| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash Flows From Operating Activities | |||||||||
Net income | |||||||||
29,496 | 8,999 | 1,753 | -37,637 | -9,052 | 8,420 | - | - | -320 | -78 |
Net income (loss) | |||||||||
- | - | - | - | - | - | -452 | -1,669 | - | - |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||
Depreciation, depletion and amortization | |||||||||
56,204 | 39,024 | 20,517 | 11,483 | 15,175 | 11,807 | 2,284 | 506 | 1 | 2 |
Ceiling test impairment | |||||||||
0 | 14,172 | 0 | 56,513 | 9,312 | 0 | 0 | - | - | - |
Accretion expense | |||||||||
943 | 606 | 567 | 487 | 418 | 154 | 53 | 20 | - | - |
Amortization of deferred financing costs | |||||||||
991 | 0 | 0 | - | - | - | - | - | - | - |
Share-based compensation | |||||||||
3,082 | 3,870 | 3,685 | 2,267 | 2,566 | 2,517 | 3,489 | 944 | 0 | 0 |
Stock issued for services | |||||||||
- | - | - | - | - | 87 | 100 | 0 | - | - |
Oil and gas properties acquired | |||||||||
- | - | - | - | - | - | - | 9,689 | 0 | 0 |
Deferred income tax provision | |||||||||
-9,500 | -2,537 | -3,862 | 19,987 | 5,003 | -4,235 | -77 | -1,362 | - | - |
Excess tax deficiency related to share-based compensation | |||||||||
-3,855 | -907 | 49 | 0 | 0 | - | - | - | - | - |
Adjustment to deferred tax asset for change in effective tax rate | |||||||||
431 | 0 | 6,603 | - | - | - | - | - | - | - |
Change in fair value of derivative instruments | |||||||||
-3,000 | 3,968 | -3,968 | 0 | 0 | - | - | - | - | - |
Gain on derivative put options | |||||||||
- | - | - | - | - | - | - | 276 | - | - |
Deferred income tax expense (benefit) | |||||||||
- | - | - | - | - | - | - | -300 | - | - |
Changes in assets and liabilities: | |||||||||
Accounts receivable | |||||||||
10,035 | -666 | 9,980 | -229 | -2,163 | 2,412 | 3,470 | 326 | - | - |
Write-off of website costs | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Management fees. | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Interest expense. | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Loss on impairment | |||||||||
- | - | - | - | - | - | - | - | 0 | 22 |
(Increase) in note interest receivable | |||||||||
- | - | - | - | - | - | - | - | -3 | 0 |
(Increase) in oil production receivable | |||||||||
- | - | - | - | - | - | - | - | 0 | 5 |
Prepaid expenses and retainers | |||||||||
1,878 | 318 | -268 | -334 | 806 | 94 | 5 | -87 | 0 | -0 |
(Increase) decrease in deposits | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Accounts payable | |||||||||
12,320 | 4,435 | 12,375 | -2,233 | -4,929 | 9,031 | 6,040 | 1,081 | 0 | -2 |
Settlement of asset retirement obligation | |||||||||
-1,295 | -577 | -766 | -240 | -446 | -39 | 0 | -152 | - | - |
Accrued compensation | |||||||||
- | - | - | - | - | - | - | -100 | - | - |
Increase (decrease) in drilling and operating costs payable | |||||||||
- | - | - | - | - | - | - | - | -1 | -12 |
Net Cash Provided by Operating Activities | |||||||||
106,616 | 70,357 | 42,806 | 11,214 | 9,397 | 33,708 | 8,116 | -31 | -322 | -62 |
Cash Flows From Investing Activities | |||||||||
Payments for the Wishbone Acquisition | |||||||||
276,061 | 0 | 0 | - | - | - | - | - | - | - |
Payments to purchase oil and natural gas properties | |||||||||
3,400 | 4,656 | 28,682 | 10,193 | 77,902 | 15,054 | 5,192 | 3,684 | - | - |
Proceeds from divestiture of oil and natural gas properties | |||||||||
8,547 | 0 | 0 | - | - | - | - | - | - | - |
Payments to develop oil and natural gas properties | |||||||||
152,125 | 198,870 | 124,680 | 26,554 | 31,430 | 90,160 | 29,103 | 6,532 | - | - |
Proceeds from disposal of fixed assets subject to depreciation | |||||||||
0 | 105 | 0 | 0 | - | - | - | - | - | - |
Purchase of fixed assets subject to depreciation | |||||||||
0 | 0 | 335 | 9 | 330 | 951 | 82 | 159 | - | - |
Purchase of inventory for development | |||||||||
0 | 0 | 4,214 | 1,582 | 0 | 0 | - | - | - | - |
Website costs | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Available for sale investments | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Note receivable | |||||||||
- | - | - | - | - | - | - | - | -850 | 0 |
