Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v3.19.3
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenue        
Oil and gas sales $ 9,000,591 $ 1,895,932 $ 27,081,506 $ 6,376,501
Operating expenses        
Lease operating costs 3,547,662 913,331 9,004,334 2,957,073
General and administrative 1,076,287 1,364,779 3,367,591 3,391,240
Stock based compensation 402,451 680,156 444,533 1,898,255
Depreciation, depletion and amortization 2,379,725 412,669 6,978,604 1,362,306
Accretion - ARO 72,042 40,081 230,269 137,858
Total operating expenses 7,478,167 3,411,016 20,025,331 9,746,732
Income (loss) from operations 1,522,424 (1,515,084) 7,056,175 (3,370,231)
Other income (expense)        
Interest expense (3,278,555) (255,999) (9,602,522) (1,217,383)
Amortization of debt discount 2,364,357 1,420,459 (6,947,607) (4,059,563)
Change in fair value of derivatives 5,539,255 (342,318) 267,688 (1,330,102)
Gain on disposal of assets 555,548 613,589
Interest and other income 363 6,261
Total other income (expense) (103,294) (1,463,228) (16,276,180) (5,993,459)
Net income (loss) before income taxes 1,419,130 (2,978,312) (9,220,005) (9,363,690)
Income tax benefit (expense) 33,548 910,827
Net Income (loss) $ 1,419,130 $ (2,944,764) $ (9,220,005) $ (8,452,863)
Earnings (loss) per common share        
Basic $ 0.02 $ (0.03) $ (0.10) $ (0.11)
Weighted average number of common shares outstanding        
Basic 92,586,983 84,561,061 91,632,904 79,979,011