Ring Energy (REI) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36057
Entity Registrant Name	Ring Energy, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	90-0406406
Entity Address, Address Line One	1725 Hughes Landing Blvd.,
Entity Address, Address Line Two	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		195,356,773
Entity Central Index Key	0001384195
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 1,749,975	$ 3,712,526
Accounts receivable	32,044,159	42,448,719
Joint interest billing receivables, net	2,617,815	983,802
Derivative assets	8,307,537	4,669,162
Inventory	7,327,295	9,250,717
Prepaid expenses and other assets	3,061,216	2,101,538
Total Current Assets	55,107,997	63,166,464
Properties and Equipment
Oil and natural gas properties, full cost method	1,524,510,887	1,463,838,595
Financing lease asset subject to depreciation	3,144,038	3,019,476
Fixed assets subject to depreciation	2,762,370	3,147,125
Total Properties and Equipment	1,530,417,295	1,470,005,196
Accumulated depreciation, depletion and amortization	(331,153,213)	(289,935,259)
Net Properties and Equipment	1,199,264,082	1,180,069,937
Operating lease asset	1,628,832	1,735,013
Derivative assets	10,555,937	6,129,410
Deferred financing costs	15,458,204	17,898,973
Total Assets	1,282,015,052	1,268,999,797
Current Liabilities
Accounts payable	90,021,106	111,398,268
Income tax liability	98,481	0
Financing lease liability	761,110	709,653
Operating lease liability	394,404	398,362
Derivative liabilities	7,848,580	13,345,619
Notes payable	1,412,674	499,880
Deferred cash payment	0	14,807,276
Asset retirement obligations	408,958	635,843
Total Current Liabilities	100,945,313	141,794,901
Non-current Liabilities
Deferred income taxes	4,074,183	8,499,016
Revolving line of credit	397,000,000	415,000,000
Financing lease liability, less current portion	765,753	1,052,479
Operating lease liability, less current portion	1,263,936	1,473,897
Derivative liabilities	10,829,096	10,485,650
Asset retirement obligations	28,296,455	29,590,463
Total Liabilities	543,174,736	607,896,406
Commitments and contingencies
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; 450,000,000 shares authorized; 195,350,672 shares and 175,530,212 shares issued and outstanding, respectively	195,350	175,530
Additional paid-in capital	791,450,835	775,241,114
Accumulated deficit	(52,805,869)	(114,313,253)
Total Stockholders’ Equity	738,840,316	661,103,391
Total Liabilities and Stockholders' Equity	$ 1,282,015,052	$ 1,268,999,797

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares, issued (in shares)	195,350,672	175,530,212
Common stock, shares, outstanding (in shares)	195,350,672	175,530,212

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Oil, Natural Gas, and Natural Gas Liquids Revenues	$ 79,348,573	$ 84,961,875	$ 167,431,485	$ 153,142,907
Costs and Operating Expenses
Lease operating expenses	15,938,106	8,301,443	33,410,797	17,254,608
Gathering, transportation and processing costs	(1,632)	549,389	(2,455)	1,846,247
Ad valorem taxes	1,670,343	949,239	3,340,956	1,901,193
Oil and natural gas production taxes	4,012,139	4,157,457	8,420,279	7,375,819
Depreciation, depletion and amortization	20,792,932	10,749,204	42,064,603	20,530,491
Asset retirement obligation accretion	353,878	186,303	719,725	374,545
Operating lease expense	115,353	83,590	228,491	167,180
General and administrative expense	6,810,243	5,832,302	13,940,382	11,354,579
Total Costs and Operating Expenses	49,691,362	30,808,927	102,122,778	60,804,662
Income from Operations	29,657,211	54,152,948	65,308,707	92,338,245
Other Income (Expense)
Interest income	79,745	0	79,745	0
Interest (expense)	(10,550,807)	(3,279,299)	(20,941,086)	(6,677,660)
Gain (loss) on derivative contracts	3,264,660	(7,457,018)	12,739,565	(35,053,159)
Gain (loss) on disposal of assets	(132,109)	0	(132,109)	0
Other income	116,610	0	126,210	0
Net Other Income (Expense)	(7,221,901)	(10,736,317)	(8,127,675)	(41,730,819)
Income Before Benefit from (Provision for) Income Taxes	22,435,310	43,416,631	57,181,032	50,607,426
Benefit from (Provision for) Income Taxes	6,356,295	(1,472,209)	4,326,352	(1,550,961)
Net Income	$ 28,791,605	$ 41,944,422	$ 61,507,384	$ 49,056,465
Basic Earnings per Share (in usd per share)	$ 0.15	$ 0.39	$ 0.33	$ 0.47
Diluted Earnings per Share (in usd per share)	$ 0.15	$ 0.32	$ 0.32	$ 0.39

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2021		100,192,562
Beginning balance at Dec. 31, 2021	$ 300,624,207	$ 100,193	$ 553,472,292	$ (252,948,278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	1,521,910		1,521,910
Net income	7,112,043			7,112,043
Ending balance (in shares) at Mar. 31, 2022		100,192,562
Ending balance at Mar. 31, 2022	309,258,160	$ 100,193	554,994,202	(245,836,235)
Beginning balance (in shares) at Dec. 31, 2021		100,192,562
Beginning balance at Dec. 31, 2021	300,624,207	$ 100,193	553,472,292	(252,948,278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	49,056,465
Ending balance (in shares) at Jun. 30, 2022		107,236,111
Ending balance at Jun. 30, 2022	358,007,259	$ 107,236	561,791,836	(203,891,813)
Beginning balance (in shares) at Mar. 31, 2022		100,192,562
Beginning balance at Mar. 31, 2022	309,258,160	$ 100,193	554,994,202	(245,836,235)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Induced exercise of common warrants issued in offering (in shares)		6,453,907
Induced exercise of common warrants issued in offering	5,163,126	$ 6,454	5,156,672
Options exercised (in shares)		100,000
Options exercised	0	$ 100	(100)
Shares elected to be withheld for options exercised (in shares)		(47,506)
Shares elected to be withheld for options exercised	0	$ (48)	48
Restricted stock vested (in shares)		610,195
Restricted stock vested	0	$ 610	(610)
Shares to cover tax withholding for restricted stock vested (in shares)		(73,047)
Shares to cover tax withholdings for restricted stock vested	0	$ (73)	73
Payments to cover tax withholdings for restricted stock vested, net	(257,694)		(257,694)
Share-based compensation	1,899,245		1,899,245
Net income	41,944,422			41,944,422
Ending balance (in shares) at Jun. 30, 2022		107,236,111
Ending balance at Jun. 30, 2022	358,007,259	$ 107,236	561,791,836	(203,891,813)
Beginning balance (in shares) at Dec. 31, 2022		175,530,212
Beginning balance at Dec. 31, 2022	661,103,391	$ 175,530	775,241,114	(114,313,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Induced exercise of common warrants issued in offering (in shares)		4,517,427
Induced exercise of common warrants issued in offering	3,613,941	$ 4,517	3,609,424
