Nevada | 90-0406406 | ||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
1725 Hughes Landing Blvd., Suite 900 The Woodlands, TX | 77380 | ||||
(Address of principal executive offices) | (Zip Code) | ||||
(281) 397-3699 | |||||
(Registrant’s telephone number, including area code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Common Stock, par value $0.001 | REI | NYSE American |
Large accelerated filer | o | Accelerated filer | x | |||||||||||
Non-accelerated filer | o | (Do not check if a smaller reporting company) | Smaller reporting company | o | ||||||||||
Emerging growth company | o |
September 30, 2023 | December 31, 2022 | |||||||||||||
ASSETS | ||||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 138,581 | $ | 3,712,526 | ||||||||||
Accounts receivable | 45,756,047 | 42,448,719 | ||||||||||||
Joint interest billing receivables, net | 3,306,125 | 983,802 | ||||||||||||
Derivative assets | 1,845,133 | 4,669,162 | ||||||||||||
Inventory | 5,548,835 | 9,250,717 | ||||||||||||
Prepaid expenses and other assets | 2,033,013 | 2,101,538 | ||||||||||||
Total Current Assets | 58,627,734 | 63,166,464 | ||||||||||||
Properties and Equipment | ||||||||||||||
Oil and natural gas properties, full cost method | 1,628,230,243 | 1,463,838,595 | ||||||||||||
Financing lease asset subject to depreciation | 3,306,372 | 3,019,476 | ||||||||||||
Fixed assets subject to depreciation | 2,946,274 | 3,147,125 | ||||||||||||
Total Properties and Equipment | 1,634,482,889 | 1,470,005,196 | ||||||||||||
Accumulated depreciation, depletion and amortization | (353,111,293) | (289,935,259) | ||||||||||||
Net Properties and Equipment | 1,281,371,596 | 1,180,069,937 | ||||||||||||
Operating lease asset | 2,644,519 | 1,735,013 | ||||||||||||
Derivative assets | 6,465,355 | 6,129,410 | ||||||||||||
Deferred financing costs | 14,199,738 | 17,898,973 | ||||||||||||
Total Assets | $ | 1,363,308,942 | $ | 1,268,999,797 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Current Liabilities | ||||||||||||||
Accounts payable | $ | 110,392,713 | $ | 111,398,268 | ||||||||||
Income tax liability | 264,261 | — | ||||||||||||
Financing lease liability | 806,993 | 709,653 | ||||||||||||
Operating lease liability | 503,420 | 398,362 | ||||||||||||
Derivative liabilities | 23,906,800 | 13,345,619 | ||||||||||||
Notes payable | 950,068 | 499,880 | ||||||||||||
Deferred cash payment | 14,783,879 | 14,807,276 | ||||||||||||
Asset retirement obligations | 279,681 | 635,843 | ||||||||||||
Total Current Liabilities | 151,887,815 | 141,794,901 | ||||||||||||
Non-current Liabilities | ||||||||||||||
Deferred income taxes | 497,067 | 8,499,016 | ||||||||||||
Revolving line of credit | 428,000,000 | 415,000,000 | ||||||||||||
Financing lease liability, less current portion | 690,456 | 1,052,479 | ||||||||||||
Operating lease liability, less current portion | 2,207,248 | 1,473,897 | ||||||||||||
Derivative liabilities | 18,089,847 | 10,485,650 | ||||||||||||
Asset retirement obligations | 28,482,982 | 29,590,463 | ||||||||||||
Total Liabilities | 629,855,415 | 607,896,406 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' Equity | ||||||||||||||
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding | — | — | ||||||||||||
Common stock - $0.001 par value; 450,000,000 shares authorized; 195,380,527 shares and 175,530,212 shares issued and outstanding, respectively | 195,380 | 175,530 | ||||||||||||
Additional paid-in capital | 793,603,238 | 775,241,114 | ||||||||||||
Accumulated deficit | (60,345,091) | (114,313,253) | ||||||||||||
Total Stockholders’ Equity | 733,453,527 | 661,103,391 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 1,363,308,942 | $ | 1,268,999,797 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Oil, Natural Gas, and Natural Gas Liquids Revenues | $ | 93,681,798 | $ | 94,408,948 | $ | 261,113,283 | $ | 247,551,855 | ||||||||||||||||||
Costs and Operating Expenses | ||||||||||||||||||||||||||
Lease operating expenses | 18,015,348 | 13,029,098 | 51,426,145 | 30,283,706 | ||||||||||||||||||||||
Gathering, transportation and processing costs | (4,530) | — | (6,985) | 1,846,247 | ||||||||||||||||||||||
Ad valorem taxes | 1,779,163 | 1,199,385 | 5,120,119 | 3,100,578 | ||||||||||||||||||||||
Oil and natural gas production taxes | 4,753,289 | 4,563,519 | 13,173,568 | 11,939,338 | ||||||||||||||||||||||
Depreciation, depletion and amortization | 21,989,034 | 14,324,502 | 64,053,637 | 34,854,993 | ||||||||||||||||||||||
Asset retirement obligation accretion | 354,175 | 243,140 | 1,073,900 | 617,685 | ||||||||||||||||||||||
Operating lease expense | 138,220 | 83,590 | 366,711 | 250,770 | ||||||||||||||||||||||
General and administrative expense | 7,083,574 | 7,393,848 | 21,023,956 | 18,748,427 | ||||||||||||||||||||||
Total Costs and Operating Expenses | 54,108,273 | 40,837,082 | 156,231,051 | 101,641,744 | ||||||||||||||||||||||
Income from Operations | 39,573,525 | 53,571,866 | 104,882,232 | 145,910,111 | ||||||||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||||
Interest income | 80,426 | 4 | 160,171 | 4 | ||||||||||||||||||||||
Interest (expense) | (11,381,754) | (7,021,385) | (32,322,840) | (13,699,045) | ||||||||||||||||||||||
Gain (loss) on derivative contracts | (39,222,755) | 32,851,189 | (26,483,190) | (2,201,970) | ||||||||||||||||||||||
Gain (loss) on disposal of assets | — | — | (132,109) | — | ||||||||||||||||||||||
Other income | — | — | 126,210 | — | ||||||||||||||||||||||
Net Other Income (Expense) | (50,524,083) | 25,829,808 | (58,651,758) | (15,901,011) | ||||||||||||||||||||||
Income (Loss) Before Benefit from (Provision for) Income Taxes | (10,950,558) | 79,401,674 | 46,230,474 | 130,009,100 | ||||||||||||||||||||||
Benefit from (Provision for) Income Taxes | 3,411,336 | (4,315,783) | 7,737,688 | (5,866,744) | ||||||||||||||||||||||
Net Income (Loss) | $ | (7,539,222) | $ | 75,085,891 | $ | 53,968,162 | $ | 124,142,356 | ||||||||||||||||||
Basic Earnings (Loss) per Share | $ | (0.04) | $ | 0.65 | $ | 0.29 | $ | 1.16 | ||||||||||||||||||
Diluted Earnings (Loss) per Share | $ | (0.04) | $ | 0.49 | $ | 0.28 | $ | 0.92 |
Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Total Stockholders' Equity | |||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2023 | Shares | Amount | ||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 175,530,212 | $ | 175,530 | $ | 775,241,114 | $ | (114,313,253) | $ | 661,103,391 | |||||||||||||||||||||||
Exercise of common warrants issued in offering | 4,517,427 | 4,517 | 3,609,424 | — | 3,613,941 | |||||||||||||||||||||||||||
Restricted stock vested | 659,479 | 659 | (659) | — | — | |||||||||||||||||||||||||||
Shares to cover tax withholdings for restricted stock vested | (79,634) | (79) | 79 | — | — | |||||||||||||||||||||||||||
