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Financial report summary
?Risks
- Our development, acquisition and exploration operations require substantial capital and we may be unable to obtain needed capital or financing on satisfactory terms or at all, which could lead to a loss of properties and a decline in our oil and natural gas reserves.
- Concerns over general economic, business or industry conditions may have a material adverse effect on our results of operations, liquidity and financial condition.
- A decline in oil and gas prices may adversely affect our financial condition, financial results, liquidity, cash flows, access to capital and ability to grow.
- A decline in prices from current levels may lead to additional write-downs of the carrying values of our oil and natural gas properties in the future which could negatively impact results of operations.
- On December 20, 2019, two directors resigned from our Board and three new directors were appointed, and we had a change in our CEO position. The transition in our new board composition and CEO position will be critical to our success.
- Our producing properties are predominantly located in Oklahoma where our development opportunities, consisting of our inventory of drilling locations, are geographically concentrated in the STACK play in Oklahoma. We are therefore vulnerable to risks associated with operating in a single geographic area. In addition, we have a large amount of proved reserves attributable to a small number of producing horizons within this area.
- A significant portion of total proved reserves as of December 31, 2019 are undeveloped, and those reserves may not ultimately be developed.
- Development and exploration drilling may not result in commercially productive reserves.
- The actual quantities and present value of our proved reserves may be lower than we have estimated.
- The present value of future net cash flows from our proved reserves calculated in accordance with SEC guidelines are not the same as the current market value of our estimated reserves.
- Our use of 2-D and 3-D seismic data is subject to interpretation and may not accurately identify the presence of oil and natural gas, which could adversely affect the results of our drilling operations.
- The predictability of our operating results and our future development plans may be affected by the results of multi-well pad drilling.
- If we are not able to replace reserves, we may not be able to sustain production.
- We cannot control the activities on properties we do not operate and we are unable to ensure the proper operation, profitability or other impacts of these non-operated properties.
- If the third parties we rely on for gathering and distributing our oil and natural gas are unable to meet our needs for such services and facilities, our future exploration and production activities could be adversely affected.
- Limitations or restrictions on our ability to obtain water may have an adverse effect on our operating results.
- Competition in the oil and natural gas industry is intense and many of our competitors have greater financial and other resources than we do.
- We are responsible for the decommissioning, abandonment, and reclamation costs for our facilities.
- Costs of environmental liabilities could exceed our estimates and adversely affect our operating results.
- Oil and natural gas drilling and production operations can be hazardous and may expose us to uninsurable losses or other liabilities.
- Resolution of litigation could materially affect our financial position and results of operations or result in dilution to existing stockholders.
- We may be subject to risks in connection with acquisitions and divestitures.
- Any inability to maintain our current derivative positions in the future specifically could result in financial losses or could reduce our income and cash flows.
- Our use of derivative instruments could result in financial losses or reduce our income.
- Unusual weather patterns or natural disasters, whether due to climate change or otherwise, could negatively impact our financial condition.
- We may not be able to keep pace with technological developments in our industry.
- We are subject to certain requirements of Section 404 of the Sarbanes-Oxley Act. If we fail to comply with the requirements of Section 404 or if we or our auditors identify and report material weaknesses in internal control over financial reporting, our investors may lose confidence in our reported information and our stock price may be negatively affected.
- A cyber incident could result in information theft, data corruption, operational disruption, and/or financial loss.
- We may incur losses as a result of title defects in the properties in which we invest.
- Our level of indebtedness could adversely affect our financial condition and prevent us from fulfilling our obligations under our Credit Agreement and Senior Notes.
- We may incur substantially more debt. This could exacerbate the risks associated with our indebtedness.
- Restrictive covenants in our Credit Agreement and Senior Notes could limit our growth and our ability to finance our operations, fund our capital needs, respond to changing conditions and engage in other business activities that may be in our best interests.
- We may not be able to achieve our projected financial results or service our debt.
- We may not have sufficient funds to repay bank borrowings if required as a result of a borrowing base redetermination.
- We are subject to financing and interest rate exposure risks.
- Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
- We are subject to complex laws and regulations, including environmental and safety regulations, which can adversely affect the cost, manner, and feasibility of doing business.
- Potential legislative and regulatory actions could negatively affect our business.
- Federal, state and local legislation and regulatory initiatives relating to hydraulic fracturing and waste water injection wells could result in increased costs and additional operating restrictions or delays.
- Studies by both state and federal agencies demonstrating a correlation between earthquakes and oil and natural gas activities could result in increased regulatory and operational burdens.
- The adoption of climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating costs and reduced demand for natural gas.
- We may face risks associated with the increased activism against oil and gas exploration and development activities.
- Energy conservation measures or initiatives that stimulate demand for alternative forms of energy could reduce the demand for the crude oil and natural gas we produce.
- Changes in U.S. federal or state tax laws and regulations, including the 2017 Tax Act, may have a material adverse effect on our net revenues, financial condition, and results of operations.
- Future legislative changes may increase the gross production tax charged on our oil and natural gas production.
- The implementation of derivatives legislation adopted by the U.S. Congress could have an adverse effect on us and our ability to hedge risks associated with our business.
- Increased regulatory requirements regarding pipeline safety and integrity management may require us to incur significant capital and operating expenses to comply.
- The market price of our common stock is volatile.
- Trading of our common stock in the public market has been limited. Therefore, the holders of our common stock may be unable to liquidate their investment in our common stock.
- We may not be able to maintain our listing on the NYSE, which could have a material adverse effect on us and our stockholders.
- There may be circumstances in which the interests of our significant stockholders may not align with the interests of our other stockholders, and concentrated share ownership may affect the market for the Company’s Class A common shares.