Ring Energy (REI) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 10, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	RING ENERGY, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		67,980,575
Entity Central Index Key	0001384195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36057
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	90-0406406
Entity Address, Address Line One	901 West Wall St. 3rd Floor
Entity Address, City or Town	Midland
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	79701
City Area Code	(432)
Local Phone Number	682-7464
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NYSE
Trading Symbol	REI

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current Assets
Cash	$ 17,229,780	$ 10,004,622
Accounts receivable	8,652,807	22,909,195
Joint interest billing receivable	523,439	1,812,469
Derivative asset	12,770,803	0
Prepaid expenses and retainers	584,395	3,982,255
Total Current Assets	39,761,224	38,708,541
Properties and Equipment
Oil and natural gas properties subject to amortization	953,891,407	1,083,966,135
Financing lease asset subject to depreciation	858,513	858,513
Fixed assets subject to depreciation	1,465,551	1,465,551
Total Properties and Equipment	956,215,471	1,086,290,199
Accumulated depreciation, depletion and amortization	(178,095,148)	(157,074,044)
Net Properties and Equipment	778,120,323	929,216,155
Operating lease asset	1,285,786	1,867,044
Derivative asset	4,544,271	0
Deferred Income Taxes	20,665,540	0
Deferred Financing Costs	2,836,243	3,214,408
Total Assets	847,213,387	973,006,148
Current Liabilities
Accounts payable	19,164,925	54,635,602
Financing lease liability	288,386	280,970
Operating lease liability	936,270	1,175,904
Derivative liabilities	0	3,000,078
Total Current Liabilities	20,389,581	59,092,554
Deferred income taxes	0	6,001,176
Revolving line of credit	375,000,000	366,500,000
Financing lease liability, less current portion	275,998	424,126
Operating lease liability, less current portion	349,516	691,140
Asset retirement obligations	16,996,355	16,787,219
Total Liabilities	413,011,450	449,496,215
Stockholders' Equity
Preferred stock - $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock - $0.001 par value; 150,000,000 shares authorized; 67,980,575 shares and 67,993,797 shares issued and outstanding, respectively	67,981	67,994
Additional paid-in capital	528,189,246	526,301,281
Accumulated deficit	(94,055,290)	(2,859,342)
Total Stockholders' Equity	434,201,937	523,509,933
Total Liabilities and Stockholders' Equity	$ 847,213,387	$ 973,006,148

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
CONDENSED BALANCE SHEETS
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	67,980,575	67,993,797
Common Stock, Shares, Outstanding	67,980,575	67,993,797

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONDENSED STATEMENTS OF OPERATIONS
Oil and Gas Revenues	$ 10,636,593	$ 51,334,225	$ 50,206,921	$ 93,132,540
Costs and Operating Expenses
Oil and gas production costs	7,072,296	11,569,109	17,450,757	20,977,873
Oil and gas production taxes	433,760	2,412,895	2,304,005	4,495,770
Depreciation, depletion and amortization	7,338,108	14,615,270	21,021,104	27,544,324
Ceiling test impairment	147,937,943	0	147,937,943	0
Asset retirement obligation accretion	231,367	229,234	463,329	445,179
Lease expense	292,207	128,175	581,258	256,350
General and administrative expense	4,176,609	4,743,127	7,212,504	11,541,144
Total Costs and Operating Expenses	167,482,290	33,697,810	196,970,900	65,260,640
Income (Loss) from Operations	(156,845,697)	17,636,415	(146,763,979)	27,871,900
Other Income (Expense)
Interest income	1	1,260	6	13,496
Interest expense	(4,253,040)	(4,259,908)	(8,501,538)	(5,032,925)
Realized gain on derivatives	13,753,567	0	17,087,695	0
Unrealized gain (loss) on change in fair value of derivatives	(26,771,529)	1,530,230	20,315,152	1,189,545
Net Other Income (Expense)	(17,271,001)	(2,728,418)	28,901,315	(3,829,884)
Income (Loss) before Tax Provision	(174,116,698)	14,907,997	(117,862,664)	24,042,016
(Provision for) Benefit from Income Taxes	39,116,632	(3,565,400)	26,666,716	(8,430,159)
Net Income (Loss)	$ (135,000,066)	$ 11,342,597	$ (91,195,948)	$ 15,611,857
Basic Earnings (Loss) per Share	$ (1.99)	$ 0.17	$ (1.34)	$ 0.24
Diluted Earnings (Loss) per Share	$ (1.99)	$ 0.17	$ (1.34)	$ 0.24

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2018	$ 63,230	$ 494,892,093	$ (32,355,893)	$ 462,599,430
Balance (in shares) at Dec. 31, 2018	63,229,710
Share-based compensation	$ 0	834,465	0	834,465
Net income (loss)	0	0	4,269,260	4,269,260
Balance at Mar. 31, 2019	$ 63,230	495,726,558	(28,086,633)	467,703,155
Balance (in shares) at Mar. 31, 2019	63,229,710
Balance at Dec. 31, 2018	$ 63,230	494,892,093	(32,355,893)	462,599,430
Balance (in shares) at Dec. 31, 2018	63,229,710
Net income (loss)				15,611,857
Balance at Jun. 30, 2019	$ 67,811	524,887,107	(16,744,036)	508,210,882
Balance (in shares) at Jun. 30, 2019	67,811,111
Balance at Mar. 31, 2019	$ 63,230	495,726,558	(28,086,633)	467,703,155
Balance (in shares) at Mar. 31, 2019	63,229,710
Share-based compensation		808,734		808,734
Restricted stock vested (in shares)	400
Common stock issued as consideration in asset acquisition	$ 4,581	28,351,815		28,356,396
Common stock issued as consideration in asset acquisition (in shares)	4,581,001
Net income (loss)			11,342,597	11,342,597
Balance at Jun. 30, 2019	$ 67,811	524,887,107	(16,744,036)	508,210,882
Balance (in shares) at Jun. 30, 2019	67,811,111
Balance at Dec. 31, 2019	$ 67,994	526,301,281	(2,859,342)	523,509,933
Balance (in shares) at Dec. 31, 2019	67,993,797
Share-based compensation	$ 0	673,795	0	673,795
Net income (loss)	0	0	43,804,118	43,804,118
Balance at Mar. 31, 2020	$ 67,994	526,975,076	40,944,776	567,987,846
Balance (in shares) at Mar. 31, 2020	67,993,797
Balance at Dec. 31, 2019	$ 67,994	526,301,281	(2,859,342)	523,509,933
Balance (in shares) at Dec. 31, 2019	67,993,797
Net income (loss)				(91,195,948)
Balance at Jun. 30, 2020	$ 67,981	528,189,246	(94,055,290)	434,201,937
Balance (in shares) at Jun. 30, 2020	67,980,575
Balance at Mar. 31, 2020	$ 67,994	526,975,076	40,944,776	567,987,846
Balance (in shares) at Mar. 31, 2020	67,993,797
Share-based compensation		1,317,542		1,317,542
Return of common stock issued as consideration in asset acquisition	$ (17)	(103,368)	0	(103,385)
Return of common stock issued as consideration in asset acquisition (in shares)	(16,702)
Restricted stock vested	$ 4	(4)
Restricted stock vested (in shares)	3,480
Net income (loss)			(135,000,066)	(135,000,066)
Balance at Jun. 30, 2020	$ 67,981	$ 528,189,246	$ (94,055,290)	$ 434,201,937
Balance (in shares) at Jun. 30, 2020	67,980,575

