Ring Energy (REI) 10-K 16 Mar 22 2021 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 16, 2022	Jun. 30, 2021
Document And Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
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
Trading Symbol	REI
Security Exchange Name	NYSEAMER
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Auditor Name	Eide Bailly LLP
Auditor Firm ID	286
Auditor Location	Denver, Colorado
Entity Central Index Key	0001384195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		100,192,562
Entity Public Float			$ 254,767,528

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 2,408,316	$ 3,578,634
Accounts receivable	24,026,807	14,997,979
Joint interest billing receivable	2,433,811	1,327,262
Derivative receivable		499,906
Prepaid expenses and retainers	938,029	396,109
Total Current Assets	29,806,963	20,799,890
Properties and Equipment
Oil and natural gas properties, full cost method	883,844,745	836,514,815
Financing lease asset subject to depreciation	1,422,487	858,513
Fixed assets subject to depreciation	2,089,722	1,520,890
Total Properties and Equipment	887,356,954	838,894,218
Accumulated depreciation, depletion and amortization	(235,997,307)	(200,111,658)
Net Properties and Equipment	651,359,647	638,782,560
Operating lease asset	1,277,253	1,494,399
Deferred financing costs	1,713,466	2,379,348
Total Assets	684,157,329	663,456,197
Current Liabilities
Accounts payable	46,233,452	32,500,081
Financing lease liability	316,514	295,311
Operating lease liability	290,766	859,017
Derivative liabilities	29,241,588	3,287,328
Notes Payable	586,410
Total Current Liabilities	76,668,730	36,941,737
Noncurrent Liabilities
Deferred income taxes	90,292
Revolving line of credit	290,000,000	313,000,000
Financing lease liability, less current portion	343,727	126,857
Operating lease liability, less current portion	1,138,319	635,382
Derivative liabilities		869,273
Asset retirement obligations	15,292,054	17,117,135
Total Liabilities	383,533,122	368,690,384
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; 225,000,000 shares authorized; 100,192,562 shares and 85,868,287 shares issued and outstanding, respectively	100,193	85,568
Additional paid-in capital	553,472,292	550,951,415
Accumulated deficit	(252,948,278)	(256,271,170)
Total Stockholders' Equity	300,624,207	294,765,813
Total Liabilities and Stockholders' Equity	$ 684,157,329	$ 663,456,197

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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	225,000,000	225,000,000
Common Stock, Shares, Issued	100,192,562	85,868,287
Common Stock, Shares, Outstanding	100,192,562	85,868,287

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
STATEMENTS OF OPERATIONS
Oil and Natural Gas Revenues	$ 196,305,966	$ 113,025,138	$ 195,702,831
Costs and Operating Expenses
Lease operating expenses	30,312,399	29,753,413	42,213,006
Gathering, transportation and processing costs	4,333,232	4,090,238	2,874,155
Ad valorem taxes	2,276,463	3,125,222	3,409,064
Oil and natural gas production taxes	9,123,420	5,228,090	9,130,379
Depreciation, depletion and amortization	37,167,967	43,010,660	56,204,269
Ceiling test impairment		277,501,943
Asset retirement obligation accretion	744,045	906,616	943,707
Operating lease expense	523,487	1,196,372	925,217
General and administrative expense	16,068,105	16,874,050	19,866,706
Total Costs and Operating Expenses	100,549,118	381,686,604	135,566,503
Income (Loss) from Operations	95,756,848	(268,661,466)	60,136,328
Other Income (Expense)
Interest income	1	8	13,511
Interest (expense)	(14,490,474)	(17,617,614)	(13,865,556)
Gain (loss) on derivative contracts	(77,853,141)	21,366,068	(3,000,078)
Deposit forfeiture income		5,500,000
Net Other Income (Expense)	(92,343,614)	9,248,462	(16,852,123)
Income (Loss) Before Provision for Income Taxes	3,413,234	(259,413,004)	43,284,205
Benefit from (Provision for) Income Taxes	(90,342)	6,001,176	(13,787,654)
Net Income (Loss)	$ 3,322,892	$ (253,411,828)	$ 29,496,551
Basic Earnings (Loss) per share	$ 0.03	$ (3.48)	$ 0.44
Diluted Earnings (Loss) per share	$ 0.03	$ (3.48)	$ 0.44

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Total
Balance at Dec. 31, 2018	$ 63,230	$ 494,892,093	$ (32,355,893)	$ 462,599,430
Balance (in shares) at Dec. 31, 2018	63,229,710
Options exercised				200,000
Restricted stock vested	$ 187	(187)	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
Share-based compensation	$ 0	3,082,625	0	3,082,625
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
Common stock and warrants issued for cash, net	$ 13,076	19,366,756	0	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
Return of common stock issued as consideration in asset acquisition	$ (17)	(103,368)	0	(103,385)
Return of common stock issued as consideration in asset acquisition (in shares)	(16,702)
Restricted stock vested	$ 1,180	(1,180)	0
Restricted stock vested (in shares)	1,180,392
Share-based compensation	$ 0	5,364,162	0	5,364,162
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
Options exercised	$ 100	199,900	0	200,000
Options exercised (in shares)	100,000
Common stock and warrants issued for cash, net	$ 0	65,000	0	65,000
Exercise of pre-funded warrants issued in offering	$ 13,429			13,429
Exercise of pre-funded warrants issued in offering (in shares)	13,428,500
Exercise of Common warrants issued in offering	$ 443	353,637	0	354,080
Exercise of Common warrants issued in offering (in shares)	442,600
Restricted stock vested	$ 785	(785)	0
Restricted stock vested (in shares)	785,357
Shares to cover tax withholdings	$ (132)	132	0
Shares to cover tax withholdings (in shares)	(132,182)
Payments to cover tax withholdings	$ 0	(385,330)	0	(385,330)
Share-based compensation	0	2,418,323	0	2,418,323
Net income (loss)	0	0	3,322,892	3,322,892
Balance at Dec. 31, 2021	$ 100,193	$ 553,472,292	$ (252,948,278)	$ 300,624,207
Balance (in shares) at Dec. 31, 2021	100,192,562

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows From Operating Activities
Net income (loss)	$ 3,322,892	$ (253,411,828)	$ 29,496,551
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	37,167,967	43,010,660	56,204,269
Ceiling test impairment		277,501,943
Asset retirement obligation accretion	744,045	906,616	943,707
Amortization of deferred financing costs	665,882	1,190,109	991,310
Share-based compensation	2,418,323	5,364,162	3,082,625
Shares issued for services		23,800
Deferred income tax expense (benefit)	265,479	(3,975,170)	9,500,517
Excess tax expense (benefit) related to share-based compensation	(175,187)	(2,026,006)	3,855,389
Adjustment to deferred tax asset for change in effective tax rate			431,748
(Gain) loss on derivative contracts	77,853,141	(21,366,068)	2,937,024
Cash received (paid) for derivative settlements, net	(52,768,154)	22,522,591	63,054
Changes in assets and liabilities:
Accounts receivable	(9,483,639)	7,896,517	(10,035,648)
Prepaid expenses and retainers	(541,920)	3,586,146	(1,878,667)
Accounts payable	15,449,215	(8,380,594)	12,320,308
Settlement of asset retirement obligation	(2,186,832)	(683,623)	(1,295,966)
Net Cash Provided by Operating Activities	72,731,212	72,159,255	106,616,221
Cash Flows From Investing Activities
Payments for the Wishbone Acquisition			(276,061,594)
Payments to purchase oil and natural gas properties	(1,368,437)	(1,317,313)	(3,400,411)
Proceeds from divestiture of oil and natural gas properties	2,000,000		8,547,074
Payments to develop oil and natural gas properties	(51,302,131)	(42,457,745)	(152,125,320)
Purchase of fixed assets subject to depreciation	(568,832)	(55,339)
Net Cash (Used in) Investing Activities	(51,239,400)	(43,830,397)	(423,040,251)
Cash Flows From Financing Activities
Proceeds from revolving line of credit	60,150,000	26,500,000	327,000,000
Payments on revolving line of credit	(83,150,000)	(80,000,000)
Proceeds from issuance of common stock and warrants	367,509	19,383,131
Proceeds from option exercise	200,000
Payments for taxes withheld on vested restricted shares	(385,330)
Proceeds from notes payable	1,297,718
Payments on notes payable	(711,308)
Payment of deferred financing costs	(104,818)	(355,049)	(3,781,657)
Reduction of financing lease liabilities	(325,901)	(282,928)	(153,417)
Net Cash (Used in) Financing Activities	(22,662,130)	(34,754,846)	323,064,926
Net Increase (Decrease) in Cash	(1,170,318)	(6,425,988)	6,640,896
Cash at Beginning of Period	3,578,634	10,004,622	3,363,726
Cash at End of Period	2,408,316	3,578,634	10,004,622
Supplemental Cash Flow Information
Cash paid for interest	14,110,421	16,911,344	10,364,313
Noncash Investing and Financing Activities
Asset retirement obligation incurred during development	171,390	99,436	631,727
Asset retirement obligation acquired	662,705		39,701
Asset retirement obligation revision of estimate	435,419	34,441
Asset retirement obligation sold	(2,934,126)
Operating lease assets obtained in exchange for new operating lease liability	839,536	823,727	2,319,185
Operating lease asset revision	(621,636)
Financing lease assets obtained in exchange for new financing lease liability			858,513
Prepaid asset settled in divestiture of oil and natural gas properties			1,019,876
Stock issued in property acquisition returned in final settlement		103,385
Capitalized expenditures attributable to drilling projects financed through current liabilities	309,365	$ 1,415,073	15,170,000
Supplemental Schedule of Investing Activities Wishbone Acquisition
Assumption of joint interest billing receivable	1,464,394		1,464,394
Assumption of prepaid assets	2,864,554		2,864,554
Assumption of accounts and revenue payables	(1,234,861)		(1,234,861)
Asset retirement obligation incurred through acquisition	$ (3,705,941)		(3,705,941)
Common stock issued as partial consideration in acquisition			(28,331,327)
Oil and gas properties subject to amortization			305,004,775
Cash paid			$ 276,061,594