Purchase of office equipment | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Net Cash Used in Investing Activities | |||||||||
-423,040 | -203,421 | -157,912 | -38,339 | -109,663 | -106,166 | -34,439 | -10,377 | -850 | 0 |
Cash Flows From Financing Activities | |||||||||
Plugging and abandonment cost incurred | |||||||||
- | - | - | - | - | - | 60 | 0 | - | - |
Proceeds from revolving line of credit | |||||||||
327,000 | 39,500 | 0 | 7,000 | 45,900 | 0 | - | - | - | - |
Proceeds from borrowings from Ring Energy, Inc. | |||||||||
- | - | - | - | - | - | - | 1,150 | - | - |
Proceeds from issuance of common stock | |||||||||
0 | 81,821 | 59,026 | 139,567 | 50,039 | 28,514 | 73,201 | 13,009 | - | - |
Proceeds from option exercise | |||||||||
0 | 100 | 0 | 112 | 134 | 215 | 67 | 0 | - | - |
Payment of deferred financing costs | |||||||||
3,781 | 0 | 0 | - | - | - | - | - | - | - |
Reduction of financing lease liabilities | |||||||||
153 | 0 | 0 | - | - | - | - | - | - | - |
Principal payments on revolving line of credit | |||||||||
- | - | - | 52,900 | 0 | 0 | - | 9,244 | - | - |
Proceeds from issuance of common stock to Ring Energy, Inc. shareholders | |||||||||
- | - | - | - | - | - | - | 10,887 | - | - |
Proceeds from related party payables | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Payments on related party payables | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Issuance of common stock, net of costs | |||||||||
- | - | - | - | - | - | - | - | 4,665 | 0 |
Net Cash Provided by (Used in) Financing Activities | |||||||||
323,064 | 121,421 | 59,026 | 93,780 | 96,074 | 28,729 | 73,269 | 15,802 | 4,665 | 0 |
Net Change in Cash | |||||||||
6,640 | -11,642 | -56,079 | - | - | - | - | - | - | - |
Net Change in Cash | |||||||||
- | - | - | 66,655 | -4,190 | -43,728 | 46,946 | 5,392 | 3,492 | -62 |
Supplemental Cash Flow Information | |||||||||
Cash paid for interest | |||||||||
10,364 | 323 | 0 | 649 | 426 | 0 | 9 | 221 | 0 | 0 |
Noncash Investing and Financing Activities | |||||||||
Asset retirement obligation incurred during development | |||||||||
631 | 1,311 | 1,297 | 308 | 171 | 2,022 | 481 | -14 | - | - |
Payments with Ring Energy, Inc. shares | |||||||||
- | - | - | - | - | - | - | -4,490 | - | - |
Issuance of common stock to Ring Energy, Inc. shareholders | |||||||||
- | - | - | - | - | - | - | 13,531 | - | - |
Accounts Payable Assumed | |||||||||
- | - | - | - | - | - | - | 9 | - | - |
Less: Tax benefit | |||||||||
- | - | - | - | - | - | - | -436 | 0 | 0 |
Less: Elimination of note payable to Ring Energy, Inc. | |||||||||
- | - | - | - | - | - | - | 2,003 | - | - |
Less: Prepaid expenses acquired | |||||||||
- | - | - | - | - | - | - | 26 | - | - |
Stock issued as consideration in property acquisition | |||||||||
- | - | - | - | - | 182 | 0 | 187 | - | - |
Asset retirement obligation acquired | |||||||||
39 | 2,571 | 0 | 0 | 3,361 | 575 | - | - | - | - |
Asset retirement obligation revision of estimate | |||||||||
- | 87 | - | - | - | - | 211 | 0 | - | - |
Operating lease assets obtained in exchange for new operating lease liability | |||||||||
2,319 | 0 | 0 | - | - | - | - | - | - | - |
Financing lease assets obtained in exchange for new financing lease liability | |||||||||
858 | 0 | 0 | - | - | - | - | - | - | - |
Prepaid asset settled in diverstiture of oil and natural gas properties | |||||||||
1,019 | 0 | 0 | - | - | - | - | - | - | - |
Oil and natural gas assets and properties acquired through stock issuance | |||||||||
0 | 11,204 | 0 | 0 | - | - | - | - | - | - |
Capitalized expenditures attributable to drilling projects financed through current liabilities | |||||||||
15,170 | 26,000 | 23,000 | 0 | 0 | - | - | - | - | - |
Use of inventory in property development | |||||||||
0 | 0 | 5,797 | 0 | 0 | - | - | - | - | - |
Acquisition of oil and gas properties | |||||||||
Proceeds from issuance of common stock to Ring Energy, Inc. shareholders | |||||||||
- | - | - | - | - | - | - | 10,887 | - | - |
Imputed interest | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |
Forgiveness of related party payable | |||||||||
- | - | - | - | - | - | - | - | 0 | 0 |