Restricted stock vested (in shares)		659,479
Restricted stock vested	0	$ 659	(659)
Shares to cover tax withholding for restricted stock vested (in shares)		(79,634)
Shares to cover tax withholdings for restricted stock vested	0	$ (79)	79
Payments to cover tax withholdings for restricted stock vested, net	(134,381)		(134,381)
Share-based compensation	1,943,696		1,943,696
Net income	32,715,779			32,715,779
Ending balance (in shares) at Mar. 31, 2023		180,627,484
Ending balance at Mar. 31, 2023	699,242,426	$ 180,627	780,659,273	(81,597,474)
Beginning balance (in shares) at Dec. 31, 2022		175,530,212
Beginning balance at Dec. 31, 2022	661,103,391	$ 175,530	775,241,114	(114,313,253)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,507,384
Ending balance (in shares) at Jun. 30, 2023		195,350,672
Ending balance at Jun. 30, 2023	738,840,316	$ 195,350	791,450,835	(52,805,869)
Beginning balance (in shares) at Mar. 31, 2023		180,627,484
Beginning balance at Mar. 31, 2023	699,242,426	$ 180,627	780,659,273	(81,597,474)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Induced exercise of common warrants issued in offering (in shares)		14,512,166
Induced exercise of common warrants issued in offering	8,687,655	$ 14,512	8,673,143
Restricted stock vested (in shares)		288,709
Restricted stock vested	0	$ 289	(289)
Shares to cover tax withholding for restricted stock vested (in shares)		(77,687)
Shares to cover tax withholdings for restricted stock vested	0	$ (78)	78
Payments to cover tax withholdings for restricted stock vested, net	(141,682)		(141,682)
Share-based compensation	2,260,312		2,260,312
Net income	28,791,605			28,791,605
Ending balance (in shares) at Jun. 30, 2023		195,350,672
Ending balance at Jun. 30, 2023	$ 738,840,316	$ 195,350	$ 791,450,835	$ (52,805,869)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities
Net income	$ 61,507,384	$ 49,056,465
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	42,064,603	20,530,490
Asset retirement obligation accretion	719,725	374,545
Amortization of deferred financing costs	2,440,769	388,548
Share-based compensation	4,204,008	3,421,155
Bad debt expense	22,209	0
Deferred income tax expense (benefit)	(4,575,710)	1,550,961
Excess tax expense (benefit) related to share-based compensation	150,877	0
(Gain) loss on derivative contracts	(12,739,565)	35,053,159
Cash received (paid) for derivative settlements, net	(478,930)	(33,732,766)
Changes in operating assets and liabilities:
Accounts receivable	8,748,338	(14,393,828)
Inventory	1,923,422	0
Prepaid expenses and other assets	(959,678)	(2,267,717)
Accounts payable	(15,061,289)	6,847,979
Settlement of asset retirement obligation	(919,886)	(1,666,576)
Net Cash Provided by Operating Activities	87,046,277	65,162,415
Cash Flows From Investing Activities
Payments for the Stronghold Acquisition	(18,511,170)	0
Payments to purchase oil and natural gas properties	(878,743)	(743,851)
Payments to develop oil and natural gas properties	(72,551,222)	(49,654,172)
Payments to acquire or improve fixed assets subject to depreciation	(25,894)	(91,760)
Sale of fixed assets subject to depreciation	332,230	134,600
Proceeds from divestiture of equipment for oil and natural gas properties	54,558	25,066
Receipt from sale of Delaware properties	7,992,917	0
Net Cash (Used in) Investing Activities	(83,587,324)	(50,330,117)
Cash Flows From Financing Activities
Proceeds from revolving line of credit	84,500,000	50,500,000
Payments on revolving line of credit	(102,500,000)	(70,500,000)
Proceeds from issuance of common stock from warrant exercises	12,301,596	5,163,126
Payments for taxes withheld on vested restricted shares, net	(276,063)	(257,694)
Proceeds from notes payable	1,565,071	928,626
Payments on notes payable	(652,277)	(620,741)
Reduction of financing lease liabilities	(359,831)	(230,642)
Net Cash Provided by (Used in) Financing Activities	(5,421,504)	(15,017,325)
Net Increase (Decrease) in Cash	(1,962,551)	(185,027)
Cash at Beginning of Period	3,712,526	2,408,316
Cash at End of Period	1,749,975	2,223,289
Supplemental Cash Flow Information
Cash paid for interest	18,622,944	6,228,393
Noncash Investing and Financing Activities
Asset retirement obligation incurred during development	173,516	122,206
Asset retirement obligation sold	(2,262,478)	0
Operating lease assets obtained in exchange for new operating lease liability	1,148,400	0
Financing lease assets obtained in exchange for new financing lease liability	142,719	0
Capitalized expenditures attributable to drilling projects financed through current liabilities	(2,621,236)	11,181,178
Investing Activities - Cash Paid
Payment of deferred cash payment	15,000,000	0
Payment of post-close settlement	3,511,170	0
Payments for the Stronghold Acquisition	$ 18,511,170	$ 0

BASIS OF PRESENTATION & SIGNIFI

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES Condensed Financial Statements – The accompanying condensed financial statements prepared by Ring Energy, Inc., a Nevada corporation (the “Company,” "Ring Energy" or “Ring”), have not been audited by an independent registered public accounting firm. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all adjustments necessary for fair presentation of the results of operations for the periods presented, which adjustments were of a normal recurring nature, except as disclosed herein. The condensed results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year ending December 31, 2023, for various reasons, including the impact of fluctuations in prices received for oil and natural gas, natural production declines, the uncertainty of exploration and development drilling results, fluctuations in the fair value of derivative instruments, and other factors. These unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) applicable to interim financial information, and, accordingly, do not include all of the information and notes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the financial statements and notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2022. Organization and Nature of Operations – Ring Energy is a growth oriented independent exploration and production company based in The Woodlands, Texas engaged in oil and natural gas development, production, acquisition, and exploration activities currently focused in Texas. Our primary drilling operations target the oil and liquids rich producing formations in the Northwest Shelf and the Central Basin Platform, both of which are part of the Permian Basin. Liquidity and Capital Considerations – The Company strives to maintain an adequate liquidity level to address volatility and risk. Sources of liquidity include the Company’s cash flow from operations, cash on hand, available borrowing capacity under its revolving credit facility, and proceeds from sales of non-strategic assets. While changes in oil and natural gas prices affect the Company’s liquidity, the Company has put in place hedges in seeking to protect its cash flows from such price declines; however, if oil or natural gas prices rapidly deteriorate due to unanticipated economic conditions, this could have a material adverse effect on the Company’s cash flows. The Company expects ongoing oil price volatility over the short term. Extended depressed oil prices have historically had and could have a material adverse impact on the Company’s oil revenue, which is mitigated to some extent by the Company’s hedge contracts. The Company is always mindful of oil price volatility and its impact on our liquidity. The Company believes that it has the ability to continue to fund its operations and service its debt by using cash on hand and cash flows from operations. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The Company’s unaudited condensed financial statements are based on a number of significant estimates, including estimates of oil and natural gas reserve quantities, which are the basis for the calculation of depletion and impairment of oil and gas properties. Reserve estimates, by their nature, are inherently imprecise. Actual results could differ from those estimates. Changes in the future estimated oil and natural gas reserves or the estimated future cash flows attributable to the reserves that are utilized for impairment analysis could have a significant impact on the Company’s future results of operations. 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 Financial Accounting Standards Board (“FASB”) has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability. Fair Values of Financial Instruments – The carrying amounts reported for the revolving line of credit approximate their fair value because the underlying instruments are at interest rates which approximate current market rates. The carrying amounts of accounts 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. Fair Value of Non-financial Assets and Liabilities – The Company also applies fair value accounting guidance to initially, or as events dictate, measure non-financial assets and liabilities such as those obtained through business acquisitions, property and equipment and asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two as considered appropriate based on the circumstances. Under the discounted cash flow method, estimated future cash flows are based on management’s expectations for the future and include estimates of future oil and natural gas production or other applicable sales estimates, operational costs and a risk-adjusted discount rate. The Company may use the present value of estimated future cash inflows and/or outflows or third-party offers or prices of comparable assets with consideration of current market conditions to value its non-financial assets and liabilities when circumstances dictate determining fair value is necessary. Given the significance of the unobservable nature of a number of the inputs, these are considered Level 3 on the fair value hierarchy. Derivative Instruments and Hedging Activities – The Company periodically enters into derivative contracts to manage its exposure to commodity price risk. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production. As the Company has not designated its derivative instruments as hedges for accounting purposes, any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of other income (expense) in the Condensed Statements of Operations. 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. See "NOTE 6 — DERIVATIVE FINANCIAL INSTRUMENTS" for additional information. Concentration of Credit Risk and Receivables – Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and receivables. Cash and cash equivalents - The Company had cash in excess of federally insured limits of $1,499,975 and $3,462,526 as of June 30, 2023 and December 31, 2022, respectively. The Company places its cash with a high credit quality financial institution. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk in this area. 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. During the six months ended June 30, 2023, sales to three customers represented 68%, 13% and 11%, respectively, of total oil, natural gas, and natural gas liquids sales. As of June 30, 2023, receivables outstanding from these three customers represented 71%, 13% and 11%, respectively, of accounts receivable. Production imbalances - The Company accounts for natural gas production imbalances using the sales method, which recognizes revenue on all natural gas sold even though the natural gas volumes sold may be more or less than the Company's ownership entitles it to sell. Liabilities are recorded for imbalances greater than the Company’s proportionate share of remaining estimated natural gas reserves. The Company recorded no imbalances as of June 30, 2023 or December 31, 2022. Joint interest billing receivables, net - The Company also has joint interest billing receivables. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself. Accounts receivable from joint interest owners or purchasers outstanding longer than the contractual payment terms are considered past due. The following table indicates the Company's provisions for bad debt expense associated with its joint interest billing receivables during the three and six months ended June 30, 2023 and June 30, 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Bad debt expense $ 19,315 $ — $ 22,209 $ — The following table reflects the Company's joint interest billing receivables and allowance for credit losses as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Joint interest billing receivables $ 2,776,650 $ 1,226,049 Allowance for credit losses (158,835) (242,247) Joint interest billing receivables, net $ 2,617,815 $ 983,802 The relief of $83,412 in the allowance for credit losses during the six months ended June 30, 2023 was primarily due a clearing of $105,620 in allowances that were associated with the Delaware Basin asset sale, offset by new allowances booked (see NOTE 5 — ACQUISITIONS & DIVESTITURES for more detail). Cash and Cash Equivalents – The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At