Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 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 |
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Commodity Derivative |
|
|
- |
|
|
|
12,649,422 |
|
|
|
- |
|
|
|
(12,976,173 |
) |
|
|
$ |
- |
|
|
$ |
12,649,422 |
|
|
$ |
- |
|
|
$ |
(12,976,173 |
) |
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 |
|
|
Six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil |
|
$ |
8,104,816 |
|
|
$ |
4,205,147 |
|
|
$ |
14,942,504 |
|
|
$ |
12,464,930 |
|
Natural gas and natural gas liquids |
|
|
4,199,274 |
|
|
|
2,009,872 |
|
|
|
8,722,887 |
|
|
|
4,272,060 |
|
Settlement on Hedge Contracts |
|
|
(2,116,873 |
) |
|
|
3,442,438 |
|
|
|
(3,077,753 |
) |
|
|
4,412,265 |
|
Other |
|
|
509,416 |
|
|
|
(107,595 |
) |
|
|
603,074 |
|
|
|
188,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
10,696,633 |
|
|
$ |
9,549,863 |
|
|
$ |
21,190,712 |
|
|
$ |
21,337,815 |
|
|
| Summary of disaggregates the company's revenue by source |
Expected Life in Years |
|
|
1.0 |
|
Risk-free Interest Rates |
|
|
0.06 |
% |
Volatility |
|
|
126.15 |
% |
Dividend Yield |
|
|
0 |
% |
|
| 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 |
|
|
5.47 years |
|
|
|
- |
|
Granted |
|
|
100,000 |
|
|
|
.57 |
|
|
.82 years |
|
|
|
- |
|
Exercised |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Forfeited/expired/cancelled |
|
|
(104,167 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants Outstanding – June 30, 2021 |
|
|
7,106,854 |
|
|
$ |
0.76 |
|
|
5.24 years |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Exercisable – June 30, 2021 |
|
|
7,106,854 |
|
|
$ |
0.76 |
|
|
5.47 years |
|
|
$ |
- |
|
|
| Summary of changes in the company's asset retirement obligations |
|
|
Six months
ended
June 30,
2021
|
|
|
|
|
|
Asset retirement obligation – beginning |
|
$ |
6,164,231 |
|
Oil and gas purchases |
|
|
- |
|
Revisions |
|
|
1,800 |
|
Accretion expense |
|
|
289,674 |
|
|
|
|
|
|
Asset retirement obligation – ending |
|
$ |
6,455,705 |
|
|