| Schedule of effect of restatement of previously filed financial information | As of March 31, 2019 As Previously Restatement Reported Adjustment As Restated ASSETS Current Assets Cash $ 2,606,769 $ 2,606,769 Accounts receivable 27,941,378 27,941,378 Joint interest billing receivable 2,553,377 2,553,377 Operating lease asset 417,567 417,567 Prepaid expenses and retainers 3,013,688 3,013,688 Total Current Assets 36,532,779 36,532,779 Properties and Equipment Oil and natural gas properties subject to depletion and amortization 990,608,164 990,608,164 Fixed assets subject to depreciation 1,465,551 1,465,551 Total Properties and Equipment 992,073,715 992,073,715 Accumulated depreciation, depletion and amortization (113,505,141) (113,505,141) Net Properties and Equipment 878,568,574 878,568,574 Deferred Income Taxes 9,741,903 (6,820,183) 2,921,720 Deferred Financing Costs 353,384 353,384 Total Assets $ 925,196,640 $ (6,820,183) $ 918,376,457 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 63,862,098 $ 63,862,098 Acquisition liability to be settled through equity 28,356,396 28,356,396 Operating lease liability 417,567 417,567 Derivative liabilities 340,685 340,685 Total Current Liabilities 92,976,746 92,976,746 Revolving line of credit 84,500,000 84,500,000 Acquisition liability to be settled through refinancing into credit facility 256,877,766 256,877,766 Asset retirement obligations 16,318,790 16,318,790 Total Liabilities 450,673,302 450,673,302 Stockholders' Equity Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding — — Common stock - $0.001 par value; 150,000,000 shares authorized; 63,229,710 shares and 63,229,710 shares issued and outstanding, respectively 63,230 63,230 Additional paid-in capital 495,726,558 495,726,558 Accumulated deficit (21,266,450) (6,820,183) (28,086,633) Total Stockholders' Equity 474,523,338 (6,820,183) 467,703,155 Total Liabilities and Stockholders' Equity $ 925,196,640 $ (6,820,183) $ 918,376,457 Restated Statement of Operations for the three months ended March 31, 2019 (unaudited) For the Three Months Ended March 31, 2019 As Previously Restatement Reported Adjustment As Restated Oil and Gas Revenues $ 41,798,315 $ 41,798,315 Costs and Operating Expenses Oil and gas production costs 9,408,764 9,408,764 Oil and gas production taxes 2,082,875 2,082,875 Depreciation, depletion and amortization 12,929,054 12,929,054 Asset retirement obligation accretion 215,945 215,945 Lease expense 128,175 128,175 General and administrative expense 6,798,017 6,798,017 Total Costs and Operating Expenses 31,562,830 31,562,830 Income from Operations 10,235,485 10,235,485 Other Income (Expense) Interest income 12,236 12,236 Interest expense (773,017) (773,017) Realized loss on derivatives — — Unrealized loss on change in fair value of derivatives (340,685) (340,685) Net Other Income (Expense) (1,101,466) (1,101,466) Income before tax provision 9,134,019 9,134,019 Benefit from (Provision for) Income Taxes 1,955,424 (6,820,183) (4,864,759) Net Income $ 11,089,443 $ (6,820,183) $ 4,269,260 Basic Income per Share $ 0.18 $ (0.11) $ 0.07 Diluted Income per Share $ 0.17 $ (0.11) $ 0.07 Restated Statement of Stockholders’ Equity for the three months ended March 31, 2019 (unaudited) Additional Retained Earnings Total Common Stock Paid-in (Accumulated Stockholders' Shares Amount Capital Deficit) Equity For the three Months Ended March 31, 2019 Balance, December 31, 2018 63,229,710 $ 63,230 $ 494,892,093 $ (32,355,893) $ 462,599,430 Share-based compensation — — 834,465 — 834,465 Net income — — — 11,089,443 11,089,443 As reported Balance, March 31, 2019 63,229,710 $ 63,230 $ 495,726,558 $ (21,266,450) $ 474,523,338 Restatement Adjustment (6,820,183) (6,820,183) As Restated 63,229,710 $ 63,230 $ 495,726,558 $ (28,086,633) $ 467,703,155 Restated Statement of Cash Flow for the three months ended March 31, 2019 (unaudited) For the Three Months Ended March 31, 2019 As Previously Restatement Reported Adjustment As Restated Cash Flows From Operating Activities Net income $ 11,089,443 $ (6,820,183) $ 4,269,260 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, depletion and amortization 12,929,054 12,929,054 Accretion expense 215,945 215,945 Share-based compensation 834,465 834,465 Deferred income tax provision 1,918,144 1,918,144 Excess tax deficiency related to share-based compensation (3,873,568) 6,820,183 2,946,615 Change in fair value of derivative instruments 340,685 340,685 Changes in assets and liabilities: Accounts