ORGANIZATION, BASIS OF PRESENTA

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
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 – Reclassifications – 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 material credit losses have been provided as of December 31, 2021 and 2020. 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, 2021, 2020, and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2021 2020 2019 Depletion ​ $ 36,735,070 ​ $ 42,634,294 ​ $ 55,870,246 Depletion rate, per barrel-of-oil-equivalent (BOE) ​ $ 11.82 ​ $ 13.25 ​ $ 14.15 ​ 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 year ended December 31, 2020, the Company recognized an impairment on oil and natural gas properties as a result of the ceiling test in the amount of $277,501,943. No impairment was recorded for the years ended December 31, 2021 or 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 $432,897, $376,366, and 334,023 for the years ended December 31, 2021, 2020, and 2019, respectively. Notes Payable 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.) Accounting for Uncertainty in Income Taxes Earnings (Loss) Per Share Major Customers Share-Based Employee Compensation – Share-Based Compensation to Non-Employees – measurable. The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipient’s performance is complete. Share-based compensation incurred for the years ended December 31, 2021, 2020, and 2019 was $2,418,323, $5,364,162, and $3,082,625, 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. Refer to Note 8 for further details. Recently Adopted Accounting Pronouncements Fair Value Measurement (Topic 820): Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). Effective January 1, 2019, the Company adopted ASU 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, followed by other related ASUs that provided targeted improvements (collectively “ASU 2016-13”). ASU 2016-13 provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The guidance is to be applied using a modified retrospective method and is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2016-13 on January 1, 2020. The adoption of ASU 2016-13 did not have a material impact to the Company’s consolidated financial statements or disclosures. In December 2019, the FASB released ASU No. 2019-12 (“ASU 2019-12”), Income Taxes Codification Improvements ​ Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848 ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. ASU 2020-04 will be in effect through December 31, 2022. In January 2021, issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), to provide clarifying guidance regarding the scope of Topic 848. ASU 2020-04 was issued to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The Company is currently assessing the impact of adopting this new guidance. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 was issued to reduce the complexity associated with accounting for certain financial instruments with characteristics of liabilities and equity. The guidance is to be applied using either a modified retrospective or a fully retrospective method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company will adopt ASU 2020-06 effective January 1, 2022. The adoption of ASU 2020-06 is not expected to have a material impact on the Company’s consolidated financial statements or disclosures. In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This update requires the acquirer in a business combination to record contract asset and liabilities following Topic 606 – “Revenue from Contracts with Customers” at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public business entities beginning after December 15, 2022, with early adoption permitted. The Company continues to evaluate the provisions of this update, but it does not believe the adoption will have a material impact on its financial position, results of operations or liquidity .

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2021
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 wellhead. 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, ​ ​ 2021 ​ 2020 ​ 2019 Operating revenues ​ ​ ​ Oil ​ $ 181,533,093 ​ $ 109,113,557 ​ $ 191,891,314 Natural gas ​ ​ 14,772,873 ​ ​ 3,911,581 ​ ​ 3,811,517 Total operating revenues ​ $ 196,305,966 ​ $ 113,025,138 ​ $ 195,702,831 ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
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 The Woodlands, Texas. The Midland office is under a five-year lease which began January 1, 2021. Also beginning January 15, 2021, the Company entered into a five-and-a-half-year sub-lease for office space in The Woodlands, Texas. The future payments associated with these operating leases are reflected below. During the years ended December 31, 2019 and 2020 the Company had an operating lease with Arenaco, LLC for its Tulsa, Oklahoma office. The Tulsa lease was terminated as of March 31, 2021, with payments made until the end of February 2021. Refer to Note 14 for further details. 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 (i.e not capitalize). The office equipment and compressors are not subject to ASU 2016-02 based on the agreement and nature of use. 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 within Lease operating expenses, shown 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, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 2025 2026 Operating lease payments (1) ​ $ 349,127 ​ $ 356,991 ​ $ 376,855 ​ $ 384,719 ​ $ 110,096 Financing lease payments (2) ​ ​ 336,206 ​ ​ 213,530 ​ ​ 142,354 ​ ​ — ​ ​ — ​ (1) The weighted average discount rate as of December 31, 2021 for operating leases was 4.50% . Based on this rate, the future lease payments above include imputed interest of $148,701 . The weighted average remaining term of operating leases was 4.3 years. (2) The weighted average discount rate as of December 31, 2021 for financing leases was 4.22% . Based on this rate, the future lease payments above include imputed interest of $31,850 . The weighted average remaining term of financing leases was 2.23 years. The following table provides supplemental information regarding cash flows from operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Operating lease costs ​ $ 523,487 Short term lease costs (1) ​ $ 4,161,540 Financing lease costs: ​ ​ ​ Amortization of financing lease assets (2) ​ $ 307,936 Interest on lease liabilities (3) ​ $ 22,088 ​ (1) Amount included in Lease operating expenses (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, 2021
EARNINGS (LOSS) PER SHARE INFORMATION
EARNINGS (LOSS) PER SHARE INFORMATION	NOTE 4 – EARNINGS (LOSS) PER SHARE INFORMATION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2020 2019 Net Income (Loss) ​ ​ $ 3,322,892 ​ $ (253,411,828) ​ $ 29,496,551 Basic Weighted-Average Shares Outstanding ​ ​ 99,387,028 ​ 72,891,310 ​ 66,571,738 Effect of dilutive securities: ​ ​ ​ ​ ​ Stock options ​ ​ 75,897 ​ — ​ 174,944 Restricted stock ​ ​ 1,613,810 ​ — ​ 10,346 Common warrants ​ ​ ​ 20,116,440 ​ ​ — ​ ​ — Diluted Weighted-Average Shares Outstanding ​ ​ 121,193,175 ​ 72,891,310 ​ 66,757,028 Basic Earnings (Loss) per Share ​ ​ $ 0.03 ​ $ (3.48) ​ $ 0.44 Diluted Earnings (Loss) per Share ​ ​ $ 0.03 ​ $ (3.48) ​ $ 0.44 ​ Stock options to purchase 113,659, 465,500, and 2,353,500 shares of common stock were excluded from the computation of diluted earnings per share during the years ended December 31, 2021, 2020 and 2019, respectively, as their effect would have been anti-dilutive. Also excluded from the computation of diluted earnings per share were 114,880 (including 94,270 shares related to the performance stock units further described in Note 13), 2,144,617, and 704,684 shares of unvested restricted stock during the year ended December 31, 2021, 2020 and 2019, 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 for the year ended December 31, 2020 as they were exercisable for a nominal amount and so were treated as if they were exercised at issuance. These shares were exercised in January 2021 and have also been included in the beginning shares outstanding for the calculation of Basic Weighted-Average Shares Outstanding for the year ended December 31, 2021 .

ACQUISITIONS & DIVESTITURES

ACQUISITIONS & DIVESTITURES	12 Months Ended
	Dec. 31, 2021
ACQUISITIONS & DIVESTITURES
ACQUISITIONS & DIVESTITURES	NOTE 5 – ACQUISITIONS & DIVESTITURES 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 (collectively, “Wishbone”) on the Northwest Shelf in Gaines, Yoakum, Runnels and Coke Counties, Texas and Lea County, New Mexico (the “Acquisition”) pursuant to a purchase and sale agreement dated as of February 25, 2019 by and among the Company and Wishbone (the “Purchase and Sale Agreement”). 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. The shares held in escrow were released in April of 2020. 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 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 Company entered into a Purchase, Sale and Exchange Agreement dated February 1, 2021, effective January 1, 2021, with an unrelated party, covering the sale and exchange of certain oil and gas interests in Andrews County, Texas. Upon the sale and transfer of wells and leases between the two parties, the Company received a cash consideration of $2,000,000 and reduced the Company’s asset retirement obligations by $2,934,126 for the properties sold and added $662,705 of asset retirement obligations for the wells acquired.

DEPOSIT FORFEITURE INCOME

DEPOSIT FORFEITURE INCOME	12 Months Ended
	Dec. 31, 2021
DEPOSIT FORFEITURE INCOME
DEPOSIT FORFEITURE INCOME	NOTE 6 – DEPOSIT FORFEITURE INCOME In the second quarter of 2020, the Company entered into an agreement with an intended buyer to sell the Company’s Delaware Basin 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. Refer to Note 17 for further details.