June 30, 2023 and December 31, 2022, the Company had no such investments. Inventory - The full balance of the Company's inventory consists of materials and supplies for its operations, with no work in process or finished goods inventory balances. Inventory is added to the books upon the purchase of supplies (inclusive of freight and sales tax costs) to use on well sites, and inventory is reduced by material transfers for inventory usage based on the initial invoiced value. The Company reports the balance of its inventory at the lower of cost or market value. Inventory balances are excluded from the Company's calculation of depletion. Oil and Natural Gas Properties – The Company uses the full cost method of accounting for oil and natural gas properties. Under this method, all costs (direct and indirect) associated with acquisition, exploration, and development of oil and natural gas properties are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization. All of the Company’s capitalized costs, excluding inventory, are subject to amortization. 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. Dispositions of oil and natural gas properties are accounted for as adjustments to capitalized costs. 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 three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Depletion $ 20,511,809 $ 10,629,787 $ 41,492,351 $ 20,254,404 Depletion rate, per barrel-of-oil-equivalent (Boe) $ 13.05 $ 12.51 $ 12.89 $ 12.28 In addition, capitalized costs less accumulated depreciation, depletion and amortization and related deferred income taxes are not allowed to exceed an amount (the full cost ceiling) equal to the sum of: 1) the present value of estimated future net revenues discounted at 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. Land, Buildings, Equipment, Software, Leasehold Improvements, and Automobiles – Land, buildings, equipment, software, leasehold improvements, and automobiles are carried at historical cost, adjusted for impairment loss and accumulated depreciation (except for land). Historical costs include all direct costs associated with the acquisition of land, buildings, equipment, software, leasehold improvements, and automobiles and placing them in service. Upon sale or abandonment, the cost of the fixed asset(s) and related accumulated depreciation are removed from the accounts and any gain or loss is recognized. Depreciation of buildings, equipment, software, leasehold improvements, and automobiles is calculated using the straight-line method based upon the following estimated useful lives: Leasehold improvements 3‑5 years Office equipment and software 3‑7 years Equipment 5‑10 years Automobiles 4 years The following table provides information on the Company's depreciation expense for the three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Depreciation $ 91,628 $ 8,567 $ 196,729 $ 48,622 Notes Payable – At the end of May 2023, the Company renewed its control of well, general liability, pollution, umbrella, property, workers' compensation, auto, and D&O (directors and officers) insurance policies, and funded the premiums with a promissory note with a total face value after down payments of $1,565,071. The annual percentage rate (APR) for this note is 7.08%. As of June 30, 2023, the notes payable balance included in current liabilities on the Condensed Balance Sheet is $1,412,674. The following table shows interest paid related to these notes payable for the three and six months ended June 30, 2023 and 2022. This interest is included within "Interest (expense)" in the Condensed Statements of Operations. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Interest paid for notes payable $ 9,234 $ 4,682 $ 12,925 $ 9,284 Revenue Recognition – In January 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 Revenues from Contracts with Customers (Topic 606) (“ASU 2014-09”). The timing of recognizing revenue from the sale of produced crude oil and natural gas was not changed as a result of adopting ASU 2014-09. The Company predominantly derives its revenue from the sale of produced crude oil and natural gas. The contractual performance obligation is satisfied when the product is delivered to the purchaser. Revenue is recorded in the month the product is delivered to the purchaser. The Company receives payment from one to three months after delivery. The transaction price includes variable consideration as product pricing is based on published market prices and reduced for contract specified differentials. The new guidance regarding ASU 2014-09 does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and Ring engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. See "NOTE 2 — REVENUE RECOGNITION" for additional information. Income Taxes – Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes. Deferred taxes are provided on differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, and tax carryforwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Since December 31, 2020, the Company has determined that a full valuation allowance is necessary due to the Company's assessment that it is more likely than not that it will be unable to obtain the benefits of its deferred tax assets due to the Company’s history of taxable losses. The Company determined that certain existing deferred tax assets will not be offset by existing deferred tax liabilities as a result of the 80% limitation on the utilization net operating losses incurred after 2017. Since 2021, commodity prices had increased and the Company continues to project positive pre-tax book income. As of June 30, 2023, the Company is no longer in a cumulative loss position. As a result, future forecasted pre-tax book income was considered as positive evidence in assessing the valuation allowance. Based on the change in judgement on the realizability of the related federal deferred tax assets in future years, the Company released $7.7 million of valuation allowance as a discrete benefit in the first six months ended June 30, 2023. Accordingly, the Company recorded the following federal and state income tax benefits (provisions) for the three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Deferred federal income tax benefit (provision) $ 6,640,741 $ (1,014,048) $ 5,111,491 $ (1,014,048) Current state income tax benefit (provision) (41,191) 12,813 (98,481) — Deferred state income tax benefit (provision) (243,255) (470,974) (686,658) (536,913) Benefit from (Provision for) Income Taxes $ 6,356,295 $ (1,472,209) $ 