Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 5,269 $ 7,259
Accounts receivable—oil, natural gas, and natural gas liquids sales 92,104 278,404
Accounts receivable—joint interest and other 17,883 21,478
Prepaid expenses and other current assets 6,453 7,621
Short-term derivative instruments 140,686 87,508
Total current assets 262,395 402,270
Property and equipment:    
Proved oil and natural gas properties 2,695,104 2,418,666
Unproved properties 188,461 178,472
Other property and equipment 7,419 6,363
Total property and equipment 2,890,984 2,603,501
Less: accumulated depletion, depreciation and amortization (705,153) (545,771)
Total property and equipment, net 2,185,831 2,057,730
Other assets:    
Long-term derivative instruments 54,308 26,525
Operating lease assets 20,600 26,713
Other assets 32,590 21,241
Total other assets 107,498 74,479
Total assets 2,555,724 2,534,479
Current liabilities:    
Accounts payable and accrued liabilities 307,720 437,384
Short-term derivative instruments 59,367 343,522
Current portion of operating lease liabilities 12,756 12,414
Total current liabilities 379,843 793,320
Non-current liabilities:    
Long-term derivative instruments 61,557 118,404
Asset retirement obligation 33,638 33,171
Non-current operating lease liabilities 7,844 14,299
Long-term debt 648,267 694,155
Total non-current liabilities 751,306 860,029
Total liabilities 1,131,149 1,653,349
Commitments and contingencies (Note 9)
Mezzanine Equity:    
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 46.5 thousand issued and outstanding at June 30, 2023, and 52.3 thousand issued and outstanding at December 31, 2022 46,459 52,295
Stockholders’ Equity:    
Common stock - $0.0001 par value, 42.0 million shares authorized, 18.7 million issued and outstanding at June 30, 2023, and 19.1 million issued and outstanding at December 31, 2022 2 2
Additional paid-in capital 384,082 449,243
Common stock held in reserve, 62 thousand shares at June 30, 2023, and 62 thousand shares at December 31, 2022 (1,996) (1,996)
Retained Earnings 996,028 381,872
Treasury stock, at cost - no shares at June 30, 2023, and 3.9 thousand shares at December 31, 2022 0 (286)
Total stockholders’ equity 1,378,116 828,835
Total liabilities, mezzanine equity and stockholders’ equity $ 2,555,724 $ 2,534,479