Payments to cover tax withholdings for restricted stock vested, net | — | — | (134,381) | — | (134,381) | |||||||||||||||||||||||||||
Share-based compensation | — | — | 1,943,696 | — | 1,943,696 | |||||||||||||||||||||||||||
Net income | — | — | — | 32,715,779 | 32,715,779 | |||||||||||||||||||||||||||
Balance, March 31, 2023 | 180,627,484 | $ | 180,627 | $ | 780,659,273 | $ | (81,597,474) | $ | 699,242,426 | |||||||||||||||||||||||
Induced exercise of common warrants issued in offering | 14,512,166 | 14,512 | 8,673,143 | — | 8,687,655 | |||||||||||||||||||||||||||
Restricted stock vested | 288,709 | 289 | (289) | — | — | |||||||||||||||||||||||||||
Shares to cover tax withholdings for restricted stock vested | (77,687) | (78) | 78 | — | — | |||||||||||||||||||||||||||
Payments to cover tax withholdings for restricted stock vested, net | — | — | (141,682) | — | (141,682) | |||||||||||||||||||||||||||
Share-based compensation | — | — | 2,260,312 | — | 2,260,312 | |||||||||||||||||||||||||||
Net income | — | — | — | 28,791,605 | 28,791,605 | |||||||||||||||||||||||||||
Balance, June 30, 2023 | 195,350,672 | $ | 195,350 | $ | 791,450,835 | $ | (52,805,869) | $ | 738,840,316 | |||||||||||||||||||||||
Restricted stock vested | 39,443 | 39 | (39) | — | — | |||||||||||||||||||||||||||
Shares to cover tax withholdings for restricted stock vested | (9,588) | (9) | 9 | — | — | |||||||||||||||||||||||||||
Payments to cover tax withholdings for restricted stock vested, net | — | — | (18,302) | — | (18,302) | |||||||||||||||||||||||||||
Share-based compensation | — | — | 2,170,735 | — | 2,170,735 | |||||||||||||||||||||||||||
Net loss | — | — | — | (7,539,222) | (7,539,222) | |||||||||||||||||||||||||||
Balance, September 30, 2023 | 195,380,527 | $ | 195,380 | $ | 793,603,238 | $ | (60,345,091) | $ | 733,453,527 | |||||||||||||||||||||||
For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 100,192,562 | $ | 100,193 | $ | 553,472,292 | $ | (252,948,278) | $ | 300,624,207 | |||||||||||||||||||||||
Share-based compensation | — | — | 1,521,910 | — | 1,521,910 | |||||||||||||||||||||||||||
Net income | — | — | — | 7,112,043 | 7,112,043 | |||||||||||||||||||||||||||
Balance, March 31, 2022 | 100,192,562 | $ | 100,193 | $ | 554,994,202 | $ | (245,836,235) | $ | 309,258,160 | |||||||||||||||||||||||
Exercise of common warrants issued in offering | 6,453,907 | 6,454 | 5,156,672 | — | 5,163,126 | |||||||||||||||||||||||||||
Options exercised | 100,000 | 100 | (100) | — | — | |||||||||||||||||||||||||||
Shares elected to be withheld for options exercised | (47,506) | (48) | 48 | — | — | |||||||||||||||||||||||||||
Restricted stock vested | 610,195 | 610 | (610) | — | — | |||||||||||||||||||||||||||
Shares to cover tax withholdings for restricted stock vested | (73,047) | (73) | 73 | — | — | |||||||||||||||||||||||||||
Payments to cover tax withholdings for restricted stock vested | — | — | (257,694) | — | (257,694) | |||||||||||||||||||||||||||
Share-based compensation | — | — | 1,899,245 | — | 1,899,245 | |||||||||||||||||||||||||||
Net income | — | — | — | 41,944,422 | 41,944,422 | |||||||||||||||||||||||||||
Balance, June 30, 2022 | 107,236,111 | $ | 107,236 | $ | 561,791,836 | $ | (203,891,813) | $ | 358,007,259 | |||||||||||||||||||||||
Exercise of common warrants issued in offering | 3,000,000 | 3,000 | 2,397,000 | — | 2,400,000 | |||||||||||||||||||||||||||
Restricted stock vested | 13,504 | 14 | (14) | — | — | |||||||||||||||||||||||||||
Shares to cover tax withholdings for restricted stock vested | (2,674) | (3) | 3 | — | — | |||||||||||||||||||||||||||
Payments to cover tax withholdings for restricted stock vested | — | — | (6,790) | — | (6,790) | |||||||||||||||||||||||||||
Common stock issuance for Stronghold acquisition | 21,339,986 | 21,340 | 69,120,215 | — | 69,141,555 | |||||||||||||||||||||||||||
Share-based compensation | — | — | 1,543,033 | — | 1,543,033 | |||||||||||||||||||||||||||
Net income | — | — | — | 75,085,891 | 75,085,891 | |||||||||||||||||||||||||||
Balance, September 30, 2022 | 131,586,927 | $ | 131,587 | $ | 634,845,283 | $ | (128,805,922) | $ | 506,170,948 | |||||||||||||||||||||||
For the Nine Months Ended | ||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||
Cash Flows From Operating Activities | ||||||||||||||
Net income (loss) | $ | 53,968,162 | $ | 124,142,356 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation, depletion and amortization | 64,053,637 | 34,854,993 | ||||||||||||
Asset retirement obligation accretion | 1,073,900 | 617,685 | ||||||||||||
Amortization of deferred financing costs | 3,699,235 | 1,483,621 | ||||||||||||
Share-based compensation | 6,374,743 | 4,964,188 | ||||||||||||
Bad debt expense | 41,865 | — | ||||||||||||
Deferred income tax expense (benefit) | (8,160,712) | 5,830,008 | ||||||||||||
Excess tax expense (benefit) related to share-based compensation | 158,763 | — | ||||||||||||
(Gain) loss on derivative contracts | 26,483,190 | 2,201,970 | ||||||||||||
Cash received (paid) for derivative settlements, net | (5,829,728) | (48,593,882) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | (5,671,516) | (21,300,907) | ||||||||||||
Inventory | 3,701,882 | — | ||||||||||||
Prepaid expenses and other assets | 68,525 | (2,308,540) | ||||||||||||
Accounts payable | 3,500,913 | 33,992,075 | ||||||||||||
Settlement of asset retirement obligation | (1,025,607) | (2,548,344) | ||||||||||||
Net Cash Provided by Operating Activities | 142,437,252 | 133,335,223 | ||||||||||||
Cash Flows From Investing Activities | ||||||||||||||
Payments for the Stronghold Acquisition | (18,511,170) | (183,359,626) | ||||||||||||
Payments for the Founders Acquisition | (49,902,757) | — | ||||||||||||
Payments to purchase oil and natural gas properties | (1,605,262) | (1,211,691) | ||||||||||||
Payments to develop oil and natural gas properties | (112,996,032) | (83,776,050) | ||||||||||||
Payments to acquire or improve fixed assets subject to depreciation | (209,798) | (158,598) | ||||||||||||
Sale of fixed assets subject to depreciation | 332,230 | 134,600 | ||||||||||||
Proceeds from divestiture of equipment for oil and natural gas properties | 54,558 | 25,066 | ||||||||||||
Proceeds from sale of Delaware properties | 7,608,692 | — | ||||||||||||
Proceeds from sale of New Mexico properties | 4,312,502 | — | ||||||||||||
Net Cash (Used in) Investing Activities | (170,917,037) | (268,346,299) | ||||||||||||
Cash Flows From Financing Activities | ||||||||||||||
Proceeds from revolving line of credit | 179,000,000 | 592,000,000 | ||||||||||||
Payments on revolving line of credit | (166,000,000) | (447,000,000) | ||||||||||||
Proceeds from issuance of common stock from warrant exercises | 12,301,596 | 7,563,126 | ||||||||||||
Payments for taxes withheld on vested restricted shares, net | (294,365) | (264,484) | ||||||||||||