receivable (15,808,739) (15,808,739) Prepaid expenses and retainers 180,452 180,452 Accounts payable 2,111,804 2,111,804 Settlement of asset retirement obligation (107,770) (107,770) Net Cash Provided by (Used in) Operating Activities 9,829,915 — 9,829,915 Cash Flows From Investing Activities Payments to purchase oil and natural gas properties (13,358,132) (13,358,132) Payments to develop oil and natural gas properties (42,228,740) (42,228,740) Proceeds from disposal of fixed assets subject to depreciation — — Net Cash Used in Investing Activities (55,586,872) (55,586,872) Cash Flows From Financing Activities Proceeds from revolving line of credit 45,000,000 45,000,000 Proceeds from issuance of common stock, net of offering costs — — Net Cash Provided by Financing Activities 45,000,000 45,000,000 Net Change in Cash (756,957) (756,957) Cash at Beginning of Period 3,363,726 3,363,726 Cash at End of Period $ 2,606,769 $ 2,606,769 Supplemental Cash Flow Information Cash paid for interest $ 708,951 $ 708,951 Noncash Investing and Financing Activities Asset retirement obligation incurred during development $ 175,173 $ 175,173 Capitalized expenditures attributable to drilling projects financed through current liabilities 34,605,000 34,605,000 Acquisition of oil and gas properties Assumption of joint interest billing receivable 1,464,394 1,464,394 Assumption of prepaid assets 2,864,554 2,864,554 Assumption of accounts and revenue payables (1,234,862) (1,234,862) Asset retirement obligation incurred through acquisition (2,979,645) (2,979,645) Acquisition payable to be settled through equity (28,356,396) (28,356,396) Acquisition payable to be settled through cash payment (256,877,766) (256,877,766) Oil and gas properties subject to amortization 285,119,721 285,119,721 NOTE A1 - ABRIDGED BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Condensed Financial Statements Certain notes and other disclosures have been omitted from these interim financial statements. Therefore, these financial statements should be read in conjunction with the Company's annual report on Form 10-K for the year ended December 31, 2018. Income Taxes In January 2017, the Company adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718.) On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). The SEC subsequently issued a Staff Accounting Bulletin No. 118, "Income Tax Accounting Implications of the Tax Cuts and Jobs Act" ("SAB 118"), which provides guidance on accounting for the tax effects of the Tax Act. Among other changes, the Tax Act lowered the corporate tax rate to 21%. NOTE B1 - REVENUE RECOGNITION Oil sales Under the Company's oil sales contracts, the Company sells oil production at the point of delivery and collects an agreed upon index price, net of pricing differentials. The Company recognizes revenue when control transfers to the purchaser at the point of delivery at the net price received. Natural gas sales Under the Company's natural gas sales contracts, the Company delivers unprocessed natural gas to a midstream processing entity at the wellhead. The midstream processing entity obtains control of the natural gas at the wellhead. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sale of natural gas. Under these agreements, the Company recognizes revenue when control transfers to the purchaser at the point of delivery. Natural gas liquids sales Under the Company's natural gas liquids sales contracts, the Company delivers natural gas liquids to a midstream entity. The Company recognizes revenue at the price received when control transfers to the purchaser at the point of delivery. Disaggregation of Revenue. For The Three Months Ended March 31, 2019 2018 Operating revenues Oil $ 40,877,983 $ 29,140,165 Natural gas 782,139 751,226 Natural gas liquids 138,193 — Total operating revenues $ 41,798,315 $ 29,891,391 All revenues are from production from the Permian Basin in Texas and New Mexico. NOTE C1 – LEASES Effective January 1, 2019, the Company adopted ASU No. 2016-02, Leases The Company made accounting policy elections to not capitalize leases with a lease term of twelve months or less and to not separate lease and non-lease components for all asset classes. The Company has also elected to adopt the package of practical expedients within ASU 2016-02 that allows an entity to not reassess prior to the effective date (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases and the practical expedient regarding land easements that exist prior to the