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash Flows From Operating Activities
Net income (loss)	$ (135,000,066)	$ 11,342,597	$ (91,195,948)	$ 15,611,857
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization			21,021,104	27,544,324
Ceiling test impairment	147,937,943	0	147,937,943	0
Accretion expense			463,329	445,179
Amortization of deferred financing costs			378,165	0
Share-based compensation			1,991,337	1,643,199
Deferred income tax provision			(25,048,702)	5,049,219
Excess tax deficiency related to share-based compensation			(1,618,014)	3,380,940
Change in fair value of derivative instruments			(20,315,152)	(1,189,545)
Changes in assets and liabilities:
Accounts receivable			15,545,418	(9,847,686)
Prepaid expenses and retainers			3,397,860	(6,388,823)
Accounts payable			(22,050,677)	(451,965)
Settlement of asset retirement obligation			(320,580)	(384,956)
Net Cash Provided by Operating Activities			30,186,083	35,411,743
Cash Flows From Investing Activities
Payments to purchase oil and natural gas properties			(1,017,434)	(268,120,579)
Payments to develop oil and natural gas properties			(30,302,779)	(81,051,832)
Net Cash Used in Investing Activities			(31,320,213)	(349,172,411)
Cash Flows From Financing Activities
Proceeds from revolving line of credit			21,500,000	321,000,000
Payments on revolving line of credit			(13,000,000)	0
Reduction of financing lease liability			(140,712)	(24,076)
Net Cash Provided by Financing Activities			8,359,288	320,975,924
Net Change in Cash			7,225,158	7,215,256
Cash at Beginning of Period			10,004,622	3,363,726
Cash at End of Period	17,229,780	10,578,982	17,229,780	10,578,982
Supplemental Cash Flow Information
Cash paid for interest			8,320,562	932,896
Noncash Investing and Financing Activities
Asset retirement obligation incurred during development			66,387	441,244
Operating lease assets obtained in exchange for new operating lease liability			0	539,577
Financing lease assets obtained in exchange for new financing lease liability			0	637,757
Capitalized expenditures attributable to drilling projects financed through current liabilities			1,750,000	41,800,000
Acquisition of oil and gas properties
Assumption of joint interest billing receivable	0	1,464,394	0	1,464,394
Assumption of prepaid assets	0	2,864,554	0	2,864,554
Assumption of accounts and revenue payables	0	(1,234,862)	0	(1,234,862)
Asset retirement obligation incurred through acquisition	0	(2,979,645)	0	(2,979,645)
Common stock issued as partial consideration in asset acquisition	0	(28,356,396)	0	(28,356,396)
Oil and gas properties subject to amortization	$ 0	$ 296,910,774	$ 0	$ 296,910,774

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Condensed Financial Statements These unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete 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, 2019. Organization and Nature of Operations – COVID - 19 – Liquidity and Capital Considerations The price of both oil and gas has decreased primarily as a result of oil demand concerns due to the economic impacts of COVID-19 and uncertainty surrounding the OPEC+ voluntary production adjustments. While declines in oil and natural gas prices affect the Company's liquidity, the Company's hedges protect, to some extent, its cash flows from such price declines; however, if oil or natural gas prices remain depressed or continue to decline, the Company may be required to record oil and gas property write-downs. In early March 2020, global oil and natural gas prices declined sharply, have since been volatile, and may decline again. The Company expects ongoing oil price volatility over the short term. Continued depressed oil prices have had and will continue to have a material adverse impact on the Company's oil revenue, which is mitigated to some extent by the Company's hedge contracts. As mentioned, consumer demand has decreased since the global COVID-19 outbreak, which decrease is largely attributable to travel restrictions enacted by governments in an effort to curtail the spread of the coronavirus. The effects of the COVID-19 pandemic and of the decrease in oil and natural gas prices continue to evolve and to be realized as of the date of this report. As such, it is uncertain as to the full magnitude of the foregoing events on the Company’s business. Management is actively monitoring the global situation and the impact or adverse effects of the recent events on the Company’s results of future operations, financial position and liquidity in fiscal year 2020. Due to the recent oil price volatility, the Company has suspended its 2020 capital spending program. The Company has also reduced staff, reduced overtime and made other staffing changes. Furthermore, the Company began shutting in and curtailing production in April 2020. The curtailments continued until early June 2020 when, with commodity prices improving and price differential decreasing, the Company began bringing wells back online. The Company believes that it has the ability to continue to fund its operations and service its debt by using cash on hand, cash flows from operations and cash flows from its hedges. Use of Estimates Fair Measurements Fair Values of Financial Instruments Derivative Instruments and Hedging Activities When applicable, the Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. The change in fair value resulted in the recognition of an unrealized loss of $26,771,529 for the three months ended June 30, 2020 and an unrealized gain of $20,315,152 for the six months ended June 30, 2020. During the three and six months ended June 30, 2019, the change in fair value resulted in the recognition of unrealized gains of $1,530,230 and $1,189,545, respectively, on derivative contracts. During the three and six months ended June 30, 2020, the Company had realized gains of $13,753,567 and $17,087,695, respectively, on derivatives. During the three and six months ended June 30, 2019, the Company had no realized gain or loss on derivatives. Concentration of Credit Risk and Major Customer Approximately 94% of the Company’s accounts and joint interest billing receivables are from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts and joint interest billing receivables are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at June 30, 2020. The Company also has joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself. Oil and Gas Properties All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent petroleum engineers. The Company evaluates oil and gas properties for impairment quarterly. For both the three and six months ended June 30, 2020, the Company incurred write downs on oil and natural gas properties as a result of the ceiling test in the amount of $147,937,943. No impairment was recorded for the three or six months ended June 30, 2019. Depreciation, depletion and amortization expense for the three and six months ended June 30, 2020 was $7,338,108 and $21,021,104, respectively, based on depletion at the rate of $14.52 and $14.05, respectively, per barrel of oil equivalent compared to $14,615,270 and $27,544,324, respectively, based on depletion at the rate of $14.70 and $14.72 per barrel of oil equivalent for the three and six months ended June 30, 2019. These amounts include $88,987 and $200,178, respectively, of depreciation for the three and six months ended June 30, 2020, compared to $66,277 and $107,431, respectively, of depreciation for the three and six months ended June 30, 2019. Equipment, vehicles and leasehold improvements 5 Asset Retirement Obligation Share-Based Employee Compensation Share-Based Compensation to Non-Employees Income Taxes The CARES ACT was enacted March 27, 2020 and includes income tax provisions that, among other things, allow net operating losses (“NOLs”) to be carried back, permits interest expense to be deducted up to a higher percentage of adjusted taxable income and modifies tax depreciation of qualified improvement property. These provisions have no material impact on the Company. Recently Adopted Accounting Pronouncements Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). Basic and Diluted Earnings per Share