Proceeds from notes payable | 1,565,071 | 1,245,303 | ||||||||||||
Payments on notes payable | (1,114,883) | (954,082) | ||||||||||||
Payment of deferred financing costs | — | (18,762,502) | ||||||||||||
Reduction of financing lease liabilities | (551,579) | (334,034) | ||||||||||||
Net Cash Provided by (Used in) Financing Activities | 24,905,840 | 133,493,327 | ||||||||||||
Net Increase (Decrease) in Cash | (3,573,945) | (1,517,749) | ||||||||||||
Cash at Beginning of Period | 3,712,526 | 2,408,316 | ||||||||||||
Cash at End of Period | $ | 138,581 | $ | 890,567 |
For the Nine Months Ended | ||||||||||||||
September 30, 2023 | September 30, 2022 | |||||||||||||
Supplemental Cash Flow Information | ||||||||||||||
Cash paid for interest | $ | 27,804,707 | $ | 12,371,753 | ||||||||||
Noncash Investing and Financing Activities | ||||||||||||||
Asset retirement obligation incurred during development | $ | 261,786 | $ | 218,082 | ||||||||||
Asset retirement obligation acquired | 2,090,777 | 14,538,550 | ||||||||||||
Asset retirement obligation revision of estimate | 53,824 | — | ||||||||||||
Asset retirement obligation sold | (4,717,507) | — | ||||||||||||
Operating lease assets obtained in exchange for new operating lease liability | 1,713,677 | — | ||||||||||||
Financing lease assets obtained in exchange for new financing lease liability | 305,052 | — | ||||||||||||
Capitalized expenditures attributable to drilling projects financed through current liabilities | (1,394,081) | 13,233,975 | ||||||||||||
Supplemental Schedule for Founders Acquisition | ||||||||||||||
Investing Activities - Cash Paid | ||||||||||||||
Escrow deposit released at closing | $ | 7,500,000 | $ | — | ||||||||||
Closing amount paid to Founders | 42,502,799 | — | ||||||||||||
Interest from escrow deposit | 1,747 | — | ||||||||||||
Direct transaction costs | 1,361,843 | — | ||||||||||||
Post-close adjustments | (1,463,632) | — | ||||||||||||
Payments for the Founders Acquisition | $ | 49,902,757 | $ | — | ||||||||||
Investing Activities - Noncash | ||||||||||||||
Assumption of suspense liability | $ | 677,116 | $ | — | ||||||||||
Assumption of asset retirement obligation | 2,090,777 | — | ||||||||||||
Assumption of ad valorem tax liability | 234,051 | — | ||||||||||||
Deferred cash payment at fair value | 14,657,383 | — | ||||||||||||
Supplemental Schedule for Stronghold Acquisition | ||||||||||||||
Investing Activities - Cash Paid | ||||||||||||||
Cash paid by bank to Stronghold on closing | $ | — | $ | 121,392,455 | ||||||||||
Deposit in escrow | — | 46,500,000 | ||||||||||||
Direct transaction costs | — | 9,162,143 | ||||||||||||
Cash paid for realized August oil derivative losses | — | 1,777,925 | ||||||||||||
Cash paid for inventory and fixed assets acquired | — | 4,527,103 | ||||||||||||
Payment of deferred cash payment | 15,000,000 | — | ||||||||||||
Payment of post-close settlement | 3,511,170 | — | ||||||||||||
Payments for the Stronghold Acquisition | $ | 18,511,170 | $ | 183,359,626 | ||||||||||
Investing Activities - Noncash | ||||||||||||||
Assumption of suspense liability | $ | — | $ | 1,651,596 | ||||||||||
Assumption of derivative liabilities | — | 24,784,406 | ||||||||||||
Assumption of asset retirement obligation | — | 14,538,550 | ||||||||||||
Deferred cash payment at fair value | — | 14,511,688 | ||||||||||||
Financing Activities - Noncash | ||||||||||||||
Common stock issued for acquisition | $ | — | $ | 69,141,555 | ||||||||||
Convertible preferred stock issued for acquisition | — | 137,858,446 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Bad debt expense | $ | 19,656 | $ | — | $ | 41,865 | $ | — |
September 30, 2023 | December 31, 2022 | ||||||||||
Joint interest billing receivables | $ | 3,484,616 | $ | 1,226,049 | |||||||
Allowance for credit losses | (178,491) | (242,247) | |||||||||
Joint interest billing receivables, net | $ | 3,306,125 | $ | 983,802 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Depletion | $ | 21,711,123 | $ | 14,163,574 | $ | 63,203,473 | $ | 34,417,978 | |||||||||||||||
Depletion rate, per barrel-of-oil-equivalent (Boe) | $ | 13.48 | $ | 11.59 | $ | 13.09 | $ | 11.95 |
Leasehold improvements | 3‑5 years | |||||||
Office equipment and software | 3‑7 years | |||||||
Equipment | 5‑10 years | |||||||
Automobiles | 4 years | |||||||
Buildings and structures | 7 years |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Depreciation | $ | 80,690 | $ | 53,946 | $ | 277,420 | $ | 102,568 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Interest paid for notes payable | $ | 22,286 | $ | 7,917 | $ | 35,211 | $ | 17,201 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Deferred federal income tax benefit (provision) | $ | 3,381,104 | $ | (3,611,381) | $ | 8,492,595 | $ | (4,625,429) | |||||||||||||||
Current state income tax benefit (provision) | (165,780) | (36,736) | (264,261) | (36,736) | |||||||||||||||||||
Deferred state income tax benefit (provision) | 196,012 | (667,666) | (490,646) | (1,204,579) | |||||||||||||||||||
Benefit from (Provision for) Income Taxes | $ | 3,411,336 | $ | (4,315,783) | $ | 7,737,688 | $ | (5,866,744) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Share-based compensation | $ | 2,170,735 | $ | 1,543,033 | $ | 6,374,743 | $ | 4,964,188 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Oil, Natural Gas, and Natural Gas Liquids Revenues | |||||||||||||||||||||||
Oil | $ | 90,392,004 | $ | 86,413,665 | $ | 252,020,403 | $ | 229,532,827 | |||||||||||||||
Natural gas | 562,374 | 4,655,002 | 526,161 | 14,678,747 | |||||||||||||||||||
Natural gas liquids (1) | 2,727,420 | 3,340,281 | 8,566,719 | 3,340,281 | |||||||||||||||||||
Total oil, natural gas, and natural gas liquids revenues | $ | 93,681,798 | $ | 94,408,948 | $ | 261,113,283 | $ | 247,551,855 |
2023 | 2024 | 2025 | 2026 | 2027 | Other Future Years | ||||||||||||||||||||||||||||||
Operating lease payments (1) | $ | 118,616 | $ | 675,210 | $ | 727,460 | $ | 636,649 | $ | 460,497 | 400,234 | ||||||||||||||||||||||||
Financing lease payments (2) | 223,492 | 832,238 | 493,290 | 49,763 | — | — |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Operating lease liability, current portion | $ | 503,420 | $ | 398,362 | |||||||
Operating lease liability, non-current portion | 2,207,248 | 1,473,897 | |||||||||
Operating lease liability, total | $ | 2,710,668 | $ | 1,872,259 | |||||||
Total undiscounted future cash flows (sum of future operating lease payments) | 3,018,666 | 2,065,580 | |||||||||
Imputed interest | 307,998 | 193,321 | |||||||||
Undiscounted future cash flows less imputed interest | $ | 2,710,668 | $ | 1,872,259 | |||||||
Financing lease liability, current portion | $ | 806,993 | $ | 709,653 | |||||||
