Ring Energy (REI) 10-K/A 17 Mar 21 2020 FY Annual report (amended) Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 17, 2021	Jun. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-36057
Entity Registrant Name	RING ENERGY, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	90-0406406
Entity Address, Address Line One	1725 Hughes Landing Blvd. Suite 900
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77380
City Area Code	281
Local Phone Number	397-3699
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 74,553,881
Entity Common Stock, Shares Outstanding		99,181,587
Entity Central Index Key	0001384195
Current Fiscal Year End Date	--12-31
Amendment Flag	true
Trading Symbol	REI
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
ICFR Auditor Attestation Flag	false
Amendment Description	Ring Energy, Inc. (""Ring," "Ring Energy" or "the Company") is filing this Amendment No. 1 on Form 10-KA ("the Amendment") to our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the Securities and Exchange Commission (the "SEC") on March 16, 2021 (the "Original Filing"). We are filing this Amendment to correct a typographical error in the report involving our basic and diluted earnings per share.This Amendment amends and restates "Item 6: Selected Financial Data" of Part II and "Item 15: Exhibits, Financial Statement Schedules" of Part IV of the Original Filing solely as a result of, and to reflect, the restatement. Pursuant to the rules of the SEC, Item 15 of Part IV of the Original Filing has been amended to contain the currently dated certifications from our principal executive officer and principal financial officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002. The certification of our principal executive officer and our principal financial officer are attached to this Amendment as Exhibits 31.1, 31.2, 32.1 and 32.2.

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 3,578,634	$ 10,004,622
Accounts receivable	14,997,979	22,909,195
Joint interest billing receivable	1,327,262	1,812,469
Derivative receivable	499,906
Prepaid expenses and retainers	396,109	3,982,255
Total Current Assets	20,799,890	38,708,541
Properties and Equipment
Oil and natural gas properties subject to amortization	836,514,815	1,083,966,135
Financing lease asset subject to depreciation	858,513	858,513
Fixed assets subject to depreciation	1,520,890	1,465,551
Total Properties and Equipment	838,894,218	1,086,290,199
Accumulated depreciation, depletion and amortization	(200,111,658)	(157,074,044)
Net Properties and Equipment	638,782,560	929,216,155
Operating lease asset	1,494,399	1,867,044
Deferred Financing Costs	2,379,348	3,214,408
Total Assets	663,456,197	973,006,148
Current Liabilities
Accounts payable	32,500,081	54,635,602
Financing lease liability	295,311	280,970
Operating lease liability	859,017	1,175,904
Derivative liabilities	3,287,328	3,000,078
Total Current Liabilities	36,941,737	59,092,554
Deferred income taxes	0	6,001,176
Revolving line of credit	313,000,000	366,500,000
Financing lease liability, less current portion	126,857	424,126
Operating lease liability, less current portion	635,382	691,140
Derivative liabilities	869,273
Asset retirement obligations	17,117,135	16,787,219
Total Liabilities	368,690,384	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; 85,568,287 shares and 67,993,797 shares issued and outstanding, respectively	85,568	67,994
Additional paid-in capital	550,951,415	526,301,281
Accumulated deficit	(256,271,170)	(2,859,342)
Total Stockholders' Equity	294,765,813	523,509,933
Total Liabilities and Stockholders' Equity	$ 663,456,197	$ 973,006,148

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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	85,568,287	67,993,797
Common Stock, Shares, Outstanding	85,568,287	67,993,797

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
STATEMENTS OF OPERATIONS
Oil and Natural Gas Revenues	$ 113,025,138	$ 195,702,831	$ 120,065,361
Costs and Operating Expenses
Oil and natural gas production costs	36,968,873	48,496,225	27,801,989
Oil and natural gas production taxes	5,228,090	9,130,379	5,631,093
Depreciation, depletion and amortization	43,010,660	56,204,269	39,024,886
Ceiling test impairment	277,501,943	0	14,172,309
Asset retirement obligation accretion	906,616	943,707	606,459
Operating lease expense	1,196,372	925,217
General and administrative expense	16,874,050	19,866,706	12,867,686
Total Costs and Operating Expenses	381,686,604	135,566,503	100,104,422
Income (Loss) from Operations	(268,661,466)	60,136,328	19,960,939
Other Income (Expense)
Interest income	8	13,511	97,855
Interest (expense)	(17,617,614)	(13,865,556)	(427,898)
Realized gain (loss) on derivatives	22,522,591		(11,153,701)
Unrealized gain (loss) on change in fair value of derivatives	(1,156,523)	(3,000,078)	3,968,286
Deposit forfeiture income	5,500,000
Net Other Income (Expense)	9,248,462	(16,852,123)	(7,515,458)
Income (Loss) Before Provision for Income Taxes	(259,413,004)	43,284,205	12,445,481
Benefit from (Provision for) Income Taxes	6,001,176	(13,787,654)	(3,445,721)
Net Income (Loss)	$ (253,411,828)	$ 29,496,551	$ 8,999,760
Basic Earnings (Loss) per share	$ (3.48)	$ 0.44	$ 0.15
Diluted Earnings (Loss) per share	$ (3.48)	$ 0.44	$ 0.15

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Total
Balance at Dec. 31, 2017	$ 54,224	$ 397,904,769	$ (41,355,653)	$ 356,603,340
Balance (in shares) at Dec. 31, 2017	54,224,029
Share-based compensation	$ 0	3,870,934	0	3,870,934
Options exercised (cashless exercise)	$ 103	(103)	0	0
Options exercised (cashless exercise) (in shares)	103,113
Options exercised	$ 50	99,950	0	100,000
Restricted stock vested	$ 65	(65)	0	0
Restricted stock vested (in shares)	64,620
Common stock issued for cash, net	$ 6,164	81,814,974	0	81,821,138
Common stock issued for cash, net (in Shares)	6,164,000
Common stock issued as consideration in asset acquisition	$ 2,624	11,201,634	0	11,204,258
Common stock issued as consideration in asset acquisition (in shares)	2,623,948
Net income (loss)	$ 0	0	8,999,760	8,999,760
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	3,082,625	0	3,082,625
Options exercised				100,000
Restricted stock vested	$ 187	(187)	0	0
Restricted stock vested (in shares)	187,136
Common stock issued as consideration in asset acquisition	$ 4,577	28,326,750	0	28,331,327
Common stock issued as consideration in asset acquisition (in shares)	4,576,951
Net income (loss)	$ 0	0	29,496,551	29,496,551
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	5,364,162	0	5,364,162
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)
Common stock and warrants issued for cash, net	$ 13,076	19,366,756		19,379,832
Common stock and warrants issued for cash, net (in shares)	13,075,800
Exercise of pre-funded warrants issued in offering	$ 3,300	0	0	3,300
Exercise of pre-funded warrants issued in offering (in shares)	3,300,000
Common stock issued for services	$ 35	23,765	0	23,800
Common stock issued for services (in shares)	35,000
Restricted stock vested	$ 1,180	(1,180)	0	0
Restricted stock vested (in shares)	1,180,392
Net income (loss)	$ 0	0	(253,411,828)	(253,411,828)
Balance at Dec. 31, 2020	$ 85,568	$ 550,951,415	$ (256,271,170)	$ 294,765,813
Balance (in shares) at Dec. 31, 2020	85,568,287

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows From Operating Activities
Net income (loss)	$ (253,411,828)	$ 29,496,551	$ 8,999,760
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	43,010,660	56,204,269	39,024,886
Ceiling test impairment	277,501,943	0	14,172,309
Accretion expense	906,616	943,707	606,459
Amortization of deferred financing costs	1,190,109	991,310	0
Stock-based compensation	5,364,162	3,082,625	3,870,934
Shares issued for services	23,800	0	0
Deferred income tax expense	(3,975,170)	9,500,517	2,537,837
Excess tax expense (benefit) related to stock-based compensation	(2,026,006)	3,855,389	907,884
Adjustment to deferred tax asset for change in effective tax rate	0	431,748	0
Change in fair value of derivative instruments	1,156,523	3,000,078	(3,968,286)
Changes in assets and liabilities:
Accounts receivable	7,896,517	(10,035,648)	666,283
Prepaid expenses and retainers	3,586,146	(1,878,667)	(318,190)
Accounts payable	(8,380,594)	12,320,308	4,435,269
Settlement of asset retirement obligation	(683,623)	(1,295,966)	(577,824)
Net Cash Provided by Operating Activities	72,159,255	106,616,221	70,357,321
Cash Flows From Investing Activities
Payments for the Wishbone Acquisition	0	(276,061,594)	0
Payments to purchase oil and natural gas properties	(1,317,313)	(3,400,411)	(4,656,484)
Proceeds from divestiture of oil and natural gas properties	0	8,547,074	0
Payments to develop oil and natural gas properties	(42,457,745)	(152,125,320)	(198,870,366)
Proceeds from disposal of fixed assets subject to depreciation	0	0	105,536
Purchase of fixed assets subject to depreciation	(55,339)	0	0
Net Cash Used in Investing Activities	(43,830,397)	(423,040,251)	(203,421,314)
Cash Flows From Financing Activities
Proceeds from revolving line of credit	26,500,000	327,000,000	39,500,000
Payments on revolving line of credit	(80,000,000)	0	0
Proceeds from issuance of common stock and warrants	19,383,131	0	81,821,138
Proceeds from option exercise	0	0	100,000
Payment of deferred financing costs	(355,049)	(3,781,657)	0
Reduction of financing lease liabilities	(282,928)	(153,417)	0
Net Cash Provided by (Used in) Financing Activities	(34,754,846)	323,064,926	121,421,138
Net Increase (Decrease) in Cash	(6,425,988)	6,640,896	(11,642,855)
Cash at Beginning of Period	10,004,622	3,363,726	3,363,726
Cash at End of Period	3,578,634	10,004,622	3,363,726
Supplemental Cash Flow Information
Cash paid for interest	16,911,344	10,364,313	323,916
Noncash Investing and Financing Activities
Asset retirement obligation incurred during development	99,436	631,727	1,311,956
Asset retirement obligation acquired	0	39,701	2,571,549
Asset retirement obligation revision of estimate	34,441		87,960
Operating lease assets obtained in exchange for new operating lease liability	823,727	2,319,185	0
Financing lease assets obtained in exchange for new financing lease liability	0	858,513	0
Prepaid asset settled in divestiture of oil and natural gas properties	0	1,019,876	0
Oil and gas assets and properties acquired through stock issuance	0	0	11,204,258
Stock issued in property acquisition returned in final settlement	103,385	0	0
Capitalized expenditures attributable to drilling projects financed through current liabilities	1,415,073	15,170,000	26,000,000
Supplemental Schedule of Investing Activities Wishbone Acquisition
Assumption of joint interest billing receivable	0	1,464,394	0
Assumption of prepaid assets	0	2,864,554	0
Assumption of accounts and revenue payables	0	(1,234,861)	0
Asset retirement obligation incurred through acquisition	0	(3,705,941)	0
Common stock issued as partial consideration in acquisition	0	(28,331,327)	0
Oil and gas properties subject to amortization	0	305,004,775	0
Cash paid	$ 0	$ 276,061,594	$ 0

ORGANIZATION, BASIS OF PRESENTA

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Nature of Operations – Use of Estimates Fair Value Measurements Fair Values of Financial Instruments Fair Value of Non-financial Assets and Liabilities Concentration of Credit Risk and Accounts Receivable Substantially all of the Company’s accounts receivable is from purchasers of oil and natural gas. Oil and natural gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectable. The Company also has a 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. Accordingly, no allowance for doubtful accounts has been provided as of December 31, 2020 and 2019. Cash and Cash Equivalents Oil and Natural Gas Properties The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter this liability is accreted up to the final retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal. All capitalized costs of oil and natural gas properties, including the estimated future costs to develop proved reserves and estimated future costs to plug and abandon wells and costs of site restoration, less the estimated salvage value of equipment associated with the oil and natural gas properties, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent petroleum engineers. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is offset to the capitalized costs to be amortized. The following table shows total depletion and the depletion per barrel-of-oil-equivalent rate, for the years ended December 31, 2020, 2019 and 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2020 2019 2018 Depletion ​ ​ $ 42,634,294 ​ $ 55,870,246 ​ $ 38,810,864 Depletion rate, per barrel-of-oil-equivalent (BOE) ​ ​ $ 13.25 ​ $ 14.15 ​ $ 17.38 ​ In addition, capitalized costs less accumulated depreciation, depletion and amortization and related deferred income taxes shall not exceed an amount (the full cost ceiling) equal to the sum of: 1) the present value of estimated future net revenues discounted ten percent computed in compliance with SEC guidelines; 2) plus the cost of properties not being amortized; 3) plus the lower of cost or estimated fair value of unproven properties included in the costs being amortized; 4) less income tax effects related to differences between the book and tax basis of the properties. For the years ended December 31, 2020 and 2018, the Company recognized impairments on oil and natural gas properties as a result of the ceiling test in the amount of $277,501,943 and $14,172,309, respectively. No impairment was recorded for the year ended December 31, 2019. Land, Buildings, Equipment and Leasehold Improvements Depreciation of buildings equipment , software and leasehold improvements is calculated using the straight-line method based upon the following estimated useful lives: ​ ​ ​ Leasehold improvements 3‑10 years Office equipment and software 3‑7 years Equipment 5‑10 years ​ Depreciation expense was $376,366, $334,023 and $214,022 for the years ended December 31, 2020, 2019 and 2018, respectively. Revenue Recognition Revenues from Contracts with Customers (Topic 606) 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%. For the year ended December 31, 2020, the Company recorded a full valuation allowance against the deferred tax asset of $50,553,125. The Company was in a deferred tax asset position as a result of the ceiling test impairment recorded during 2020. No valuation allowance was recorded for the years ended December 31, 2019 or 2018. Accounting for Uncertainty in Income Taxes Earnings (Loss) Per Share Major Customers Stock-Based Employee and Non-Employee Compensation Stock-based compensation incurred for the years ended December 31, 2020, 2019 and 2018 was $5,364,162, $3,082,625 and $3,870,934, respectively. 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. Recently Adopted Accounting Pronouncements Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). Recent Accounting Pronouncements