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2020
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 – REVENUE RECOGNITION The Company predominantly derives its revenue from the sale of produced crude oil and natural gas. The contractual performance obligation is satisfied when the product is delivered to the customer. Revenue is recorded in the month the product is delivered to the purchaser and the Company receives payment from one to three months after delivery. The transaction price includes variable consideration as product pricing is based on published market prices and reduced for contract specified differentials. The guidance does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and Ring engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. 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. Disaggregation of Revenue. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Three Months For The Six Months ​ ​ Ended June 30, ​ Ended June 30, ​ ​ 2020 2019 ​ 2020 2019 Operating revenues ​ ​ ​ ​ Oil ​ $ 10,414,374 ​ $ 50,793,472 ​ $ 49,051,574 ​ $ 91,671,455 Natural gas ​ 222,219 ​ ​ 540,753 ​ 1,155,347 ​ 1,461,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating revenues ​ $ 10,636,593 ​ $ 51,334,225 ​ $ 50,206,921 ​ $ 93,132,540 ​ All revenues are from production from the Permian Basin in Texas and New Mexico.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
LEASES
LEASES	NOTE 3 – LEASES Effective January 1, 2019, the Company adopted ASU 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 not elect the practical expedient of hindsight The Company has operating leases for our offices in Midland, Texas and Tulsa, Oklahoma that are month to month but which the Company intends to continue through at least December 31, 2020. As such, these leases have been accounted for as operating leases with terms that end on December 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. The Company also has month to month leases for office equipment and compressors used in our operations on which the Company has elected to apply ASU 2016-02. While these leases are month to month, the Company intends to continue these leases for the useful life of the assets. As such, these leases have been accounted for as if the lease term lasts through the estimated useful life of the assets. The Company also has month to month leases or other short-term leases for equipment used in its operations on which the Company has made accounting policy elections not to capitalize these leases. These leases are for terms that are less than 12 months and the Company does not intend to continue to lease this equipment for more than 12 months. The lease costs associated with these leases are reflected in the short-term lease costs below. The Company also has financing leases for vehicles. These leases have a term of 36 months at the end of which the Company owns the vehicles. These vehicles are generally sold at the end of their term and the proceeds applied to a new vehicle. Future lease payments associated with these operating and financing leases as of June 30, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Operating lease payments (1) ​ $ 618,389 ​ $ 708,392 ​ $ — Financing lease payments (2) ​ ​ 155,603 ​ ​ 311,206 ​ ​ 132,499 (1) The weighted average discount rate as of June 30, 2020 for operating leases was 4.49%. Based on this rate, the future lease payments above include imputed interest of $40,995. (2) The weighted average discount rate as of June 30, 2020 for financing leases was 5.26%. Based on this rate, the future lease payments above include imputed interest of $30,131. ​ The following table provides supplemental information regarding cash flows from operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Operating lease costs ​ $ 581,258 ​ $ 256,350 Short term lease costs (1) ​ ​ 2,142,077 ​ ​ 307,518 Financing lease costs: ​ ​ ​ ​ ​ ​ Amortization of financing lease assets (2) ​ ​ 143,706 ​ ​ 25,956 Interest on lease liabilities (3) ​ ​ 16,850 ​ ​ 4,029 (1) Amount included in Oil and gas production costs (2) Included as a component of Depreciation, depletion and amortization (3) Included as a component of Interest expense

EARNINGS PER SHARE INFORMATION

EARNINGS PER SHARE INFORMATION	6 Months Ended
	Jun. 30, 2020
EARNINGS PER SHARE INFORMATION
EARNINGS PER SHARE INFORMATION	NOTE 4 – EARNINGS PER SHARE INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Three Months ​ For The Six Months ​ ​ Ended June 30, ​ Ended June 30, ​ ​ ​ 2019 ​ 2019 ​ ​ 2020 ​ (restated) ​ ​ 2020 ​ (restated) Net Income (Loss) ​ $ (135,000,066) ​ $ 11,342,597 ​ $ (91,195,948) ​ $ 15,611,857 Basic Weighted-Average Shares Outstanding ​ 67,980,794 ​ ​ 67,357,645 ​ 67,987,295 ​ 65,305,081 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ — ​ ​ 217,472 ​ — ​ 418,397 Restricted stock ​ — ​ ​ 95,142 ​ — ​ 128,870 Diluted Weighted-Average Shares Outstanding ​ 67,980,794 ​ ​ 67,670,259 ​ 67,987,295 ​ 65,852,348 Basic Earnings (Loss) per Share ​ $ (1.99) ​ $ 0.17 ​ $ (1.34) ​ $ 0.24 Diluted Earnings (Loss) per Share ​ $ (1.99) ​ $ 0.17 ​ $ (1.34) ​ $ 0.24 ​ Stock options to purchase 483,500 shares of common stock and 1,329,209 shares of unvested restricted stock were excluded from the computation of diluted earnings per share during both the three and six months ended June 30, 2020, as their effect would have been anti-dilutive. Stock options to purchase 1,013,500 shares of common stock and 276,860 shares of unvested restricted stock were excluded from the computation of diluted earnings per share during the three months ended June 30, 2019, as their effect would have been anti-dilutive. Stock options to purchase 2,353,500 shares of common stock and 276,860 shares of unvested restricted stock were excluded from the computation of diluted earnings per share during the six months ended June 30, 2019, as their effect would have been anti-dilutive.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2020
ACQUISITIONS
ACQUISITIONS	NOTE 5 – 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 $4.1 million in acquisition related costs, which were recognized in general and administrative expense during the six months ended June 30, 2019. Total consideration after purchase price adjustments included a cash payment of approximately $264.1 million and 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. As a part of the final settlement, Wishbone Partners, LLC returned 16,702 shares of stock. These shares were subsequently cancelled by the Company. The shares were valued at February 25, 2019, the date of the signing of the Purchase and Sale Agreement. The price on February 25, 2019 was $6.19 per share. The aggregate value of the shares returned, based on this price, was $103,385. The full amount of the shares have been released from escrow as of June 30, 2020. 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: ​ ​ Proved oil and gas properties ​ $ 296,910,774 Joint interest billing receivable ​ ​ 1,464,394 Prepaid assets ​ 2,864,554 Liabilities assumed ​ ​ Accounts and revenues payable ​ (1,234,862) Asset retirement obligations ​ (2,979,645) Total Identifiable Net Assets ​ $ 297,025,215 ​ The following unaudited pro forma information for the three and six months ended June 30, 2019 is presented to reflect the operations of the Company as if the Acquisition had been completed on January 1, 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Three Months ​ ​ For The Six Months ​ ​ Ended June 30, ​ ​ Ended June 30, ​ 2019 2019 ​ ​ (restated) ​ (restated) Oil and Gas Revenues ​ $ 57,999,639 ​ $ 99,797,954 Net Income ​ $ 11,403,039 ​ $ 15,672,299 ​ ​ ​ ​ ​ ​ ​ Basic Earnings per Share ​ $ 0.17 ​ $ 0.23 Diluted Earnings per Share ​ $ 0.17 ​ $ 0.23 ​