4,326,352 $ (1,550,961) The Company has immaterial operations in New Mexico which is in a net deferred tax asset position for which a full valuation allowance is still recorded. For the three and six months ended June 30, 2023, the Company’s overall effective tax rates (calculated as Benefit from (Provision for) Income Taxes divided by Income Before Benefit from (Provision for) Income Taxes) were 28.33% and 7.57%, respectively. These rates were primarily impacted by the release of valuation allowance on its federal net deferred tax asset. A tax benefit of $7.7 million was recorded as a discrete item in the three months ended June 30, 2023. Accounting for Uncertainty in Income Taxes – In accordance with GAAP, the Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns for the open tax years. The Company has identified its federal income tax return and its franchise tax return in Texas in which it operates as “major” tax jurisdictions. The Company’s federal income tax returns for the years ended December 31, 2018 and after remain subject to examination. The Company’s federal income tax returns for the years ended December 31, 2007 and after remain subject to examination to the extent of the net operating loss (NOL) carryforwards. The Company’s franchise tax returns in Texas remain subject to examination for 2017 and after. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by GAAP. No interest or penalties have been levied against the Company and none are anticipated; therefore, no interest or penalty has been included in our provision for income taxes in the Condensed Statements of Operations. Three-Stream Reporting - Beginning July 1, 2022, the Company began reporting volumes and revenues on a three-stream basis, separately reporting crude oil, natural gas, and natural gas liquids ("NGLs") sales. For periods prior to July 1, 2022, sales and reserve volumes, prices, and revenues for NGLs were presented with natural gas. This represents a change in our accounting and reporting presentation necessitated by a change in the underlying facts and circumstances surrounding the Stronghold Acquisition, as Stronghold has historically reported its revenues on a three-stream basis. As clarified in the interpretive guidance of ASC 250, such changes should not be applied on a retrospective basis. Accordingly, we began reporting on a three-stream basis prospectively, beginning July 1, 2022. See NOTE 5 - ACQUISITIONS AND DIVESTITURES for a discussion of the Stronghold Acquisition. Leases - The Company accounts for its leases in accordance with ASU 2016-02, Leases (Topic 842), effective January 1, 2019. The Company made accounting policy elections to not capitalize leases with a lease term of twelve months or less (i.e. short term leases) and to not separate lease and non-lease components for all asset classes. The Company 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. Earnings (Loss) Per Share – Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings (loss) per share are calculated to give effect to potentially issuable dilutive common shares. Share-Based Employee Compensation – The Company has outstanding stock option grants and restricted stock unit awards to directors, officers and employees, which are described more fully in "NOTE 11 — EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS". The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. Share-Based Compensation to Non-Employees – The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably 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. The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Condensed Statements of Operations, incurred for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 Jun. 30, 2023 Jun. 30, 2022 Share-based compensation $ 2,260,312 $ 1,899,245 $ 4,204,008 $ 3,421,155 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 provided optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that referenced LIBOR or another rate. ASU 2020-04 was in effect through December 31, 2022. In January 2021, the FASB 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. In December 2022, the FASB issued ASU 2022-06, " Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" ("ASU 2022-06"), wh ich defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Beginning August 31, 2022, under the Company's Second Amended and Restated Credit Agreement, the Company's interest rates were transitioned from the LIBOR to the SOFR (Standard Overnight Financing Rate) reference rate. At this time, the Company does not plan to enter into additional contracts using LIBOR as a reference rate. In October 2021, the FASB issued ASU 2021-08, " Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” ("ASU 2021-08"). 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	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	NOTE 2 — REVENUE RECOGNITION The Company predominantly derives its revenue from the sale of produced crude oil, natural gas, NGLs. The contractual performance obligation is satisfied when the product is delivered to the purchaser. Revenue is recorded in the month the product is delivered to the purchaser. The Company receives payment from one to three months after delivery. The Company has utilized the practical expedient in Accounting Standards Codification ("ASC") 606-10-50-14, which states an entity is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the Company’s sales contracts, each unit of production delivered to a customer represents a separate performance obligation, therefore, future volumes to be delivered are wholly unsatisfied and disclosure of transaction price allocated to remaining performance obligation is not required. The transaction price includes variable consideration, as product pricing is based on published market prices and adjusted for contract specified differentials such as quality, energy content and transportation. The guidance does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and the Company engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. Oil sales Under the Company’s oil sales contracts, the Company sells oil production at the point of delivery and collects an agreed upon index price, net of pricing differentials. The Company recognizes revenue at the net price received when control transfers to the purchaser at the point of delivery and it is probable the Company will collect the consideration it is entitled to receive. Natural gas and NGL sales Under the Company’s natural gas sales processing contracts for