Financing lease liability, non-current portion | 690,456 | 1,052,479 | |||||||||
Financing lease liability, total | $ | 1,497,449 | $ | 1,762,132 | |||||||
Total undiscounted future cash flows (sum of future financing lease payments) | 1,598,783 | 1,900,595 | |||||||||
Imputed interest | 101,334 | 138,463 | |||||||||
Undiscounted future cash flows less imputed interest | $ | 1,497,449 | $ | 1,762,132 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Operating lease costs | $ | 138,220 | $ | 83,590 | $ | 366,711 | $ | 250,770 | |||||||||||||||
Short-term lease costs (1) | 1,012,525 | 639,708 | 4,042,160 | 1,937,310 | |||||||||||||||||||
Financing lease costs: | |||||||||||||||||||||||
Amortization of financing lease assets (2) | 197,221 | 106,982 | 572,744 | 334,447 | |||||||||||||||||||
Interest on financing lease liabilities (3) | 23,416 | 10,391 | 73,115 | 24,184 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Net Income (Loss) | $ | (7,539,222) | $ | 75,085,891 | $ | 53,968,162 | $ | 124,142,356 | ||||||||||||||||||
Basic Weighted-Average Shares Outstanding | 195,361,476 | 115,376,280 | 188,865,752 | 107,349,184 | ||||||||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||||||
Stock options | — | 52,110 | — | 93,688 | ||||||||||||||||||||||
Restricted stock units | — | 1,908,662 | 1,310,409 | 2,135,675 | ||||||||||||||||||||||
Performance stock units | — | 196,520 | 361,406 | 235,440 | ||||||||||||||||||||||
Common warrants | — | 19,884,296 | 4,045,648 | 20,180,729 | ||||||||||||||||||||||
Convertible preferred stock | — | 14,337,127 | — | 4,831,559 | ||||||||||||||||||||||
Diluted Weighted-Average Shares Outstanding | 195,361,476 | 151,754,995 | 194,583,215 | 134,826,275 | ||||||||||||||||||||||
Basic Earnings (Loss) per Share | $ | (0.04) | $ | 0.65 | $ | 0.29 | $ | 1.16 | ||||||||||||||||||
Diluted Earnings (Loss) per Share | $ | (0.04) | $ | 0.49 | $ | 0.28 | $ | 0.92 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Antidilutive securities: | ||||||||||||||||||||||||||
Stock options to purchase common stock | 265,500 | 70,500 | 265,500 | 70,500 | ||||||||||||||||||||||
Unvested restricted stock units | 3,866,023 | 37,487 | 61,212 | 11,312 | ||||||||||||||||||||||
Unvested performance stock units | 2,882,594 | 860,212 | 1,396,446 | 798,768 |
Consideration: | ||||||||
Cash consideration | ||||||||
Escrow deposit released at closing | $ | 7,500,000 | ||||||
Closing amount paid to Founders | 42,502,799 | |||||||
Interest from escrow deposit | 1,747 | |||||||
Fair value of deferred payment liability | 14,657,383 | |||||||
Post-close adjustments | (1,463,632) | |||||||
Total cash consideration | $ | 63,198,297 | ||||||
Direct transaction costs | $ | 1,361,843 | ||||||
Total consideration | $ | 64,560,140 | ||||||
Fair value of assets acquired: | ||||||||
Oil and natural gas properties | $ | 67,562,084 | ||||||
Amount attributable to assets acquired | $ | 67,562,084 | ||||||
Fair value of liabilities assumed: | ||||||||
Suspense liability | $ | 677,116 | ||||||
Asset retirement obligations | 2,090,777 | |||||||
Ad valorem tax liability | 234,051 | |||||||
Amount attributable to liabilities assumed | $ | 3,001,944 | ||||||
Net assets acquired | $ | 64,560,140 |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
Commodity derivative instruments, marked to market: | |||||||||||
Derivative assets, current | $ | 5,772,513 | $ | 16,193,327 | |||||||
Discounted deferred premiums | (3,927,380) | (11,524,165) | |||||||||
Derivatives assets, current, net of premiums | $ | 1,845,133 | $ | 4,669,162 | |||||||
Derivative assets, noncurrent | $ | 6,465,355 | $ | 7,606,258 | |||||||
Discounted deferred premiums | — | (1,476,848) | |||||||||
Derivative assets, noncurrent, net of premiums | $ | 6,465,355 | $ | 6,129,410 | |||||||
Derivative liabilities, current | $ | 23,906,800 | $ | 13,345,619 | |||||||
Derivative liabilities, noncurrent | $ | 18,089,847 | $ | 10,485,650 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Oil derivatives: | |||||||||||||||||||||||
Realized gain (loss) on oil derivatives | $ | (5,825,427) | $ | (13,958,195) | $ | (7,323,030) | $ | (47,690,961) | |||||||||||||||
Unrealized gain (loss) on oil derivatives | (34,077,473) | 49,680,492 | (21,425,316) | 48,360,099 | |||||||||||||||||||
Gain (loss) on oil derivatives | $ | (39,902,900) | $ | 35,722,297 | $ | (28,748,346) | $ | 669,138 | |||||||||||||||
Natural gas derivatives: | |||||||||||||||||||||||
Realized gain (loss) on natural gas derivatives | 474,629 | (902,921) | 1,493,302 | (902,921) | |||||||||||||||||||
Unrealized gain (loss) on natural gas derivatives | 205,516 | (1,968,187) | 771,854 | (1,968,187) | |||||||||||||||||||
Gain (loss) on natural gas derivatives | $ | 680,145 | $ | (2,871,108) | $ | 2,265,156 | $ | (2,871,108) | |||||||||||||||
Gain (loss) on derivative contracts | $ | (39,222,755) | $ | 32,851,189 | $ | (26,483,190) | $ | (2,201,970) |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Cash received (paid) for oil derivatives | $ | (5,825,427) | $ | (13,958,195) | $ | (7,323,030) | $ | (47,690,961) | |||||||||||||||
Cash received (paid) from natural gas derivatives | 474,629 | (902,921) | 1,493,302 | (902,921) | |||||||||||||||||||
Cash received (paid) for derivative settlements, net | $ | (5,350,798) | $ | (14,861,116) | $ | (5,829,728) | $ | (48,593,882) |
Oil Hedges (WTI) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||||||||||||||||||||||
Swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (Bbl) | 138,000 | 170,625 | 156,975 | 282,900 | 368,000 | — | — | 184,000 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average swap price | $ | 74.52 | $ | 67.40 | $ | 66.40 | $ | 65.49 | $ | 68.43 | $ | — | $ | — | $ | 73.35 | $ | — | |||||||||||||||||||||||||||||||||||
Deferred premium puts: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (Bbl) | 165,600 | 45,500 | 45,500 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average strike price | $ | 83.78 | $ | 84.70 | $ | 82.80 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Weighted average deferred premium price | $ | 14.61 | $ | 17.15 | $ | 17.49 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Two-way collars: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (Bbl) | 274,285 | 339,603 | 325,847 | 230,000 | 128,800 | 474,750 | 464,100 | 184,000 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average put price | $ | 56.73 | $ | 64.20 | $ | 64.30 | $ | 64.00 | $ | 60.00 | $ | 57.06 | $ | 60.00 | $ | 65.00 | $ | — | |||||||||||||||||||||||||||||||||||
Weighted average call price | $ | 70.77 | $ | 79.73 | $ | 79.09 | $ | 76.50 | $ | 73.24 | $ | 75.82 | $ | 69.85 | $ | 80.08 | $ | — | |||||||||||||||||||||||||||||||||||