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 6 – 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 April and November of 2019 and February and March of 2020, the Company entered into 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 a 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 5,500 barrels of oil per day for the period of January 2020 through December 2020 and 4,500 barrels of oil per day for the period of January 2021 through December 2021. ​ During May 2020, the Company unwound the costless collars for June 2020 and July 2020, resulting in the receipt of a cash payment of $5,435,136. Concurrently, the Company entered into swap contracts at $33.24 for 5,500 barrels per day for June and July 2020, equal to the barrels for which the costless collars were unwound. Similar to costless collars, there is no cost to enter into the swap contracts. On swap contracts, there is no spread and payments will be made or received based on the difference between WTI and the swap contract price. The following table reflects the prices of those contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date entered into Barrels per day Put price Call price 2020 costless collars, in place for August through December 2020 ​ ​ ​ ​ ​ ​ ​ ​ 04/01/19 1,000 ​ $ 50.00 ​ $ 65.83 04/01/19 1,000 ​ 50.00 ​ 65.40 11/05/19 ​ 1,000 ​ ​ 50.00 ​ ​ 58.40 11/07/19 ​ 1,000 ​ ​ 50.00 ​ ​ 58.25 11/11/19 ​ 1,500 ​ ​ 50.00 ​ ​ 58.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 costless collars, in place for January through December 2021 ​ ​ ​ ​ ​ ​ ​ ​ 02/25/20 ​ 1,000 ​ $ 45.00 ​ $ 54.75 02/25/20 ​ 1,000 ​ ​ 45.00 ​ ​ 52.71 02/27/20 ​ 1,000 ​ ​ 40.00 ​ ​ 55.08 03/02/20 1,500 ​ 40.00 ​ 55.35 ​ ​ ​ ​ ​ ​ ​ ​ 2020 Swap, in place for July 2020 ​ ​ ​ ​ Swap price 05/29/20 ​ 5,500 ​ $ 33.24 ​ 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 June 30, 2020, 100% of our volumes subject to derivative instruments are with lenders under our Credit Facility (as defined in Note 8).

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 7 – 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ or (Liabilities) ​ Observable Inputs ​ Unobservable ​ ​ ​ ​ (Level 1) (Level 2) Inputs (Level 3) Total As of June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative assets ​ $ — ​ $ 1,189,545 ​ $ — ​ $ 1,189,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ 1,189,545 ​ $ — ​ $ 1,189,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Classification ​ ​ ​ ​ ​ Quoted prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ or (Liabilities) ​ Observable Inputs ​ Unobservable ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ Inputs (Level 3) Total As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative assets ​ $ — ​ $ 17,315,074 ​ $ — ​ $ 17,315,074 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ 17,315,074 ​ $ — ​ $ 17,315,074 ​

REVOLVING LINE OF CREDIT

REVOLVING LINE OF CREDIT	6 Months Ended
	Jun. 30, 2020
REVOLVING LINE OF CREDIT
REVOLVING LINE OF CREDIT	NOTE 8 – REVOLVING LINE OF CREDIT In April 2019, the Company entered into an amended and restated Credit Agreement with SunTrust Bank, as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (the “Administrative Agent”). In June 2020, the Company amended and restated its Credit Agreement with the Administrative Agent (as amended and restated, the “Credit Facility”). The amendment and restatement of the Credit Facility, among other things, decreased the borrowing base (the “Borrowing Base”) to $375 million, subject to periodic redeterminations, adjusted the interest rates and provided some relief on the total Leverage Ratio (as defined in the Credit Facility). The Credit Facility is secured by a first lien security interest on substantially all of the Company’s assets. The Borrowing Base is subject to periodic redeterminations, mandatory reductions and further adjustments from time to time. The Borrowing Base is redetermined semi-annually on each May 1 and November 1. The Borrowing Base will be reduced in certain circumstances such as the sale or disposition of certain oil and gas properties of the Company and the cancellation of certain hedging positions. The Credit Facility allows for Eurodollar Loans and Base Rate Loans (as respectively 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 2.5% and 3.5% (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 (as defined in the Credit Facility) plus 0.5% per annum, (iii) the adjusted LIBOR determined on a daily basis for an interest period of one-month, plus 1.00% per annum and (iv) 0.00% per annum, plus (b) a margin between 1.5% and 2.5% (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 of not more than 4.0 to 1.0 and (ii) a minimum ratio of Current Assets to Current Liabilities (as such terms are defined in the Credit Facility) of 1.0 to 1.0. As referenced, as a part of the redetermination completed in June 2020, the amendment included an adjustment to the total Leverage Ratio to be not more than 4.75 to 1.0 beginning for the fiscal quarter ending September 30, 2020. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of June 30, 2020, $375,000,000 was outstanding on the Credit Facility. The Company was in compliance with all covenants contained in the Credit Facility as of June 30, 2020.

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	6 Months Ended
	Jun. 30, 2020
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION	NOTE 9 – 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, 2019 $ 16,787,219 Liabilities incurred ​ 66,387 Liabilities settled ​ (320,580) Accretion expense ​ 463,329 Balance, June 30, 2020 ​ $ 16,996,355 ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 10 – STOCKHOLDERS’ EQUITY Cancellation of shares issued as consideration in property acquisition ​

