Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and Cash Equivalents $ 2,729 $ 1,428
Accounts Receivable, Net 94,804 71,015
Advances to Operators 431 476
Prepaid Expenses and Other 2,455 1,420
Derivative Instruments 2,005 51,290
Total Current Assets 102,424 125,629
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 4,431,977 4,393,533
Unproved 9,621 10,031
Other Property and Equipment 2,502 2,451
Total Property and Equipment 4,444,100 4,406,015
Less – Accumulated Depreciation, Depletion and Impairment (3,701,715) (3,670,811)
Total Property and Equipment, Net 742,385 735,204
Derivative Instruments 356 111
Acquisition Deposit 17,500 0
Other Noncurrent Assets, Net 10,578 11,145
Total Assets 873,243 872,089
Current Liabilities:    
Accounts Payable 40,788 35,803
Accrued Liabilities 72,667 68,673
Accrued Interest 5,769 8,341
Derivative Instruments 35,108 3,078
Contingent Consideration 618 493
Current Portion of Long-term Debt 0 65,000
Other Current Liabilities 1,018 1,087
Total Current Liabilities 155,968 182,475
Long-term Debt 817,061 879,843
Derivative Instruments 61,987 14,659
Asset Retirement Obligations 18,884 18,366
Other Noncurrent Liabilities 26 50
Total Liabilities 1,053,926 1,095,393
COMMITMENTS AND CONTINGENCIES
Stockholders’ Equity (Deficit)    
Preferred Stock, Par Value $.001; 5,000,000 Shares Authorized; 2,218,732 Series A Shares Outstanding at 3/31/2021 2,218,732 Series A Shares Outstanding at 12/31/2020 2 2
Common Stock, Par Value $.001; 135,000,000* Shares Authorized; 60,361,547* Shares Outstanding at 3/31/2021 45,908,779* Shares Outstanding at 12/31/2020 [1] 462 448
Additional Paid-In Capital 1,689,567 1,556,602
Retained Deficit (1,870,714) (1,780,356)
Total Stockholders’ Equity (Deficit) (180,682) (223,304)
Total Liabilities and Stockholders’ Equity (Deficit) $ 873,243 $ 872,089
[1] Adjusted for the 1-for-10 reverse stock split.