 )

 

 

$ -

 

 

$ 16,074,519

 

 

$ -

 

 

$ (16,401,270 )

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

 

 

-

 

 

 

1,220,209

 

 

 

-

 

 

 

6,227,390

 

 

 

$ -

 

 

$ 1,220,209

 

 

$ -

 

 

$ 6,227,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity Derivative

 

 

 

 

 

 

893,458

 

 

 

-

 

 

 

(741,818 )

 

 

$ -

 

 

$ 893,458

 

 

$ -

 

 

$ (741,818 )
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

 

Collar

 

Jan 21 to Dec 21

 

 

10,135

 

 

$45.00 / $56.00

 

Collar

 

Jan 22 to July 22

 

 

6,934

 

 

$45.00 / $52.70

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil

 

$ 9,518,232

 

 

$ 6,372,765

 

 

$ 24,460,736

 

 

$ 18,837,695

 

Natural gas and natural gas liquids

 

 

4,206,625

 

 

 

2,107,471

 

 

 

12,929,513

 

 

 

6,378,731

 

Settlement on Hedge Contracts

 

 

(3,819,148 )

 

 

1,134,927

 

 

 

(6,896,901 )

 

 

5,547,192

 

Other

 

 

(225,048 )

 

 

534,224

 

 

 

378,025

 

 

 

723,584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ 9,680,661

 

 

$ 10,149,387

 

 

$ 30,871,373

 

 

$ 31,487,202

 

Summary of investment in unconsolidated entities

Carrying amount - December 31, 2020

 

$ -

 

Investment in Simson-Maxwell

 

 

8,058,771

 

Proportionate share of Simson-Maxwell earnings

 

 

47,772

 

 

 

 

 

 

Carrying amount - September 30, 2021

 

$ 8,106,543

 

Summary of stock warrant activity

 

 

Number
of Shares

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual Life

 

 

Aggregate
Intrinsic
Value

 

Warrants Outstanding – December 31, 2020

 

 

7,111,021

 

 

 

0.99

 

 

5.22 years

 

 

 

-

 

Granted

 

 

100,000

 

 

 

.57

 

 

.57 years

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited/expired/cancelled

 

 

(104,167 )

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants Outstanding – September 30, 2021

 

 

7,106,854

 

 

$ 0.76

 

 

4.99 years

 

 

$ -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding Exercisable – September 30, 2021

 

 

7,106,854

 

 

$ 0.76

 

 

5.22 years

 

 

$ -

 

Summary of changes in the company's asset retirement obligations

 

 

Nine months

ended

September 30, 2021

 

 

 

 

 

Asset retirement obligation – beginning

 

$ 6,164,231

 

Oil and gas purchases

 

 

-

 

Revisions

 

 

1,800

 

ARO settlements

 

 

(130,228 )

Accretion expense

 

 

438,225

 

 

 

 

 

 

Asset retirement obligation – ending

 

$ 6,474,028