EMPLOYEE STOCK OPTIONS AND REST

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN	6 Months Ended
	Jun. 30, 2020
EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN
EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN	NOTE 11 – EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN In June 2020, officers and directors of the Company voluntarily returned stock options that had previously been granted to them. In total, 2,265,000 options with an average exercise price of $6.87 per share were returned to and cancelled by the Company.No grants, cash payments or other consideration has been or will be made to replace the options or otherwise in connection with the return. As a result of the return and cancellation of the options, the Company incurred additional compensation expense of $768,379. Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2020, was $1,317,542 and $1,991,337, respectively, as compared to $808,734 and $1,643,199, respectively, for the three and six months ended June 30, 2019. 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 June 30, 2020, there were 2,303,155 shares remaining eligible for issuance under the plan. Stock Options A summary of the stock option activity as of June 30, 2019 and 2020, respectively, and changes during the six 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, June 30, 2019 2,748,500 ​ $ 6.28 4.5 Years ​ $ 493,750 Exercisable, June 30, 2019 2,327,400 ​ $ 5.42 4.0 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2019 2,748,500 ​ $ 6.28 ​ Granted — ​ $ — ​ Forfeited or rescinded (2,265,000) ​ $ 6.87 ​ Vested — ​ $ — ​ Outstanding, June 30, 2020 483,500 ​ $ 3.52 2.2 Years ​ $ — Exercisable, June 30, 2020 457,700 ​ $ 3.12 1.9 Years ​ ​ The intrinsic values were calculated using the closing price on June 28, 2019 of $3.25 and the closing price on June 30, 2020 of $1.16. As of June 30, 2020, there was $58,023 of unrecognized compensation cost related to stock options that is expected be recognized over a weighted-average period of 0.8 years. Restricted Stock A summary of the restricted stock activity as of June 30, 2019 and 2020, 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 15,400 ​ 5.01 Forfeited or rescinded (4,120) ​ 7.13 Vested (400) ​ 13.32 Outstanding, June 30, 2019 889,240 ​ $ 7.31 ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2019 1,341,889 ​ $ 4.94 Granted — ​ — Forfeited or rescinded (9,200) ​ 3.97 Vested (3,480) ​ 5.96 Outstanding, June 30, 2020 1,329,209 ​ $ 4.99 ​ As of June 30, 2020, there was $3,349,665 of unrecognized compensation cost related to restricted stock grants that will be recognized over a weighted average period of 1.6 years.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	6 Months Ended
	Jun. 30, 2020
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS	NOTE 12 – CONTINGENCIES AND COMMITMENTS Standby Letters of Credit Surety Bonds

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS As previously disclosed, the Company has entered into an agreement for the disposition of its Delaware Basin assets, consisting of approximately 20,000 net acres located in Culberson and Reeves Counties, Texas. The transaction has not closed; however, the Company is continuing to work with the buyer towards effectuating the close of the transaction.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Condensed Financial Statements	Condensed Financial Statements These unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, and, accordingly, do not include all of the information and footnotes required by GAAP for complete 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, 2019.
Organization and Nature of Operations	Organization and Nature of Operations –
COVID - 19	COVID - 19 –
Liquidity and Capital Considerations	Liquidity and Capital Considerations The price of both oil and gas has decreased primarily as a result of oil demand concerns due to the economic impacts of COVID-19 and uncertainty surrounding the OPEC+ voluntary production adjustments. While declines in oil and natural gas prices affect the Company's liquidity, the Company's hedges protect, to some extent, its cash flows from such price declines; however, if oil or natural gas prices remain depressed or continue to decline, the Company may be required to record oil and gas property write-downs. In early March 2020, global oil and natural gas prices declined sharply, have since been volatile, and may decline again. The Company expects ongoing oil price volatility over the short term. Continued depressed oil prices have had and will continue to have a material adverse impact on the Company's oil revenue, which is mitigated to some extent by the Company's hedge contracts. As mentioned, consumer demand has decreased since the global COVID-19 outbreak, which decrease is largely attributable to travel restrictions enacted by governments in an effort to curtail the spread of the coronavirus. The effects of the COVID-19 pandemic and of the decrease in oil and natural gas prices continue to evolve and to be realized as of the date of this report. As such, it is uncertain as to the full magnitude of the foregoing events on the Company’s business. Management is actively monitoring the global situation and the impact or adverse effects of the recent events on the Company’s results of future operations, financial position and liquidity in fiscal year 2020. Due to the recent oil price volatility, the Company has suspended its 2020 capital spending program. The Company has also reduced staff, reduced overtime and made other staffing changes. Furthermore, the Company began shutting in and curtailing production in April 2020. The curtailments continued until early June 2020 when, with commodity prices improving and price differential decreasing, the Company began bringing wells back online. The Company believes that it has the ability to continue to fund its operations and service its debt by using cash on hand, cash flows from operations and cash flows from its hedges.
Use of Estimates	Use of Estimates
Fair Measurements	Fair Measurements
Fair Values of Financial Instruments	Fair Values of Financial Instruments
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities When applicable, the Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. The change in fair value resulted in the recognition of an unrealized loss of $26,771,529 for the three months ended June 30, 2020 and an unrealized gain of $20,315,152 for the six months ended June 30, 2020. During the three and six months ended June 30, 2019, the change in fair value resulted in the recognition of unrealized gains of $1,530,230 and $1,189,545, respectively, on derivative contracts. During the three and six months ended June 30, 2020, the Company had realized gains of $13,753,567 and $17,087,695, respectively, on derivatives. During the three and six months ended June 30, 2019, the Company had no realized gain or loss on derivatives.
Concentration of Credit Risk and Major Customer	Concentration of Credit Risk and Major Customer Approximately 94% of the Company’s accounts and joint interest billing receivables are from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts and joint interest billing receivables are fully collectable. Accordingly, no allowance for doubtful accounts has been provided at June 30, 2020. The Company also has joint interest billing receivable. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself.
Oil and Gas Properties	Oil and Gas Properties All capitalized costs of oil and gas properties, plus estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent petroleum engineers. The Company evaluates oil and gas properties for impairment quarterly. For both the three and six months ended June 30, 2020, the Company incurred write downs on oil and natural gas properties as a result of the ceiling test in the amount of $147,937,943. No impairment was recorded for the three or six months ended June 30, 2019. Depreciation, depletion and amortization expense for the three and six months ended June 30, 2020 was $7,338,108 and $21,021,104, respectively, based on depletion at the rate of $14.52 and $14.05, respectively, per barrel of oil equivalent compared to $14,615,270 and $27,544,324, respectively, based on depletion at the rate of $14.70 and $14.72 per barrel of oil equivalent for the three and six months ended June 30, 2019. These amounts include $88,987 and $200,178, respectively, of depreciation for the three and six months ended June 30, 2020, compared to $66,277 and $107,431, respectively, of depreciation for the three and six months ended June 30, 2019.
Equipment, vehicles and leasehold improvements	Equipment, vehicles and leasehold improvements 5
Asset Retirement Obligation	Asset Retirement Obligation
Share-Based Employee Compensation	Share-Based Employee Compensation
Share-Based Compensation to Non-Employees	Share-Based Compensation to Non-Employees
Income Taxes	Income Taxes The CARES ACT was enacted March 27, 2020 and includes income tax provisions that, among other things, allow net operating losses (“NOLs”) to be carried back, permits interest expense to be deducted up to a higher percentage of adjusted taxable income and modifies tax depreciation of qualified improvement property. These provisions have no material impact on the Company.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”).
Basic and Diluted Earnings per Share	Basic and Diluted Earnings per Share

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2020
REVENUE RECOGNITION
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Three Months For The Six Months ​ ​ Ended June 30, ​ Ended June 30, ​ ​ 2020 2019 ​ 2020 2019 Operating revenues ​ ​ ​ ​ Oil ​ $ 10,414,374 ​ $ 50,793,472 ​ $ 49,051,574 ​ $ 91,671,455 Natural gas ​ 222,219 ​ ​ 540,753 ​ 1,155,347 ​ 1,461,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating revenues ​ $ 10,636,593 ​ $ 51,334,225 ​ $ 50,206,921 ​ $ 93,132,540 ​