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2020
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 2 – 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 processing contracts for our Central Basin Platform properties, Delaware Basin properties and part of our Northwest Shelf assets, 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 processing agreements, the Company recognizes revenue when control transfers to the purchaser at the point of delivery. As such, the Company accounts for any fees and deductions as a reduction of the transaction price. Under the Company natural gas sales processing contracts for the bulk of our Northwest Shelf assets, the Company delivers unprocessed natural gas to a midstream processing entity at the well head. However, the Company maintains ownership of the gas through processing and receives proceeds from the marketing of the resulting products. Under this processing agreement, the Company recognizes the fees associated with the processing as an expense rather than netting these costs against revenue. Disaggregation of Revenue. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2020 2019 2018 Operating revenues ​ ​ ​ ​ Oil ​ $ 109,113,557 ​ $ 191,891,314 ​ $ 116,678,375 Natural gas ​ 3,911,581 ​ 3,811,517 ​ 3,386,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating revenues ​ $ 113,025,138 ​ $ 195,702,831 ​ $ 120,065,361 ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2020
LEASES
LEASES	NOTE 3 – LEASES Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). This guidance attempts to increase transparency and comparability among organizations by recognizing certain lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The main difference between previous GAAP methodology and the method in this new guidance is the recognition on the balance sheet of certain lease assets and lease liabilities by lessees for those leases that were classified as operating leases under previous GAAP. 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. The Midland office is under a five-year lease beginning January 1, 2021. The Tulsa lease is month-to-month but the Company does not intend to continue use of this office. As of December 31, 2019, the Company did intend to continue use of the Tulsa office and, as such, the lease costs associated with the Tulsa lease has been accounted for as operating leases with a term that end on December 31, 2020. However, it is not reflected in future lease payments as it is now a short-term lease. The office space being leased in Tulsa is owned by Arenaco, LLC, a company that is owned by Mr. Rochford, former Chairman of the Board of the Company, and Mr. McCabe, a former Director of the Company. Subsequent to December 31, 2020, the Company entered into a lease for office space in The Woodlands, Texas. The future payments associated with this lease are not reflected below. 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 our 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 is 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 December 31, 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 2024 2025 Operating lease payments (1) ​ $ 909,035 ​ $ 186,127 ​ $ 178,377 ​ $ 164,527 ​ $ 164,527 Financing lease payments (2) ​ ​ 311,206 ​ ​ 132,499 ​ ​ — ​ ​ — ​ ​ — ​ (1) The weighted average discount rate as of December 31, 2020 for operating leases was 4.50% . Based on this rate, the future lease payments above include imputed interest of $108,195 . The weighted average remaining term of operating leases was 3.0 years. (2) The weighted average discount rate as of December 31, 2020 for financing leases was 5.26% . Based on this rate, the future lease payments above include imputed interest of $21,538 . The weighted average remaining term of financing leases was 1.42 years. The following table provides supplemental information regarding cash flows from operations: ​ ​ ​ ​ ​ ​ ​ ​ 2020 Operating lease costs ​ $ 1,196,373 ​ Short term lease costs (1) ​ ​ 5,337,433 ​ Financing lease costs: ​ ​ ​ ​ Amortization of financing lease assets (2) ​ ​ 287,413 ​ Interest on lease liabilities (3) ​ ​ 30,237 ​ ​ (1) Amount included in Oil and gas production costs (2) Amount included in Depreciation, depletion and amortization (3) Amount included in Interest expense

EARNINGS (LOSS) PER SHARE INFOR

EARNINGS (LOSS) PER SHARE INFORMATION	12 Months Ended
	Dec. 31, 2020
EARNINGS (LOSS) PER SHARE INFORMATION
EARNINGS (LOSS) PER SHARE INFORMATION	NOTE 4 – EARNINGS (LOSS) PER SHARE INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2020 2019 2018 Net Income (Loss) ​ $ (253,411,828) ​ $ 29,496,551 ​ $ 8,999,760 Basic Weighted-Average Shares Outstanding ​ 72,891,310 ​ 66,571,738 ​ 59,531,200 Effect of dilutive securities: ​ ​ ​ Stock options ​ — ​ 174,944 ​ 1,238,786 Restricted stock ​ — ​ 10,346 ​ 78,191 Common warrants ​ ​ — ​ ​ — ​ ​ — Diluted Weighted-Average Shares Outstanding ​ 72,891,310 ​ 66,757,028 ​ 60,848,177 Basic Earnings (Loss) per Share ​ $ (3.48) ​ $ 0.44 ​ $ 0.15 Diluted Earnings (Loss) per Share ​ $ (3.48) ​ $ 0.44 ​ $ 0.15 ​ Stock options to purchase 465,500, 2,353,500 and 574,500 shares of common stock were excluded from the computation of diluted earnings per share during the years ended December 31, 2020, 2019 and 2018, respectively, as their effect would have been anti-dilutive. 2,144,617, 704,684 and 2,500 shares of unvested restricted stock were excluded from the computation of diluted earnings per share during the years ended December 31, 2020, 2019 and 2018, respectively, as their effect would have been anti-dilutive. Common warrants to purchase 29,804,300 shares of common stock were excluded from the computation of diluted earnings per share during the year ended December 31, 2020, as their effect would have been anti-dilutive. Pre-funded warrants to purchase 13,428,500 shares of common stock were included in the calculation of the Basic Weighted-Average Shares Outstanding as they are exercisable for a nominal amount and so are treated as if they were exercised at issuance.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2020
ACQUISITIONS
ACQUISITIONS	NOTE 5 – ACQUISITIONS In December 2018, Ring completed the acquisition of oil and natural gas assets and properties in assets in Andrews County. The acquired properties consist of 4,854 gross (4,788 net) acres and include a 100% working interest and a 75% net revenue interest. Consideration given by the Company consisted of 2,623,948 shares valued at $5.80 per share for an aggregate value of $11,204,258 and liabilities assumed of $2,571,549. The Company incurred approximately $23,321 in acquisition related costs, which were recognized in general and administrative expense during the year ended December 31, 2018. The acquisition was recognized as a business combination whereby Ring recorded the assets acquired and the liabilities assumed at their fair values as of November 1, 2018, which is the date the Company obtained control of the properties and was the acquisition date for financial reporting purposes. 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 natural gas properties ​ $ 13,775,807 Liabilities assumed ​ Asset retirement obligations ​ (2,571,549) Total Identifiable Net Assets ​ $ 11,204,258 ​ 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. Ring executed the Acquisition for the existing production and future development potential. The Company incurred approximately $4.1 million in acquisition related costs, which were recognized in general and administrative expense. Total consideration after purchase price adjustments included cash payments totaling approximately $276.1 million and the issuance of 4,576,951 shares of common stock, of which 2,538,071 shares were placed in escrow to satisfy potential indemnification claims. One half of the shares placed into escrow remain in escrow as of December 31, 2019. The range of potential outcomes regarding the indemnification escrow shares cannot be determined as the Company evaluates whether there are any claims against the indemnification. If no claims are made, the remaining escrow shares will be released pursuant to the terms of the Purchase and Sale Agreement. The shares were valued at the price on the date of the signing of the Purchase and Sale Agreement, February 25, 2019, of $6.19 per share. 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. The Company determined that it had effective control of the properties effective February 1, 2019 based on Ring having primary decision making ability regarding the properties beginning at that time. Revenues and related expenses for the Acquisition are included in our condensed statements 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 natural gas properties ​ $ 305,004,775 Joint interest billing receivable ​ ​ 1,464,394 Prepaid assets ​ ​ 2,864,554 Liabilities assumed ​ ​ ​ Accounts and revenues payable ​ ​ (1,234,861) Asset retirement obligations ​ ​ (3,705,941) Total Identifiable Net Assets ​ $ 304,392,921 ​ The revenues and direct operating costs associated with the acquired properties included in our financial statements for the year ended December 31, 2019 are as follows: ​ ​ ​ ​ Revenue $ 105,102,038 ​ ​ ​ ​ Oil and natural gas production costs ​ 17,037,228 Oil and natural gas production taxes ​ 4,646,660 ​ ​ ​ ​ Total direct costs (1) ​ 21,683,888 ​ ​ ​ ​ Earnings from the Acquired properties ​ $ 83,418,150 ​ (1) This includes only oil and natural gas production costs and oil and natural gas production taxes and does not give account to depreciation, depletion and amortization, accretion of asset retirement obligation, general and administrative expense, interest expense or any other cost that cannot be directly correlated to the Acquisition. The following unaudited pro forma information for the years ended December 30, 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 years ended December 31, 2019 2018 Oil and Natural Gas Revenues ​ $ 202,368,245 ​ $ 196,385,905 Net Income ​ $ 29,556,993 ​ $ 29,105,827 ​ ​ ​ ​ ​ ​ ​ Basic Earnings per Share ​ $ 0.44 ​ $ 0.49 Diluted Earnings per Share ​ $ 0.44 ​ $ 0.48 ​

DEPOSIT FORFEITURE INCOME

DEPOSIT FORFEITURE INCOME	12 Months Ended
	Dec. 31, 2020
DEPOSIT FORFEITURE INCOME
DEPOSIT FORFEITURE INCOME	NOTE 6 – DEPOSIT FORFEITURE INCOME In the fourth quarter of 2020, the Company entered into an agreement with an intended buyer to sell the Company’s Delaware assets. The agreement was amended on six different occasions throughout 2020 releasing the initial deposits to the Company and requiring additional non-refundable deposits. In total, $5,500,000 in non-refundable deposits were made to the Company. In October 2020, the agreement was terminated as the buyer was not able to consummate the transaction. As such, the Company recognized the $5,500,000 as income in our Statements of Operations as no divestiture of assets had occurred.

OIL AND NATURAL GAS PRODUCING A

OIL AND NATURAL GAS PRODUCING ACTIVITIES	12 Months Ended
	Dec. 31, 2020
OIL AND NATURAL GAS PRODUCING ACTIVITIES
OIL AND NATURAL GAS PRODUCING ACTIVITIES	NOTE 7 – OIL AND NATURAL GAS PRODUCING ACTIVITIES Set forth below is certain information regarding the aggregate capitalized costs of oil and natural gas properties and costs incurred by the Company for its oil and natural gas property acquisitions, development and exploration activities: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 2019 Proved oil and natural gas properties ​ $ 836,514,815 ​ $ 1,083,966,135 Financing lease asset subject to depreciation ​ ​ 858,513 ​ ​ 858,513 Fixed assets subject to depreciation ​ 1,520,890 ​ 1,465,551 Total capitalized costs ​ 838,894,218 ​ 1,086,290,199 Accumulated depletion, depreciation and amortization ​ (200,111,658) ​ (157,074,044) ​ ​ ​ ​ ​ ​ ​ Net Capitalized Costs ​ $ 638,782,560 ​ $ 929,216,155 ​ Net Costs Incurred in Oil and Gas Producing Activities ​ ​ ​ ​ ​ ​ ​ For the years Ended December 31, 2020 2019 Payments for the Wishbone Acquisition ​ $ — ​ $ 276,061,594 Payments to purchase oil and natural gas properties ​ 1,317,313 ​ 3,400,411 Proceeds from divestiture of oil and natural gas properties ​ ​ — ​ ​ (8,547,074) Payments to develop oil and natural gas properties ​ ​ 42,457,745 ​ ​ 152,125,320 Payments to acquire or improve fixed assets subject to depreciation ​ ​ 55,339 ​ ​ — Total Net Costs Incurred ​ $ 43,830,397 ​ $ 423,040,251 ​

