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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities:    
Net Loss $ (6,269,142) $ (1,385,170)
Adjustments to Reconcile Net Loss to Net Cash    
Gain on Sales of Assets (1,143,760)
Stock Compensation Expense 406,250 406,250
Right to Buy Issuance Costs 989,115
Unrealized Loss on Embedded Conversion Option 596,284
Amortization of Discount on Convertible Notes 2,579,915
Amortization of Loan Issue Costs 14,587 29,172
Changes in Right of Use Assets, net 6,428
Depreciation, Depletion and Amortization 745,873 754,585
Impairment of Oil and Natural Gas Properties 800,452
Accretion of Asset Retirement Obligation 554,620 355,997
Cash paid to Ovintiv (see Note 4) (850,000)
Loss relating to Ovintiv Purchase Deposit (see Note 4) 725,000
Forgiveness of Payroll Protection Plan loan (160,700)
Change in Operating Assets and Liabilities:    
Accounts Receivable (2,348,605) 54,662
Unrealized Loss (Gain) on Oil and Natural Gas Derivative Instruments 181,725 (1,062,775)
Inventory (840,819) 56,124
Prepaids 90,056 46,294
Other Assets (206,907) 8,366
Accounts Payable 425,567 (6,005)
Accrued Expenses 724,402 66,521
Net Cash Used In Operating Activities (2,511,351) (1,144,287)
Cash Flows from Investing Activities:    
Acquisition of Oil and Natural Gas Properties (17,869,779) (506,000)
Purchase of Other Fixed Assets (83,811)
Investment in Related Party (1,250,000)
Sinking Fund Deposit (3,850,000)
Proceeds From Sale of Oil and Natural Gas Properties 1,160,400
Net Cash Provided by (Used in) Investing Activities (23,053,590) 654,400
Cash Flows from Financing Activities:    
Proceeds from Debt Issued 19,599,850 925,700
Principal Payments of Debt (3,647,286) (150,000)
Proceeds from Stock and Warrant Issuance 10,471,559
Net Cash Provided by Financing Activities 26,424,123 775,700
Net Change in Cash 859,182 285,813
Cash - Beginning of Period 157,695
Cash - End of Period $ 1,016,877 $ 285,813