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
LEASES
Schedule of future lease payments of operating lease and finance lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2021 2022 Operating lease payments (1) ​ $ 618,389 ​ $ 708,392 ​ $ — Financing lease payments (2) ​ ​ 155,603 ​ ​ 311,206 ​ ​ 132,499 (1) The weighted average discount rate as of June 30, 2020 for operating leases was 4.49%. Based on this rate, the future lease payments above include imputed interest of $40,995. (2) The weighted average discount rate as of June 30, 2020 for financing leases was 5.26%. Based on this rate, the future lease payments above include imputed interest of $30,131.
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Operating lease costs ​ $ 581,258 ​ $ 256,350 Short term lease costs (1) ​ ​ 2,142,077 ​ ​ 307,518 Financing lease costs: ​ ​ ​ ​ ​ ​ Amortization of financing lease assets (2) ​ ​ 143,706 ​ ​ 25,956 Interest on lease liabilities (3) ​ ​ 16,850 ​ ​ 4,029 (1) Amount included in Oil and gas production costs (2) Included as a component of Depreciation, depletion and amortization (3) Included as a component of Interest expense

EARNINGS (LOSS) PER SHARE INFOR

EARNINGS (LOSS) PER SHARE INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
EARNINGS PER SHARE INFORMATION
Schedule of earnings per share, Basic and Diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Three Months ​ For The Six Months ​ ​ Ended June 30, ​ Ended June 30, ​ ​ ​ 2019 ​ 2019 ​ ​ 2020 ​ (restated) ​ ​ 2020 ​ (restated) Net Income (Loss) ​ $ (135,000,066) ​ $ 11,342,597 ​ $ (91,195,948) ​ $ 15,611,857 Basic Weighted-Average Shares Outstanding ​ 67,980,794 ​ ​ 67,357,645 ​ 67,987,295 ​ 65,305,081 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ — ​ ​ 217,472 ​ — ​ 418,397 Restricted stock ​ — ​ ​ 95,142 ​ — ​ 128,870 Diluted Weighted-Average Shares Outstanding ​ 67,980,794 ​ ​ 67,670,259 ​ 67,987,295 ​ 65,852,348 Basic Earnings (Loss) per Share ​ $ (1.99) ​ $ 0.17 ​ $ (1.34) ​ $ 0.24 Diluted Earnings (Loss) per Share ​ $ (1.99) ​ $ 0.17 ​ $ (1.34) ​ $ 0.24

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2020
ACQUISITIONS
Schedule of fair values of the assets acquired and the liabilities assumed	​ ​ ​ ​ ​ Assets acquired: ​ ​ Proved oil and gas properties ​ $ 296,910,774 Joint interest billing receivable ​ ​ 1,464,394 Prepaid assets ​ 2,864,554 Liabilities assumed ​ ​ Accounts and revenues payable ​ (1,234,862) Asset retirement obligations ​ (2,979,645) Total Identifiable Net Assets ​ $ 297,025,215
Schedule of business acquisition pro forma information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Three Months ​ ​ For The Six Months ​ ​ Ended June 30, ​ ​ Ended June 30, ​ 2019 2019 ​ ​ (restated) ​ (restated) Oil and Gas Revenues ​ $ 57,999,639 ​ $ 99,797,954 Net Income ​ $ 11,403,039 ​ $ 15,672,299 ​ ​ ​ ​ ​ ​ ​ Basic Earnings per Share ​ $ 0.17 ​ $ 0.23 Diluted Earnings per Share ​ $ 0.17 ​ $ 0.23

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of put and call prices of those contracts	​ During May 2020, the Company unwound the costless collars for June 2020 and July 2020, resulting in the receipt of a cash payment of $5,435,136. Concurrently, the Company entered into swap contracts at $33.24 for 5,500 barrels per day for June and July 2020, equal to the barrels for which the costless collars were unwound. Similar to costless collars, there is no cost to enter into the swap contracts. On swap contracts, there is no spread and payments will be made or received based on the difference between WTI and the swap contract price. The following table reflects the prices of those contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date entered into Barrels per day Put price Call price 2020 costless collars, in place for August through December 2020 ​ ​ ​ ​ ​ ​ ​ ​ 04/01/19 1,000 ​ $ 50.00 ​ $ 65.83 04/01/19 1,000 ​ 50.00 ​ 65.40 11/05/19 ​ 1,000 ​ ​ 50.00 ​ ​ 58.40 11/07/19 ​ 1,000 ​ ​ 50.00 ​ ​ 58.25 11/11/19 ​ 1,500 ​ ​ 50.00 ​ ​ 58.65 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 costless collars, in place for January through December 2021 ​ ​ ​ ​ ​ ​ ​ ​ 02/25/20 ​ 1,000 ​ $ 45.00 ​ $ 54.75 02/25/20 ​ 1,000 ​ ​ 45.00 ​ ​ 52.71 02/27/20 ​ 1,000 ​ ​ 40.00 ​ ​ 55.08 03/02/20 1,500 ​ 40.00 ​ 55.35 ​ ​ ​ ​ ​ ​ ​ ​ 2020 Swap, in place for July 2020 ​ ​ ​ ​ Swap price 05/29/20 ​ 5,500 ​ $ 33.24 ​

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
FAIR VALUE MEASUREMENTS
Schedule of valuation of assets and liabilities that are measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Classification ​ ​ ​ ​ ​ Quoted prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ or (Liabilities) ​ Observable Inputs ​ Unobservable ​ ​ ​ ​ (Level 1) (Level 2) Inputs (Level 3) Total As of June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative assets ​ $ — ​ $ 1,189,545 ​ $ — ​ $ 1,189,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ 1,189,545 ​ $ — ​ $ 1,189,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Classification ​ ​ ​ ​ ​ Quoted prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ or (Liabilities) ​ Observable Inputs ​ Unobservable ​ ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ Inputs (Level 3) Total As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative assets ​ $ — ​ $ 17,315,074 ​ $ — ​ $ 17,315,074 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ 17,315,074 ​ $ — ​ $ 17,315,074

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	6 Months Ended
	Jun. 30, 2020
ASSET RETIREMENT OBLIGATION
Schedule of asset retirement obligation	​ ​ ​ ​ ​ Balance, December 31, 2019 $ 16,787,219 Liabilities incurred ​ 66,387 Liabilities settled ​ (320,580) Accretion expense ​ 463,329 Balance, June 30, 2020 ​ $ 16,996,355