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2020
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 8 – DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to fluctuations in crude oil and natural gas prices on its production. We 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 our 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, their use also may limit future income from favorable commodity price movements. From time to time the Company enters into derivative contracts to protect the Company’s cash flow from price fluctuation and maintain its capital programs. The Company uses either costless collars or swaps for this purpose. Oil derivative contracts are based on WTI Crude Oil prices and natural gas contacts are based on Henry Hub. A “costless collar” is 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. 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 provides information as to derivative contracts for WTI that were in place during the years ended December 31, 2020, 2019 and 2018. The Company did not have any natural gas derivative contracts during these years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Barrels per ​ ​ ​ ​ ​ ​ Date entered into ​ Period covered ​ day ​ Put price ​ Call price ​ Swap price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 costless collars ​ ​ ​ 09/25/17 Calendar year 2018 1,000 ​ $ 49.00 ​ $ 54.60 ​ 10/27/17 Calendar year 2018 1,000 ​ 51.00 ​ 54.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 costless collars ​ ​ ​ 8/27/2018 (1) Calendar year 2019 2,000 ​ 60.00 ​ 70.05 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 costless collars ​ ​ ​ 04/01/19 Calendar year 2020 (2) 1,000 ​ 50.00 ​ 65.83 ​ 04/01/19 Calendar year 2020 (2) 1,000 ​ 50.00 ​ 65.40 ​ 11/05/19 Calendar year 2020 (2) 1,000 ​ 50.00 ​ 58.40 ​ 11/07/19 Calendar year 2020 (2) 1,000 ​ 50.00 ​ 58.25 ​ 11/11/19 Calendar year 2020 (2) 1,500 ​ 50.00 ​ 58.65 ​ 2020 swaps ​ ​ ​ 05/29/20 June 2020 and July 2020 (2) 5,500 ​ ​ ​ $ 33.24 ​ (1) On October 10, 2018, the Company terminated the costless collars for calendar year 2019 through the payment of $3,438,300. (2) On May 29, 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. Throughout 2020, the Company entered into additional derivative contracts in the form of costless collars and swaps for 2021 and 2022 for both oil and natural gas. The following tables reflect the details of those contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Barrels per ​ ​ ​ ​ ​ ​ Date entered into ​ Period covered ​ day ​ Put price ​ Call price ​ Swap price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil derivative contracts ​ ​ ​ 2021 costless collars ​ ​ ​ 02/25/20 Calendar year 2021 1,000 ​ $ 45.00 ​ $ 54.75 ​ 02/25/20 Calendar year 2021 1,000 ​ 45.00 ​ 52.71 ​ 02/27/20 Calendar year 2021 1,000 ​ 40.00 ​ 55.08 ​ 03/02/20 Calendar year 2021 1,500 ​ 40.00 ​ 55.35 ​ 2021 swaps ​ ​ ​ 11/25/20 Calendar year 2021 2,000 ​ ​ ​ $ 45.37 12/02/20 Calendar year 2021 500 ​ ​ ​ 45.38 12/03/20 Calendar year 2021 500 ​ ​ ​ 45.00 12/04/20 Calendar year 2021 500 ​ ​ ​ 45.40 12/04/20 Calendar year 2021 500 ​ ​ ​ 45.60 12/07/20 Calendar year 2021 500 ​ ​ ​ 45.96 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 swaps ​ ​ ​ 12/04/20 Calendar year 2022 500 ​ ​ ​ 44.22 12/07/20 Calendar year 2022 500 ​ ​ ​ 44.75 12/10/20 Calendar year 2022 500 ​ ​ ​ 44.97 12/17/20 Calendar year 2022 250 ​ ​ ​ 45.98 ​ ​ ​ ​ ​ ​ ​ ​ ​ Date entered into Period covered MMBTU per day Swap price ​ ​ ​ ​ ​ ​ ​ ​ Natural gas derivative contracts ​ 2021 swaps ​ 11/04/20 Calendar year 2021 6,000 ​ $ 2.991 ​ ​ ​ ​ ​ ​ ​ ​ 2022 swaps ​ 11/04/20 Calendar year 2022 5,000 ​ 2.7255 ​ 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 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. All previous derivative contracts have been with lenders under our credit facility.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 9 – 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. As a result of the Wishbone Acquisition, the Company evaluated the fair value of the assets acquired and the liabilities assumed. The Company recorded the oil and gas assets acquired in the Wishbone Acquisition at the price paid. Prior to doing so, the Company determined that the price paid approximated the fair value of the net assets acquired. In doing so, the Company compared the price paid per BOE of existing production to comparable companies enterprise value per BOE of existing production. Additionally, the Company did an evaluation of the reserves acquired, based on varying percentages of the present value discounted at 10 percent (PV-10) of the different categories (PDP, PDNP and PUD) of the reserves. Based on these evaluations, we determined that the price paid was a reasonable approximation of the fair value of the oil and gas assets acquired. Given the significance of the unobservable nature of a number of the inputs, these are considered Level 3 on the fair value hierarchy. The Company recorded the prepaid expenses, joint interest billing receivables and revenues payable at the carrying value assumed from Wishbone. The carrying amounts of receivables and accounts payable and other current assets and liabilities approximate fair value because of the short-term maturities and/or liquid nature of these assets and liabilities. 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 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative contracts ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative contracts ​ $ — ​ $ (3,000,078) ​ $ — ​ $ (3,000,078) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ (3,000,078) ​ $ — ​ $ (3,000,078) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative contracts ​ $ — ​ $ (4,156,601) ​ $ — ​ $ (4,156,601) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ (4,156,601) ​ $ — ​ $ (4,156,601) ​

REVOLVING LINE OF CREDIT

REVOLVING LINE OF CREDIT	12 Months Ended
	Dec. 31, 2020
REVOLVING LINE OF CREDIT
REVOLVING LINE OF CREDIT	NOTE 10 – 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 (the “Administrative Agent”), which was amended on April June 14, 2018, May 18, 2016, July 24, 2015, and June 26, 2015. In April 2019, 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, increases the maximum borrowing amount to $1 billion, extends the maturity date through April 2024 and makes other modifications to the terms of the Credit Facility. This Credit Facility was amended on December 23, 2020 and June 17, 2020. The latest amendment adjusted the borrowing base to $350 million and made other modifications to the terms of the Credit Facility. The Credit Facility is secured by a first lien 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 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 (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 (outstanding debt to adjusted earnings before interest, taxes, depreciation and amortization) 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. The amendment to the credit facility in June 2020 allowed for a Leverage Ratio of not greater than 4.75 to 1 as of the last day of the fiscal quarter ending September 30, 2020. The December 2020 amendment permitted a total Leverage Ratio not greater than 4.25 for the period ending March 31, 2021. The Credit Facility also contains other customary affirmative and negative covenants and events of default. As of December 31, 2020, $313,000,000 was outstanding on the Credit Facility. We are in compliance with all covenants contained in the Credit Facility.

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	12 Months Ended
	Dec. 31, 2020
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION	NOTE 11 – ASSET RETIREMENT OBLIGATION A reconciliation of the asset retirement obligation for the years ended December 31, 2018, 2019 and 2020 is as follows: ​ ​ ​ ​ ​ Balance, December 31, 2017 ​ $ 9,055,697 Liabilities acquired ​ $ 2,571,549 Liabilities incurred ​ ​ 1,311,956 Liabilities settled ​ ​ (577,824) Revision of estimate (1) ​ ​ 87,960 Accretion expense ​ ​ 606,459 Balance, December 31, 2018 ​ $ 13,055,797 Liabilities acquired ​ $ 3,745,642 Liabilities incurred ​ ​ 631,727 Liabilities settled ​ ​ (1,589,654) Accretion expense ​ ​ 943,707 Balance, December 31, 2019 ​ $ 16,787,219 Liabilities incurred ​ ​ 99,436 Liabilities settled ​ ​ (710,577) Revision of estimate (1) ​ ​ 34,441 Accretion expense ​ ​ 906,616 Balance, December 31, 2020 ​ $ 17,117,135 ​ (1) Several factors are considered in the annual review process, including current estimates for removal cost and estimated remaining useful life of the assets. The 2018 revision of estimates reflect decreases in the estimated remaining useful life of certain assets. The 2020 revision of estimates reflect an adjustment to the estimates for plugging costs.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2020
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 12 – STOCKHOLDERS’ EQUITY The Company is authorized to issue 150,000,000 common shares, with a par value of $0.001 per share and 50,000,000 shares of Preferred Stock. Issuance of equity instruments in public and private offerings In October 2020, the Company closed on an underwritten public offering of (i) 9,575,800 Common Shares, (ii) 13,428,500 Pre-Funded Warrants and (iii) 23,004,300 Common Warrants at a combined purchase price of $0.70. This includes a partial exercise of the over-allotment. The Common Warrants have a term of five years and an exercise price of $0.80 per share. Gross proceeds totaled $16,089,582. Concurrently with the underwritten public offering, the Company closed on a registered direct offering of (i) 3,500,000 Common Shares, (ii) 3,300,000 Pre-Funded Warrants and (iii) 6,800,000 Common Warrants at a combined purchase price of $0.70 per Common Share and Pre-Funded Warrant. The Common Warrants have a term of five years and an exercise price of $0.80 per share. Gross proceeds totaled $4,756,700. Total gross proceeds from the 2020 underwritten public offering and the registered direct Common stock issued pursuant to warrant exercise - Common stock issued in property acquisition – Also as discussed in Note 5, in April 2019, the Company completed the acquisition of assets from Wishbone Partners, LLC. As a part of the consideration for the acquisition, the Company issued 4,576,951 shares of common stock. 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 issued, based on this price, was $28,331,327. In April 2020, 16,702 shares were returned and cancelled as settlement of post-closing adjustments. 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 $103,385. Common Stock Issued for option exercises ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock price on Aggregate value ​ ​ Options ​ Exercise ​ Shares ​ Shares ​ Cash paid at ​ date of exercise ​ of shares retained ​ ​ exercised ​ price ($) ​ issued ​ retained ​ exercise ($) ​ ($) ​ ($) 2018 110,000 ​ $ 2.00 90,375 19,625 ​ $ — ​ $ 11.21 ​ $ 220,000 ​ 50,000 ​ 2.00 50,000 — ​ 100,000 ​ 8.00 ​ — ​ 25,000 ​ 7.50 9,829 15,171 ​ — ​ 12.36 ​ $ 187,500 ​ 3,000 ​ 8.00 1,059 1,941 ​ — ​ 12.36 ​ $ 24,000 ​ 3,000 ​ 5.25 1,750 1,250 ​ — ​ 12.36 ​ $ 15,750 ​ 2,000 ​ 11.75 100 1,900 ​ — ​ 12.36 ​ $ 23,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Totals 193,000 ​ ​ 153,113 39,887 ​ $ 100,000 ​ ​ ​ ​ $ 470,750 2018 Weighted Averages ​ ​ $ 2.96 ​ ​ ​ ​ ​ $ 10.58 ​ ​ ​

