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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue:        
Oil and Gas Sales $ 994,529 $ 1,996,758 $ 2,308,929 $ 2,320,968
Net realized and unrealized Gain (Loss) on Derivatives (402,374) 500,728 2,106,671 432,369
Total Revenue 592,155 2,497,486 4,415,600 2,753,337
Costs and Expenses:        
Operating 723,535 1,241,384 2,189,490 1,393,871
Taxes - Production 60,569 129,824 144,528 149,473
Depletion, Depreciation & Amortization 486,568 862,120 754,585 880,206
Impairment of Oil and Natural Gas Properties 0 0 800,452 0
Accretion of Asset Retirement Obligation 257,043 63,228 355,997 69,827
General and Administrative 1,914,406 2,044,022 2,443,390 2,656,611
Total Cost and Expenses 3,442,121 4,340,578 6,688,442 5,149,988
Operating Loss (2,849,966) (1,843,092) (2,272,842) (2,396,651)
Other Income and (Expense):        
Gain on Sale of Assets 0 0 1,143,760 0
Interest Expense (123,219) (162,968) (256,088) (196,911)
Net Loss $ (2,973,185) $ (2,006,060) $ (1,385,170) $ (2,593,562)
Net Loss per Common Share, Basic & Diluted $ (0.14) $ (0.10) $ (0.07) $ (0.14)
Weighted Average Number of Common Shares Outstanding Basic & Diluted 21,392,277 19,358,110 21,222,387 18,587,304