OIL AND NATURAL GAS PRODUCING A

OIL AND NATURAL GAS PRODUCING ACTIVITIES	12 Months Ended
	Dec. 31, 2021
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: Net Capitalized Costs ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 2020 Oil and natural gas properties, full cost method ​ $ 883,844,745 ​ $ 836,514,815 Financing lease asset subject to depreciation ​ ​ 1,422,487 ​ ​ 858,513 Fixed assets subject to depreciation ​ 2,089,722 ​ 1,520,890 Total Properties and Equipment ​ 887,356,954 ​ 838,894,218 Accumulated depletion, depreciation and amortization ​ (235,997,307) ​ (200,111,658) ​ ​ ​ ​ ​ ​ ​ Net Properties and Equipment ​ $ 651,359,647 ​ $ 638,782,560 ​ Net Costs Incurred in Oil and Gas Producing Activities ​ ​ ​ ​ ​ ​ ​ For the years Ended December 31, 2021 2020 Payments to purchase oil and natural gas properties ​ $ 1,368,437 ​ $ 1,317,313 Proceeds from divestiture of oil and natural gas properties ​ ​ (2,000,000) ​ ​ — Payments to develop oil and natural gas properties ​ ​ 51,302,131 ​ ​ 42,457,745 Payments to acquire or improve fixed assets subject to depreciation ​ ​ 568,832 ​ ​ 55,339 Total Net Costs Incurred ​ $ 51,239,400 ​ $ 43,830,397 ​

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
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 has historically used 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. Throughout 2020 and 2021, the Company entered into additional derivative contracts in the form of oil swaps for 2022. The following tables reflect the details of those contracts: Oil derivative contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Barrels ​ ​ Date entered into Period covered per day Swap price ​ ​ ​ ​ ​ ​ ​ ​ 2022 swaps ​ ​ 12/4/2020 Calendar year 2022 500 ​ $ 44.22 12/7/2020 Calendar year 2022 500 ​ ​ 44.75 12/10/2020 ​ Calendar year 2022 ​ 500 ​ ​ 44.97 12/17/2020 Calendar year 2022 250 ​ ​ 45.98 1/4/2021 ​ Calendar year 2022 250 ​ ​ 47.00 2/4/2021 ​ Calendar year 2022 ​ 250 ​ ​ 50.05 5/11/2021 Calendar year 2022 879 (1) ​ ​ 49.03 ​ (1) The notional quantity per the swap contract entered into on May 11, 2021 is for 26,750 barrels of oil per month. The 879 represents the daily amount on an annual basis. ​ We did not designate our derivative instruments as hedges for accounting purposes. 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 following presents the impact of the Company’s contracts on its balance sheets for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 Liabilities ​ ​ Commodity derivative instruments ​ $ 29,241,588 ​ $ 3,287,328 Derivative liabilities, current ​ $ 29,241,588 ​ $ 3,287,328 ​ ​ ​ ​ ​ ​ ​ Commodity derivative instruments ​ $ — ​ $ 869,273 Derivative liabilities, non-current ​ $ — ​ $ 869,273 ​ The components of “Gain (loss) on derivative contracts” are as follows for the respective periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2020 2019 Gain (loss) on oil derivative ​ $ (77,654,452) ​ $ 20,357,812 ​ $ (3,000,078) Gain (loss) on natural gas derivatives ​ (198,689) ​ 1,008,256 ​ — Gain (loss) on derivative contracts ​ $ (77,853,141) ​ $ 21,366,068 ​ $ (3,000,078) ​ The components of “Cash (paid) received for derivative settlements, net” are as follows for the respective periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2020 2019 Cash flows from operating activities ​ ​ ​ ​ ​ ​ ​ Cash (paid) received on oil derivatives ​ $ (53,511,332) ​ $ 22,522,591 ​ $ 63,054 Cash (paid) received on natural gas derivatives ​ 743,178 ​ — ​ — Cash (paid) received from derivative settlements ​ $ (52,768,154) ​ $ 22,522,591 ​ $ 63,054 ​ 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 derivative contracts have been with lenders under our credit facility.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
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 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 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 (further detail in Note 8). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Classification ​ ​ Quoted prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical Assets ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ or (Liabilities) ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Derivatives - Liabilities ​ $ — ​ $ (4,156,601) ​ $ — ​ $ (4,156,601) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ (4,156,601) ​ $ — ​ $ (4,156,601) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Derivatives - Liabilities ​ $ — ​ $ (29,241,588) ​ $ — ​ $ (29,241,588) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ (29,241,588) ​ $ — ​ $ (29,241,588) ​

REVOLVING LINE OF CREDIT

REVOLVING LINE OF CREDIT	12 Months Ended
	Dec. 31, 2021
REVOLVING LINE OF CREDIT
REVOLVING LINE OF CREDIT	The carrying amounts reported for the revolving line of credit approximates fair value because the underlying instruments are at interest rates which approximate current market rates. 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. 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 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, increased the maximum borrowing amount to $1 billion, extended the maturity date through April 2024 and made 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 is redetermined semi-annually on each May 1 and November 1. The Borrowing Base is subject to reduction 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, 2021, $290,000,000 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, 2021
ASSET RETIREMENT OBLIGATION.
ASSET RETIREMENT OBLIGATION	NOTE 11 – ASSET RETIREMENT OBLIGATION A reconciliation of the asset retirement obligation for the years ended December 31, 2019, 2020 and 2021 is as follows: ​ ​ ​ ​ 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 Liabilities acquired ​ $ 662,705 Liabilities incurred ​ ​ 171,390 Liabilities sold ​ ​ (2,934,126) Liabilities settled ​ ​ (904,514) Revision of estimate (1) ​ ​ 435,419 Accretion expense ​ ​ 744,045 Balance, December 31, 2021 ​ $ 15,292,054 ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 12 – STOCKHOLDERS’ EQUITY The Company is authorized to issue 225,000,000 shares of common stock, with a par value of $0.001 per share, and 50,000,000 shares of preferred stock with a par value per share of $0.001 per share. Issuance of equity instruments in public and private offerings Concurrently with the underwritten public offering, the Company closed on a registered direct offering of (i) 3,500,000 shares of common stock, (ii) 3,300,000 Pre-Funded Warrants and (iii) 6,800,000 Common Warrants at a combined purchase price of $0.70 per share of common stock and Pre-Funded Warrants. 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 – 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 of common stock 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 ($) ​ ($) ​ ($) 2021 100,000 ​ $ 2.00 100,000 — ​ $ 200,000 ​ $ 3.14 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Totals 100,000 ​ ​ 100,000 — ​ $ 200,000 ​ ​ ​ ​ ​ — 2021 Weighted Averages ​ ​ $ 2.00 ​ ​ ​ ​ ​ $ 3.14 ​ ​ ​

EMPLOYEE STOCK OPTIONS, RESTRIC

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)	12 Months Ended
	Dec. 31, 2021
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 “Board”) of the Company, the Company accelerated the vesting of 1,131,955 shares of restricted stock and as a result of such acceleration, 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, 2021, 2020, and 2019 was $2,418,323, $5,364,162,and $3,082,625, respectively. These amounts are included in general and administrative expense in the Statements of Operations. In 2011, the Board approved and adopted a long-term incentive plan (the “2011 Plan”), which was subsequently approved and amended by the shareholders. There were 341,155 shares eligible for grant, either as stock options or as restricted stock, as of December 31, 2021. In 2021, the Board approved and adopted The Omnibus Incentive Plan (the “2021 Plan”), which was subsequently approved and amended by the shareholders at the 2021 Annual Meeting. There were 7,814,128 shares eligible for grant, either as stock options or as restricted stock, as of December 31, 2021. Employee Stock Options from the grant date. A summary of the status of the stock options as of December 31, 2021, 2020, and 2019 and changes during the years ended December 31, 2021, 2020, and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 ​ ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ Options Exercise Price Options Exercise Price Options Exercise Price Outstanding at beginning of the year 465,500 ​ $ 3.26 2,748,500 ​ $ 6.28 2,751,000 ​ $ 6.28 Issued — ​ — — ​ — — ​ — Forfeited or rescinded — ​ — (2,283,000) ​ 6.89 (2,500) ​ 11.70 Exercised (100,000) ​ 2.00 — ​ — — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at end of year 365,500 ​ $ 3.61 465,500 ​ $ 3.26 2,748,500 ​ $ 6.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at end of year 365,500 ​ $ 3.61 455,300 ​ $ 3.11 2,506,700 ​ $ 5.78 ​ For the years ended December 31, 2021, 2020, and 2019 the Company incurred share-based compensation expense related to stock options of $20,934, $927,559, and $625,855, respectively. As of December 31, 2021, the Company had $0 of unrecognized compensation cost related to stock options. The aggregate intrinsic value of options vested and expected to vest as of December 31, 2021 was $82,600. The aggregate intrinsic value of options exercisable at December 31, 2021 was $82,600. The year-end intrinsic values are based on a December 31, 2021 closing stock price of $2.28. Stock options exercised of 100,000 in 2021 had an aggregate intrinsic value on the date of exercise of $114,000. No stock options were exercised in 2020 or 2019. The following table summarizes information related to the Company’s stock options outstanding as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Number ​ Contractual Life ​ Number Exercise price ​ Outstanding ​ (in years) ​ Exercisable $ 2.00 ​ 295,000 2.00 295,000 ​ 5.50 ​ 5,000 2.21 5,000 ​ 14.54 ​ 10,000 3.74 10,000 ​ 8.00 ​ 4,500 3.92 4,500 ​ 6.42 ​ 15,000 4.34 15,000 ​ 11.75 ​ 36,000 4.95 36,000 ​ ​ ​ 365,500 ​ 2.46 365,500 ​ Restricted stock grants ​ ​ ​ ​ ​ # of shares of Grant date restricted stock 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 April 30, 2021 ​ 33,950 June 17, 2021 ​ 1,162,152 July 6, 2021 ​ 11,824 July 12, 2021 ​ 4,007 September 1, 2021 ​ 10,417 September 8, 2021 ​ 3,306 ​ 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 and 2021 vest at a rate of 33% each year over three years beginning one year from the date granted for all employees; for members of the Company’s Board of Directors, the restricted stock grants vest on the earliest of (i) the day before the next shareholder meeting or (ii) the first anniversary of the date of the award. A summary of the status of restricted stock grants as of December 31, 2021 and 2020 and changes during the years ended December 31, 2021, 2020 and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 2019 ​ ​ 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 year 2,132,297 $ 2.94 1,341,889 $ 4.99 ​ 878,360 ​ $ 7.33 Granted 1,225,656 2.77 1,980,000 0.71 ​ 657,605 ​ ​ 2.63 Forfeited or rescinded — — (9,200) 3.97 ​ (6,940) ​ ​ 4.23 Vested (785,357) 1.37 (1,180,392) 4.97 ​ (187,136) ​ ​ 7.79 Outstanding at end of year 2,572,596 $ 1.75 2,132,297 $ 2.94 ​ 1,341,889 ​ $ 4.99 ​ For the years ended December 31, 2021, 2020 and 2019, the Company incurred share-based compensation expense related to restricted stock grants of $2,225,895, $4,436,603, and $2,456,770, respectively. As of December 31, 2021, the Company had $2,721,852 of unrecognized compensation cost related to restricted stock grants that will be recognized over a weighted average period of 2.02 years. During 2021, 2020, and 2019, 785,357, 1,180,392, and 187,136 shares of restricted stock vested, respectively. At the dates of vesting those shares had an aggregate intrinsic value of $2,049,603, $801,133, and $494,605, respectively. Performance Stock Units - ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Performance ​ Grant Date ​ Stock Units Fair Value Outstanding at beginning of year — ​ $ — Granted 860,216 ​ 3.87 Forfeited or rescinded — ​ — Vested — ​ — ​ ​ ​ ​ ​ ​ Outstanding at end of year 860,216 ​ $ 3.87 ​ For the year ended December 31, 2021, the Company incurred share-based compensation expense related to the 2021 PSU Awards of $171,494. As of December 31, 2021, the Company had $3,348,851 of unrecognized compensation cost related to the 2021 PSU Awards that will be recognized over a weighted average period of 2 years . ​ 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, 2021, 2020, and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Employer safe harbor match ​ 228,273 ​ 138,977 59,716 ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 14 – RELATED PARTY TRANSACTIONS The Company leased office space in Tulsa, Oklahoma, from Arenaco, LLC (“Arenaco”), a company that is owned by two stockholders of the Company, Mr. Rochford, former Chairman of the Board, and Mr. McCabe, a former Director of the Company. During the years ended December 31, 2021, 2020, and 2019, the Company paid $10,000, $60,000, and $60,000, respectively, to Arenaco. The month-to-month Arenaco lease was terminated as of March 31, 2021. ​ During June 2021, the Company began using Pro-Ject Chemicals, LLC (“PJ Chemicals”) to perform various chemical services on its wells. As publicly disclosed on the Company’s website, Paul D. McKinney, Chief Executive Officer and Chairman of the Board, is a member of the board of directors of Pro-Ject Holdings, LLC, a privately owned oil field chemical services company and parent of PJ Chemicals. Mr. McKinney owns .34% of the shares of Pro-Ject Holdings, LLC. During the year ended December 31, 2021, the Company paid $117,830 to PJ Chemicals. As of December 31, 2021 the Company had accounts payable of $37,641 due to PJ Chemicals.