EMPLOYEE STOCK OPTIONS, RESTRIC

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)	12 Months Ended
	Dec. 31, 2020
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)	NOTE 13 – EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) 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 a weighted 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. During October and December 2020, as a result of changes to the executive team and the Board of Directors, the Company accelerated the vesting of 1,131,955 shares of restricted stock. As a result of the acceleration of these vestings, the Company incurred additional compensation expense of $2,361,362. Compensation expense charged against income for share-based awards during the years ended December 31, 2020, 2019 and 2018 was $5,364,162, $3,082,625 and $3,870,934, respectively. These amounts are included in general and administrative expense in the accompanying Statements of Operations. In 2011, the Company’s Board of Directors approved and adopted a long-term incentive plan, which was subsequently approved and amended by the shareholders. There were 341,155 shares eligible for grant, either as options or as restricted stock, as of December 31, 2020. Employee Stock Options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 ​ ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ Options Exercise Price Options Exercise Price Options Exercise Price Outstanding at beginning of the year 2,748,500 ​ $ 6.28 2,751,000 ​ $ 6.28 3,193,000 ​ $ 6.07 Issued — ​ — — ​ — — ​ — Forfeited or rescinded (2,283,000) ​ 6.89 (2,500) ​ 11.70 (249,000) ​ 6.09 Exercised — ​ — — ​ — (193,000) ​ 2.96 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at end of year 465,500 ​ $ 3.26 2,748,500 ​ $ 6.28 2,751,000 ​ $ 6.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at end of year 455,300 ​ $ 3.11 2,506,700 ​ $ 5.78 2,323,900 ​ $ 5.42 ​ For the years ended December 31, 2020, 2019 and 2018, the Company incurred stock-based compensation expense related to stock options of $927,559, $625,855 and $1,853,913, respectively. As of December 31, 2020, there was $14,988 of unrecognized compensation cost related to stock options that will be recognized over a weighted average period of 0.6 years. The aggregate intrinsic value of options vested and expected to vest as of December 31, 2020 was $0. The aggregate intrinsic value of options exercisable at December 31, 2020 was $0. The year-end intrinsic values are based on a December 31, 2020 closing price of $0.66. Options exercised of 193,000 in 2018 had an aggregate intrinsic value on the date of exercise of $1,470,230. No options were exercised in 2020 or 2019. The following table summarizes information related to the Company’s stock options outstanding as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ Number ​ Contractual Life ​ Number Exercise price ​ Outstanding ​ (in years) ​ Exercisable 2.00 ​ 395,000 2.92 395,000 5.50 ​ 5,000 2.20 5,000 14.54 ​ 10,000 3.73 10,000 8.00 ​ 4,500 3.92 4,500 6.42 ​ 15,000 5.34 12,000 11.75 ​ 36,000 5.95 28,800 ​ ​ 465,500 ​ 3.25 455,300 ​ Restricted stock grants ​ ​ ​ ​ ​ # of shares of Grant date restricted stock April 4, 2018 2,000 September 27, 2018 2,500 December 26, 2018 615,380 April 9, 2019 ​ 10,400 May 30, 2019 ​ 5,000 July 9, 2019 ​ 5,000 September 13, 2019 ​ 10,000 December 21, 2019 ​ 627,205 October 1, 2020 ​ 900,000 October 26, 2020 ​ 150,000 December 15, 2020 ​ 930,000 ​ Restricted stock grants prior to 2020 vest at the rate of 20% each year over five years beginning one year from the date granted. Restricted stock grants in 2020 vest at a rate of 33% each year over three years beginning one year from the date granted. A summary of the status of restricted stock grants as of December 31, 2020, 2019 and 2018 and changes during the years ended December 31, 2020, 2019 and 2018 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 2018 ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant ​ ​ ​ Weighted- ​ ​ Weighted- ​ ​ ​ ​ Date Fair ​ ​ ​ Average Grant ​ ​ Average Grant ​ ​ Restricted stock ​ Value ​ Restricted stock ​ Date Fair Value ​ Restricted stock ​ Date Fair Value Outstanding at beginning of the year 1,341,889 $ 4.99 878,360 $ 7.33 ​ 330,900 ​ $ 13.44 Granted 1,980,000 0.71 657,605 2.63 ​ 619,880 ​ ​ 4.78 Forfeited or rescinded (9,200) 3.97 (6,940) 4.23 ​ (7,800) ​ ​ 13.44 Vested (1,180,392) 4.97 (187,136) 7.79 ​ (64,620) ​ ​ 13.44 Outstanding at end of year 2,132,297 $ 2.94 1,341,889 $ 4.99 ​ 878,360 ​ $ 7.33 ​ For the years ended December 31, 2020, 2019 and 2018, the Company incurred stock-based compensation expense related to restricted stock grants of $4,436,603, $2,456,770 and $2,017,021, respectively. As of December 31, 2020, there was $1,520,839 of unrecognized compensation cost related to restricted stock grants that will be recognized over a weighted average period of 1.5 years. During 2020, 2019 and 2018, 1,180,392, 187,136 and 64,620 shares of restricted stock vested, respectively. At the dates of vesting those shares had an aggregate intrinsic value of $801,133, $494,605 and $304,360, respectively. 401(k) Plan The following table presents the matching contributions expense recognized for the Company's 401(k) plan for the years ended December 31, 2020 and 2019. There were no matching contributions prior to 2019. ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Employer safe harbor match ​ 138,977 59,716 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 14 – RELATED PARTY TRANSACTIONS The Company is leasing office space from Arenaco, LLC, a company that is owned by two stockholders’ of the Company, Mr. Rochford, former Chairman of the Board of the Company, and Mr. McCabe

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENT LIABILITIES
COMMITMENTS AND CONTINGENT LIABILITIES	NOTE 15 – COMMITMENTS AND CONTINGENT LIABILITIES Standby Letters of Credit Surety Bonds

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	NOTE 16 – INCOME TAXES For the years ended December 31, 2020, 2019 and 2018, components of our provision for income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for (Benefit from) Income Taxes 2020 2019 2018 Deferred taxes ​ $ (6,001,176) ​ $ 13,787,654 ​ $ 3,445,721 Provision for (Benefit from) Income Taxes ​ $ (6,001,176) ​ $ 13,787,654 ​ $ 3,445,721 ​ The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Reconciliation 2020 2019 2018 Tax at federal statutory rate ​ $ (54,476,731) ​ $ 9,089,683 ​ $ 2,613,551 Non-deductible expenses ​ ​ 956 ​ 2,399 ​ 3,197 Excess tax benefit from stock option exercises and restricted stock vesting ​ ​ (1,109,379) ​ 4,055,418 ​ 828,973 Adjust prior estimates to tax return ​ ​ (4,754) ​ 19 ​ — States taxes, net of Federal benefit ​ ​ (964,393) ​ 160,913 ​ — Adjustment for change in future effective tax rate (1) ​ ​ — ​ 479,222 ​ — Valuation allowance (2) ​ ​ 50,553,125 ​ ​ — ​ ​ — Provision for Income Taxes ​ $ (6,001,176) ​ $ 13,787,654 ​ $ 3,445,721 ​ (1) The acquisition of the Northwest Shelf assets from Wishbone included properties in the State of New Mexico. The tax rates associated with the State of New Mexico adjusted our overall tax rate from 21% to 21.29% . This resulted in an additional tax expense during the year ended December 31, 2019 of $479,222 . (2) As a result of the ceiling test impairments recorded in 2020, a benefit from income tax provision was recorded resulting in a deferred tax asset. The Company recorded a full valuation allowance against the deferred tax asset of $50,553,125 . The net deferred taxes consisted of the following as of December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ Deferred Taxes: 2020 2019 Deferred tax liabilities ​ ​ ​ ​ Property and equipment ​ $ 5,357,255 ​ $ 56,325,029 ​ ​ ​ ​ ​ ​ ​ Deferred tax assets ​ ​ ​ ​ Stock-based compensation ​ ​ 2,248,272 ​ 269,264 Operating loss and IDC carryforwards ​ ​ 3,108,983 ​ 50,054,589 Deferred tax assets ​ ​ 5,357,255 ​ 50,323,853 Net deferred income tax liability ​ $ — ​ $ 6,001,176 ​ As of December 31, 2020, the Company had net operating loss carry forwards for federal income tax reporting purposes of approximately $107.4 million which, if unused, will begin to expire in 2027 and fully expire in 2038 and an additional $150.2 million that will not expire.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2020
QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 17 – QUARTERLY FINANCIAL DATA (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ ​ Three Months Ended ​ March 31 June 30 September 30 December 31 Revenues $ 29,891,391 ​ $ 29,924,883 ​ $ 32,687,179 ​ $ 27,561,908 Operating Income (Loss) ​ ​ 10,935,120 ​ 9,397,559 ​ 9,615,030 ​ (9,986,770) Net Income (Loss) ​ ​ 5,665,634 ​ 4,719,806 ​ 5,693,628 ​ (7,079,308) Basic Net Income (Loss) Per Share $ 0.10 ​ $ 0.08 ​ $ 0.09 ​ $ (0.12) Diluted Net Income (Loss) Per Share ​ ​ 0.10 ​ 0.08 ​ 0.09 ​ $ (0.12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ Three Months Ended ​ March 31 June 30 September 30 December 31 ​ ​ (restated) ​ (restated) ​ (restated) ​ ​ ​ Revenues ​ $ 41,798,315 ​ $ 51,334,225 ​ $ 50,339,105 ​ $ 52,231,186 Operating Income ​ 10,235,485 ​ 17,636,415 ​ 14,342,410 ​ 17,922,018 Net Income ​ 4,269,260 ​ 11,342,597 ​ 8,858,000 ​ 5,026,692 Basic Net Income Per Share ​ $ 0.07 ​ $ 0.17 ​ $ 0.13 ​ $ 0.08 Diluted Net Income Per Share ​ 0.07 ​ 0.17 ​ 0.13 ​ $ 0.08 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Three Months Ended ​ March 31 June 30 September 30 December 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 39,570,328 ​ $ 10,636,593 ​ $ 31,466,544 ​ $ 31,351,673 Operating Income (Loss) ​ 10,081,718 ​ (156,845,697) ​ 6,511,161 ​ (128,408,648) Net Income (Loss) ​ 43,804,118 ​ (135,000,066) ​ (1,961,603) ​ (160,254,277) Basic Net Income (Loss) Per Share ​ $ 0.64 ​ $ (1.99) ​ $ (0.03) ​ $ (1.83) Diluted Net Income (Loss) Per Share ​ 0.64 ​ (1.99) ​ (0.03) ​ ​ (1.83) ​

LEGAL MATTERS

LEGAL MATTERS	12 Months Ended
	Dec. 31, 2020
Legal Matters
LEGAL MATTERS	NOTE 18 – LEGAL MATTERS In the ordinary course of business, we may be, from time to time, a claimant or a defendant in various legal proceedings. We do not presently have any material litigation pending or threatened requiring disclosure under this item.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 19 – SUBSEQUENT EVENTS The Company entered into a Sublease Agreement dated January 15, 2021, covering approximately 15,728 square feet at 1725 Hughes Landing Blvd, Suite 900, The Woodlands, TX 77380. The sublease term will run until July 31, 2026. The Company entered into a Purchase, Sale and Exchange Agreement dated February 1, 2021, effective January 1, 2021, with Vin Fisher Operating, Inc. covering the sale and exchange of certain oil and gas interests in Andrews County, Texas. After the sale and transfer of wells and leases between the two parties, the Company also received cash consideration of $2,000,000. The deal greatly reduces the Company’s plug and abandonment obligation costs and also allows the Company to acquire new leasehold for the future drilling of additional horizontal wells. Subsequent to December 31, 2020, the remaining 13,428,500 Pre-Funded warrants and 184,800 of the Common Warrants issued in the October 2020 offering were exercised. Gross proceeds were $161,269. ​

ORGANIZATION, BASIS OF PRESEN_2

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Nature of Operations	Organization and Nature of Operations –
Use of Estimates	Use of Estimates
Fair Value Measurements	Fair Value Measurements
Fair Value of Financial Instruments	Fair Values of Financial Instruments
Fair Value of Non-financial Assets and Liabilities	Fair Value of Non-financial Assets and Liabilities
Concentration of Credit Risk and Accounts Receivable	Concentration of Credit Risk and Accounts Receivable Substantially all of the Company’s accounts receivable is from purchasers of oil and natural gas. Oil and natural gas sales are generally unsecured. The Company has not had any significant credit losses in the past and believes its accounts receivable are fully collectable. The Company also has a 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. Accordingly, no allowance for doubtful accounts has been provided as of December 31, 2020 and 2019.
Cash and Cash Equivalents	Cash and Cash Equivalents
Oil and Natural Gas Properties	Oil and Natural Gas Properties The Company records a liability in the period in which an asset retirement obligation (“ARO”) is incurred, in an amount equal to the discounted estimated fair value of the obligation that is capitalized. Thereafter this liability is accreted up to the final retirement cost. An ARO is a future expenditure related to the disposal or other retirement of certain assets. The Company’s ARO relates to future plugging and abandonment expenses of its oil and natural gas properties and related facilities disposal. All capitalized costs of oil and natural gas properties, including the estimated future costs to develop proved reserves and estimated future costs to plug and abandon wells and costs of site restoration, less the estimated salvage value of equipment associated with the oil and natural gas properties, are amortized on the unit-of-production method using estimates of proved reserves as determined by independent petroleum engineers. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is offset to the capitalized costs to be amortized. The following table shows total depletion and the depletion per barrel-of-oil-equivalent rate, for the years ended December 31, 2020, 2019 and 2018. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2020 2019 2018 Depletion ​ ​ $ 42,634,294 ​ $ 55,870,246 ​ $ 38,810,864 Depletion rate, per barrel-of-oil-equivalent (BOE) ​ ​ $ 13.25 ​ $ 14.15 ​ $ 17.38 ​ In addition, capitalized costs less accumulated depreciation, depletion and amortization and related deferred income taxes shall not exceed an amount (the full cost ceiling) equal to the sum of: 1) the present value of estimated future net revenues discounted ten percent computed in compliance with SEC guidelines; 2) plus the cost of properties not being amortized; 3) plus the lower of cost or estimated fair value of unproven properties included in the costs being amortized; 4) less income tax effects related to differences between the book and tax basis of the properties. For the years ended December 31, 2020 and 2018, the Company recognized impairments on oil and natural gas properties as a result of the ceiling test in the amount of $277,501,943 and $14,172,309, respectively. No impairment was recorded for the year ended December 31, 2019.
Land, Buildings, Equipment and Leasehold Improvements	Land, Buildings, Equipment and Leasehold Improvements Depreciation of buildings equipment , software and leasehold improvements is calculated using the straight-line method based upon the following estimated useful lives: ​ ​ ​ Leasehold improvements 3‑10 years Office equipment and software 3‑7 years Equipment 5‑10 years ​ Depreciation expense was $376,366, $334,023 and $214,022 for the years ended December 31, 2020, 2019 and 2018, respectively.
Revenue Recognition	Revenue Recognition Revenues from Contracts with Customers (Topic 606)
Income Taxes	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%. For the year ended December 31, 2020, the Company recorded a full valuation allowance against the deferred tax asset of $50,553,125. The Company was in a deferred tax asset position as a result of the ceiling test impairment recorded during 2020. No valuation allowance was recorded for the years ended December 31, 2019 or 2018.
Accounting for Uncertainty in Income Taxes	Accounting for Uncertainty in Income Taxes
Earnings (Loss) Per Share	Earnings (Loss) Per Share
Major Customers	Major Customers
Stock-Based Employee and Non-Employee Compensation	Stock-Based Employee and Non-Employee Compensation Stock-based compensation incurred for the years ended December 31, 2020, 2019 and 2018 was $5,364,162, $3,082,625 and $3,870,934, respectively.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities
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”).