Three-way collars: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (Bbl) | 15,598 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average first put price | $ | 45.00 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Weighted average second put price | $ | 55.00 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Weighted average call price | $ | 80.05 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Gas Hedges (Henry Hub) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||||||||||||||||||||||
NYMEX Swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 134,102 | 152,113 | 138,053 | 121,587 | 644,946 | 616,199 | 591,725 | 285,200 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average swap price | $ | 3.35 | $ | 3.62 | $ | 3.61 | $ | 3.59 | $ | 4.45 | $ | 3.78 | $ | 3.43 | $ | 3.73 | $ | — | |||||||||||||||||||||||||||||||||||
Two-way collars: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 383,587 | 591,500 | 568,750 | 552,000 | — | — | — | 285,200 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average put price | $ | 3.15 | $ | 4.00 | $ | 4.00 | $ | 4.00 | $ | — | $ | — | $ | — | $ | 3.00 | $ | — | |||||||||||||||||||||||||||||||||||
Call hedged volume (MMBtu) | 383,587 | 591,500 | 568,750 | 552,000 | — | — | — | 285,200 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average call price | $ | 4.51 | $ | 6.29 | $ | 6.29 | $ | 6.29 | $ | — | $ | — | $ | — | $ | 4.80 | $ | — |
Oil Hedges (basis differential) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||||||||||||||||||||||
Argus basis swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 305,000 | 364,000 | 364,000 | 368,000 | 368,000 | 270,000 | 273,000 | 276,000 | 276,000 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average spread price (1) | $ | 1.10 | $ | 1.15 | $ | 1.15 | $ | 1.15 | $ | 1.15 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 |
Gas Hedges (basis differential) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||||||||||||||||||||||
Waha basis swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 324,021 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average spread price (1) | $ | 0.55 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
El Paso Permian Basin basis swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 459,683 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average spread price (1) | $ | 0.63 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||
Level 2: | Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that we value using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. | ||||
Level 3: | Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). |
Fair Value Measurement Classification | |||||||||||||||||||||||
Quoted prices in Active Markets for Identical Assets or (Liabilities) (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||
$ | — | $ | 10,798,572 | $ | — | $ | 10,798,572 | ||||||||||||||||
$ | — | $ | (23,831,269) | $ | — | $ | (23,831,269) | ||||||||||||||||
Total | $ | — | $ | (13,032,697) | $ | — | $ | (13,032,697) | |||||||||||||||
As of September 30, 2023 | |||||||||||||||||||||||
$ | — | $ | 8,310,488 | $ | — | $ | 8,310,488 | ||||||||||||||||
$ | — | $ | (41,996,647) | $ | — | $ | (41,996,647) | ||||||||||||||||
Total | $ | — | $ | (33,686,159) | $ | — | $ | (33,686,159) |
Balance, December 31, 2022 | $ | 30,226,306 | |||
Liabilities acquired | 2,090,777 | ||||
Liabilities incurred | 261,786 | ||||
Liabilities sold | (4,717,507) | ||||
Liabilities settled | (226,424) | ||||
Revision of estimate | 53,824 | ||||
Accretion expense | 1,073,901 | ||||
Balance, September 30, 2023 | $ | 28,762,663 |
September 30, 2023 | December 31, 2022 | ||||||||||
Asset retirement obligations, current | 279,681 | 635,843 | |||||||||
Asset retirement obligations, non-current | 28,482,982 | 29,590,463 | |||||||||
Asset retirement obligations | $ | 28,762,663 | $ | 30,226,306 |
Common Warrants | Exercise Price | Proceeds Received | ||||||||||||||||||
Exercisable, December 31, 2021 | 29,361,700 | $ | 0.80 | |||||||||||||||||
Exercised | — | — | $ | — | ||||||||||||||||
Exercisable, March 31, 2022 | 29,361,700 | $ | 0.80 | |||||||||||||||||
Exercised | (6,453,907) | 0.80 | $ | 5,163,126 | ||||||||||||||||
Exercisable, June 30, 2022 | 22,907,793 | $ | 0.80 | |||||||||||||||||
Exercised | (3,000,000) | 0.80 | $ | 2,400,000 | ||||||||||||||||
Exercisable, September 20, 2022 | 19,907,793 | $ | 0.80 | |||||||||||||||||
Exercisable, December 31, 2022 | 19,107,793 | $ | 0.80 | |||||||||||||||||
Exercised | (4,517,427) | 0.80 | $ | 3,613,941 | ||||||||||||||||
Exercisable, March 31, 2023 | 14,590,366 | $ | 0.80 | |||||||||||||||||
Exercised (1) | (14,512,166) | 0.62 | $ | 8,997,543 | ||||||||||||||||
Exercisable, June 30, 2023 | 78,200 | $ | 0.80 | |||||||||||||||||
Exercised | — | — | $ | — | ||||||||||||||||
Exercisable, September 30, 2023 | 78,200 | $ | 0.80 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |||||||||||||||||||||||
Share-based compensation | $ | 2,170,735 | $ | 1,543,033 | $ | 6,374,743 | $ | 4,964,188 |
Options | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding, December 31, 2021 | 365,500 | $ | 3.61 | ||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Forfeited or rescinded | — | — | |||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||
Outstanding, March 31, 2022 | 365,500 | $ | 3.61 | 2.21 years | $ | 536,900 | |||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Forfeited or rescinded | — | — | |||||||||||||||||||||
Exercised | (100,000) | 2.00 | |||||||||||||||||||||
Outstanding, June 30, 2022 | 265,500 | $ | 4.21 | 2.14 years | $ | 128,700 | |||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Forfeited or rescinded | — | — | |||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||
Outstanding, September 30, 2022 | 265,500 | $ | 4.21 | 1.89 years | $ | 62,400 | |||||||||||||||||
Exercisable, September 30, 2022 | 265,500 | $ | 4.21 | 1.89 years | |||||||||||||||||||
Outstanding, December 31, 2022 | 265,500 | $ | 4.21 | ||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Forfeited or rescinded | — | — | |||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||
Outstanding, March 31, 2023 | 265,500 | $ | 4.21 | 1.39 years | $ | — | |||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Forfeited or rescinded | — | — | |||||||||||||||||||||
Exercised | — | — | |||||||||||||||||||||
Outstanding, June 30, 2023 | 265,500 | $ | 4.21 | 1.14 years | $ | — | |||||||||||||||||
Granted | — | $ | — | ||||||||||||||||||||
Forfeited or rescinded | — | $ | — | ||||||||||||||||||||
Exercised | — | $ | — | ||||||||||||||||||||
Outstanding, September 30, 2023 | 265,500 | $ | 4.21 | 0.89 years | $ | — | |||||||||||||||||
Exercisable, September 30, 2023 | 265,500 | $ | 4.21 | 0.89 years |
Restricted Stock Units | Weighted- Average Grant Date Fair Value | ||||||||||
Outstanding, December 31, 2021 | 2,572,596 | $ | 1.75 | ||||||||