its Central Basin Platform properties and a portion of its 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 and NGLs at the wellhead. The midstream processing entity gathers and processes the natural gas and NGLs and remits proceeds to the Company for the resulting sale of natural gas and NGLs. Under these processing agreements, the Company recognizes revenue when control transfers to the purchaser at the point of delivery and it is probable the Company will collect the consideration it is entitled to receive. As such, the Company accounts for any fees and deductions as a reduction of the transaction price. Until April 30, 2022, under the Company's natural gas sales processing contracts for the bulk of its Northwest Shelf assets, the Company delivered unprocessed natural gas to a midstream processing entity at the wellhead. However, the Company maintained ownership of the gas through processing and received proceeds from the marketing of the resulting products. Under this processing agreement, the Company recognized the fees associated with the processing as an expense rather than netting these costs against Oil, Natural Gas, and Natural Gas Liquids Revenues in the Condensed Statements of Operations. Beginning May 1, 2022, these contracts were combined into one contract, and it was modified so that the Company no longer maintained ownership of the gas through processing. Accordingly, the Company from that point on accounts for any such fees and deductions as a reduction of the transaction price. Disaggregation of Revenue. The following table presents revenues disaggregated by product: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Oil, Natural Gas, and Natural Gas Liquids Revenues Oil $ 78,042,072 $ 79,688,536 $ 161,628,399 $ 143,119,163 Natural gas (1,100,776) 5,273,339 (36,213) 10,023,744 Natural gas liquids (1) 2,407,277 — 5,839,299 — Total oil, natural gas, and natural gas liquids revenues $ 79,348,573 $ 84,961,875 $ 167,431,485 $ 153,142,907 (1) Beginning on July 1, 2022, the Company began reporting volumes and revenues on a three-stream basis, separately reporting crude oil, natural gas, and NGL sales. For periods prior to July 1, 2022, sales revenues for NGLs were presented with natural gas.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
LEASES	NOTE 3 — LEASES The Company has operating leases for its offices in Midland, Texas and The Woodlands, Texas. The Midland office is under a five-year lease which began January 1, 2021. The Midland office lease was amended effective October 1, 2022, with the revised five-year lease ending September 30, 2027. Beginning January 15, 2021, the Company entered into a five-and-a-half-year sub-lease for office space in The Woodlands, Texas; however, effective as of May 31, 2023, The Woodlands office sub-lease was terminated. On May 9, 2023, the Company entered into a 71-month (five years and 11-month) new lease for a larger amount of office space in The Woodlands, Texas. The additional office space that was added is under construction and until completed, the rental obligation for this space has not commenced. In other words, the Company does not have control of the additional office space in accordance with ASC 842-40-55-5. The future payments associated with these operating leases as to the current obligations are reflected below. The Company has month to month leases for office equipment and compressors used in its 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 has financing leases for vehicles. These leases have a term of 36 months at the end of which the Company owns the vehicles. These vehicles are generally sold at the end of their term and the proceeds applied to a new vehicle. Future lease payments associated with these operating and financing leases as of June 30, 2023 are as follows: 2023 2024 2025 2026 2027 Other Future Years Operating lease payments (1) $ 220,193 $ 482,328 $ 494,692 $ 398,096 $ 216,000 — Financing lease payments (2) 416,687 771,643 432,695 11,136 — — (1) The weighted average discount rate as of June 30, 2023 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $152,969. The weighted average remaining term of operating leases was 3.81 years. (2) The weighted average discount rate as of June 30, 2023 for financing leases was 6.05%. Based on this rate, the future lease payments above include imputed interest of $105,298. The weighted average remaining term of financing leases was 2.02 years. The following table represents a reconciliation between the undiscounted future cash flows in the table above and the operating and financing lease liabilities disclosed in the Condensed Balance Sheets: As of June 30, 2023 December 31, 2022 Operating lease liability, current portion $ 394,404 $ 398,362 Operating lease liability, non-current portion 1,263,936 1,473,897 Operating lease liability, total $ 1,658,340 $ 1,872,259 Total undiscounted future cash flows (sum of future operating lease payments) 1,811,309 2,065,580 Imputed interest 152,969 193,321 Undiscounted future cash flows less imputed interest $ 1,658,340 $ 1,872,259 Financing lease liability, current portion $ 761,110 $ 709,653 Financing lease liability, non-current portion 765,753 1,052,479 Financing lease liability, total $ 1,526,863 $ 1,762,132 Total undiscounted future cash flows (sum of future financing lease payments) 1,632,161 1,900,595 Imputed interest 105,298 138,463 Undiscounted future cash flows less imputed interest $ 1,526,863 $ 1,762,132 The following table provides supplemental information regarding lease costs in our Condensed Statements of Operations: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating lease costs $ 115,353 $ 83,590 $ 228,491 $ 167,180 Short-term lease costs (1) 1,815,836 581,799 3,029,635 1,297,602 Financing lease costs: Amortization of financing lease assets (2) 189,495 110,850 375,523 227,465 Interest on financing lease liabilities (3) 24,268 7,280 49,699 13,793 (1) Amount included in Lease operating expenses (2) Amount included in Depreciation, depletion and amortization (3) Amount included in Interest (expense)

EARNINGS PER SHARE INFORMATION

