Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and Cash Equivalents $ 4,843 $ 1,428
Accounts Receivable, Net 131,165 71,015
Advances to Operators 433 476
Prepaid Expenses and Other 2,705 1,420
Derivative Instruments 518 51,290
Total Current Assets 139,664 125,629
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 4,638,415 4,393,533
Unproved 21,347 10,031
Other Property and Equipment 2,501 2,451
Total Property and Equipment 4,662,263 4,406,015
Less – Accumulated Depreciation, Depletion and Impairment (3,732,183) (3,670,811)
Total Property and Equipment, Net 930,080 735,204
Derivative Instruments 32 111
Acquisition Deposit 9,400 0
Other Noncurrent Assets, Net 12,634 11,145
Total Assets 1,091,810 872,089
Current Liabilities:    
Accounts Payable 49,186 35,803
Accrued Liabilities 91,724 68,673
Accrued Interest 16,877 8,341
Derivative Instruments 140,694 3,078
Contingent Consideration 513 493
Current Portion of Long-term Debt 0 65,000
Other Current Liabilities 1,843 1,087
Total Current Liabilities 300,837 182,475
Long-term Debt 801,998 879,843
Derivative Instruments 127,526 14,659
Asset Retirement Obligations 26,176 18,366
Other Noncurrent Liabilities 3,490 50
Total Liabilities 1,260,027 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 6/30/2021 2,218,732 Series A Shares Outstanding at 12/31/2020 2 2
Common Stock, Par Value $.001; 135,000,000* Shares Authorized; 66,164,399* Shares Outstanding at 6/30/2021 45,908,779* Shares Outstanding at 12/31/2020 [1] 468 448
Additional Paid-In Capital 1,792,589 1,556,602
Retained Deficit (1,961,276) (1,780,356)
Total Stockholders’ Equity (Deficit) (168,217) (223,304)
Total Liabilities and Stockholders’ Equity (Deficit) $ 1,091,810 $ 872,089
[1] Adjusted for the 1-for-10 reverse stock split. See Note 5.