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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue:        
Oil Sales $ 7,761,584 $ 1,470,345 $ 13,882,077 $ 3,644,634
Natural Gas Sales 855,507 81,562 1,536,569 167,095
Natural Gas Liquids Sales 1,439,799 1,913,191
Other Revenue 71,043 93,496 154,018 142,603
Net Realized and Unrealized Gain (Loss) on Derivatives (32,271) (103,166) (572,220) 2,003,505
Total Revenue 10,095,662 1,542,237 16,913,635 5,957,837
Costs and Expenses:        
Operating 3,597,124 1,286,598 7,328,066 3,476,088
Taxes - Production 678,295 88,630 1,266,808 233,158
Depletion, Depreciation & Amortization 1,279,534 254,114 2,025,407 1,008,699
Impairment of Oil and Natural Gas Properties 800,452
Accretion of Asset Retirement Obligation 327,018 275,713 881,638 631,710
General and Administrative 1,914,326 1,278,667 6,040,475 3,722,057
Total Cost and Expenses 7,796,297 3,183,722 17,542,394 9,872,164
Operating Income (Loss) 2,299,365 (1,641,485) (628,759) (3,914,327)
Other Income and (Expense):        
Convertible Debt Modification Inducement Expense (Note 9) (2,276,813) (2,276,813)
Unrealized Gain on Embedded Conversion Option (Note 9) 689,215 92,931
Gain on Sale of Assets 125,000 1,268,760
Other Income 29,687 190,387
Interest Expense (4,467,679) (124,887) (7,373,113) (380,975)
Net Loss $ (3,726,225) $ (1,641,372) $ (9,995,367) $ (3,026,542)
Net Loss per Common Share, Basic & Diluted $ (0.06) $ (0.07) $ (0.19) $ (0.14)
Weighted Average Number of Common Shares Outstanding,        
Basic & Diluted 66,242,822 23,469,200 53,113,367 21,971,947