EMPLOYEE STOCK OPTIONS AND RE_2

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN (Tables)	6 Months Ended
	Jun. 30, 2020
EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN
Schedule of Stock Options Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, June 30, 2019 2,748,500 ​ $ 6.28 4.5 Years ​ $ 493,750 Exercisable, June 30, 2019 2,327,400 ​ $ 5.42 4.0 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2019 2,748,500 ​ $ 6.28 ​ Granted — ​ $ — ​ Forfeited or rescinded (2,265,000) ​ $ 6.87 ​ Vested — ​ $ — ​ Outstanding, June 30, 2020 483,500 ​ $ 3.52 2.2 Years ​ $ — Exercisable, June 30, 2020 457,700 ​ $ 3.12 1.9 Years ​ ​
Schedule of Restricted Stock Grants	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average Grant ​ ​ Restricted stock ​ Date Fair Value Outstanding, December 31, 2018 878,360 ​ $ 7.36 Granted 15,400 ​ 5.01 Forfeited or rescinded (4,120) ​ 7.13 Vested (400) ​ 13.32 Outstanding, June 30, 2019 889,240 ​ $ 7.31 ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2019 1,341,889 ​ $ 4.94 Granted — ​ — Forfeited or rescinded (9,200) ​ 3.97 Vested (3,480) ​ 5.96 Outstanding, June 30, 2020 1,329,209 ​ $ 4.99 ​

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Organization And Summary Of Significant Accounting Policies [Line Items]
Depreciation		$ 88,987	$ 66,277	$ 200,178	$ 107,431
Unrealized Gain (Loss) on Derivatives		(26,771,529)	1,530,230	20,315,152	1,189,545
Realized gain on derivatives		13,753,567	0	17,087,695	0
Ceiling test impairment		$ 147,937,943	0	$ 147,937,943	0
Percentage Of Accounts Receivables	94.00%	94.00%		94.00%
Amortization expense		$ 7,338,108	14,615,270	$ 21,021,104	27,544,324
Depletion At The Rate Per Barrel		$ 14.52	$ 14.70	$ 14.05	$ 14.72
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life				7 years
Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life				5 years
Sales Revenue, Net | Customer One
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage				55.00%
Concentration Risk, Percentage				55.00%
Sales Revenue, Net | Customer Two
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage				22.00%
Concentration Risk, Percentage				22.00%
Accounts Receivable | Customer One
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	84.00%
Concentration Risk, Percentage	84.00%
Accounts Receivable | Customer Two
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	0.00%
Concentration Risk, Percentage	0.00%

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUE RECOGNITION
Oil	$ 10,414,374	$ 50,793,472	$ 49,051,574	$ 91,671,455
Natural gas	222,219	540,753	1,155,347	1,461,085
Total operating revenues	$ 10,636,593	$ 51,334,225	$ 50,206,921	$ 93,132,540

LEASES - Future lease payments

LEASES - Future lease payments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Sep. 30, 2019
LEASES
Lease, Practical Expedients, Package [true false]	true
Lease, Practical Expedient, Use of Hindsight [true false]	false
Lease term of financing leases for vehicles	36 months
Operating lease payments
2020		$ 618,389
2021		708,392
Weighted average discount rate	4.49%
Imputed interest	$ 40,995
Financing lease payments
2020		155,603
2021		311,206
2022		$ 132,499
Weighted average discount rate	5.26%
Imputed interest	$ 30,131

LEASES - Supplemental informati

LEASES - Supplemental information regarding cash flows from operations (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2020
LEASES
Operating lease costs	$ 256,350	$ 581,258
Short term lease costs (1)	307,518	2,142,077
Financing lease costs:
Amortization of financing lease assets (2)	25,956	143,706
Interest on lease liabilities (3)	$ 4,029	$ 16,850

EARNINGS PER SHARE INFORMATION

EARNINGS PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss)	$ (135,000,066)	$ 43,804,118	$ 11,342,597	$ 4,269,260	$ (91,195,948)	$ 15,611,857
Basic Weighted-Average Shares Outstanding	67,980,794		67,357,645		67,987,295	65,305,081
Effect of dilutive securities:
Diluted Weighted-Average Shares Outstanding	67,980,794		67,670,259		67,987,295	65,852,348
Basic Earnings (Loss) per Share	$ (1.99)		$ 0.17		$ (1.34)	$ 0.24
Diluted Earnings (Loss) per Share	$ (1.99)		$ 0.17		$ (1.34)	$ 0.24
Restricted Stock
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment			95,142			128,870
Stock options
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment			217,472			418,397

EARNINGS PER SHARE INFORMATIO_2

EARNINGS PER SHARE INFORMATION - Additional information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares were excluded from the computation of diluted earnings per share	1,329,209	276,860	1,329,209	276,860
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares were excluded from the computation of diluted earnings per share	483,500	1,013,500	483,500	2,353,500

ACQUISITIONS - The fair values

ACQUISITIONS - The fair values of the assets acquired and the liabilities assumed (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2019
Assets acquired
Proved oil and gas properties			$ 296,910,774
Joint interest billing receivable	$ 0	$ 1,464,394	1,464,394
Prepaid assets	0	2,864,554	2,864,554
Liabilities assumed
Accounts and revenues payable	0	(1,234,862)	(1,234,862)
Asset retirement obligation incurred through acquisition	$ 0	$ (2,979,645)	(2,979,645)
Total Identifiable Net Assets			$ 297,025,215

ACQUISITIONS - The operations o

ACQUISITIONS - The operations of the Company as if the acquisition of assets (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
ACQUISITIONS
Oil and Gas Revenues	$ 57,999,639	$ 99,797,954
Business Acquisition, Pro Forma Net Income (Loss)	$ 11,403,039	$ 15,672,299
Basic Earnings per Share	$ 0.17	$ 0.23
Diluted Earnings per Share	$ 0.17	$ 0.23

ACQUISITIONS - Additional infor

ACQUISITIONS - Additional information (Details)	Apr. 09, 2019USD ($)ashares	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Feb. 25, 2019$ / shares
Business Acquisition [Line Items]
Gas and Oil Area, Developed, Net | a	38,230
Gas and Oil Area, Developed, Gross | a	49,754
Business Combination, Acquisition Related Costs | $		$ 4,100,000
Wishbone Acquisition
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	4,581,001
Payments to Acquire Businesses, Gross | $	$ 264,100,000
Number of shares returned | shares	16,702
Business Acquisition, Share Price | $ / shares				$ 6.19
Aggregate value of the shares returned | $			$ 103,385
Common Stock Held in Escrow | shares	2,538,071
Average Working Interest
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	77.00%
Average Net Revenue Interest
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	58.00%