ORGANIZATION, BASIS OF PRESEN_3

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of total depletion and depletion per barrel-of-oil-equivalent rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ 2020 2019 2018 Depletion ​ ​ $ 42,634,294 ​ $ 55,870,246 ​ $ 38,810,864 Depletion rate, per barrel-of-oil-equivalent (BOE) ​ ​ $ 13.25 ​ $ 14.15 ​ $ 17.38
Schedule Of Property Plant And Equipment Estimated Useful Lives	Depreciation of buildings equipment , software and leasehold improvements is calculated using the straight-line method based upon the following estimated useful lives: ​ ​ ​ Leasehold improvements 3‑10 years Office equipment and software 3‑7 years Equipment 5‑10 years ​

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2020
REVENUE RECOGNITION
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2020 2019 2018 Operating revenues ​ ​ ​ ​ Oil ​ $ 109,113,557 ​ $ 191,891,314 ​ $ 116,678,375 Natural gas ​ 3,911,581 ​ 3,811,517 ​ 3,386,986 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total operating revenues ​ $ 113,025,138 ​ $ 195,702,831 ​ $ 120,065,361

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
LEASES
Schedule of future lease payments of operating lease and finance lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2022 2023 2024 2025 Operating lease payments (1) ​ $ 909,035 ​ $ 186,127 ​ $ 178,377 ​ $ 164,527 ​ $ 164,527 Financing lease payments (2) ​ ​ 311,206 ​ ​ 132,499 ​ ​ — ​ ​ — ​ ​ — ​ (1) The weighted average discount rate as of December 31, 2020 for operating leases was 4.50% . Based on this rate, the future lease payments above include imputed interest of $108,195 . The weighted average remaining term of operating leases was 3.0 years. (2) The weighted average discount rate as of December 31, 2020 for financing leases was 5.26% . Based on this rate, the future lease payments above include imputed interest of $21,538 . The weighted average remaining term of financing leases was 1.42 years.
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ 2020 Operating lease costs ​ $ 1,196,373 ​ Short term lease costs (1) ​ ​ 5,337,433 ​ Financing lease costs: ​ ​ ​ ​ Amortization of financing lease assets (2) ​ ​ 287,413 ​ Interest on lease liabilities (3) ​ ​ 30,237 ​ ​ (1) Amount included in Oil and gas production costs (2) Amount included in Depreciation, depletion and amortization (3) Amount included in Interest expense

EARNINGS (LOSS) PER SHARE INF_2

EARNINGS (LOSS) PER SHARE INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
EARNINGS (LOSS) PER SHARE INFORMATION
Schedule of earnings per share, Basic and Diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2020 2019 2018 Net Income (Loss) ​ $ (253,411,828) ​ $ 29,496,551 ​ $ 8,999,760 Basic Weighted-Average Shares Outstanding ​ 72,891,310 ​ 66,571,738 ​ 59,531,200 Effect of dilutive securities: ​ ​ ​ Stock options ​ — ​ 174,944 ​ 1,238,786 Restricted stock ​ — ​ 10,346 ​ 78,191 Common warrants ​ ​ — ​ ​ — ​ ​ — Diluted Weighted-Average Shares Outstanding ​ 72,891,310 ​ 66,757,028 ​ 60,848,177 Basic Earnings (Loss) per Share ​ $ (3.48) ​ $ 0.44 ​ $ 0.15 Diluted Earnings (Loss) per Share ​ $ (3.48) ​ $ 0.44 ​ $ 0.15

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2020
ACQUISITIONS
Schedule of revenues and direct operating costs associated with the acquired properties	The revenues and direct operating costs associated with the acquired properties included in our financial statements for the year ended December 31, 2019 are as follows: ​ ​ ​ ​ Revenue $ 105,102,038 ​ ​ ​ ​ Oil and natural gas production costs ​ 17,037,228 Oil and natural gas production taxes ​ 4,646,660 ​ ​ ​ ​ Total direct costs (1) ​ 21,683,888 ​ ​ ​ ​ Earnings from the Acquired properties ​ $ 83,418,150 ​ (1) This includes only oil and natural gas production costs and oil and natural gas production taxes and does not give account to depreciation, depletion and amortization, accretion of asset retirement obligation, general and administrative expense, interest expense or any other cost that cannot be directly correlated to the Acquisition.
Schedule of business acquisition pro forma information	​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2019 2018 Oil and Natural Gas Revenues ​ $ 202,368,245 ​ $ 196,385,905 Net Income ​ $ 29,556,993 ​ $ 29,105,827 ​ ​ ​ ​ ​ ​ ​ Basic Earnings per Share ​ $ 0.44 ​ $ 0.49 Diluted Earnings per Share ​ $ 0.44 ​ $ 0.48
Oil and Natural Gas Assets in Andrews County
ACQUISITIONS
Schedule of fair values of the assets acquired and the liabilities assumed	​ ​ ​ ​ ​ Assets acquired ​ Proved oil and natural gas properties ​ $ 13,775,807 Liabilities assumed ​ Asset retirement obligations ​ (2,571,549) Total Identifiable Net Assets ​ $ 11,204,258 ​
Wishbone Acquisition
ACQUISITIONS
Schedule of fair values of the assets acquired and the liabilities assumed	​ ​ ​ ​ ​ Assets acquired: ​ ​ Proved oil and natural gas properties ​ $ 305,004,775 Joint interest billing receivable ​ ​ 1,464,394 Prepaid assets ​ ​ 2,864,554 Liabilities assumed ​ ​ ​ Accounts and revenues payable ​ ​ (1,234,861) Asset retirement obligations ​ ​ (3,705,941) Total Identifiable Net Assets ​ $ 304,392,921

OIL AND NATURAL GAS PRODUCING_2

OIL AND NATURAL GAS PRODUCING ACTIVITIES (Tables)	12 Months Ended
	Dec. 31, 2020
OIL AND NATURAL GAS PRODUCING ACTIVITIES
Schedule of capitalized costs relating to Oil and Natural Gas producing activities	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 2019 Proved oil and natural gas properties ​ $ 836,514,815 ​ $ 1,083,966,135 Financing lease asset subject to depreciation ​ ​ 858,513 ​ ​ 858,513 Fixed assets subject to depreciation ​ 1,520,890 ​ 1,465,551 Total capitalized costs ​ 838,894,218 ​ 1,086,290,199 Accumulated depletion, depreciation and amortization ​ (200,111,658) ​ (157,074,044) ​ ​ ​ ​ ​ ​ ​ Net Capitalized Costs ​ $ 638,782,560 ​ $ 929,216,155 ​
Schedule of net costs incurred in Oil and Gas producing activities	Net Costs Incurred in Oil and Gas Producing Activities ​ ​ ​ ​ ​ ​ ​ For the years Ended December 31, 2020 2019 Payments for the Wishbone Acquisition ​ $ — ​ $ 276,061,594 Payments to purchase oil and natural gas properties ​ 1,317,313 ​ 3,400,411 Proceeds from divestiture of oil and natural gas properties ​ ​ — ​ ​ (8,547,074) Payments to develop oil and natural gas properties ​ ​ 42,457,745 ​ ​ 152,125,320 Payments to acquire or improve fixed assets subject to depreciation ​ ​ 55,339 ​ ​ — Total Net Costs Incurred ​ $ 43,830,397 ​ $ 423,040,251

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of derivative contracts for WTI	The following table provides information as to derivative contracts for WTI that were in place during the years ended December 31, 2020, 2019 and 2018. The Company did not have any natural gas derivative contracts during these years. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Barrels per ​ ​ ​ ​ ​ ​ Date entered into ​ Period covered ​ day ​ Put price ​ Call price ​ Swap price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 costless collars ​ ​ ​ 09/25/17 Calendar year 2018 1,000 ​ $ 49.00 ​ $ 54.60 ​ 10/27/17 Calendar year 2018 1,000 ​ 51.00 ​ 54.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 costless collars ​ ​ ​ 8/27/2018 (1) Calendar year 2019 2,000 ​ 60.00 ​ 70.05 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 costless collars ​ ​ ​ 04/01/19 Calendar year 2020 (2) 1,000 ​ 50.00 ​ 65.83 ​ 04/01/19 Calendar year 2020 (2) 1,000 ​ 50.00 ​ 65.40 ​ 11/05/19 Calendar year 2020 (2) 1,000 ​ 50.00 ​ 58.40 ​ 11/07/19 Calendar year 2020 (2) 1,000 ​ 50.00 ​ 58.25 ​ 11/11/19 Calendar year 2020 (2) 1,500 ​ 50.00 ​ 58.65 ​ 2020 swaps ​ ​ ​ 05/29/20 June 2020 and July 2020 (2) 5,500 ​ ​ ​ $ 33.24 ​ (1) On October 10, 2018, the Company terminated the costless collars for calendar year 2019 through the payment of $3,438,300. (2) On May 29, 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.
Schedule of put and call prices of those contracts	Throughout 2020, the Company entered into additional derivative contracts in the form of costless collars and swaps for 2021 and 2022 for both oil and natural gas. The following tables reflect the details of those contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Barrels per ​ ​ ​ ​ ​ ​ Date entered into ​ Period covered ​ day ​ Put price ​ Call price ​ Swap price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil derivative contracts ​ ​ ​ 2021 costless collars ​ ​ ​ 02/25/20 Calendar year 2021 1,000 ​ $ 45.00 ​ $ 54.75 ​ 02/25/20 Calendar year 2021 1,000 ​ 45.00 ​ 52.71 ​ 02/27/20 Calendar year 2021 1,000 ​ 40.00 ​ 55.08 ​ 03/02/20 Calendar year 2021 1,500 ​ 40.00 ​ 55.35 ​ 2021 swaps ​ ​ ​ 11/25/20 Calendar year 2021 2,000 ​ ​ ​ $ 45.37 12/02/20 Calendar year 2021 500 ​ ​ ​ 45.38 12/03/20 Calendar year 2021 500 ​ ​ ​ 45.00 12/04/20 Calendar year 2021 500 ​ ​ ​ 45.40 12/04/20 Calendar year 2021 500 ​ ​ ​ 45.60 12/07/20 Calendar year 2021 500 ​ ​ ​ 45.96 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 swaps ​ ​ ​ 12/04/20 Calendar year 2022 500 ​ ​ ​ 44.22 12/07/20 Calendar year 2022 500 ​ ​ ​ 44.75 12/10/20 Calendar year 2022 500 ​ ​ ​ 44.97 12/17/20 Calendar year 2022 250 ​ ​ ​ 45.98 ​ ​ ​ ​ ​ ​ ​ ​ ​ Date entered into Period covered MMBTU per day Swap price ​ ​ ​ ​ ​ ​ ​ ​ Natural gas derivative contracts ​ 2021 swaps ​ 11/04/20 Calendar year 2021 6,000 ​ $ 2.991 ​ ​ ​ ​ ​ ​ ​ ​ 2022 swaps ​ 11/04/20 Calendar year 2022 5,000 ​ 2.7255

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
FAIR VALUE MEASUREMENTS
Schedule of valuation of assets and liabilities that are measured at fair value on a recurring basis	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 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative contracts ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative contracts ​ $ — ​ $ (3,000,078) ​ $ — ​ $ (3,000,078) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ (3,000,078) ​ $ — ​ $ (3,000,078) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Oil and gas derivative contracts ​ $ — ​ $ (4,156,601) ​ $ — ​ $ (4,156,601) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ (4,156,601) ​ $ — ​ $ (4,156,601)

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2020
ASSET RETIREMENT OBLIGATION
Schedule of asset retirement obligation	​ ​ ​ ​ ​ Balance, December 31, 2017 ​ $ 9,055,697 Liabilities acquired ​ $ 2,571,549 Liabilities incurred ​ ​ 1,311,956 Liabilities settled ​ ​ (577,824) Revision of estimate (1) ​ ​ 87,960 Accretion expense ​ ​ 606,459 Balance, December 31, 2018 ​ $ 13,055,797 Liabilities acquired ​ $ 3,745,642 Liabilities incurred ​ ​ 631,727 Liabilities settled ​ ​ (1,589,654) Accretion expense ​ ​ 943,707 Balance, December 31, 2019 ​ $ 16,787,219 Liabilities incurred ​ ​ 99,436 Liabilities settled ​ ​ (710,577) Revision of estimate (1) ​ ​ 34,441 Accretion expense ​ ​ 906,616 Balance, December 31, 2020 ​ $ 17,117,135