EARNINGS PER SHARE INFORMATION	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE INFORMATION	NOTE 4 — EARNINGS PER SHARE INFORMATION The following table presents the calculation of the Company's basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net Income $ 28,791,605 $ 41,944,422 $ 61,507,384 $ 49,056,465 Basic Weighted-Average Shares Outstanding 193,077,859 106,390,776 185,545,775 103,291,669 Effect of dilutive securities: Stock options — 114,985 — 115,069 Restricted stock units 1,096,128 2,614,251 1,192,039 2,274,467 Performance stock units 276,566 393,023 241,140 243,475 Common warrants 1,415,980 21,084,554 6,045,012 20,327,025 Diluted Weighted-Average Shares Outstanding 195,866,533 130,597,589 193,023,966 126,251,705 Basic Earnings per Share $ 0.15 $ 0.39 $ 0.33 $ 0.47 Diluted Earnings per Share $ 0.15 $ 0.32 $ 0.32 $ 0.39 The following table presents the securities which were excluded from the Company's computation of diluted earnings per share for the three and six months ended June 30, 2023 and 2022, as their effect would have been anti-dilutive. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Antidilutive securities: Stock options to purchase common stock 265,500 70,500 265,500 70,500 Unvested restricted stock units 1,803,513 6,681 71,985 6,269 Unvested performance stock units 1,592,268 — 1,296,912 767,537

ACQUISITIONS & DIVESTITURES

ACQUISITIONS & DIVESTITURES	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS & DIVESTITURES	NOTE 5 — ACQUISITIONS & DIVESTITURES Delaware Basin Sale On May 11, 2023, the Company completed the divestiture of its Delaware Basin assets to an unaffiliated party for preliminary cash consideration of approximately $8.0 million, subject to customary final purchase price adjustments. As part of the divestiture, the Company was relieved of an asset retirement obligation balance of approximately $2.3 million. Stronghold Acquisition On July 1, 2022, Ring, as buyer, and Stronghold Energy II Operating, LLC, a Delaware limited liability company (“Stronghold OpCo”) and Stronghold Energy II Royalties, LP, a Delaware limited partnership (“Stronghold RoyaltyCo”, together with Stronghold OpCo, collectively, “Stronghold”), as seller, entered into a purchase and sale agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, Ring acquired (the “Stronghold Acquisition”) interests in oil and gas leases and related property of Stronghold consisting of approximately 37,000 net acres located in the Central Basin Platform of the Texas Permian Basin. On August 31, 2022, Ring completed the Stronghold Acquisition.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 6 — DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to fluctuations in crude oil and natural gas prices on its production. It utilizes 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 costless collars, deferred premium puts, or swaps for this purpose. Oil derivative contracts are based on WTI (West Texas Intermediate) crude oil prices and natural gas contacts are based on the Henry Hub. A “costless collar” is the combination of two options, a put option (floor) and call option (ceiling) with the options structured so that the premium paid for the put option will be offset by the premium received from selling the call option. Similar to costless collars, there is no cost to enter into the swap contracts. On swap contracts, there is no spread and payments will be made or received based on the difference between WTI and the swap contract price. The deferred premium put contract has the premium established upon entering the contract, and due upon settlement of the contract. 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 of our derivative contracts are with lenders under our credit facility. Non-performance risk is incorporated in the discount rate by adding the quoted bank (counterparty) credit default swap (CDS) rates to the risk free rate. Although the counterparties hold the right to offset (i.e. netting) the settlement amounts with the Company, in accordance with ASC 815-10-50-4B, the Company classifies the fair value of all its derivative positions on a gross basis in its corresponding Condensed Balance Sheets. The Company’s derivative financial instruments are recorded at fair value and included as either assets or liabilities in the accompanying Condensed Balance Sheets. The Company has not designated its derivative instruments as hedges for accounting purposes, and, as a result, any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of "Other Income (Expense)" under the heading "Gain (loss) on derivative contracts" in the accompanying Condensed Statements of Operations. The following presents the impact of the Company’s contracts on its Condensed Balance Sheets for the periods indicated. As of June 30, 2023 December 31, 2022 Commodity derivative instruments, marked to market: Derivative assets, current $ 14,604,030 $ 16,193,327 Discounted deferred premiums (6,296,493) (11,524,165) Derivatives assets, current, net of premiums $ 8,307,537 $ 4,669,162 Derivative assets, noncurrent $ 10,555,937 $ 7,606,258 Discounted deferred premiums — (1,476,848) Derivative assets, noncurrent, net of premiums $ 10,555,937 $ 6,129,410 Derivative liabilities, current $ 7,848,580 $ 13,345,619 Derivative liabilities, noncurrent $ 10,829,096 $ 10,485,650 The components of “Gain (loss) on derivative contracts” from the Condensed Statements of Operations are as follows for the respective periods: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Oil derivatives: Realized gain (loss) on oil derivatives $ (833,841) $ (19,617,265) $ (1,497,603) $ (33,732,766) Unrealized gain (loss) on oil derivatives 4,545,136 12,160,247 12,652,157 (1,320,393) Gain (loss) on oil derivatives $ 3,711,295 $ (7,457,018) $ 11,154,554 $ (35,053,159) Natural gas derivatives: Realized gain (loss) on natural gas derivatives 1,013,436 — 1,018,673 — Unrealized gain (loss) on natural gas derivatives (1,460,071) — 566,338 — Gain (loss) on natural gas derivatives $ (446,635) $ — $ 1,585,011 $ — Gain (loss) on derivative contracts $ 3,264,660 $ (7,457,018) $ 12,739,565 $ (35,053,159) The components of “Cash paid for derivative settlements, net” within the Condensed Statements of Cash Flows are as follows for the respective periods: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cash flows from operating activities Cash received (paid) for oil derivatives $ (833,841) $ (19,617,265) $ (1,497,603) $ (33,732,766) Cash received (paid) from natural gas derivatives 1,013,436 — 1,018,673 — Cash received (paid) for derivative settlements, net $ 179,595 $ (19,617,265) $ (478,930) $ (33,732,766) The following tables reflect the details of current derivative contracts as of June 30, 2023 (Quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts): Oil Hedges (WTI) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Swaps: Hedged volume (Bbl) 181,700 138,000 170,625 156,975 