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details) - Jun. 30, 2020	$ / bbl	bbl	USD ($)
Commodity Contract
Barrels per day | bbl		1,000
Commodity Contract | Put Option
Put price	50
Commodity Contract | Call Option
Call price	65.83
Commodity Contract A
Barrels per day | bbl		1,000
Commodity Contract A | Put Option
Put price	50
Commodity Contract A | Call Option
Call price	65.40
Commodity Contract B
Barrels per day | bbl		1,000
Commodity Contract B | Put Option
Put price	50
Commodity Contract B | Call Option
Call price	58.40
Commodity Contract C
Barrels per day | bbl		1,000
Commodity Contract C | Put Option
Put price	50
Commodity Contract C | Call Option
Call price	58.25
Commodity Contract D
Barrels per day | bbl		1,500
Commodity Contract D | Put Option
Put price	50
Commodity Contract D | Call Option
Call price	58.65
Commodity Contract E
Barrels per day | bbl		1,000
Commodity Contract E | Put Option
Put price	45
Commodity Contract E | Call Option
Call price	54.75
Commodity Contract F
Barrels per day | bbl		1,000
Commodity Contract F | Put Option
Put price	45
Commodity Contract F | Call Option
Call price	52.71
Commodity Contract G
Barrels per day | bbl		1,000
Commodity Contract G | Put Option
Put price	40
Commodity Contract G | Call Option
Call price	55.08
Commodity Contract H
Barrels per day | bbl		1,500
Commodity Contract H | Put Option
Put price	40
Commodity Contract H | Call Option
Call price	55.35
Swap Contract
Barrels per day		5,500	5,500
Swap Price	33.24

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Details)	1 Months Ended
	May 31, 2020USD ($)	Jun. 30, 2020bbl
Cash Payment Receipt on Unwound Costless Collars | $	$ 5,435,136
January 2020 Through December 2020
Number Of Barrels Per Day		5,500
January 2021 Through December 2021
Number Of Barrels Per Day		4,500

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Oil and gas derivative assets	$ 17,315,074	$ (1,189,545)
Total	17,315,074	1,189,545
Fair Value, Inputs, Level 1 [Member]
Oil and gas derivative assets	0	0
Total	0	0
Fair Value, Inputs, Level 2 [Member]
Oil and gas derivative assets	17,315,074	(1,189,545)
Total	17,315,074	1,189,545
Fair Value, Inputs, Level 3 [Member]
Oil and gas derivative assets	0	0
Total	$ 0	$ 0

REVOLVING LINE OF CREDIT (Detai

REVOLVING LINE OF CREDIT (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Jan. 31, 2020	Sep. 30, 2020	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 30, 2019USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Current Borrowing Capacity					$ 375,000,000
Debt Instrument, Basis Spread on Variable Rate			0.00%
Long-term Line of Credit			$ 375,000,000	$ 366,500,000
Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.50%
Leverage Ratio, Total	1
Current Ratio			1
Minimum | Subsequent Event
Line of Credit Facility [Line Items]
Leverage Ratio, Total		1
Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.50%
Leverage Ratio, Total			4
Current Ratio			1
Maximum | Subsequent Event
Line of Credit Facility [Line Items]
Leverage Ratio, Total		4.75
Federal Funds Purchased
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.50%
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.00%
London Interbank Offered Rate (LIBOR) | Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.50%
London Interbank Offered Rate (LIBOR) | Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			3.50%

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
ASSET RETIREMENT OBLIGATION
Balance			$ 16,787,219
Liabilities incurred			66,387
Liabilities settled			(320,580)
Accretion expense	$ 231,367	$ 229,234	463,329	$ 445,179
Balance	$ 16,996,355		$ 16,996,355

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional information (Details) - Wishbone Partners, LLC - USD ($)	1 Months Ended	6 Months Ended
	Apr. 30, 2019	Jun. 30, 2020	Feb. 25, 2019
Class of Stock [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	4,581,001	16,702
Business Acquisition, Share Price			$ 6.19
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned			$ 103,385

EMPLOYEE STOCK OPTIONS AND RE_3

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN - Status of the Stock Options (Details) - USD ($)	6 Months Ended		9 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	0
Forfeited or rescinded	(2,265,000)
Weighted Average Exercise Price, Exercisable at end of year	$ 6.87
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding at beginning of the year	2,748,500	2,751,000
Granted	0	0
Forfeited or rescinded	(2,265,000)	(2,500)
Options Vested	0	0
Options Outstanding at end of year	483,500	2,748,500
Options Exercisable at end of year	457,700	2,327,400
Weighted Average Exercise Price, Outstanding at beginning of the year	$ 6.28	$ 6.28
Weighted Average Exercise Price, Granted	0	0
Weighted Average Exercise Price, Forfeited or rescinded	6.87	11.70
Weighted Average Exercise Price, Vested	0	0
Weighted Average Exercise Price, Outstanding at end of year	3.52	6.28
Weighted Average Exercise Price, Exercisable at end of year	$ 3.12	$ 5.42
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	2 years 2 months 12 days		4 years 6 months
Options Exercisable - Weighted-Average Remaining Contractual Life (in years)	1 year 10 months 24 days		4 years
Aggregate Intrinsic Value	$ 0	$ 493,750

EMPLOYEE STOCK OPTIONS AND RE_4

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN - Status of Restricted Stock Grants (Details) - Restricted Stock - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, Outstanding at beginning of the year	878,360	1,341,889
Restricted stock, Granted	15,400	0
Restricted stock, Forfeited or rescinded	(4,120)	(9,200)
Restricted stock, Vested	(400)	(3,480)
Restricted stock, Outstanding at end of year	889,240	1,329,209
Weighted-Average Grant Date Fair Value, Outstanding at beginning of the year	$ 7.36	$ 4.94
Weighted-Average Grant Date Fair Value, Granted	5.01	0
Weighted-Average Grant Date Fair Value, Forfeited or rescinded	7.13	3.97
Weighted-Average Grant Date Fair Value, Vested	13.32	5.96
Weighted-Average Grant Date Fair Value, Outstanding at end of year	$ 7.31	$ 4.99

EMPLOYEE STOCK OPTIONS AND RE_5

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK AWARD PLAN - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2013	Jun. 28, 2019	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses	$ 1,317,542	$ 808,734	$ 1,991,337	$ 1,643,199
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized							2,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized					5,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	2,303,155		2,303,155
Granted			0
Returned and cancelled			2,265,000
Additional compensation expense			$ 768,379
Weighted Average Exercise Price, Exercisable at end of year	$ 6.87		$ 6.87
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 1.16		$ 1.16			$ 3.25
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 58,023		$ 58,023
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			9 months 18 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 3,349,665		$ 3,349,665
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 7 months 6 days

CONTINGENCIES AND COMMITMENTS -

CONTINGENCIES AND COMMITMENTS - Additional Information - (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Loss Contingencies [Line Items]
Standby letters of credit drawn	$ 21,500,000	$ 321,000,000
Standby Letters of Credit
Loss Contingencies [Line Items]
Standby letters of credit drawn	0
Surety Bond
Loss Contingencies [Line Items]
Issued surety bonds	$ 500,438
Extended term for surety bonds (in years)	1 year
Surety bonds renewal amount	$ 400,000
Surety bonds renewal amount, not applicable	100,438
State And Federal Agencies | Standby Letters of Credit
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 260,000
Extended term under letter of credit arrangement (in years)	1 year
Electric Utility Companies | Standby Letters of Credit
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,438

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	6 Months Ended
	Jun. 30, 2020a
Delaware Basin asset | Texas
Subsequent Event [Line Items]
Number of acres	20,000