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
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, 2021
INCOME TAXES
INCOME TAXES	NOTE 16 – INCOME TAXES For the years ended December 31, 2021, 2020, and 2019, components of our provision for income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for Income Taxes 2021 2020 2019 Federal Deferred Tax ​ $ — ​ $ (6,001,176) ​ $ 13,787,654 State Deferred Tax ​ ​ 90,342 ​ ​ — ​ ​ — Provision for Income Taxes ​ $ 90,342 ​ $ (6,001,176) ​ $ 13,787,654 ​ The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Reconciliation 2021 2020 2019 Pre-tax book income ​ $ 3,413,234 ​ $ (259,413,004) ​ $ 43,284,205 Tax at federal statutory rate ​ $ 716,779 ​ $ (54,476,731) ​ $ 9,089,683 Excess tax benefit from stock option exercises and restricted stock vesting ​ ​ (175,187) ​ (1,109,379) ​ 4,055,418 Adjust prior estimates to tax return ​ ​ 2,938,948 ​ (1,930,994) ​ 19 States taxes, net of federal benefit ​ ​ 430,654 ​ (964,393) ​ 160,913 Adjustment for change in future effective tax rate (1) ​ ​ — ​ — ​ 479,222 Valuation allowance ​ ​ (3,827,194) ​ ​ 52,161,412 ​ ​ — Non-deductible expenses and other ​ ​ 6,342 ​ ​ 318,909 ​ ​ 2,399 Provision for Income Taxes ​ $ 90,342 ​ $ (6,001,176) ​ $ 13,787,654 ​ (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 . The net deferred taxes consisted of the following as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ 12/31/2021 12/31/2020 ​ ​ Total ​ Total Deferred Tax Assets ​ ​ Net operating loss (NOL) carryforward ​ 60,155,112 ​ 54,185,183 Equity compensation ​ 691,076 ​ 3,350,361 Asset retirement obligation ​ 3,348,875 ​ 4,604,906 Fair market value of derivatives ​ 6,403,745 ​ 888,266 Accrued expense ​ 5,049 ​ — Others 56,028 55,746 Gross Deferred Tax Assets 70,659,885 63,084,462 Less: valuation allowance (48,334,217) (52,161,412) Net Deferred Tax Assets 22,325,668 10,923,050 ​ ​ ​ ​ ​ Deferred Tax Liabilities Propety and equipment (22,415,959) (10,923,050) Net Deferred Liabilties (22,415,959) (10,923,050) ​ ​ ​ ​ ​ Net Deferred Tax Asset/(Liabilities) (90,292) — ​ Note that the presentation of the December 31, 2020 income tax, rate reconciliation and deferred tax tables have been adjusted to conform to current year presentation. The total income tax expense, net deferred tax asset and deferred tax liability balances remain the same as prior year. ​ As of December 31, 2021, the Company had net operating loss carryforwards for federal income tax reporting purposes of approximately $108.9 million which, if unused, will begin to expire in 2027 and fully expire in 2037 and an additional $176.7 million that can be carried forward indefinitely. Because of the change in ownership provisions of the Code, use of a portion of our federal NOLs may be limited in future periods. As of December 31, 2021, we carried a valuation allowance against our federal and state deferred tax assets of $48,334,217. We have considered both the positive and negative evidence in determining whether it was more likely than not that some portion or all of our deferred tax assets will be realized. The amount of deferred tax assets considered realizable could, however, be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence is no longer present and additional weight is given to subjective positive evidence, including projections for growth. The valuation allowance along with $22,415,959 of deferred tax liabilities bring our net deferred position to a deferred tax liability of $90,292. The net deferred tax liability recognized on our balance sheet as of December 31, 2021 is attributable to certain state deferred tax liabilities associated with property and equipment.

LEGAL MATTERS

LEGAL MATTERS	12 Months Ended
	Dec. 31, 2021
LEGAL MATTERS.
LEGAL MATTERS	NOTE 17 – LEGAL MATTERS The Company is a defendant in a lawsuit in Harris County District Court, Houston, Texas, styled EPUS Permian Assets, LLC, v. Ring Energy, Inc.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 18 – SUBSEQUENT EVENTS Effective February 1, 2022, the Company entered into a derivative contract with its lender for 1,000 barrels of oil per day for the remainder of 2022 (total notional quantity of 334,000 barrels). Fixed swap prices range vary by month, ranging from $90.78 per barrel in February to $80.01 per barrel by the end of the year, with a weighted average swap price of $84.61 per barrel. ​

ORGANIZATION, BASIS OF PRESEN_2

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Nature of Operations	Organization and Nature of Operations –
Reclassifications	Reclassifications –
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 material credit losses have been provided as of December 31, 2021 and 2020.
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, 2021, 2020, and 2019. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Years Ended December 31, ​ 2021 2020 2019 Depletion ​ $ 36,735,070 ​ $ 42,634,294 ​ $ 55,870,246 Depletion rate, per barrel-of-oil-equivalent (BOE) ​ $ 11.82 ​ $ 13.25 ​ $ 14.15 ​ 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 year ended December 31, 2020, the Company recognized an impairment on oil and natural gas properties as a result of the ceiling test in the amount of $277,501,943. No impairment was recorded for the years ended December 31, 2021 or 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 $432,897, $376,366, and 334,023 for the years ended December 31, 2021, 2020, and 2019, respectively.
Notes Payable	Notes Payable
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.)
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 Compensation	Share-Based Employee Compensation –
Share-Based Compensation to Non-Employees	Share-Based Compensation to Non-Employees – measurable. The measurement date for these issuances is the earlier of (i) the date at which a commitment for performance by the recipient to earn the equity instruments is reached or (ii) the date at which the recipient’s performance is complete. Share-based compensation incurred for the years ended December 31, 2021, 2020, and 2019 was $2,418,323, $5,364,162, and $3,082,625, respectively.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities When applicable, the Company records all derivative instruments, other than those that meet the normal purchases and sales exception, on the balance sheet as either an asset or liability measured at fair value. Changes in fair value are recognized currently in earnings unless specific hedge accounting criteria are met. Refer to Note 8 for further details.
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”). Effective January 1, 2019, the Company adopted ASU 2016-02, Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, followed by other related ASUs that provided targeted improvements (collectively “ASU 2016-13”). ASU 2016-13 provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. The guidance is to be applied using a modified retrospective method and is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU 2016-13 on January 1, 2020. The adoption of ASU 2016-13 did not have a material impact to the Company’s consolidated financial statements or disclosures. In December 2019, the FASB released ASU No. 2019-12 (“ASU 2019-12”), Income Taxes Codification Improvements ​ Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848 ): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. ASU 2020-04 will be in effect through December 31, 2022. In January 2021, issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), to provide clarifying guidance regarding the scope of Topic 848. ASU 2020-04 was issued to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The Company is currently assessing the impact of adopting this new guidance. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 was issued to reduce the complexity associated with accounting for certain financial instruments with characteristics of liabilities and equity. The guidance is to be applied using either a modified retrospective or a fully retrospective method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. The Company will adopt ASU 2020-06 effective January 1, 2022. The adoption of ASU 2020-06 is not expected to have a material impact on the Company’s consolidated financial statements or disclosures. In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.” This update requires the acquirer in a business combination to record contract asset and liabilities following Topic 606 – “Revenue from Contracts with Customers” at acquisition as if it had originated the contract, rather than at fair value. This update is effective for public business entities beginning after December 15, 2022, with early adoption permitted. The Company continues to evaluate the provisions of this update, but it does not believe the adoption will have a material impact on its financial position, results of operations or liquidity .

