XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues from contracts with customers:    
Total revenue $ 8,441,312 $ 6,427,846
Operating costs and expenses:    
Lease operating expenses 1,594,188 2,047,767
Gathering system operating expenses 190,947 97,778
Development geological and geophysical expenses 11,539 2,629
Depletion, depreciation, amortization, and accretion 1,682,860 2,414,376
Impairment of proved properties 0 1,760,000
General and administrative expenses:    
Stock based compensation expense 202,499 173,919
Other general and administrative expenses 1,327,161 1,008,113
Total operating costs and expenses 5,009,194 7,504,582
Operating income (loss) 3,432,118 (1,076,736)
Other income (expense):    
Interest income 7,813 21,529
Interest expense (27,073) (28,006)
Gain on derivative contracts 465,341 1,721,018
Other income (expense) 1,941 (2,225)
Other income, net 448,022 1,712,316
Net income before income tax expense 3,880,140 635,580
Income tax expense 1,144,573 325,281
NET INCOME 2,735,567 310,299
Currency translation adjustments 242 (114)
NET COMPREHENSIVE INCOME $ 2,735,809 $ 310,185
Net income per share, basic $ 0.11 $ 0.01
Net income per share, diluted $ 0.11 $ 0.01
Weighted average number of shares outstanding, basic 23,947,222 26,565,084
Weighted average number of shares outstanding, diluted 24,030,104 26,565,084
Gas, oil, NGLs and condensate revenue    
Revenues from contracts with customers:    
Total revenue $ 6,439,155 $ 4,111,144
Gathering and compression fees    
Revenues from contracts with customers:    
Total revenue $ 2,002,157 $ 2,316,702