Granted | 1,247,061 | 2.79 | |||||||||
Forfeited or rescinded | — | — | |||||||||
Vested | — | — | |||||||||
Outstanding, March 31, 2022 | 3,819,657 | $ | 2.09 | ||||||||
Granted | 19,642 | $ | 4.27 | ||||||||
Forfeited or rescinded | (17,204) | $ | 2.79 | ||||||||
Vested | (610,195) | $ | 2.80 | ||||||||
Outstanding, June 30, 2022 | 3,211,900 | $ | 1.97 | ||||||||
Granted | 126,570 | 2.95 | |||||||||
Forfeited or rescinded | — | — | |||||||||
Vested | (9,851) | 2.69 | |||||||||
Outstanding, September 30, 2022 | 3,328,619 | $ | 2.00 | ||||||||
Outstanding, December 31, 2022 | 2,623,790 | $ | 2.29 | ||||||||
Granted | 2,270,842 | 2.22 | |||||||||
Forfeited or rescinded | (11,712) | 2.22 | |||||||||
Vested | (659,479) | 2.80 | |||||||||
Outstanding, March 31, 2023 | 4,223,441 | $ | 2.17 | ||||||||
Granted | — | $ | — | ||||||||
Forfeited or rescinded | (49,465) | $ | 2.22 | ||||||||
Vested | (288,709) | $ | 2.85 | ||||||||
Outstanding, June 30, 2023 | 3,885,267 | $ | 2.12 | ||||||||
Granted | — | — | |||||||||
Forfeited or rescinded | (4,997) | 2.22 | |||||||||
Vested | (39,443) | 2.87 | |||||||||
Outstanding, September 30, 2023 | 3,840,827 | $ | 2.12 |
Performance Stock Units | Weighted- Average Grant Date Fair Value | ||||||||||
Outstanding, December 31, 2021 | 860,216 | $ | 3.87 | ||||||||
Granted | 860,216 | 3.65 | |||||||||
Forfeited or rescinded | — | — | |||||||||
Vested | — | — | |||||||||
Outstanding, March 31, 2022 | 1,720,432 | $ | 3.76 | ||||||||
Granted | — | $ | — | ||||||||
Forfeited or rescinded | — | $ | — | ||||||||
Vested | — | $ | — | ||||||||
Outstanding, June 30, 2022 | 1,720,432 | $ | 3.76 | ||||||||
Granted | — | — | |||||||||
Forfeited or rescinded | — | — | |||||||||
Vested | — | — | |||||||||
Outstanding, September 30, 2022 | 1,720,432 | $ | 3.76 | ||||||||
Outstanding, December 31, 2022 | 1,720,432 | $ | 3.76 | ||||||||
Granted | 1,162,162 | 2.71 | |||||||||
Forfeited or rescinded | — | — | |||||||||
Vested | — | — | |||||||||
Outstanding, March 31, 2023 | 2,882,594 | $ | 3.34 | ||||||||
Granted | — | $ | — | ||||||||
Forfeited or rescinded | — | $ | — | ||||||||
Vested | — | $ | — | ||||||||
Outstanding, June 30, 2023 | 2,882,594 | $ | 3.34 | ||||||||
Granted | — | — | |||||||||
Forfeited or rescinded | — | — | |||||||||
Vested | — | — | |||||||||
Outstanding, September 30, 2023 | 2,882,594 | $ | 3.34 |
Quarter | Area | Wells Drilled | Wells Completed | Recompletions | ||||||||||||||||||||||
1Q 2023 | Northwest Shelf (Horizontal) | 4 | 4 | — | ||||||||||||||||||||||
Central Basin Platform (Vertical) | 3 | 3 | 6 | |||||||||||||||||||||||
Total | 7 | 7 | 6 | |||||||||||||||||||||||
2Q 2023 | Northwest Shelf (Horizontal) | 4 | 4 | — | ||||||||||||||||||||||
Central Basin Platform (Vertical) | 2 | 2 | 3 | |||||||||||||||||||||||
Total | 6 | 6 | 3 | |||||||||||||||||||||||
3Q 2023 | Northwest Shelf (Horizontal) | 5 | 2 | — | ||||||||||||||||||||||
Central Basin Platform (Vertical) | 3 | 3 | — | |||||||||||||||||||||||
Central Basin Platform (Horizontal) | 3 | 3 | — | |||||||||||||||||||||||
Total | 11 | 8 | — | |||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||
Oil | $ | 90,392,004 | $ | 86,413,665 | $ | 3,978,339 | 5 | % | ||||||||||||||||||
Natural gas | 562,374 | 4,655,002 | (4,092,628) | (88) | % | |||||||||||||||||||||
Natural gas liquids | 2,727,420 | 3,340,281 | (612,861) | (18) | % | |||||||||||||||||||||
Total sales | $ | 93,681,798 | $ | 94,408,948 | $ | (727,150) | (1) | % | ||||||||||||||||||
Net production: | ||||||||||||||||||||||||||
Oil (Bbls) | 1,106,531 | 932,770 | 173,761 | 19 | % | |||||||||||||||||||||
Natural gas (Mcf) | 1,567,104 | 952,762 | 614,342 | 64 | % | |||||||||||||||||||||
Natural gas liquids (Bbls) | 243,142 | 130,052 | 113,090 | 87 | % | |||||||||||||||||||||
Total production (Boe)(1) | 1,610,857 | 1,221,616 | 389,241 | 32 | % | |||||||||||||||||||||
Average sales price: | ||||||||||||||||||||||||||
Oil (per Bbl) | $ | 81.69 | $ | 92.64 | $ | (10.95) | (12) | % | ||||||||||||||||||
Natural gas (per Mcf) | 0.36 | 4.89 | (4.53) | (93) | % | |||||||||||||||||||||
Natural gas liquids (Bbl) | 11.22 | 25.68 | (14.46) | (56) | % | |||||||||||||||||||||
Total per Boe | $ | 58.16 | $ | 77.28 | $ | (19.12) | (25) | % |
For the Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||
Oil | $ | 252,020,403 | $ | 229,532,827 | $ | 22,487,576 | 10 | % | ||||||||||||||||||
Natural gas | 526,161 | 14,678,747 | (14,152,586) | (96) | % | |||||||||||||||||||||
Natural gas liquids | 8,566,719 | 3,340,281 | 5,226,438 | 156 | % | |||||||||||||||||||||
Total sales | $ | 261,113,283 | $ | 247,551,855 | $ | 13,561,428 | 5 | % | ||||||||||||||||||
Net production: | ||||||||||||||||||||||||||
Oil (Bbls) | 3,325,323 | 2,338,469 | 986,854 | 42 | % | |||||||||||||||||||||
Natural gas (Mcf) | 4,726,056 | 2,408,241 | 2,317,815 | 96 | % | |||||||||||||||||||||
Natural gas liquids (Bbls) | 715,832 | 130,052 | 585,780 | 450 | % | |||||||||||||||||||||
Total production (Boe)(1) | 4,828,831 | 2,869,895 | 1,958,936 | 68 | % | |||||||||||||||||||||
Average sales price: | ||||||||||||||||||||||||||
Oil (per Bbl) | $ | 75.79 | $ | 98.16 | $ | (22.37) | (23) | % | ||||||||||||||||||
Natural gas (per Mcf) | 0.11 | 6.10 | (5.99) | (98) | % | |||||||||||||||||||||
Natural gas liquids (Bbl) | 11.97 | 25.68 | (13.71) | (53) | % | |||||||||||||||||||||
Total per Boe | $ | 54.07 | $ | 86.26 | $ | (32.19) | (37) | % |
For the Three Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Lease operating expenses ("LOE") | $ | 18,015,348 | $ | 13,029,098 | $ | 4,986,250 | 38 | % | ||||||||||||||||||
Average LOE per Boe | $ | 11.18 | $ | 10.67 | $ | 0.51 | 5 | % | ||||||||||||||||||
Gathering, transportation and processing costs ("GTP") | $ | (4,530) | $ | — | $ | (4,530) | 100 | % | ||||||||||||||||||
Average GTP per Boe | $ | — | $ | — | $ | — | — | % | ||||||||||||||||||
Ad valorem taxes | $ | 1,779,163 | $ | 1,199,385 | $ | 579,778 | 48 | % | ||||||||||||||||||
Average Ad valorem taxes per Boe | $ | 1.10 | $ | 0.98 | $ | 0.12 | 12 | % | ||||||||||||||||||
Oil and natural gas production taxes | $ | 4,753,289 | $ | 4,563,519 | $ | 189,770 | 4 | % | ||||||||||||||||||
Average Production taxes per Boe | $ | 2.95 | $ | 3.74 | $ | (0.79) | (21) | % | ||||||||||||||||||
Production taxes as a percentage of total sales | 5.07 | % | 4.83 | % | 0.24 | % | 5 | % |
For the Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Lease operating expenses ("LOE") | $ | 51,426,145 | $ | 30,283,706 | $ | 21,142,439 | 70 | % | ||||||||||||||||||
Average LOE per Boe | $ | 10.65 | $ | 10.55 | $ | 0.10 | 1 | % | ||||||||||||||||||
Gathering, transportation and processing costs ("GTP") | $ | (6,985) | $ | 1,846,247 | $ | (1,853,232) | (100) | % | ||||||||||||||||||