ORGANIZATION, BASIS OF PRESEN_3

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
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, ​ 2021 2020 2019 Depletion ​ $ 36,735,070 ​ $ 42,634,294 ​ $ 55,870,246 Depletion rate, per barrel-of-oil-equivalent (BOE) ​ $ 11.82 ​ $ 13.25 ​ $ 14.15
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, 2021
REVENUE RECOGNITION
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 Operating revenues ​ ​ ​ Oil ​ $ 181,533,093 ​ $ 109,113,557 ​ $ 191,891,314 Natural gas ​ ​ 14,772,873 ​ ​ 3,911,581 ​ ​ 3,811,517 Total operating revenues ​ $ 196,305,966 ​ $ 113,025,138 ​ $ 195,702,831

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Schedule of future lease payments of operating lease and finance lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2023 2024 2025 2026 Operating lease payments (1) ​ $ 349,127 ​ $ 356,991 ​ $ 376,855 ​ $ 384,719 ​ $ 110,096 Financing lease payments (2) ​ ​ 336,206 ​ ​ 213,530 ​ ​ 142,354 ​ ​ — ​ ​ — ​ (1) The weighted average discount rate as of December 31, 2021 for operating leases was 4.50% . Based on this rate, the future lease payments above include imputed interest of $148,701 . The weighted average remaining term of operating leases was 4.3 years. (2) The weighted average discount rate as of December 31, 2021 for financing leases was 4.22% . Based on this rate, the future lease payments above include imputed interest of $31,850 . The weighted average remaining term of financing leases was 2.23 years.
Schedule of lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Operating lease costs ​ $ 523,487 Short term lease costs (1) ​ $ 4,161,540 Financing lease costs: ​ ​ ​ Amortization of financing lease assets (2) ​ $ 307,936 Interest on lease liabilities (3) ​ $ 22,088 ​ (1) Amount included in Lease operating expenses (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, 2021
EARNINGS (LOSS) PER SHARE INFORMATION
Schedule of earnings per share, Basic and Diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2020 2019 Net Income (Loss) ​ ​ $ 3,322,892 ​ $ (253,411,828) ​ $ 29,496,551 Basic Weighted-Average Shares Outstanding ​ ​ 99,387,028 ​ 72,891,310 ​ 66,571,738 Effect of dilutive securities: ​ ​ ​ ​ ​ Stock options ​ ​ 75,897 ​ — ​ 174,944 Restricted stock ​ ​ 1,613,810 ​ — ​ 10,346 Common warrants ​ ​ ​ 20,116,440 ​ ​ — ​ ​ — Diluted Weighted-Average Shares Outstanding ​ ​ 121,193,175 ​ 72,891,310 ​ 66,757,028 Basic Earnings (Loss) per Share ​ ​ $ 0.03 ​ $ (3.48) ​ $ 0.44 Diluted Earnings (Loss) per Share ​ ​ $ 0.03 ​ $ (3.48) ​ $ 0.44

ACQUISITIONS & DIVESTITURES (Ta

ACQUISITIONS & DIVESTITURES (Tables)	12 Months Ended
	Dec. 31, 2021
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.
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, 2021
OIL AND NATURAL GAS PRODUCING ACTIVITIES
Schedule of capitalized costs relating to Oil and Natural Gas producing activities	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 2020 Oil and natural gas properties, full cost method ​ $ 883,844,745 ​ $ 836,514,815 Financing lease asset subject to depreciation ​ ​ 1,422,487 ​ ​ 858,513 Fixed assets subject to depreciation ​ 2,089,722 ​ 1,520,890 Total Properties and Equipment ​ 887,356,954 ​ 838,894,218 Accumulated depletion, depreciation and amortization ​ (235,997,307) ​ (200,111,658) ​ ​ ​ ​ ​ ​ ​ Net Properties and Equipment ​ $ 651,359,647 ​ $ 638,782,560 ​
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, 2021 2020 Payments to purchase oil and natural gas properties ​ $ 1,368,437 ​ $ 1,317,313 Proceeds from divestiture of oil and natural gas properties ​ ​ (2,000,000) ​ ​ — Payments to develop oil and natural gas properties ​ ​ 51,302,131 ​ ​ 42,457,745 Payments to acquire or improve fixed assets subject to depreciation ​ ​ 568,832 ​ ​ 55,339 Total Net Costs Incurred ​ $ 51,239,400 ​ $ 43,830,397

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of derivative contracts for WTI	Throughout 2020 and 2021, the Company entered into additional derivative contracts in the form of oil swaps for 2022. The following tables reflect the details of those contracts: Oil derivative contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Barrels ​ ​ Date entered into Period covered per day Swap price ​ ​ ​ ​ ​ ​ ​ ​ 2022 swaps ​ ​ 12/4/2020 Calendar year 2022 500 ​ $ 44.22 12/7/2020 Calendar year 2022 500 ​ ​ 44.75 12/10/2020 ​ Calendar year 2022 ​ 500 ​ ​ 44.97 12/17/2020 Calendar year 2022 250 ​ ​ 45.98 1/4/2021 ​ Calendar year 2022 250 ​ ​ 47.00 2/4/2021 ​ Calendar year 2022 ​ 250 ​ ​ 50.05 5/11/2021 Calendar year 2022 879 (1) ​ ​ 49.03 ​ (1) The notional quantity per the swap contract entered into on May 11, 2021 is for 26,750 barrels of oil per month. The 879 represents the daily amount on an annual basis.
Schedule of contracts on the balance sheet	The following presents the impact of the Company’s contracts on its balance sheets for the periods indicated. ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 Liabilities ​ ​ Commodity derivative instruments ​ $ 29,241,588 ​ $ 3,287,328 Derivative liabilities, current ​ $ 29,241,588 ​ $ 3,287,328 ​ ​ ​ ​ ​ ​ ​ Commodity derivative instruments ​ $ — ​ $ 869,273 Derivative liabilities, non-current ​ $ — ​ $ 869,273
Schedule of components of Gain (loss) on derivative contracts	The components of “Gain (loss) on derivative contracts” are as follows for the respective periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2020 2019 Gain (loss) on oil derivative ​ $ (77,654,452) ​ $ 20,357,812 ​ $ (3,000,078) Gain (loss) on natural gas derivatives ​ (198,689) ​ 1,008,256 ​ — Gain (loss) on derivative contracts ​ $ (77,853,141) ​ $ 21,366,068 ​ $ (3,000,078)
Schedule of components of Cash (paid) received for commodity derivative settlements	The components of “Cash (paid) received for derivative settlements, net” are as follows for the respective periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, ​ 2021 2020 2019 Cash flows from operating activities ​ ​ ​ ​ ​ ​ ​ Cash (paid) received on oil derivatives ​ $ (53,511,332) ​ $ 22,522,591 ​ $ 63,054 Cash (paid) received on natural gas derivatives ​ 743,178 ​ — ​ — Cash (paid) received from derivative settlements ​ $ (52,768,154) ​ $ 22,522,591 ​ $ 63,054

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
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 (further detail in Note 8). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Classification ​ ​ Quoted prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ for Identical Assets ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ or (Liabilities) ​ Observable Inputs ​ Inputs ​ ​ ​ ​ (Level 1) (Level 2) (Level 3) Total As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Derivatives - Liabilities ​ $ — ​ $ (4,156,601) ​ $ — ​ $ (4,156,601) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ (4,156,601) ​ $ — ​ $ (4,156,601) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity Derivatives - Liabilities ​ $ — ​ $ (29,241,588) ​ $ — ​ $ (29,241,588) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ — ​ $ (29,241,588) ​ $ — ​ $ (29,241,588)

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2021
ASSET RETIREMENT OBLIGATION.
Schedule of asset retirement obligation	​ ​ ​ ​ 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 Liabilities acquired ​ $ 662,705 Liabilities incurred ​ ​ 171,390 Liabilities sold ​ ​ (2,934,126) Liabilities settled ​ ​ (904,514) Revision of estimate (1) ​ ​ 435,419 Accretion expense ​ ​ 744,045 Balance, December 31, 2021 ​ $ 15,292,054 ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
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 ($) ​ issued ​ retained ​ exercise ($) ​ ($) ​ ($) 2021 100,000 ​ $ 2.00 100,000 — ​ $ 200,000 ​ $ 3.14 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 Totals 100,000 ​ ​ 100,000 — ​ $ 200,000 ​ ​ ​ ​ ​ — 2021 Weighted Averages ​ ​ $ 2.00 ​ ​ ​ ​ ​ $ 3.14 ​ ​