adoption of ASU 2016-02. The Company did not elect the practical expedient of hindsight when determining the lease term of existing contracts at the effective date. The Company has operating leases for our offices in Midland, Texas and Tulsa, Oklahoma with terms through January 31, 2020. The office space being leased in Tulsa is owned by Arenaco, LLC, a company that is owned by Mr. Rochford, Chairman of the Board of the Company, and Mr. McCabe, a Director of the Company. Future lease payments associated with these operating leases as of March 31, 2019 are as follows: 2019 (1) 2020 Operating lease payments $ 384,525 $ 42,725 (1) 2019 excludes the three months ended March 31, 2019. The following table provides supplemental information regarding cash flows from operations: 2019 Cash paid for amounts included in the measurement of lease liabilities $ 128,175 Short term lease costs for the period ended March 31, 2019 were $153,759. NOTE D1 – EARNINGS PER SHARE INFORMATION For the Three Months Ended March 31, 2019 As Previously Restatement Reported Adjustment As Restated Net Income $ 11,089,443 $ (6,820,183) $ 4,269,260 Basic Weighted-Average Shares Outstanding 63,229,710 63,229,710 63,229,710 Effect of dilutive securities: Stock options 590,098 590,098 590,098 Restricted stock 172,741 172,741 172,741 Diluted Weighted-Average Shares Outstanding 63,992,549 63,992,549 63,992,549 Basic Income per Share $ 0.18 $ (0.11) $ 0.07 Diluted Income per Share $ 0.17 $ (0.11) $ 0.07 Stock options to purchase 993,500 shares of common stock and 326,200 shares of unvested restricted stock were excluded from the computation of diluted earnings per share during the three months ended March 31, 2019, as their effect would have been anti-dilutive. NOTE E1 – ACQUISITIONS On April 9, 2019, the Company completed the acquisition of oil and gas properties from Wishbone Energy Partners, LLC, Wishbone Texas Operating Company LLC and WB WaterWorks LLC on the Northwest Shelf in Gaines, Yoakum, Runnels and Coke Counties, Texas and Lea County, New Mexico (the “Acquisition”). The acquired properties consist of 49,754 gross (38,230 net) acres and include a 77% average working interest and a 58% average net revenue interest. The Company incurred approximately $3.5 million in acquisition related costs, which were recognized in general and administrative expense during the three months ended March 31, 2019. The Acquisition was recognized as a business combination whereby Ring recorded the assets acquired and the liabilities assumed at their fair values as of February 1, 2019, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. Revenues and related expenses for the Acquisition are included in our condensed statement of operations beginning February 1, 2019. The estimated fair value of the acquired properties approximated the consideration paid, which the Company concluded approximated the fair value that would be paid by a typical market participant. The following table summarizes the fair values of the assets acquired and the liabilities assumed: Assets acquired: Joint interest billing receivable $ 1,464,394 Prepaid assets 2,864,554 Liabilities assumed Draw on revolving line of credit (15,000,000) Accounts and revenues payable (1,234,862) Asset retirement obligations (2,979,645) Acquisition payable to be settled through equity (28,356,396) Acquisition payable to be settled through cash payment (256,877,766) Total Identifiable Net Assets $ (300,119,721) The $15 million draw on the revolving line of credit was the deposit placed at the signing of the Purchase and Sale Agreement on February 25, 2019. The Acquisition payable to be settled through equity was settled at the closing on April 9, 2019 through the issuance of 4,581,001 shares of common stock, of which 2,538,071 shares are being held in escrow to satisfy potential indemnification claims. The Acquisition payable to be settled through cash payment was settled at closing with the amendment and restatement of the Credit Facility as discussed further in Note H1. The Company will continue to evaluate the fair value of the assets and liabilities reflected above and will record any adjustments, if needed, in future periods. The following unaudited pro forma information for the three months ended March 31, 2019 and 2018, respectively, is presented to reflect the operations of the Company as if the acquisition of assets had been completed on January 1, 2019 and 2018, respectively: For The Three Months Ended March 31, 2019 