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2020
STOCKHOLDERS' EQUITY
Schedule of common stock issued in option exercise	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock price on Aggregate value ​ ​ Options ​ Exercise ​ Shares ​ Shares ​ Cash paid at ​ date of exercise ​ of shares retained ​ ​ exercised ​ price ($) ​ issued ​ retained ​ exercise ($) ​ ($) ​ ($) 2018 110,000 ​ $ 2.00 90,375 19,625 ​ $ — ​ $ 11.21 ​ $ 220,000 ​ 50,000 ​ 2.00 50,000 — ​ 100,000 ​ 8.00 ​ — ​ 25,000 ​ 7.50 9,829 15,171 ​ — ​ 12.36 ​ $ 187,500 ​ 3,000 ​ 8.00 1,059 1,941 ​ — ​ 12.36 ​ $ 24,000 ​ 3,000 ​ 5.25 1,750 1,250 ​ — ​ 12.36 ​ $ 15,750 ​ 2,000 ​ 11.75 100 1,900 ​ — ​ 12.36 ​ $ 23,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 Totals 193,000 ​ ​ 153,113 39,887 ​ $ 100,000 ​ ​ ​ ​ $ 470,750 2018 Weighted Averages ​ ​ $ 2.96 ​ ​ ​ ​ ​ $ 10.58 ​ ​

EMPLOYEE STOCK OPTIONS, RESTR_2

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) (Tables)	12 Months Ended
	Dec. 31, 2020
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)
Schedule of Stock Options Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 ​ ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ Options Exercise Price Options Exercise Price Options Exercise Price Outstanding at beginning of the year 2,748,500 ​ $ 6.28 2,751,000 ​ $ 6.28 3,193,000 ​ $ 6.07 Issued — ​ — — ​ — — ​ — Forfeited or rescinded (2,283,000) ​ 6.89 (2,500) ​ 11.70 (249,000) ​ 6.09 Exercised — ​ — — ​ — (193,000) ​ 2.96 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at end of year 465,500 ​ $ 3.26 2,748,500 ​ $ 6.28 2,751,000 ​ $ 6.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at end of year 455,300 ​ $ 3.11 2,506,700 ​ $ 5.78 2,323,900 ​ $ 5.42
Schedule of Stock Options Outstanding	The following table summarizes information related to the Company’s stock options outstanding as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ Number ​ Contractual Life ​ Number Exercise price ​ Outstanding ​ (in years) ​ Exercisable 2.00 ​ 395,000 2.92 395,000 5.50 ​ 5,000 2.20 5,000 14.54 ​ 10,000 3.73 10,000 8.00 ​ 4,500 3.92 4,500 6.42 ​ 15,000 5.34 12,000 11.75 ​ 36,000 5.95 28,800 ​ ​ 465,500 ​ 3.25 455,300
Schedule of Restricted Stock Shares Activity	​ ​ ​ ​ ​ # of shares of Grant date restricted stock April 4, 2018 2,000 September 27, 2018 2,500 December 26, 2018 615,380 April 9, 2019 ​ 10,400 May 30, 2019 ​ 5,000 July 9, 2019 ​ 5,000 September 13, 2019 ​ 10,000 December 21, 2019 ​ 627,205 October 1, 2020 ​ 900,000 October 26, 2020 ​ 150,000 December 15, 2020 ​ 930,000
Schedule of Restricted Stock Grants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 2018 ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant ​ ​ ​ Weighted- ​ ​ Weighted- ​ ​ ​ ​ Date Fair ​ ​ ​ Average Grant ​ ​ Average Grant ​ ​ Restricted stock ​ Value ​ Restricted stock ​ Date Fair Value ​ Restricted stock ​ Date Fair Value Outstanding at beginning of the year 1,341,889 $ 4.99 878,360 $ 7.33 ​ 330,900 ​ $ 13.44 Granted 1,980,000 0.71 657,605 2.63 ​ 619,880 ​ ​ 4.78 Forfeited or rescinded (9,200) 3.97 (6,940) 4.23 ​ (7,800) ​ ​ 13.44 Vested (1,180,392) 4.97 (187,136) 7.79 ​ (64,620) ​ ​ 13.44 Outstanding at end of year 2,132,297 $ 2.94 1,341,889 $ 4.99 ​ 878,360 ​ $ 7.33
Schedule of contributions expense	​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Employer safe harbor match ​ 138,977 59,716

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
Schedule of Components of Income Tax Expense	For the years ended December 31, 2020, 2019 and 2018, components of our provision for income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for (Benefit from) Income Taxes 2020 2019 2018 Deferred taxes ​ $ (6,001,176) ​ $ 13,787,654 ​ $ 3,445,721 Provision for (Benefit from) Income Taxes ​ $ (6,001,176) ​ $ 13,787,654 ​ $ 3,445,721
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Reconciliation 2020 2019 2018 Tax at federal statutory rate ​ $ (54,476,731) ​ $ 9,089,683 ​ $ 2,613,551 Non-deductible expenses ​ ​ 956 ​ 2,399 ​ 3,197 Excess tax benefit from stock option exercises and restricted stock vesting ​ ​ (1,109,379) ​ 4,055,418 ​ 828,973 Adjust prior estimates to tax return ​ ​ (4,754) ​ 19 ​ — States taxes, net of Federal benefit ​ ​ (964,393) ​ 160,913 ​ — Adjustment for change in future effective tax rate (1) ​ ​ — ​ 479,222 ​ — Valuation allowance (2) ​ ​ 50,553,125 ​ ​ — ​ ​ — Provision for Income Taxes ​ $ (6,001,176) ​ $ 13,787,654 ​ $ 3,445,721
Schedule of Deferred Tax Assets and Liabilities	The net deferred taxes consisted of the following as of December 31, 2020 and 2019: ​ ​ ​ ​ ​ ​ ​ Deferred Taxes: 2020 2019 Deferred tax liabilities ​ ​ ​ ​ Property and equipment ​ $ 5,357,255 ​ $ 56,325,029 ​ ​ ​ ​ ​ ​ ​ Deferred tax assets ​ ​ ​ ​ Stock-based compensation ​ ​ 2,248,272 ​ 269,264 Operating loss and IDC carryforwards ​ ​ 3,108,983 ​ 50,054,589 Deferred tax assets ​ ​ 5,357,255 ​ 50,323,853 Net deferred income tax liability ​ $ — ​ $ 6,001,176

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2020
QUARTERLY FINANCIAL DATA (UNAUDITED)
Schedule of quarterly financial data (unaudited)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2018 ​ ​ Three Months Ended ​ March 31 June 30 September 30 December 31 Revenues $ 29,891,391 ​ $ 29,924,883 ​ $ 32,687,179 ​ $ 27,561,908 Operating Income (Loss) ​ ​ 10,935,120 ​ 9,397,559 ​ 9,615,030 ​ (9,986,770) Net Income (Loss) ​ ​ 5,665,634 ​ 4,719,806 ​ 5,693,628 ​ (7,079,308) Basic Net Income (Loss) Per Share $ 0.10 ​ $ 0.08 ​ $ 0.09 ​ $ (0.12) Diluted Net Income (Loss) Per Share ​ ​ 0.10 ​ 0.08 ​ 0.09 ​ $ (0.12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ ​ Three Months Ended ​ March 31 June 30 September 30 December 31 ​ ​ (restated) ​ (restated) ​ (restated) ​ ​ ​ Revenues ​ $ 41,798,315 ​ $ 51,334,225 ​ $ 50,339,105 ​ $ 52,231,186 Operating Income ​ 10,235,485 ​ 17,636,415 ​ 14,342,410 ​ 17,922,018 Net Income ​ 4,269,260 ​ 11,342,597 ​ 8,858,000 ​ 5,026,692 Basic Net Income Per Share ​ $ 0.07 ​ $ 0.17 ​ $ 0.13 ​ $ 0.08 Diluted Net Income Per Share ​ 0.07 ​ 0.17 ​ 0.13 ​ $ 0.08 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Three Months Ended ​ March 31 June 30 September 30 December 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 39,570,328 ​ $ 10,636,593 ​ $ 31,466,544 ​ $ 31,351,673 Operating Income (Loss) ​ 10,081,718 ​ (156,845,697) ​ 6,511,161 ​ (128,408,648) Net Income (Loss) ​ 43,804,118 ​ (135,000,066) ​ (1,961,603) ​ (160,254,277) Basic Net Income (Loss) Per Share ​ $ 0.64 ​ $ (1.99) ​ $ (0.03) ​ $ (1.83) Diluted Net Income (Loss) Per Share ​ 0.64 ​ (1.99) ​ (0.03) ​ ​ (1.83)

ORGANIZATION, BASIS OF PRESEN_4

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- Total depletion and depletion per barrel (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Depletion	$ 42,634,294	$ 55,870,246	$ 38,810,864
Depletion rate, per barrel-of-oil-equivalent (BOE)	$ 13.25	$ 14.15	$ 17.38

ORGANIZATION, BASIS OF PRESEN_5

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details)	12 Months Ended
	Dec. 31, 2020
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Office equipment and aoftware | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office equipment and aoftware | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

ORGANIZATION, BASIS OF PRESEN_6

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional information (Details) - USD ($)	Dec. 22, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Organization And Summary Of Significant Accounting Policies [Line Items]
Fair Value, Concentration of Risk, Cash and Cash Equivalents		$ 3,328,634	$ 9,754,622
Allowance for doubtful accounts		0	0
Depreciation		376,366	334,023		$ 214,022
Share-based Compensation		5,364,162	3,082,625	$ 3,870,934
Impairment of Oil and Gas Properties		277,501,943	0	14,172,309
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent.	21.00%
Valuation allowance		50,553,125	0	0
Cumulative Effect on Retained Earning,Net Of Tax		294,765,813	523,509,933	$ 462,599,430	356,603,340
Excess Tax Benefit From Share Based Compensation		$ (2,026,006)	$ (3,855,389)		$ 907,884
Sales Revenue, Net | Customer One
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		68.00%	42.00%	85.00%
Sales Revenue, Net | Customer Two
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		10.00%	36.00%	11.00%
Sales Revenue, Net | Customer Three
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		8.00%	7.00%
Accounts Receivable | Customer One
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		80.00%	47.00%	90.00%
Accounts Receivable | Customer Two
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		0.00%	31.00%
Accounts Receivable | Customer Three
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		5.00%	9.00%

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUE RECOGNITION
Oil	$ 109,113,557	$ 191,891,314	$ 116,678,375
Natural gas	3,911,581	3,811,517	3,386,986
Total operating revenues	$ 113,025,138	$ 195,702,831	$ 120,065,361

LEASES - Future lease payments

LEASES - Future lease payments (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
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
2021	$ 909,035
2022	186,127
2023	178,377
2024	164,527
2025	$ 164,527
Weighted average discount rate	4.50%
Imputed interest	$ 108,195
Weighted average remaining term	3 years
Financing lease payments
2021	$ 311,206
2022	$ 132,499
Weighted average discount rate	5.26%
Imputed interest	$ 21,538
Weighted average remaining term	1 year 5 months 1 day

LEASES - Supplemental informati

LEASES - Supplemental information regarding cash flows from operations (Details)	12 Months Ended
	Dec. 31, 2020USD ($)
LEASES
Operating lease costs	$ 1,196,373
Short term lease costs (1)	5,337,433
Financing lease costs:
Amortization of financing lease assets (2)	287,413
Interest on lease liabilities (3)	$ 30,237

EARNINGS (LOSS) PER SHARE INF_3

EARNINGS (LOSS) PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss)	$ (160,254,277)	$ (1,961,603)	$ (135,000,066)	$ 43,804,118	$ 5,026,692	$ 8,858,000	$ 11,342,597	$ 4,269,260	$ (7,079,308)	$ 5,693,628	$ 4,719,806	$ 5,665,634	$ (253,411,828)	$ 29,496,551	$ 8,999,760
Basic Weighted-Average Shares Outstanding													72,891,310	66,571,738	59,531,200
Effect of dilutive securities:
Diluted Weighted-Average Shares Outstanding													72,891,310	66,757,028	60,848,177
Basic Earnings (Loss) per share	$ (1.83)	$ (0.03)	$ (1.99)	$ 0.64	$ 0.08	$ 0.13	$ 0.17	$ 0.07	$ (0.12)	$ 0.09	$ 0.08	$ 0.10	$ (3.48)	$ 0.44	$ 0.15
Diluted Earnings (Loss) per share	$ (1.83)	$ (0.03)	$ (1.99)	$ 0.64	$ 0.08	$ 0.13	$ 0.17	$ 0.07	$ (0.12)	$ 0.09	$ 0.08	$ 0.10	$ (3.48)	$ 0.44	$ 0.15
Restricted Stock
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment														10,346	78,191
Stock options
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment														174,944	1,238,786

EARNINGS (LOSS) PER SHARE INF_4

EARNINGS (LOSS) PER SHARE INFORMATION - Additional information (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Pre Funded Warrants, Shares	13,428,500
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	2,144,617	704,684	2,500
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		465,500	2,353,500	574,500
Common warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares were excluded from the computation of diluted earnings per share	29,804,300