EMPLOYEE STOCK OPTIONS, RESTR_2

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) (Tables)	12 Months Ended
	Dec. 31, 2021
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)
Schedule of Stock Options Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 ​ ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ Average ​ Options Exercise Price Options Exercise Price Options Exercise Price Outstanding at beginning of the year 465,500 ​ $ 3.26 2,748,500 ​ $ 6.28 2,751,000 ​ $ 6.28 Issued — ​ — — ​ — — ​ — Forfeited or rescinded — ​ — (2,283,000) ​ 6.89 (2,500) ​ 11.70 Exercised (100,000) ​ 2.00 — ​ — — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at end of year 365,500 ​ $ 3.61 465,500 ​ $ 3.26 2,748,500 ​ $ 6.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at end of year 365,500 ​ $ 3.61 455,300 ​ $ 3.11 2,506,700 ​ $ 5.78
Schedule of Stock Options Outstanding	The following table summarizes information related to the Company’s stock options outstanding as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Number ​ Contractual Life ​ Number Exercise price ​ Outstanding ​ (in years) ​ Exercisable $ 2.00 ​ 295,000 2.00 295,000 ​ 5.50 ​ 5,000 2.21 5,000 ​ 14.54 ​ 10,000 3.74 10,000 ​ 8.00 ​ 4,500 3.92 4,500 ​ 6.42 ​ 15,000 4.34 15,000 ​ 11.75 ​ 36,000 4.95 36,000 ​ ​ ​ 365,500 ​ 2.46 365,500
Schedule of Restricted Stock Shares Activity	​ ​ ​ ​ ​ # of shares of Grant date restricted stock 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 April 30, 2021 ​ 33,950 June 17, 2021 ​ 1,162,152 July 6, 2021 ​ 11,824 July 12, 2021 ​ 4,007 September 1, 2021 ​ 10,417 September 8, 2021 ​ 3,306
Schedule of Restricted Stock Grants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 2019 ​ ​ 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 year 2,132,297 $ 2.94 1,341,889 $ 4.99 ​ 878,360 ​ $ 7.33 Granted 1,225,656 2.77 1,980,000 0.71 ​ 657,605 ​ ​ 2.63 Forfeited or rescinded — — (9,200) 3.97 ​ (6,940) ​ ​ 4.23 Vested (785,357) 1.37 (1,180,392) 4.97 ​ (187,136) ​ ​ 7.79 Outstanding at end of year 2,572,596 $ 1.75 2,132,297 $ 2.94 ​ 1,341,889 ​ $ 4.99
Schedule of performance stock units	​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ Performance ​ Grant Date ​ Stock Units Fair Value Outstanding at beginning of year — ​ $ — Granted 860,216 ​ 3.87 Forfeited or rescinded — ​ — Vested — ​ — ​ ​ ​ ​ ​ ​ Outstanding at end of year 860,216 ​ $ 3.87
Schedule of contributions expense	​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 2019 Employer safe harbor match ​ 228,273 ​ 138,977 59,716

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of Components of Income Tax Expense	For the years ended December 31, 2021, 2020, and 2019, components of our provision for income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for Income Taxes 2021 2020 2019 Federal Deferred Tax ​ $ — ​ $ (6,001,176) ​ $ 13,787,654 State Deferred Tax ​ ​ 90,342 ​ ​ — ​ ​ — Provision for Income Taxes ​ $ 90,342 ​ $ (6,001,176) ​ $ 13,787,654
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 2021 2020 2019 Pre-tax book income ​ $ 3,413,234 ​ $ (259,413,004) ​ $ 43,284,205 Tax at federal statutory rate ​ $ 716,779 ​ $ (54,476,731) ​ $ 9,089,683 Excess tax benefit from stock option exercises and restricted stock vesting ​ ​ (175,187) ​ (1,109,379) ​ 4,055,418 Adjust prior estimates to tax return ​ ​ 2,938,948 ​ (1,930,994) ​ 19 States taxes, net of federal benefit ​ ​ 430,654 ​ (964,393) ​ 160,913 Adjustment for change in future effective tax rate (1) ​ ​ — ​ — ​ 479,222 Valuation allowance ​ ​ (3,827,194) ​ ​ 52,161,412 ​ ​ — Non-deductible expenses and other ​ ​ 6,342 ​ ​ 318,909 ​ ​ 2,399 Provision for Income Taxes ​ $ 90,342 ​ $ (6,001,176) ​ $ 13,787,654
Schedule of Deferred Tax Assets and Liabilities	The net deferred taxes consisted of the following as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ 12/31/2021 12/31/2020 ​ ​ Total ​ Total Deferred Tax Assets ​ ​ Net operating loss (NOL) carryforward ​ 60,155,112 ​ 54,185,183 Equity compensation ​ 691,076 ​ 3,350,361 Asset retirement obligation ​ 3,348,875 ​ 4,604,906 Fair market value of derivatives ​ 6,403,745 ​ 888,266 Accrued expense ​ 5,049 ​ — Others 56,028 55,746 Gross Deferred Tax Assets 70,659,885 63,084,462 Less: valuation allowance (48,334,217) (52,161,412) Net Deferred Tax Assets 22,325,668 10,923,050 ​ ​ ​ ​ ​ Deferred Tax Liabilities Propety and equipment (22,415,959) (10,923,050) Net Deferred Liabilties (22,415,959) (10,923,050) ​ ​ ​ ​ ​ Net Deferred Tax Asset/(Liabilities) (90,292) —

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, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization And Summary Of Significant Accounting Policies [Line Items]
Depletion	$ 36,735,070	$ 42,634,294	$ 55,870,246
Depletion rate, per barrel-of-oil-equivalent (BOE)	11.82	13.25	14.15
Unrealized Gain (Loss) on Derivatives	(77,853,141)	21,366,068	(2,937,024)
Cash received (paid) for derivative settlements, net	$ (52,768,154)	$ 22,522,591	$ 63,054

ORGANIZATION, BASIS OF PRESEN_5

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details)	12 Months Ended
	Dec. 31, 2021
Leasehold improvements [Member] | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Leasehold improvements [Member] | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Office equipment and Software | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office equipment and Software | 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)	12 Months Ended
	Dec. 31, 2021USD ($)NotesSeries	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Fair Value, Concentration of Risk, Cash and Cash Equivalents	$ 1,936,805	$ 3,328,634
Allowance for doubtful accounts	0	0
Depreciation	$ 432,897	376,366	$ 334,023
Number of Promissory Notes Signed | NotesSeries	3
Notes Payable Current, For Obtaining External Insurance	$ 586,410
Share-based Compensation	2,418,323	5,364,162	3,082,625
Impairment of Oil and Gas Properties	0	277,501,943	0
Valuation allowance	48,334,217	52,161,412
Cumulative Effect on Retained Earnings, Net Of Tax	$ 300,624,207	$ 294,765,813	$ 523,509,933	$ 462,599,430
Sales Revenue, Net | Customer Concentration Risk | Customer One
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	76.00%	68.00%	42.00%
Sales Revenue, Net | Customer Concentration Risk | Customer Two
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	7.00%	10.00%	36.00%
Sales Revenue, Net | Customer Concentration Risk | Customer Three
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	6.00%	8.00%	7.00%
Accounts Receivable | Customer Concentration Risk | Customer One
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	75.00%	80.00%	47.00%
Accounts Receivable | Customer Concentration Risk | Customer Two
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	8.00%	0.00%	31.00%
Accounts Receivable | Customer Concentration Risk | Customer Three
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	4.00%	5.00%	9.00%

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUE RECOGNITION
Oil	$ 181,533,093	$ 109,113,557	$ 191,891,314
Natural gas	14,772,873	3,911,581	3,811,517
Total operating revenues	$ 196,305,966	$ 113,025,138	$ 195,702,831

LEASES - Future lease payments

LEASES - Future lease payments (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
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
2022	$ 349,127
2023	356,991
2024	376,855
2025	384,719
2025	$ 110,096
Weighted average discount rate	4.50%
Imputed interest	$ 148,701
Weighted average remaining term	4 years 3 months 18 days
Financing lease payments
2022	$ 336,206
2023	213,530
2024	$ 142,354
Weighted average discount rate	4.22%
Imputed interest	$ 31,850
Weighted average remaining term	2 years 2 months 23 days

LEASES - Supplemental informati

LEASES - Supplemental information regarding cash flows from operations (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
LEASES
Operating lease costs	$ 523,487
Short term lease costs (1)	4,161,540
Financing lease costs:
Amortization of financing lease assets (2)	307,936
Interest on lease liabilities (3)	$ 22,088

EARNINGS (LOSS) PER SHARE INF_3

EARNINGS (LOSS) PER SHARE INFORMATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income (Loss)	$ 3,322,892	$ (253,411,828)	$ 29,496,551
Basic Weighted-Average Shares Outstanding	99,387,028	72,891,310	66,571,738
Effect of dilutive securities:
Diluted Weighted-Average Shares Outstanding	121,193,175	72,891,310	66,757,028
Basic Earnings (Loss) per share	$ 0.03	$ (3.48)	$ 0.44
Diluted Earnings (Loss) per share	$ 0.03	$ (3.48)	$ 0.44
Common warrants
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment	20,116,440
Restricted Stock
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment	1,613,810		10,346
Stock options
Effect of dilutive securities:
Weighted Average Number Diluted Shares Outstanding Adjustment	75,897		174,944

EARNINGS (LOSS) PER SHARE INF_4

EARNINGS (LOSS) PER SHARE INFORMATION - Additional information (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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	114,880	2,144,617	704,684
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares were excluded from the computation of diluted earnings per share	94,270
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	113,659	465,500	2,353,500
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 & DIVESTITURES (De