2018 Oil and Gas Revenues $ 48,463,729 $ 42,759,403 Net Income (Loss) $ 11,379,247 $ 10,939,149 Basic Earnings (Loss) per Share $ 0.17 $ 0.18 Diluted Earnings (Loss) per Share $ 0.17 $ 0.17 NOTE F1 – DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to fluctuations in crude oil and natural gas prices on its production. It can utilize derivative strategies that consist of either a single derivative instrument or a combination of instruments to manage the variability in cash flows associated with the forecasted sale of its future domestic oil and natural gas production. While the use of derivative instruments may limit or partially reduce the downside risk of adverse commodity price movements, the use also may limit future income from favorable commodity price movements. During March 2019, the Company entered into new derivative contracts in the form of costless collars of WTI Crude Oil prices in order to protect the Company’s cash flow from price fluctuation and maintain its capital programs. “Costless collars” are the combination of two options, a put option (floor) and call option (ceiling) with the options structured so that the premium paid for the put option will be offset by the premium received from selling the call option. The trades were for a total of 3,500 barrels of oil per day and were for the period of April 2019 through December 2019. The following is a table reflects the put and call prices of those contracts: Date entered into Barrels per day Put price Call price 03/12/19 1,500 $ 50.00 $ 66.00 03/13/19 500 50.00 67.40 03/20/19 500 50.00 67.90 03/20/19 1,000 50.00 68.71 On September 25, 2017, the Company entered into derivative contracts in the form of costless collars for the period of January 2018 through December 2018 for 1,000 barrels per day with a put price of $49.00 and a call price of $54.60. On October 27, 2017, the Company entered into costless collars of WTI Crude Oil for the period of January 2018 through December 2018 for an additional 1,000 barrels of oil per day with a put price of $51.00 and a call price of $54.80. Derivative financial instruments are recorded at fair value and included as either assets or liabilities in the accompanying balance sheets. Any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of other income (expense) in the accompanying statements of operations. The use of derivative transactions involves the risk that the counterparties, which generally are financial institutions, will be unable to meet the financial terms of such transactions. At March 31, 2019, 100% of our volumes subject to derivative instruments are with lenders under our Credit Facility (as defined in Note H1). The Company entered into additional derivative contracts subsequent to March 31, 2019. These contracts were for an additional 2,000 barrels per day for the period April 2019 through December 2019 and for 2,000 barrels per day for the period January 2020 through December 2020. NOTE G1 – FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The authoritative guidance requires disclosure of the framework for measuring fair value and requires that fair value measurements be classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that we value using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. We continue to evaluate our inputs to ensure the fair value level classification is appropriate. When transfers between levels occur, it is our policy to assume that the transfer occurred at the date of the event or change in circumstances that caused the transfer. The fair values of the Company’s derivatives are not actively quoted in the open market. The Company uses a market approach to estimate the fair values of its derivative instruments on a recurring basis, utilizing commodity futures pricing for the underlying commodities provided by a reputable third party, a Level 2 fair value measurement. The following table summarizes the valuation of our assets and liabilities that are measured at fair value on a recurring basis. Fair Value Measurement Classification Quoted prices in Actives Markets for Identical Assets Significant Other Significant or (Liabilities) Observable Inputs Unobservable (Level 1) (Level 2) Inputs (Level 3) Total As of March 31, 2019 Oil and gas derivative contracts $ — $ (340,685) $ — $ (340,685) Total $ — $ (340,685) $ — $ (340,685) NOTE H1 – REVOLVING LINE OF CREDIT On July 1, 2014, the Company entered into a Credit Agreement with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (“Administrative