Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 3,460 $ 7,259
Accounts receivable—oil, natural gas, and natural gas liquids sales 119,863 278,404
Accounts receivable—joint interest and other 23,315 21,478
Prepaid expenses and other current assets 6,388 7,621
Short-term derivative instruments 137,869 87,508
Total current assets 290,895 402,270
Property and equipment:    
Proved oil and natural gas properties 2,564,378 2,418,666
Unproved properties 183,456 178,472
Other property and equipment 7,174 6,363
Total property and equipment 2,755,008 2,603,501
Less: accumulated depletion, depreciation and amortization (625,019) (545,771)
Total property and equipment, net 2,129,989 2,057,730
Other assets:    
Long-term derivative instruments 62,834 26,525
Operating lease assets 23,682 26,713
Other assets 19,739 21,241
Total other assets 106,255 74,479
Total assets 2,527,139 2,534,479
Current liabilities:    
Accounts payable and accrued liabilities 378,037 437,384
Short-term derivative instruments 80,858 343,522
Current portion of operating lease liabilities 12,583 12,414
Total current liabilities 471,478 793,320
Non-current liabilities:    
Long-term derivative instruments 90,044 118,404
Asset retirement obligation 32,851 33,171
Non-current operating lease liabilities 11,099 14,299
Long-term debt 549,210 694,155
Total non-current liabilities 683,204 860,029
Total liabilities 1,154,682 1,653,349
Commitments and contingencies (Note 9)
Mezzanine Equity:    
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 52.3 thousand issued and outstanding at March 31, 2023, and 52.3 thousand issued and outstanding at December 31, 2022 52,295 52,295
Stockholders’ Equity:    
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.6 million issued and outstanding at March 31, 2023, and 19.1 million issued and outstanding at December 31, 2022 2 2
Additional paid-in capital 419,024 449,243
Common stock held in reserve, 62 thousand shares at March 31, 2023, and 62 thousand shares at December 31, 2022 (1,996) (1,996)
Retained earnings 903,619 381,872
Treasury stock, at cost - 6.1 thousand shares at March 31, 2023, and 3.9 thousand shares at December 31, 2022 (487) (286)
Total stockholders’ equity 1,320,162 828,835
Total liabilities, mezzanine equity and stockholders’ equity $ 2,527,139 $ 2,534,479