ACQUISITIONS & DIVESTITURES (Details)	Apr. 09, 2019USD ($)ashares	Dec. 31, 2021USD ($)	Feb. 25, 2019$ / shares
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs		$ 4,100,000
Oil and Natural Gas Assets in Andrews County
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned		$ 103,385
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 | Wishbone Acquisition
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	77.00%
Average Net Revenue Interest | Wishbone Acquisition
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	58.00%

ACQUISITIONS & DIVESTITURES - T

ACQUISITIONS & DIVESTITURES - The fair values of the assets acquired and the liabilities assumed (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2019
Assets acquired
Proved oil and gas properties	$ 305,004,775
Joint interest billing receivable	1,464,394	$ 1,464,394
Prepaid assets	2,864,554	2,864,554
Liabilities assumed
Accounts and revenues payable	(1,234,861)	(1,234,861)
Asset retirement obligation incurred through acquisition	(3,705,941)	$ (3,705,941)
Total Identifiable Net Assets	$ 304,392,921

ACQUISITIONS & DIVESTITURES - R

ACQUISITIONS & DIVESTITURES - Revenues and direct operating costs associated with the acquired properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Revenues	$ 196,305,966	$ 113,025,138	$ 195,702,831
Oil and natural gas production costs	4,333,232	4,090,238	2,874,155
Oil and natural gas production taxes	$ 9,123,420	$ 5,228,090	9,130,379
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 & DIVESTITURES (_2

ACQUISITIONS & DIVESTITURES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Business Acquisition [Line Items]
Asset retirement obligation sold	$ 2,934,126
Asset retirement obligations for wells acquired	662,705	$ 3,745,642
Vin Fisher Operating Inc [Member]
Business Acquisition [Line Items]
Cash Consideration	2,000,000
Asset retirement obligations for wells acquired	$ 662,705

DEPOSIT FORFEITURE INCOME (Deta

DEPOSIT FORFEITURE INCOME (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2020USD ($)	Dec. 31, 2020USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)
DEPOSIT FORFEITURE INCOME
Number of occasions in which Company entered into an agreement | item		6
Non-refundable deposits		$ 5,500,000	$ 5,500,000	$ 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, 2021	Dec. 31, 2020
OIL AND NATURAL GAS PRODUCING ACTIVITIES
Proved oil and natural gas properties	$ 883,844,745	$ 836,514,815
Financing lease asset subject to depreciation	1,422,487	858,513
Fixed assets subject to depreciation	2,089,722	1,520,890
Total capitalized costs	887,356,954	838,894,218
Accumulated depletion, depreciation and amortization	(235,997,307)	(200,111,658)
Net Capitalized Costs	$ 651,359,647	$ 638,782,560

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, 2021	Dec. 31, 2020	Dec. 31, 2019
OIL AND NATURAL GAS PRODUCING ACTIVITIES
Payments for the Wishbone Acquisition			$ 276,061,594
Payments to purchase oil and natural gas properties	$ 1,368,437	$ 1,317,313	3,400,411
Proceeds from divestiture of oil and natural gas properties	(2,000,000)		(8,547,074)
Payments to develop oil and natural gas properties	51,302,131	42,457,745	$ 152,125,320
Purchase of fixed assets subject to depreciation	568,832	55,339
Total Net Costs Incurred	$ 51,239,400	$ 43,830,397

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Current contracts (Details) - Oil - January 2022 through December 2022	Dec. 31, 2021BarrelOfButane$ / bbl	May 11, 2021BarrelOfButane
Commodity Contract A
Number Of Barrels Per Day | BarrelOfButane	500
Swap Price | $ / bbl	44.22
Commodity Contract B
Number Of Barrels Per Day | BarrelOfButane	500
Swap Price | $ / bbl	44.75
Commodity Contract C
Number Of Barrels Per Day | BarrelOfButane	500
Swap Price | $ / bbl	44.97
Commodity Contract D
Number Of Barrels Per Day | BarrelOfButane	250
Swap Price | $ / bbl	45.98
Commodity Contract E
Number Of Barrels Per Day | BarrelOfButane	250
Swap Price | $ / bbl	47
Commodity Contract F
Number Of Barrels Per Day | BarrelOfButane	250
Swap Price | $ / bbl	50.05
Commodity Contract G
Barrels per day | BarrelOfButane		879
Swap Price | $ / bbl	49.03

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of contracts on the balance sheet (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Liabilities
Commodity derivative instruments	$ 29,241,588	$ 3,287,328
Derivative liabilities, current	$ 29,241,588	3,287,328
Commodity derivative instruments		869,273
Derivative liabilities, non-current		$ 869,273

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of components of Gain (loss) on derivative contracts (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Gain (loss) on derivative contracts	$ (77,853,141)	$ 21,366,068	$ (3,000,078)
Oil
Gain (loss) on derivative contracts	(77,654,452)	20,357,812	$ (3,000,078)
Natural Gas
Gain (loss) on derivative contracts	$ (198,689)	$ 1,008,256

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of components of Cash (paid) received for commodity derivative settlements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities
Cash (paid) received for derivative settlements	$ (52,768,154)	$ 22,522,591	$ 63,054
Oil
Cash flows from operating activities
Cash (paid) received for derivative settlements	(53,511,332)	$ 22,522,591	$ 63,054
Natural Gas
Cash flows from operating activities
Cash (paid) received for derivative settlements	$ 743,178

DERIVATIVE FINANCIAL INSTRUME_7

DERIVATIVE FINANCIAL INSTRUMENTS - Additional information (Details) - Oil - Commodity Contract G - January 2022 through December 2022	May 11, 2021BarrelOfButane
Barrels of oil per month	26,750
Barrels per day	879

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value Measurement Classification - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Commodity Derivatives - Liabilities	$ 29,241,588	$ 4,156,601
Total	(29,241,588)	(4,156,601)
Quoted prices in Active Markets for Identical Assets or (Liabilities) (Level 1)
Commodity Derivatives - Liabilities	0	0
Total	0	0
Significant Other Observable Inputs (Level 2)
Commodity Derivatives - Liabilities	29,241,588	4,156,601
Total	(29,241,588)	(4,156,601)
Significant Unobservable Inputs (Level 3)
Commodity Derivatives - Liabilities	0	0
Total	$ 0	$ 0

REVOLVING LINE OF CREDIT (Detai

REVOLVING LINE OF CREDIT (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	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		$ 290,000,000	$ 313,000,000
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, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSET RETIREMENT OBLIGATION.
Balance	$ 17,117,135	$ 16,787,219	$ 13,055,797
Liabilities acquired	662,705		3,745,642
Liabilities incurred	171,390	99,436	631,727
Liabilities sold	(2,934,126)
Liabilities settled	(904,514)	(710,577)	(1,589,654)
Revision of estimate	435,419	34,441
Accretion expense	744,045	906,616	943,707
Balance	$ 15,292,054	$ 17,117,135	$ 16,787,219

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional information (Details) - USD ($)	Feb. 25, 2019	Jan. 31, 2021	Dec. 31, 2020	Oct. 31, 2020	Apr. 30, 2020	Apr. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common Stock, Shares Authorized			225,000,000				225,000,000	225,000,000
Common Stock, Par or Stated Value Per Share			$ 0.001				$ 0.001	$ 0.001
Preferred Stock, Shares Authorized			50,000,000				50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share			$ 0.001				$ 0.001	$ 0.001
Share Price									$ 3.14
Proceeds From Issuance Of Common Stock Gross			$ 3,300	$ 16,089,582
Proceeds from issuance of common stock, net of offering costs							$ 367,509	$ 19,383,131
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
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period							100,000		100,000
Pre-funded warrants
Class of Stock [Line Items]
Common Stock, Shares Authorized			3,300,000					3,300,000
Stock Issued During Period, Shares, New Issues				13,428,500
Warrants Exercised		13,428,500
Common warrants
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				23,004,300
Warrants Exercised							442,600
Class of Warrant or Right, Outstanding							29,361,700
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, Value Assigned							$ 103,385
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
Proceeds From Issuance Of Common Stock Gross							20,846,282
Proceeds from issuance of common stock, net of offering costs							19,379,832
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
Registered direct offering | Pre-funded warrants
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				3,300,000
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

STOCKHOLDERS' EQUITY- Common st

STOCKHOLDERS' EQUITY- Common stock issued in option exercise (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Options exercised		100,000
Exercise price		$ 2
Shares issued	100,000	100,000
Cash paid at exercise	$ 200,000	$ 200,000
Stock price on date of exercise		$ 3.14
Exercised Option 1
Options exercised	100,000
Exercise price	$ 2
Shares issued	100,000
Cash paid at exercise	$ 200,000
Stock price on date of exercise	$ 3.14

EMPLOYEE STOCK OPTIONS, RESTR_3

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Exercise Prices No Options Were Granted (Details)	1 Months Ended
	Jun. 30, 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) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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		365,500
Options Exercisable at end of year		365,500
Weighted Average Exercise Price, Exercised				$ 2
Weighted Average Exercise Price, Exercisable at end of year	$ 6.87
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)		2 years 5 months 15 days
Recognized additional compensation expense	$ 768,379
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Exercised		(100,000)	0	0
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Exercised		(100,000)
Employee Stock Options.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding at beginning of the year		465,500	2,748,500	2,751,000
Granted		0	0	0
Forfeited or rescinded			(2,283,000)	(2,500)
Options Exercised		(100,000)
Options Outstanding at end of year		365,500	465,500	2,748,500
Options Exercisable at end of year		365,500	455,300	2,506,700
Weighted Average Exercise Price, Outstanding at beginning of the year		$ 3.26	$ 6.28	$ 6.28
Weighted Average Exercise Price, Granted		0
Weighted Average Exercise Price, Forfeited or rescinded		0	6.89	11.70
Weighted Average Exercise Price, Exercised		2
Weighted Average Exercise Price, Outstanding at end of year		3.61	3.26	6.28
Weighted Average Exercise Price, Exercisable at end of year		$ 3.61	$ 3.11	$ 5.78
Options vesting percentage		20.00%
Options vesting term		5 years
Options expiration term		10 years
Unrecognized compensation cost		$ 0

