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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 2,212,562 $ (22,662)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 246,061 371,148
Accretion expense 113,800 129,100
Unrealized (gain) loss on investments 20,318 (20,657)
Gain on disposal of property and equipment (565,650) (496,846)
Forgiveness of loan (326,932) 0
Changes in assets and liabilities:    
Production accounts receivable (368,644) 560,670
Other current assets 28,855 (7,500)
Other assets 3,616 57
Accounts payable (357,482) 170,650
Accrued expenses (412,620) (489,378)
Operational advances 160,621 38,032
Total adjustments (1,458,057) 255,276
Net cash provided by operating activities 754,505 232,614
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (2,051,505) (179,658)
Purchase of property and equipment (112,815) (50,388)
Proceeds from disposal of property and equipment 388,512 7,800
Settlement of disposal of property and equipment 0 (468,934)
Net cash used in investing activities (1,775,808) (691,180)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from loan 0 326,932
Distributions 0 (1,390,016)
Proceeds from options exercised 10,800 25,800
Net cash provided by (used in) financing activities 10,800 (1,037,284)
NET CHANGE IN CASH AND EQUIVALENTS (1,010,503) (1,495,850)
CASH AND EQUIVALENTS - BEGINNING OF PERIOD 10,249,207 11,757,057
CASH AND EQUIVALENTS - END OF PERIOD 9,238,704 10,261,207
Supplemental disclosures of cash flow information:    
Cash paid during the period for income taxes $ 526 $ 7,652