ACQUISITIONS - The estimated fa

ACQUISITIONS - The estimated fair value of the acquired properties (Details) - Oil and Natural Gas Assets in Andrews County	Dec. 31, 2020USD ($)
Assets acquired
Proved oil and natural gas properties	$ 13,775,807
Liabilities assumed
Asset retirement obligations	(2,571,549)
Total Identifiable Net Assets	$ 11,204,258

ACQUISITIONS - The fair values

ACQUISITIONS - The fair values of the assets acquired and the liabilities assumed (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets acquired
Joint interest billing receivable	$ 0	$ 1,464,394	$ 0
Prepaid assets	0	2,864,554	0
Liabilities assumed
Accounts and revenues payable	0	(1,234,861)	0
Asset retirement obligation incurred through acquisition	0	$ (3,705,941)	$ 0
Wishbone Acquisition
Assets acquired
Proved oil and gas properties	305,004,775
Joint interest billing receivable	1,464,394
Prepaid assets	2,864,554
Liabilities assumed
Accounts and revenues payable	(1,234,861)
Asset retirement obligation incurred through acquisition	(3,705,941)
Total Identifiable Net Assets	$ 304,392,921

ACQUISITIONS - Revenues and dir

ACQUISITIONS - Revenues and direct operating costs associated with the acquired properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Revenues	$ 113,025,138	$ 195,702,831	$ 120,065,361
Oil and natural gas production costs	36,968,873	48,496,225	27,801,989
Oil and natural gas production taxes	$ 5,228,090	9,130,379	$ 5,631,093
Acquired properties
Business Acquisition [Line Items]
Revenues		105,102,038
Oil and natural gas production costs		17,037,228
Oil and natural gas production taxes		4,646,660
Total direct costs (1)		21,683,888
Earnings from the Acquired properties		$ 83,418,150

ACQUISITIONS - The operations o

ACQUISITIONS - The operations of the Company as if the acquisition of assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
ACQUISITIONS
Oil and Gas Revenues	$ 202,368,245	$ 196,385,905
Net Income	$ 29,556,993	$ 29,105,827
Basic Earnings per Share	$ 0.44	$ 0.49
Diluted Earnings per Share	$ 0.44	$ 0.48

ACQUISITIONS (Details)

ACQUISITIONS (Details)	Apr. 09, 2019USD ($)ashares	Dec. 31, 2018USD ($)a$ / shares	Dec. 31, 2020USD ($)	Feb. 25, 2019$ / shares
Business Acquisition [Line Items]
Gas and Oil Area, Developed, Net | a		4,788
Gas and Oil Area, Developed, Gross | a		4,854
Business Combination, Acquisition Related Costs		$ 23,321	$ 4,100,000
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned			$ 103,385
Oil and Natural Gas Assets in Andrews County
Business Acquisition [Line Items]
Business Acquisition, Share Price | $ / shares		$ 5.80
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned		$ 11,204,258
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		$ 2,571,549
Wishbone Acquisition
Business Acquisition [Line Items]
Gas and Oil Area, Developed, Net | a	38,230
Gas and Oil Area, Developed, Gross | a	49,754
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares, after Adjustment | shares	4,576,951
Business Acquisition, Share Price | $ / shares				$ 6.19
Business Combination, Consideration Transferred	$ 276,100,000
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%	100.00%
Average Net Revenue Interest
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	58.00%	75.00%

DEPOSIT FORFEITURE INCOME (Deta

DEPOSIT FORFEITURE INCOME (Details)	1 Months Ended		12 Months Ended
	Oct. 31, 2020USD ($)	Apr. 30, 2020USD ($)item	Dec. 31, 2020USD ($)
DEPOSIT FORFEITURE INCOME
Number of occasions in which Company entered into an agreement | item		6
Non-refundable deposits		$ 5,500,000
Deposit forfeiture income	$ 5,500,000		$ 5,500,000

OIL AND NATURAL GAS PRODUCING_3

OIL AND NATURAL GAS PRODUCING ACTIVITIES - Capitalized Costs Relating to Oil and Natural Gas Producing Activities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
OIL AND NATURAL GAS PRODUCING ACTIVITIES
Proved oil and natural gas properties	$ 836,514,815	$ 1,083,966,135
Financing lease asset subject to depreciation	858,513	858,513
Fixed assets subject to depreciation	1,520,890	1,465,551
Total capitalized costs	838,894,218	1,086,290,199
Accumulated depletion, depreciation and amortization	(200,111,658)	(157,074,044)
Net Capitalized Costs	$ 638,782,560	$ 929,216,155

OIL AND NATURAL GAS PRODUCING_4

OIL AND NATURAL GAS PRODUCING ACTIVITIES - Net Costs Incurred in Oil and Gas Producing Activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OIL AND NATURAL GAS PRODUCING ACTIVITIES
Payments for the Wishbone Acquisition	$ 0	$ 276,061,594	$ 0
Payments to purchase oil and natural gas properties	1,317,313	3,400,411	4,656,484
Proceeds from divestiture of oil and natural gas properties	0	(8,547,074)	0
Payments to develop oil and natural gas properties	42,457,745	152,125,320	198,870,366
Payments to acquire or improve fixed assets subject to depreciation	55,339	0	$ 0
Total Net Costs Incurred	$ 43,830,397	$ 423,040,251

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details)	May 29, 2020USD ($)	Dec. 31, 2019USD ($)BarrelOfButane$ / bbl	Dec. 31, 2020BarrelOfButane$ / bbl	Dec. 31, 2018BarrelOfButane$ / bbl
Cash Payment Receipt on Unwound Costless Collars | $	$ 5,435,136
Commodity Contract
Number Of Barrels Per Day | BarrelOfButane			5,500
Swap Contract
Derivative, Price Risk Option Strike Price			33.24
Period One
Cash Payment Receipt on Unwound Costless Collars | $		$ 3,438,300
Period One | Commodity Contract
Number Of Barrels Per Day | BarrelOfButane		2,000	1,000	1,000
Period One | Commodity Contract | Call Option
Derivative, Price Risk Option Strike Price		70.05	65.83	54.60
Period One | Commodity Contract | Put Option
Derivative, Price Risk Option Strike Price		60	50	49
Period Two | Commodity Contract
Number Of Barrels Per Day | BarrelOfButane			1,000	1,000
Period Two | Commodity Contract | Call Option
Derivative, Price Risk Option Strike Price			65.40	54.80
Period Two | Commodity Contract | Put Option
Derivative, Price Risk Option Strike Price			50	51
Period Three | Commodity Contract
Number Of Barrels Per Day | BarrelOfButane			1,000
Period Three | Commodity Contract | Call Option
Derivative, Price Risk Option Strike Price			58.40
Period Three | Commodity Contract | Put Option
Derivative, Price Risk Option Strike Price			50
Period Four | Commodity Contract
Number Of Barrels Per Day | BarrelOfButane			1,000
Period Four | Commodity Contract | Call Option
Derivative, Price Risk Option Strike Price			58.25
Period Four | Commodity Contract | Put Option
Derivative, Price Risk Option Strike Price			50
Period Five | Commodity Contract
Number Of Barrels Per Day | BarrelOfButane			1,500
Period Five | Commodity Contract | Call Option
Derivative, Price Risk Option Strike Price			58.65
Period Five | Commodity Contract | Put Option
Derivative, Price Risk Option Strike Price			50

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Additional Information (Details)	Dec. 31, 2022BarrelOfButaneMMBTU$ / bbl$ / MMBTU	Dec. 31, 2021BarrelOfButaneMMBTU$ / bbl$ / MMBTU	Dec. 31, 2020BarrelOfButanebbl$ / bbl
Swap Contract
Barrels per day | bbl			5,500
Put price			33.24
Swap Price			33.24
Oil | Commodity Contract A
Barrels per day | BarrelOfButane			1,000
Put price			45
Call price			54.75
Oil | Commodity Contract A | January 2021 Through December 2021
Barrels per day | BarrelOfButane		2,000
Swap Price		45.37
Oil | Commodity Contract A | January 2022 through December 2022
Barrels per day | BarrelOfButane	500
Swap Price	44.22
Oil | Commodity Contract B
Barrels per day | BarrelOfButane			1,000
Put price			45
Call price			52.71
Oil | Commodity Contract B | January 2021 Through December 2021
Barrels per day | BarrelOfButane		500
Swap Price		45.38
Oil | Commodity Contract B | January 2022 through December 2022
Barrels per day | BarrelOfButane	500
Swap Price	44.75
Oil | Commodity Contract C
Barrels per day | BarrelOfButane			1,000
Put price			40
Call price			55.08
Oil | Commodity Contract C | January 2021 Through December 2021
Barrels per day | BarrelOfButane		500
Swap Price		45
Oil | Commodity Contract C | January 2022 through December 2022
Barrels per day | BarrelOfButane	500
Swap Price	44.97
Oil | Commodity Contract D
Barrels per day | BarrelOfButane			1,500
Put price			40
Call price			55.35
Oil | Commodity Contract D | January 2021 Through December 2021
Barrels per day | BarrelOfButane		500
Swap Price		45.40
Oil | Commodity Contract D | January 2022 through December 2022
Barrels per day | BarrelOfButane	250
Swap Price	45.98
Oil | Commodity Contract E | January 2021 Through December 2021
Barrels per day | BarrelOfButane		500
Swap Price		45.60
Oil | Commodity Contract F | January 2021 Through December 2021
Barrels per day | BarrelOfButane		500
Swap Price		45.96
Natural Gas | January 2021 Through December 2021
Barrels per day | MMBTU		6,000
Swap Price | $ / MMBTU		2.991
Natural Gas | January 2022 through December 2022
Barrels per day | MMBTU	5,000
Swap Price | $ / MMBTU	2.7255

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Oil and gas derivative liabilities	$ (4,156,601)	$ (3,000,078)	$ 0
Total	(4,156,601)	(3,000,078)	0
Fair Value, Inputs, Level 1 [Member]
Oil and gas derivative liabilities	0	0	0
Total	0	0	0
Fair Value, Inputs, Level 2 [Member]
Oil and gas derivative liabilities	(4,156,601)	(3,000,078)	0
Total	(4,156,601)	(3,000,078)	0
Fair Value, Inputs, Level 3 [Member]
Oil and gas derivative liabilities	0	0	0
Total	$ 0	$ 0	$ 0

REVOLVING LINE OF CREDIT (Detai

REVOLVING LINE OF CREDIT (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Apr. 30, 2019USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,000,000,000
Line of Credit Facility, Current Borrowing Capacity				$ 350,000,000
Debt Instrument, Basis Spread on Variable Rate		0.00%
Leverage Ratio, Total		4.25
Long-term Line of Credit		$ 313,000,000	$ 366,500,000
Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Leverage Ratio, Total		1
Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.50%
Leverage Ratio, Total	4.75	4
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 ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSET RETIREMENT OBLIGATION
Balance	$ 16,787,219	$ 13,055,797	$ 9,055,697
Liabilities acquired		3,745,642	2,571,549
Liabilities incurred	99,436	631,727	1,311,956
Liabilities settled	(710,577)	(1,589,654)	(577,824)
Revision of estimate (1)	34,441		87,960
Accretion Expense	906,616	943,707	606,459
Balance	$ 17,117,135	$ 16,787,219	$ 13,055,797

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional information (Details) - USD ($)	Feb. 25, 2019	Oct. 31, 2020	Apr. 30, 2020	Apr. 30, 2019	Dec. 31, 2018	Feb. 28, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common Stock, Shares Authorized							150,000,000	150,000,000
Common Stock, Par or Stated Value Per Share							$ 0.001	$ 0.001
Preferred Stock, Shares Authorized							50,000,000	50,000,000
Share Price								$ 10.58
Proceeds From Issuance Of Common Stock Gross		$ 16,089,582					$ 3,300
Proceeds from issuance of common stock, net of offering costs							19,383,131	$ 0	$ 81,821,138
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.80
Return of Common Stock Issued as Consideration in Asset Acquisition							103,385
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned							$ 103,385
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	153,113							153,113
Pre-funded warrants
Class of Stock [Line Items]
Common Stock, Shares Authorized							3,300,000
Stock Issued During Period, Shares, New Issues		13,428,500
Common warrants
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		23,004,300
Stock and Warrants Issued During Period, Purchase Price per Share		$ 0.70
Warrants and Rights Outstanding, Term		5 years
Return of Common Stock Issued Shares as Consideration in Asset Acquisition			16,702
Oil and Natural Gas Assets in Andrews County
Class of Stock [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares					2,623,948
Business Acquisition, Share Price					$ 5.80				$ 5.80
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned					$ 11,204,258				$ 11,204,258
Wishbone Partners, LLC
Class of Stock [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares				4,576,951
Business Acquisition, Share Price	$ 6.19
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned	$ 28,331,327
Underwritten Public Offering
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		9,575,800				6,164,000
Share Price						$ 14
Proceeds From Issuance Of Common Stock Gross						$ 86,296,000	$ 20,846,282
Proceeds from issuance of common stock, net of offering costs						81,821,138	19,379,832
Payments of Stock Issuance Costs						$ 4,474,862
Over-Allotment Option
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues						804,000
Registered direct offering
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		3,500,000
Proceeds From Issuance Of Common Stock Gross		$ 4,756,700					20,846,282
Warrants and Rights Outstanding, Term		5 years
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.80
Proceeds from Issuance or Sale of Equity							$ 161,269
Registered direct offering | Pre-funded warrants
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		3,300,000					13,428,500
Stock and Warrants Issued During Period, Purchase Price per Share		$ 0.70
Registered direct offering | Common warrants
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		6,800,000					184,800