Average GTP per Boe | $ | — | $ | 0.64 | $ | (0.64) | (100) | % | ||||||||||||||||||
Ad valorem taxes | $ | 5,120,119 | $ | 3,100,578 | $ | 2,019,541 | 65 | % | ||||||||||||||||||
Average Ad valorem taxes per Boe | $ | 1.06 | $ | 1.08 | $ | (0.02) | (2) | % | ||||||||||||||||||
Oil and natural gas production taxes | $ | 13,173,568 | $ | 11,939,338 | $ | 1,234,230 | 10 | % | ||||||||||||||||||
Average Production taxes per Boe | $ | 2.73 | $ | 4.16 | $ | (1.43) | (34) | % | ||||||||||||||||||
Production taxes as a percentage of total sales | 5.05 | % | 4.82 | % | 0.23 | % | 5 | % |
For the Three Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Depreciation, depletion and amortization (DD&A): | ||||||||||||||||||||||||||
Depletion | $ | 21,711,123 | $ | 14,163,574 | $ | 7,547,549 | 53 | % | ||||||||||||||||||
Depreciation | 80,690 | 53,946 | 26,744 | 50 | % | |||||||||||||||||||||
Amortization of financing lease assets | 197,221 | 106,982 | 90,239 | 84 | % | |||||||||||||||||||||
Total depreciation, depletion and amortization | $ | 21,989,034 | $ | 14,324,502 | $ | 7,664,532 | 54 | % | ||||||||||||||||||
Depletion per Boe | $ | 13.48 | $ | 11.59 | $ | 1.89 | 16 | % | ||||||||||||||||||
Depreciation, depletion and amortization per Boe | $ | 13.65 | $ | 11.73 | $ | 1.92 | 16 | % | ||||||||||||||||||
Asset retirement obligation ("ARO") accretion | $ | 354,175 | $ | 243,140 | $ | 111,035 | 46 | % | ||||||||||||||||||
Operating lease expense | $ | 138,220 | $ | 83,590 | $ | 54,630 | 65 | % | ||||||||||||||||||
General and administrative expense ("G&A"): | ||||||||||||||||||||||||||
General and administrative expense (excluding Share-based compensation) | $ | 4,912,839 | $ | 5,850,815 | $ | (937,976) | (16) | % | ||||||||||||||||||
Share-based compensation | 2,170,735 | 1,543,033 | 627,702 | 41 | % | |||||||||||||||||||||
Total general and administrative expense | $ | 7,083,574 | $ | 7,393,848 | $ | (310,274) | (4) | % | ||||||||||||||||||
G&A per Boe | $ | 4.40 | $ | 6.05 | $ | (1.65) | (27) | % | ||||||||||||||||||
G&A excluding Share-based compensation, per Boe | $ | 3.05 | $ | 4.79 | $ | (1.74) | (36) | % |
For the Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Depreciation, depletion and amortization (DD&A): | ||||||||||||||||||||||||||
Depletion | $ | 63,203,473 | $ | 34,417,978 | $ | 28,785,495 | 84 | % | ||||||||||||||||||
Depreciation | 277,420 | 102,568 | 174,852 | 170 | % | |||||||||||||||||||||
Amortization of financing lease assets | 572,744 | 334,447 | 238,297 | 71 | % | |||||||||||||||||||||
Total depreciation, depletion and amortization | $ | 64,053,637 | $ | 34,854,993 | $ | 29,198,644 | 84 | % | ||||||||||||||||||
Depletion per Boe | $ | 13.09 | $ | 11.99 | $ | 1.10 | 9 | % | ||||||||||||||||||
Depreciation, depletion and amortization per Boe | $ | 13.26 | $ | 12.15 | $ | 1.11 | 9 | % | ||||||||||||||||||
Asset retirement obligation ("ARO") accretion | $ | 1,073,900 | $ | 617,685 | $ | 456,215 | 74 | % | ||||||||||||||||||
Operating lease expense | $ | 366,711 | $ | 250,770 | $ | 115,941 | 46 | % | ||||||||||||||||||
General and administrative expense ("G&A"): | ||||||||||||||||||||||||||
General and administrative expense (excluding Share-based compensation) | $ | 14,649,213 | $ | 13,784,239 | $ | 864,974 | 6 | % | ||||||||||||||||||
Share-based compensation | 6,374,743 | 4,964,188 | 1,410,555 | 28 | % | |||||||||||||||||||||
Total general and administrative expense | $ | 21,023,956 | $ | 18,748,427 | $ | 2,275,529 | 12 | % | ||||||||||||||||||
G&A per Boe | $ | 4.35 | $ | 6.53 | $ | (2.18) | (33) | % | ||||||||||||||||||
G&A excluding Share-based compensation, per Boe | $ | 3.03 | $ | 4.80 | $ | (1.77) | (37) | % |
For the Three Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Interest income | $ | 80,426 | $ | 4 | $ | 80,422 | 2010550 | % | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Interest on revolving line of credit | $ | 9,711,871 | $ | 5,804,069 | $ | 3,907,802 | 67 | % | ||||||||||||||||||
Fees associated with revolving line of credit | 239,218 | 103,935 | 135,283 | 130 | % | |||||||||||||||||||||
Amortization of deferred financing costs | 1,258,466 | 1,095,073 | 163,393 | 15 | % | |||||||||||||||||||||
Interest on financing lease liabilities | 23,416 | 10,391 | 13,025 | 125 | % | |||||||||||||||||||||
Interest paid for notes payable | 22,286 | 7,917 | 14,369 | 181 | % | |||||||||||||||||||||
Deferred cash payment accretion | 126,497 | — | 126,497 | 100 | % | |||||||||||||||||||||
Total interest expense | $ | 11,381,754 | $ | 7,021,385 | $ | 4,360,369 | 62 | % | ||||||||||||||||||
Gain (loss) on derivative contracts: | ||||||||||||||||||||||||||
Realized gain (loss): | ||||||||||||||||||||||||||
Crude oil | $ | (5,825,427) | $ | (13,958,195) | $ | 8,132,768 | (58) | % | ||||||||||||||||||
Natural gas | 474,629 | (902,921) | 1,377,550 | (153) | % | |||||||||||||||||||||
Total realized gain (loss) | $ | (5,350,798) | $ | (14,861,116) | $ | 9,510,318 | (64) | % | ||||||||||||||||||
Unrealized gain (loss): | ||||||||||||||||||||||||||
Crude oil | $ | (34,077,473) | $ | 49,680,492 | $ | (83,757,965) | (169) | % | ||||||||||||||||||
Natural gas | 205,516 | (1,968,187) | 2,173,703 | (110) | % | |||||||||||||||||||||
Total unrealized gain (loss) | $ | (33,871,957) | $ | 47,712,305 | $ | (81,584,262) | (171) | % | ||||||||||||||||||
Total gain (loss) on derivative contracts: | $ | (39,222,755) | $ | 32,851,189 | $ | (72,073,944) | (219) | % | ||||||||||||||||||
For the Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Interest income | $ | 160,171 | $ | 4 | $ | 160,167 | 4004175 | % | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Interest on revolving line of credit | $ | 27,478,591 | $ | 11,921,056 | $ | 15,557,535 | 131 | % | ||||||||||||||||||
Fees associated with revolving line of credit | 717,468 | 252,983 | 464,485 | 184 | % | |||||||||||||||||||||
Amortization of deferred financing costs | 3,699,235 | 1,483,621 | 2,215,614 | 149 | % | |||||||||||||||||||||
Interest on financing lease liabilities | 73,115 | 24,184 | 48,931 | 202 | % | |||||||||||||||||||||
Interest paid for notes payable | 35,211 | 17,201 | 18,010 | 105 | % | |||||||||||||||||||||
Deferred cash payment accretion | 319,220 | — | 319,220 | 100 | % | |||||||||||||||||||||
Total interest expense | $ | 32,322,840 | $ | 13,699,045 | $ | 18,623,795 | 136 | % | ||||||||||||||||||
Gain (loss) on derivative contracts: | ||||||||||||||||||||||||||
Realized gain (loss): | ||||||||||||||||||||||||||
Crude oil | $ | (7,323,030) | $ | (47,690,961) | $ | 40,367,931 | (85) | % | ||||||||||||||||||
Natural gas | 1,493,302 | (902,921) | 2,396,223 | (265) | % | |||||||||||||||||||||
Total realized gain (loss) | $ | (5,829,728) | $ | (48,593,882) | $ | 42,764,154 | (88) | % | ||||||||||||||||||