EMPLOYEE STOCK OPTIONS, RESTR_5

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding - Number Outstanding	365,500
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	2 years 5 months 15 days
Options Outstanding - Number Exercisable	365,500
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	295,000
Options Outstanding - Weighted-Average Remaining Contractual Life (in years)	2 years
Options Outstanding - Number Exercisable	295,000
Exercise Price Two [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 15 days
Options Outstanding - Number Exercisable	5,000
Exercise Price Three [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 26 days
Options Outstanding - Number Exercisable	10,000
Exercise Price Four [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 Five [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)	4 years 4 months 2 days
Options Outstanding - Number Exercisable	15,000
Exercise Price Six [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)	4 years 11 months 12 days
Options Outstanding - Number Exercisable	36,000

EMPLOYEE STOCK OPTIONS, RESTR_6

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Restricted Stock Grants (Details)	12 Months Ended
	Dec. 31, 2021shares
April 9, 2019
Number of shares granted	10,400
May 30, 2019
Number of shares granted	5,000
July 9, 2019
Number of shares granted	5,000
September 13, 2019
Number of shares granted	10,000
December 21, 2019
Number of shares granted	627,205
October 1, 2020
Number of shares granted	900,000
October 26, 2020
Number of shares granted	150,000
December 15, 2020
Number of shares granted	930,000
April 30, 2021
Number of shares granted	33,950
June 17, 2021
Number of shares granted	1,162,152
July 6, 2021
Number of shares granted	11,824
July 12, 2021
Number of shares granted	4,007
September 1, 2021
Number of shares granted	10,417
September 8, 2021
Number of shares granted	3,306

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, 2021	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	2,132,297	1,341,889	878,360
Restricted stock, Granted	1,225,656	1,980,000		657,605
Restricted stock, Forfeited or rescinded	0	(9,200)	(6,940)
Restricted stock, Vested	(785,357)	(1,180,392)	(187,136)
Restricted stock, Outstanding at end of year	2,572,596	2,132,297	1,341,889	878,360
Weighted-Average Grant Date Fair Value, Outstanding at beginning of the year	$ 2.94	$ 4.99	$ 7.33
Weighted-Average Grant Date Fair Value, Granted	2.77	0.71	2.63
Weighted-Average Grant Date Fair Value, Forfeited or rescinded	0	3.97	4.23
Weighted-Average Grant Date Fair Value, Vested	1.37	4.97	7.79
Weighted-Average Grant Date Fair Value, Outstanding at end of year	$ 1.75	$ 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, 2021	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)
Employer safe harbor match	$ 228,273	$ 138,977	$ 59,716

EMPLOYEE STOCK OPTIONS, RESTR_9

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Performance Stock Units (Details) - Performance Shares - USD ($)	Nov. 22, 2021	Dec. 31, 2021
Summary of the status of the performance stock grants
Restricted stock, Outstanding at beginning of the year		0
Restricted stock, Granted	860,216	860,216
Restricted stock, Forfeited or rescinded		0
Restricted stock, Vested		0
Restricted stock, Outstanding at end of year		860,216
Weighted-Average Grant Date Fair Value, Outstanding at beginning of the year		$ 0
Weighted-Average Grant Date Fair Value, Granted		3.87
Weighted-Average Grant Date Fair Value, Forfeited or rescinded		0
Weighted-Average Grant Date Fair Value, Vested		0
Weighted-Average Grant Date Fair Value, Outstanding at end of year		$ 3.87
Share-based compensation expense related to PSU		$ 171,494
Unrecognized compensation cost related to PSU		$ 3,348,851
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years

EMPLOYEE STOCK OPTIONS, REST_10

EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k) - Additional Information (Details)	Nov. 22, 2021itemshares	Dec. 31, 2020USD ($)shares	Oct. 31, 2020USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2018shares
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					$ 2,418,323	$ 5,364,162	$ 3,082,625
Granted | shares				0
Returned and cancelled | shares				2,265,000
Recognized additional compensation expense				$ 768,379
Weighted Average Exercise Price, Exercisable at end of year | $ / shares				$ 6.87
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased | $ / shares					$ 2.28
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value					$ 82,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value					82,600
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value					$ 114,000
Employer's matching contributions					6.00%
Vesting percentage					100.00%
Share-based Compensation					$ 2,418,323	5,364,162	3,082,625
Omnibus Incentive Plan (2021 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares					7,814,128
long term Incentive Plan (2011 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares					341,155
Board of Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized additional compensation expense		$ 2,361,362	$ 2,361,362
Accelerated vesting of restricted stock | shares		1,131,955	1,131,955
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation					$ 20,934	$ 927,559	$ 625,855
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					33.00%	33.00%	20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years	3 years	5 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options					$ 2,721,852
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					2 years 7 days
Aggregate intrinsic value of vested restricted stock					$ 2,049,603	$ 801,133	$ 494,605
Share-based Compensation					$ 2,225,895	$ 4,436,603	$ 2,456,770
Number of shares granted | shares					1,225,656	1,980,000		657,605
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					2 years
Number of shares granted | shares	860,216				860,216
Number of executive officers | item	5
Performance stock units					$ 3,348,851

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021
Related Party Transaction [Line Items]
Related party transaction expense	$ 10,000	$ 60,000	$ 60,000
Mr. McKinney, Chief Executive Officer And Chairman | Chemical Services Agreement With Pro-Ject Chemicals, LLC
Related Party Transaction [Line Items]
Related party transaction expense	117,830
Accounts payable	$ 37,641
Mr. McKinney, Chief Executive Officer And Chairman | Pro-Ject Holdings, LLC
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage				34.00%

COMMITMENTS AND CONTINGENT LI_2

COMMITMENTS AND CONTINGENT LIABILITIES - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2019
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,000,000,000
Operating lease expense	$ 523,487	$ 1,196,372	$ 925,217
Standby letters of credit drawn	60,150,000	$ 26,500,000	$ 327,000,000
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
Extended Term For Surety Bonds	1 year
Standby Letters of Credit
Loss Contingencies [Line Items]
Standby letters of credit drawn	$ 0
Standby Letters of Credit | State And Federal Agencies
Loss Contingencies [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 260,000
Extended term under letter of credit arrangement (in years)	1 year
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Provision for Income Taxes
Deferred taxes	$ 90,342	$ (6,001,176)	$ 13,787,654
Provision for (Benefit from) Income Taxes	$ 90,342	$ (6,001,176)	$ 13,787,654

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Rate Reconciliation
Pre-tax book income	$ 3,413,234	$ (259,413,004)	$ 43,284,205
Tax at federal statutory rate	716,779	(54,476,731)	9,089,683
Excess tax benefit from stock option exercises and restricted stock vesting	(175,187)	(1,109,379)	4,055,418
Adjust prior estimates to tax return	2,938,948	(1,930,994)	19
States taxes, net of Federal benefit	430,654	(964,393)	160,913
Adjustment for change in future effective tax rate		0	479,222
Valuation allowance	48,334,217	52,161,412
ValuationAllowance	(3,827,194)	52,161,412
Other adjustments	6,342	318,909	2,399
Provision for (Benefit from) Income Taxes	$ 90,342	$ (6,001,176)	$ 13,787,654

INCOME TAXES - Net Deferred Tax

INCOME TAXES - Net Deferred Taxes (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets
Net operating loss (NOL) carryforward	$ 60,155,112	$ 54,185,183
Equity compensation	691,076	3,350,361
Asset retirement obligation	3,348,875	4,604,906
Fair market value of derivatives	6,403,745	888,266
Accrued expense	5,049
Others	56,028	55,746
Gross Deferred Tax Assets	70,659,885	63,084,462
Less: valuation allowance	(48,334,217)	(52,161,412)
Net Deferred Tax Assets	22,325,668	10,923,050
Deferred Tax Liabilities
Property and equipment	(22,415,959)	(10,923,050)
Net Deferred Liabilities	(22,415,959)	$ (10,923,050)
Net Deferred Tax Asset/(Liabilities)	$ (90,292)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information - (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Company Had Net Operating Loss Carry Forwards For Federal Income Tax Reporting Purposes Of Approximately In Millions	$ 108,900,000
Operating loss carry forwards that will not expire	176,700,000
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount		$ 0	$ 479,222
Valuation allowance	48,334,217	52,161,412
Deferred tax liability	$ 22,415,959	$ 10,923,050
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%

LEGAL MATTERS (Details)

LEGAL MATTERS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
LEGAL MATTERS.
Non-refundable deposits	$ 5,500,000	$ 5,500,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Oil - Subsequent Events. - Commodity Contract	Feb. 01, 2022BarrelOfButane$ / bbl
Subsequent Event [Line Items]
Number Of Barrels Per Day | BarrelOfButane	1,000
Derivative, Nonmonetary Notional Amount | BarrelOfButane	334,000
Weighted average swap price per barrel	84.61
Minimum
Subsequent Event [Line Items]
Derivative Price Risk Swap Contract Price	90.78
Maximum
Subsequent Event [Line Items]
Derivative Price Risk Swap Contract Price	80.01