Agent”), which was amended on June 14, 2018, May 18, 2016, June 26, 2015, and July 24, 2015 (as amended, the “Credit Facility”). The Credit Facility provides for a senior secured revolving credit facility with a maximum borrowing amount of $500 million. The Credit Facility matures on June 26, 2020, and is secured by substantially all of the Company’s assets. In June 2018, the borrowing base (the “Borrowing Base”) for the Credit Facility was increased from $60 million to $175 million. The Borrowing Base is subject to periodic redeterminations, mandatory reductions and further adjustments from time to time. The Borrowing Base will be redetermined semi-annually on each May 1 and November 1. The Borrowing Base will also be reduced in certain circumstances such as the sale or disposition of certain oil and gas properties of the Company or its subsidiaries and cancellation of certain hedging positions. The Credit Facility allows for Eurodollar Loans and Base Rate Loans (each as defined in the Credit Facility). The interest rate on each Eurodollar Loan will be the adjusted LIBOR for the applicable interest period plus a margin between 1.75% and 2.75% (depending on the then-current level of borrowing base usage). The annual interest rate on each Base Rate Loan is (a) the greatest of (i) the Administrative Agent’s prime lending rate, (ii) the federal funds rate plus 0.5% per annum or the (iii) adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum, plus (b) a margin between 2.75% and 3.75% (depending on the then-current level of borrowing base usage). The Credit Facility contains certain covenants, which, among other things, require the maintenance of (i) a total Leverage Ratio (as defined in the Credit Facility) of not more than 4.0 to 1.0 and (ii) a minimum Current Ratio (as defined in the Credit Facility) of 1.0 to 1.0. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of March 31, 2019, $84,500,000 was outstanding on the Credit Facility. We are in compliance with all covenants contained in the Credit Facility. Subsequent to March 31, 2019, the Company amended and restated its Credit Facility with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (the “Amended and Restated Senior Credit Facility”). The Amended and Restated Senior Credit Facility, among other things, increases the maximum facility amount to $1 billion, increases the Borrowing Base to $425 million, extends the maturity date and makes other modifications to the terms of the Credit Facility. The Amended and Restated Senior Credit Facility is secured by a first lien with substantially the same collateral requirements as the Credit Facility, has substantially the same covenants as the Credit Facility and is for a term of five years. NOTE I1 – ASSET RETIREMENT OBLIGATION The Company provides for the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the estimated cash flows. The asset retirement obligation incurred at the time of drilling was computed using the annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation were as follows: Balance, December 31, 2018 $ 13,055,797 Liabilities acquired 2,979,645 Liabilities incurred 175,173 Liabilities settled (107,770) Accretion expense 215,945 Balance, March 31, 2019 $ 16,318,790 NOTE J1 – STOCKHOLDERS’ EQUITY Common Stock Issued in Public Offering NOTE K1 – EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN Compensation expense charged against income for share-based awards during the three months ended March 31, 2019, was $834,465, as compared to $1,081,199 for the three months ended March 31, 2018. These amounts are included in general and administrative expense in the accompanying financial statements. In 2011, the board of directors and stockholders approved and adopted a long-term incentive plan which allowed for the issuance of up to 2,500,000 shares of common stock through the grant of qualified stock options, non-qualified stock options and restricted stock. In 2013, the Company’s board of directors and stockholders approved an amendment to the long-term incentive plan, increasing the number of shares eligible under the plan to 5,000,000 shares. As of March 31, 2019, there were 684,020 shares remaining eligible for issuance under the plan. Stock Options A summary of the stock option activity as of March 31, 2019, and changes during the three months then ended is as follows: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding, December 31, 2018 2,751,000 $ 6.28 Granted — $ — Forfeited or rescinded (2,500) $ 11.70 Vested — $ — Outstanding, March 31, 2019 2,748,500 $ 6.28 5.3 $ 3,366,300 Exercisable, March 31, 2019 2,323,400 $ 5.42 4.6 The intrinsic value was calculated using the closing price on March 29, 2019 of $5.87. As of March 31, 2019, there was $1,501,300 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 1.8 years. Restricted Stock A summary of the restricted stock activity as of March 31, 2019, and changes during the three months then ended is as follows: Weighted- Average Grant Restricted stock Date Fair Value Outstanding, December 31, 2018 878,360 $ 7.36 Granted — — Forfeited or rescinded (4,400) 7.53 Vested — — Outstanding, March 31, 2019 873,960 $ 7.36 As of March 31, 2019, there was $2,547,688 of unrecognized compensation cost related to restricted stock grants that will be recognized over a weighted average period of 2.3 years. NOTE L1 – CONTINGENCIES AND COMMITMENTS Standby Letters of Credit Effect of Restatement on Previously Filed June 30, 2019 Form 10-Q Restatement of Balance Sheet as of June 30, 2019 (unaudited) As of June 30, 2019 As Previously Restatement Reported Adjustment As Restated ASSETS Current Assets Cash $ 10,578,982 $ 10,578,982 Accounts receivable 21,777,491 21,777,491 Joint interest billing receivable 1,291,817 1,291,817 Operating lease asset 294,095 294,095 Derivative asset 1,189,545 1,189,545 Prepaid expenses and retainers 3,479,218 3,479,218 Total Current Assets 38,611,148 38,611,148 Properties and Equipment Oil and natural gas properties subject to depletion and amortization 1,037,871,094 1,037,871,094 Financing lease asset 637,757 637,757 Fixed assets subject to depreciation 1,465,551 1,465,551 Total Properties and Equipment 1,039,974,402 1,039,974,402 Accumulated depreciation, depletion and amortization (128,120,411) (128,120,411) Net Properties and Equipment 911,853,991 911,853,991 Deferred Income Taxes 7,209,160 (7,209,160) — Deferred Financing Costs 3,592,575 3,592,575 Total Assets $ 961,266,874 $ (7,209,160) $ 954,057,714 LIABILITIES AND STOCKHOLDERS' EQUITY — Current Liabilities — Accounts payable $ 67,258,467 $ 67,258,467 Financing lease liability 204,047 204,047 Operating lease liability 294,095 294,095 Total Current Liabilities 67,756,609 67,756,609 — Deferred income taxes — 643,680 643,680 Revolving line of credit 360,500,000 360,500,000 Financing lease liability 409,634 409,634 Asset retirement obligations 16,536,909 16,536,909 Total Liabilities 445,203,152 643,680 445,846,832 Stockholders' Equity Preferred stock - $0.001 par value; 50,000,000 shares authorized; no outstanding — — Common stock - $0.001 par value; 150,000,000 shares authorized; 67,811,111 shares and 63,229,710 shares issued and outstanding, respectively 67,811 67,811 Additional paid-in capital 524,887,107 524,887,107 Accumulated deficit (8,891,196) (7,852,840) (16,744,036) Total Stockholders' Equity 516,063,722 (7,852,840) 508,210,882 Total Liabilities and Stockholders' Equity $ 961,266,874 $ (7,209,160) $ 954,057,714 Restatement of Statement of Operations for the three and six months ended June 30, 2019 (unaudited) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 As Previously Restatement As Previously Restatement Reported Adjustment As Restated Reported Adjustment As Restated Oil and Gas Revenues $ 51,334,225 $ 51,334,225 $ 93,132,540 $ 93,132,540 Costs and Operating Expenses Oil and gas production costs 11,569,109 11,569,109 20,977,873 20,977,873 Oil and gas production taxes 2,412,895 2,412,895 4,495,770 4,495,770 Depreciation, depletion and amortization 14,615,270 14,615,270 27,544,324 27,544,324 Asset retirement obligation accretion 229,234 229,234 445,179 445,179 Lease expense 128,175 128,175 256,350 256,350 General and administrative expense 4,743,127 4,743,127 11,541,144 11,541,144 Total Costs and Operating Expenses 33,697,810 33,697,810 65,260,640 65,260,640 Income from Operations 17,636,415 17,636,415 27,871,900 27,871,900 Other Income (Expense) Interest income 1,260 1,260 13,496 13,496 Interest expense (4,259,908) (4,259,908) (5,032,925) (5,032,925) Realized loss on derivatives — — — — Unrealized gain on change in fair value of derivatives 1,530,230 1,530,230 1,189,545 1,189,545 Net Other Income (Expense) (2,728,418) (2,728,418) (3,829,884) (3,829,884) Income before tax provision 14,907,997 14,907,997 24,042,016 24,042,016 Benefit from (Provision for) Income Taxes (2,532,743) (1,032,657) (3,565,400) (577,319) (7,852,840) (8,430,159) Net Income $ 12,375,254 $ ( |
