v3.20.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (255,735) $ 5,211,534
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depletion, depreciation, amortization, and accretion 4,992,146 3,778,903
Impairment of proved properties 1,760,000  
Bad debt expense 819,000  
Gain on sale/disposal of properties   (929,827)
Gain on derivative contracts (1,635,669) (2,224,234)
Cash received from (paid for) settlements of derivative contracts 2,377,769 187,420
Stock-based compensation expense 345,971 267,441
Deferred income tax expense (benefit) (2,201) 2,393,228
Changes in assets and liabilities:    
Accounts receivable 171,271 1,473,287
Prepaid income taxes and other current assets 359,795 (595,604)
Accounts payable, royalties payable and other accrued liabilities (630,262) (1,526,708)
Net cash provided by operating activities 8,302,085 8,035,440
Cash flows from investing activities:    
Acquisition of unproved oil and gas properties   (596,500)
Additions to unproved oil and gas properties (128,398) (822,006)
Additions to proved oil and gas properties (3,691,409) (1,846,040)
Additions to gathering system properties (152,256) (163,075)
Additions to land, buildings and property and equipment (151,800)  
Prepaid drilling costs (1,301) (2,101,510)
Proceeds from sale of leases   929,827
Net cash used in investing activities (4,125,164) (4,599,304)
Cash flows from financing activities:    
Buyback of common shares (1,927,198) (1,233,645)
Net cash used in financing activities (1,927,198) (1,233,645)
Effect of currency rates on cash, cash equivalents and restricted cash 6,018 11,844
Increase in cash, cash equivalents and restricted cash 2,255,741 2,214,335
Cash, cash equivalents and restricted cash, beginning of period 14,613,711 14,959,518
Cash, cash equivalents and restricted cash, end of period 16,869,452 17,173,853
Supplemental cash flow disclosures:    
Income taxes paid   733,200
Interest paid 56,323 60,401
Non-cash investing activities:    
Change in proved properties accrued in accounts payable and accrued liabilities (1,516,946) 12,198
Change in gathering system accrued in accounts payable and accrued liabilities (10,310) 82,550
Asset retirement obligation asset additions and adjustments $ 3,937 $ 7,975