Unrealized gain (loss): | ||||||||||||||||||||||||||
Crude oil | $ | (21,425,316) | $ | 48,360,099 | $ | (69,785,415) | (144) | % | ||||||||||||||||||
Natural gas | 771,854 | (1,968,187) | 2,740,041 | (139) | % | |||||||||||||||||||||
Total unrealized gain (loss) | $ | (20,653,462) | $ | 46,391,912 | $ | (67,045,374) | (145) | % | ||||||||||||||||||
Total gain (loss) on derivative contracts: | $ | (26,483,190) | $ | (2,201,970) | $ | (24,281,220) | 1103 | % | ||||||||||||||||||
Gain (loss) on disposal of assets | $ | (132,109) | $ | — | $ | (132,109) | 100 | % | ||||||||||||||||||
Other income | $ | 126,210 | $ | — | $ | 126,210 | 100 | % |
For the Three Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Benefit from (Provision for) Income Taxes: | ||||||||||||||||||||||||||
Deferred federal income tax benefit (provision) | $ | 3,381,104 | $ | (3,611,381) | $ | 6,992,485 | (194) | % | ||||||||||||||||||
Current state income tax benefit (provision) | (165,780) | (36,736) | (129,044) | 351 | % | |||||||||||||||||||||
Deferred state income tax benefit (provision) | 196,012 | (667,666) | 863,678 | (129) | % | |||||||||||||||||||||
Benefit from (Provision for) Income Taxes | $ | 3,411,336 | $ | (4,315,783) | $ | 7,727,119 | (179) | % |
For the Nine Months Ended | ||||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Change | % Change | |||||||||||||||||||||||
Benefit from (Provision for) Income Taxes: | ||||||||||||||||||||||||||
Deferred federal income tax benefit (provision) | $ | 8,492,595 | $ | (4,625,429) | $ | 13,118,024 | (284) | % | ||||||||||||||||||
Current state income tax benefit (provision) | (264,261) | (36,736) | (227,525) | 619 | % | |||||||||||||||||||||
Deferred state income tax benefit (provision) | (490,646) | (1,204,579) | 713,933 | (59) | % | |||||||||||||||||||||
Benefit from (Provision for) Income Taxes | $ | 7,737,688 | $ | (5,866,744) | $ | 13,604,432 | (232) | % |
Oil Hedges (WTI) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||||||||||||||||||||||
Swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (Bbl) | 138,000 | 170,625 | 156,975 | 282,900 | 368,000 | — | — | 184,000 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average swap price | $ | 74.52 | $ | 67.40 | $ | 66.40 | $ | 65.49 | $ | 68.43 | $ | — | $ | — | $ | 73.35 | $ | — | |||||||||||||||||||||||||||||||||||
Deferred premium puts: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (Bbl) | 165,600 | 45,500 | 45,500 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average strike price | $ | 83.78 | $ | 84.70 | $ | 82.80 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Weighted average deferred premium price | $ | 14.61 | $ | 17.15 | $ | 17.49 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Two-way collars: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (Bbl) | 274,285 | 339,603 | 325,847 | 230,000 | 128,800 | 474,750 | 464,100 | 184,000 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average put price | $ | 56.73 | $ | 64.20 | $ | 64.30 | $ | 64.00 | $ | 60.00 | $ | 57.06 | $ | 60.00 | $ | 65.00 | $ | — | |||||||||||||||||||||||||||||||||||
Weighted average call price | $ | 70.77 | $ | 79.73 | $ | 79.09 | $ | 76.50 | $ | 73.24 | $ | 75.82 | $ | 69.85 | $ | 80.08 | $ | — | |||||||||||||||||||||||||||||||||||
Three-way collars: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (Bbl) | 15,598 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average first put price | $ | 45.00 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Weighted average second put price | $ | 55.00 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Weighted average call price | $ | 80.05 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
Gas Hedges (Henry Hub) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||||||||||||||||||||||
NYMEX Swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 134,102 | 152,113 | 138,053 | 121,587 | 644,946 | 616,199 | 591,725 | 285,200 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average swap price | $ | 3.35 | $ | 3.62 | $ | 3.61 | $ | 3.59 | $ | 4.45 | $ | 3.78 | $ | 3.43 | $ | 3.73 | $ | — | |||||||||||||||||||||||||||||||||||
Two-way collars: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 383,587 | 591,500 | 568,750 | 552,000 | — | — | — | 285,200 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average put price | $ | 3.15 | $ | 4.00 | $ | 4.00 | $ | 4.00 | $ | — | $ | — | $ | — | $ | 3.00 | $ | — | |||||||||||||||||||||||||||||||||||
Call hedged volume (MMBtu) | 383,587 | 591,500 | 568,750 | 552,000 | — | — | — | 285,200 | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average call price | $ | 4.51 | $ | 6.29 | $ | 6.29 | $ | 6.29 | $ | — | $ | — | $ | — | $ | 4.80 | $ | — |
Oil Hedges (basis differential) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||||||||||||||||||||||
Argus basis swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 305,000 | 364,000 | 364,000 | 368,000 | 368,000 | 270,000 | 273,000 | 276,000 | 276,000 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average spread price (1) | $ | 1.10 | $ | 1.15 | $ | 1.15 | $ | 1.15 | $ | 1.15 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 |
Gas Hedges (basis differential) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |||||||||||||||||||||||||||||||||||||||||||||
Waha basis swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 324,021 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average spread price (1) | $ | 0.55 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
El Paso Permian Basin basis swaps: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged volume (MMBtu) | 459,683 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average spread price (1) | $ | 0.63 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
For the Nine Months Ended | As of | |||||||||||||
September 30, 2023 | September 30, 2023 | |||||||||||||
Percentage of Oil, Natural Gas, and Natural Gas Liquids Revenues | Percentage of accounts receivables from the sale of our oil and natural gas production | |||||||||||||
Purchaser: | ||||||||||||||
Phillips 66 Company ("Phillips") | 67% | 69% | ||||||||||||
Enterprise Crude Oil LLC ("Enterprise") | 12% | 9% | ||||||||||||
NGL Crude Partners ("NGL Crude") | 10% | 7% |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed Here-with | Furnished Herewith | |||||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | X | ||||||||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | X | ||||||||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Ring Energy, Inc. | |||||||||||
Date: November 2, 2023 | By: | /s/ Paul D. McKinney | |||||||||
Paul D. McKinney | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: November 2, 2023 | By: | /s/ Travis T. Thomas | |||||||||
Travis T. Thomas | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |