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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash $ 1,016,877 $ 157,695
Accounts Receivable 3,600,234 1,251,634
Oil Inventory 1,690,674 531,309
Prepaids 191,839 281,895
Total Current Assets 6,499,624 2,222,533
Property and equipment:    
Oil and Natural Gas Properties, Successful Efforts 44,967,979 22,711,445
Less: Accumulated Depreciation, Depletion and Impairment (15,880,231) (15,148,444)
Oil and natural gas properties, successful efforts, net 29,087,748 7,563,001
Other Property and Equipment, net 1,245,715 662,017
Total Property and Equipment, net 30,333,463 8,225,018
Investment in Related Party 1,250,000
Sinking Fund (Note 7) 3,850,000
Other Assets 1,156,642 802,050
Total Assets 43,089,729 11,249,601
Current Liabilities:    
Accounts Payable 2,363,312 1,937,743
Accrued Expenses 3,712,549 2,697,831
Unrealized Loss on Oil and Natural Gas Derivatives 187,474 5,749
Embedded Conversion Option 6,126,961
Contingent Payment (see Note 6) 40,000
Current Portion of Lease Liability 145,433 89,769
Notes Payable to Related Party, net of discount 5,614,789
Current Portion of Long-term Notes Payable, net of discount 1,526,404 1,301,618
Total Current Liabilities 19,676,922 6,072,710
Long-Term Notes Payable 8,443,407 7,719,703
Long Term Lease Liability 684,426 534,009
Asset Retirement Obligations 20,488,906 15,364,217
Total Liabilities 49,293,661 29,690,639
Stockholders' Deficit:    
65,661,634 and 24,892,277 Shares Issued and Outstanding, Respectively 65,661 24,892
Common Stock Subscribed
Additional Paid-in Capital 40,617,930 22,152,451
Accumulated Deficit (46,887,523) (40,618,381)
Total Stockholders' Deficit (6,203,932) (18,441,038)
Total Liabilities and Stockholders' Deficit $ 43,089,729 $ 11,249,601