Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 5,898 $ 3,260
Accounts receivable—oil and natural gas sales 206,869 232,854
Accounts receivable—joint interest and other 38,480 20,383
Prepaid expenses and other current assets 5,348 12,359
Short-term derivative instruments 15,720 4,695
Total current assets 272,315 273,551
Property and equipment:    
Proved oil and natural gas properties 2,030,289 1,917,833
Unproved properties 203,678 211,007
Other property and equipment 5,420 5,329
Total property and equipment 2,239,387 2,134,169
Less: accumulated depletion, depreciation and amortization (340,709) (278,341)
Total property and equipment, net 1,898,678 1,855,828
Other assets:    
Long-term derivative instruments 20,696 18,664
Operating lease assets 274 322
Other assets 19,557 19,867
Total other assets 40,527 38,853
Total assets 2,211,520 2,168,232
Current liabilities:    
Accounts payable and accrued liabilities 398,067 394,011
Short-term derivative instruments 820,255 240,735
Current portion of operating lease liabilities 173 182
Total current liabilities 1,218,495 634,928
Non-current liabilities:    
Long-term derivative instruments 281,622 184,580
Total asset retirement obligation reflected as non-current liabilities 28,972 28,264
Non-current operating lease liabilities 100 140
Long-term debt 573,996 712,946
Total non-current liabilities 884,690 925,930
Total liabilities 2,103,185 1,560,858
Commitments and contingencies (Note 7)
Mezzanine Equity:    
Preferred stock - $0.0001 par value, 110.0 thousand shares authorized, 57.9 thousand issued and outstanding at March 31, 2022 and December 31, 2021 57,878 57,896
Stockholders’ Equity:    
Common stock - $0.0001 par value, 42.0 million shares authorized, 21.1 million issued and outstanding at March 31, 2022, and 20.6 million issued and outstanding at December 31, 2021 2 2
Additional paid-in capital 662,573 692,521
Common stock held in reserve, 62 thousand shares at March 31, 2022, and 938 thousand shares at December 31, 2021 (1,996) (30,216)
Accumulated deficit (604,804) (112,829)
Treasury stock, at cost - 59.6 thousand at March 31, 2022, and no shares at December 31, 2021 (5,318) 0
Total stockholders’ equity 50,457 549,478
Total liabilities, mezzanine equity and stockholders’ equity $ 2,211,520 $ 2,168,232