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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities:    
Net Loss $ (9,995,367) $ (3,026,542)
Adjustments to Reconcile Net Loss to Net Cash    
Gain on Sales of Assets (1,268,760)
Stock Compensation Expense 406,250 406,250
Stock Issued for Interest Expense Payment 241,054  
Right to Buy Issuance Costs 989,115
Unrealized Gain on Embedded Conversion Option (92,931)
Amortization of Discount on Convertible Notes 6,670,129
Convertible Debt Modification Inducement Expense 2,276,813
Amortization of Loan Issue Costs 14,587 43,758
Changes in Right of Use Assets, net 54,363
Depreciation, Depletion and Amortization 2,025,407 1,008,699
Impairment of Oil and Natural Gas Properties 800,452
Accretion of Asset Retirement Obligation 881,638 631,710
Cash paid to Ovintiv (850,000)
Loss relating to Ovintiv Purchase Deposit 800,000
Forgiveness of Paycheck Protection Program Loan (160,700)
Change in Operating Assets and Liabilities:    
Accounts Receivable (5,566,084) (64,278)
Unrealized Gain on Oil and Natural Gas Derivative Instruments (113,943) (680,079)
Inventory (681,208) 34,954
Prepaids 115,670 (88,474)
Other Assets (6,807) (181,600)
Accounts Payable 2,326,752 490,443
Accrued Expenses 1,245,653 (26,659)
Net Cash Provided By (Used In) Operating Activities 630,391 (1,970,126)
Cash Flows from Investing Activities:    
Acquisition of Oil and Natural Gas Properties (17,869,779) (506,000)
Purchase of Other Fixed Assets (508,571)
Sinking Fund Deposit (4,330,000)
Proceeds From Sale of Oil and Natural Gas Properties 1,309,800
Net Cash Provided by (Used in) Investing Activities (22,708,350) 803,800
Cash Flows from Financing Activities:    
Proceeds from Debt Issued 19,599,850 925,700
Principal Payments of Debt (5,546,738) (150,000)
Proceeds from Stock and Warrant Issuance 11,054,661 525,000
Net Cash Provided by Financing Activities 25,107,773 1,300,700
Net Change in Cash 3,029,814 134,374
Cash - Beginning of Period 157,695
Cash - End of Period $ 3,187,509 $ 134,374