STOCKHOLDERS' EQUITY- Common st

STOCKHOLDERS' EQUITY- Common stock issued in option exercise (Details) - USD ($)	Feb. 25, 2019	Dec. 31, 2019	Dec. 31, 2018
Options exercised		193,000
Exercise price		$ 2.96
Shares issued	153,113	153,113
Shares retained		39,887
Cash paid at exercise		$ 100,000	$ 100,000
Stock price on date of exercise		$ 10.58
Aggregate value of shares retained		$ 470,750
Exercised Option 1
Options exercised			110,000
Exercise price			$ 2
Shares issued			90,375
Shares retained			19,625
Cash paid at exercise			$ 0
Stock price on date of exercise			$ 11.21
Aggregate value of shares retained			$ 220,000
Exercised Option 2
Options exercised			50,000
Exercise price			$ 2
Shares issued			50,000
Cash paid at exercise			$ 100,000
Stock price on date of exercise			$ 8
Exercised Option 3
Options exercised			25,000
Exercise price			$ 7.50
Shares issued			9,829
Shares retained			15,171
Cash paid at exercise			$ 0
Stock price on date of exercise			$ 12.36
Aggregate value of shares retained			$ 187,500
Exercised Option 4
Options exercised			3,000
Exercise price			$ 8
Shares issued			1,059
Shares retained			1,941
Cash paid at exercise			$ 0
Stock price on date of exercise			$ 12.36
Aggregate value of shares retained			$ 24,000
Exercised Option 5
Options exercised			3,000
Exercise price			$ 5.25
Shares issued			1,750
Shares retained			1,250
Cash paid at exercise			$ 0
Stock price on date of exercise			$ 12.36
Aggregate value of shares retained			$ 15,750
Exercised Option 6
Options exercised			2,000
Exercise price			$ 11.75
Shares issued			100
Shares retained			1,900
Cash paid at exercise			$ 0
Stock price on date of exercise			$ 12.36
Aggregate value of shares retained			$ 23,500

EMPLOYEE STOCK OPTIONS, RESTR_3

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Exercise Prices No Options Were Granted (Details)	12 Months Ended
	Dec. 31, 2020shares
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)
Granted	0

EMPLOYEE STOCK OPTIONS, RESTR_4

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Status of the Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	0
Forfeited or rescinded	(2,265,000)
Options Outstanding at end of year	465,500
Options Exercisable at end of year	455,300
Weighted Average Exercise Price, Vested		$ 2.96
Weighted Average Exercise Price, Exercisable at end of year	$ 6.87
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	3 years 3 months
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Vested			(193,000)
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Vested			(50,000)
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	3,193,000
Granted	0
Forfeited or rescinded	(2,283,000)	(2,500)	(249,000)
Options Vested			(193,000)
Options Outstanding at end of year	465,500	2,748,500	2,751,000
Options Exercisable at end of year	455,300	2,506,700	2,323,900
Weighted Average Exercise Price, Outstanding at beginning of the year	$ 6.28	$ 6.28	$ 6.07
Weighted Average Exercise Price, Granted	0
Weighted Average Exercise Price, Forfeited or rescinded	6.89	11.70	6.09
Weighted Average Exercise Price, Vested	0		2.96
Weighted Average Exercise Price, Outstanding at end of year	3.26	6.28	6.28
Weighted Average Exercise Price, Exercisable at end of year	$ 3.11	$ 5.78	$ 5.42

EMPLOYEE STOCK OPTIONS, RESTR_5

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Number Outstanding	465,500
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	3 years 3 months
Options Outstanding - Number Exercisable	455,300
Exercise Price One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 2
Options Outstanding - Number Outstanding	395,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	2 years 11 months 1 day
Options Outstanding - Number Exercisable	395,000
Exercise Price Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 5.50
Options Outstanding - Number Outstanding	5,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	2 years 2 months 12 days
Options Outstanding - Number Exercisable	5,000
Exercise Price Six [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 14.54
Options Outstanding - Number Outstanding	10,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	3 years 8 months 23 days
Options Outstanding - Number Exercisable	10,000
Exercise Price Seven [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 8
Options Outstanding - Number Outstanding	4,500
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	3 years 11 months 1 day
Options Outstanding - Number Exercisable	4,500
Exercise Price Nine [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 6.42
Options Outstanding - Number Outstanding	15,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	5 years 4 months 2 days
Options Outstanding - Number Exercisable	12,000
Exercise Price Ten [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Exercise price | $ / shares	$ 11.75
Options Outstanding - Number Outstanding	36,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	5 years 11 months 12 days
Options Outstanding - Number Exercisable	28,800

EMPLOYEE STOCK OPTIONS, RESTR_6

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Restricted Stock Grants (Details)	12 Months Ended
	Dec. 31, 2020shares
April 4, 2018
of shares of restricted stock	2,000
September 27, 2018
of shares of restricted stock	2,500
December 26, 2018
of shares of restricted stock	615,380
April 9, 2019
of shares of restricted stock	10,400
May 30, 2019
of shares of restricted stock	5,000
July 9, 2019
of shares of restricted stock	5,000
September 13, 2019
of shares of restricted stock	10,000
December 21, 2019
of shares of restricted stock	627,205
October 1, 2020
of shares of restricted stock	900,000
October 26, 2020
of shares of restricted stock	150,000
December 15, 2020
of shares of restricted stock	930,000

EMPLOYEE STOCK OPTIONS, RESTR_7

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Status of Restricted Stock Grants (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, Outstanding at beginning of the year	1,341,889	878,360	330,900
Restricted stock, Granted	1,980,000	657,605	619,880
Restricted stock, Forfeited or rescinded	(9,200)	(6,940)	(7,800)
number of restricted stock vested	1,180,392	187,136	64,620
Restricted stock, Outstanding at end of year	2,132,297	1,341,889	878,360
Weighted-Average Grant Date Fair Value, Outstanding at beginning of the year	$ 4.99	$ 7.33	$ 13.44
Weighted-Average Grant Date Fair Value, Granted	0.71	2.63	4.78
Weighted-Average Grant Date Fair Value, Forfeited or rescinded	3.97	4.23	13.44
Weighted-Average Grant Date Fair Value, Vested	4.97	7.79	13.44
Weighted-Average Grant Date Fair Value, Outstanding at end of year	$ 2.94	$ 4.99	$ 7.33

EMPLOYEE STOCK OPTIONS, RESTR_8

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Contributions expense recognized (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)
Employer safe harbor match	$ 138,977	$ 59,716

EMPLOYEE STOCK OPTIONS, RESTR_9

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Dec. 31, 2020	Oct. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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			$ 5,364,162	$ 3,082,625	$ 3,870,934
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	341,155		341,155
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
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased	$ 0.66		$ 0.66
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 14,988		$ 14,988
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	0		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	0		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value					1,470,230
Employer's matching contributions			6.00%
Vesting percentage			100.00%
Share-based Compensation			$ 5,364,162	3,082,625	3,870,934
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional compensation expense	$ 2,361,362	$ 2,361,362
Accelerated vesting of restricted stock	1,131,955	1,131,955
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 927,559	625,855	1,853,913
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			5 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 1,520,839		$ 1,520,839
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			1 year 6 months
aggregate intrinsic value of vested restricted stock			$ 801,133	494,605	304,360
Share-based Compensation			$ 4,436,603	$ 2,456,770	$ 2,017,021

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
RELATED PARTY TRANSACTIONS
Related party transaction expense	$ 60,000	$ 60,000	$ 60,000

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Apr. 30, 2019
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,000,000,000
Operating lease expense	$ 1,196,372	$ 925,217
Standby letters of credit drawn	26,500,000	$ 327,000,000	$ 39,500,000
Surety Bond
Loss Contingencies [Line Items]
Issued surety bonds	500,438
Surety bonds renewal amount	400,000
Surety bonds renewal amount, not applicable	100,438
Standby Letters of Credit | State And Federal Agencies
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	260,000
Standby Letters of Credit | Electric Utility Companies
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500,438

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Provision for Income Taxes
Deferred taxes	$ (6,001,176)	$ 13,787,654	$ 3,445,721
Provision for (Benefit from) Income Taxes	$ (6,001,176)	$ 13,787,654	$ 3,445,721

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Rate Reconciliation
Tax at federal statutory rate	$ (54,476,731)	$ 9,089,683	$ 2,613,551
Non-deductible expenses	956	2,399	3,197
Excess tax benefit from stock option exercises and restricted stock vesting	(1,109,379)	4,055,418	828,973
Adjust prior estimates to tax return	(4,754)	19
States taxes, net of Federal benefit	(964,393)	160,913
Adjustment for change in future effective tax rate		479,222
Valuation allowance	50,553,125	0	0
Provision for (Benefit from) Income Taxes	$ (6,001,176)	$ 13,787,654	$ 3,445,721

INCOME TAXES - Net Deferred Tax

INCOME TAXES - Net Deferred Taxes (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax liabilities
Property and equipment	$ 5,357,255	$ 56,325,029
Deferred tax assets
Stock-based compensation	2,248,272	269,264
Operating loss and IDC carryforwards	3,108,983	50,054,589
Deferred tax assets	$ 5,357,255	50,323,853
Net deferred income tax liability		$ 6,001,176

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information - (Details) - USD ($)	Dec. 22, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Company Had Net Operating Loss Carry Forwards For Federal Income Tax Reporting Purposes Of Approximately In Millions		$ 107,400,000
Operating loss carry forwards that will not expire		150,200,000
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount			$ 479,222
Deferred Tax Assets, Valuation Allowance		$ 50,553,125	$ 0	$ 0
Minimum
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.00%
Maximum
Income Tax Contingency [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		21.29%

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)	3 Months Ended												12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Effect of Fourth Quarter Events [Line Items]
Revenues													$ 113,025,138	$ 195,702,831	$ 120,065,361
Operating Income (Loss)	$ (128,408,648)	$ 6,511,161	$ (156,845,697)	$ 10,081,718	$ 17,922,018	$ 14,342,410	$ 17,636,415	$ 10,235,485	$ (9,986,770)	$ 9,615,030	$ 9,397,559	$ 10,935,120	(268,661,466)	60,136,328	19,960,939
Net Income (Loss)	$ (160,254,277)	$ (1,961,603)	$ (135,000,066)	$ 43,804,118	$ 5,026,692	$ 8,858,000	$ 11,342,597	$ 4,269,260	$ (7,079,308)	$ 5,693,628	$ 4,719,806	$ 5,665,634	$ (253,411,828)	$ 29,496,551	$ 8,999,760
Basic Earnings per Share	$ (1.83)	$ (0.03)	$ (1.99)	$ 0.64	$ 0.08	$ 0.13	$ 0.17	$ 0.07	$ (0.12)	$ 0.09	$ 0.08	$ 0.10	$ (3.48)	$ 0.44	$ 0.15
Diluted Earnings per Share	$ (1.83)	$ (0.03)	$ (1.99)	$ 0.64	$ 0.08	$ 0.13	$ 0.17	$ 0.07	$ (0.12)	$ 0.09	$ 0.08	$ 0.10	$ (3.48)	$ 0.44	$ 0.15
Oil and Gas
Effect of Fourth Quarter Events [Line Items]
Revenues	$ 31,351,673	$ 31,466,544	$ 10,636,593	$ 39,570,328	$ 52,231,186	$ 50,339,105	$ 51,334,225	$ 41,798,315	$ 27,561,908	$ 32,687,179	$ 29,924,883	$ 29,891,391

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2020shares	Dec. 31, 2020USD ($)shares	Jan. 15, 2021ft²
Subsequent Event [Line Items]
Cash Consideration | $		$ 2,000,000
Pre-funded warrants
Subsequent Event [Line Items]
Number of shares issued	13,428,500
Common warrants
Subsequent Event [Line Items]
Number of shares issued	23,004,300
Registered direct offering
Subsequent Event [Line Items]
Number of shares issued	3,500,000
Gross proceeds from issuance | $		$ 161,269
Registered direct offering | Pre-funded warrants
Subsequent Event [Line Items]
Number of shares issued	3,300,000	13,428,500
Registered direct offering | Common warrants
Subsequent Event [Line Items]
Number of shares issued	6,800,000	184,800
Subsequent Event
Subsequent Event [Line Items]
Area of Land | ft²			15,728