282,900 368,000 — — — — Weighted average swap price $ 74.19 $ 74.52 $ 67.40 $ 66.40 $ 65.49 $ 68.43 $ — $ — $ — $ — Deferred premium puts: Hedged volume (Bbl) 230,000 165,600 45,500 45,500 — — — — — — Weighted average strike price $ 80.47 $ 83.78 $ 84.70 $ 82.80 $ — $ — $ — $ — $ — $ — Weighted average deferred premium price $ 10.60 $ 14.61 $ 17.15 $ 17.49 $ — $ — $ — $ — $ — $ — Two-way collars: Hedged volume (Bbl) 211,163 274,285 339,603 325,847 230,000 128,800 474,750 464,100 — — Weighted average put price $ 55.56 $ 56.73 $ 64.20 $ 64.30 $ 64.00 $ 60.00 $ 57.06 $ 60.00 $ — $ — Weighted average call price $ 69.25 $ 70.77 $ 79.73 $ 79.09 $ 76.50 $ 73.24 $ 75.82 $ 69.85 $ — $ — Three-way collars: Hedged volume (Bbl) 16,242 15,598 — — — — — — — — Weighted average first put price $ 45.00 $ 45.00 $ — $ — $ — $ — $ — $ — $ — $ — Weighted average second put price $ 55.00 $ 55.00 $ — $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 80.05 $ 80.05 $ — $ — $ — $ — $ — $ — $ — $ — Gas Hedges (Henry Hub) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NYMEX Swaps: Hedged volume (MMBtu) 144,781 203,706 152,113 138,053 121,587 644,946 616,199 591,725 — — Weighted average swap price $ 3.36 $ 3.35 $ 3.62 $ 3.61 $ 3.59 $ 4.45 $ 3.78 $ 3.43 $ — $ — Two-way collars: Hedged volume (MMBtu) 404,421 579,998 591,500 568,750 552,000 — — — — — Weighted average put price $ 3.17 $ 3.15 $ 4.00 $ 4.00 $ 4.00 $ — $ — $ — $ — $ — Call hedged volume (MMBtu) 404,421 579,998 591,500 568,750 552,000 — — — — — Weighted average call price $ 4.55 $ 4.50 $ 6.29 $ 6.29 $ 6.29 $ — $ — $ — $ — $ — Oil Hedges (basis differential) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Argus basis swaps: Hedged volume (MMBtu) 305,000 460,000 364,000 364,000 368,000 368,000 270,000 273,000 276,000 276,000 Weighted average spread price (1) $ 1.10 $ 1.10 $ 1.15 $ 1.15 $ 1.15 $ 1.15 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Gas Hedges (basis differential) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Waha basis swaps: Hedged volume (MMBtu) 332,855 324,021 — — — — — — — — Weighted average spread price (1) $ 0.55 $ 0.55 $ — $ — $ — $ — $ — $ — $ — $ — El Paso Permian Basin basis swaps: Hedged volume (MMBtu) 329,529 459,683 — — — — — — — — Weighted average spread price (1) $ 0.63 $ 0.63 $ — $ — $ — $ — $ — $ — $ — $ —

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 7 — FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The authoritative guidance requires disclosure of the framework for measuring fair value and requires that fair value measurements be classified and disclosed in one of the following categories: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. We consider active markets as those in which transactions for the assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. This category includes those derivative instruments that we value using observable market data. Substantially all of these inputs are observable in the marketplace throughout the full term of the derivative instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Financial assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy. We continue to evaluate our inputs to ensure the fair value level classification is appropriate. When transfers between levels occur, it is our policy to assume that the transfer occurred at the date of the event or change in circumstances that caused the transfer. The fair values of the Company’s derivatives are not actively quoted in the open market. The Company uses a market approach to estimate the fair values of its derivative instruments on a recurring basis, utilizing commodity futures pricing for the underlying commodities provided by a reputable third party, a Level 2 fair value measurement. The Company applies the provisions of the fair value measurement standard on a non-recurring basis to its non-financial assets and liabilities. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments if events or changes in certain circumstances indicate that adjustments may be necessary. 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 6 — DERIVATIVE FINANCIAL INSTRUMENTS"). Fair Value Measurement Classification Quoted prices in Significant Other Significant Total As of December 31, 2022 Commodity Derivatives - Assets $ — $ 10,798,572 $ — $ 10,798,572 Commodity Derivatives - Liabilities $ — $ (23,831,269) $ — $ (23,831,269) Total $ — $ (13,032,697) $ — $ (13,032,697) As of June 30, 2023 Commodity Derivatives - Assets $ — $ 18,863,474 $ — $ 18,863,474 Commodity Derivatives - Liabilities $ — $ (18,677,676) $ — $ (18,677,676) Total $ — $ 185,798 $ — $ 185,798 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.

REVOLVING LINE OF CREDIT

REVOLVING LINE OF CREDIT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
REVOLVING LINE OF CREDIT	NOTE 8 — REVOLVING LINE OF CREDIT On July 1, 2014, the Company entered into a Credit Agreement with SunTrust Bank (now Truist), as lender, issuing bank and administrative agent for several banks and other financial institutions and lenders (the “Administrative Agent”), (which was amended several times) that provided for a maximum borrowing base of $1 billion with security consisting of substantially all of the assets of the Company. In April 2019, the Company amended and restated the Credit Agreement with the Administrative Agent (as amended and restated, the “Credit Facility”). On August 31, 2022, the Company modified its Credit Facility through a Second Amended and Restated Credit Agreement, extending the maturity date of the facility to August 2026. In conjunction with the Stronghold Acquisition, with the newly acquired assets put up for collateral, the Company established a borrowing base of $600 million. The borrowing base is subject to periodic redeterminations, mandatory reductions and further adjustments from time to time. The borrowing base is redetermined semi-annually each May and November. 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 syndicate was modified to add five lenders, replacing five exiting lenders. Rather than Eurodollar loans, the reference rate on the Second Amended and Restated Credit Agreement is the Standard Overnight Financing Rate (“SOFR”). Beginning on the June 30, 2023 financial statements and compliance certification delivery date, the Second Amended and Restated Credit Agreement will allow for the Company to declare dividends for its equity owners, subject to certain limitations. These limitations include (i) no default or event of default has occurred or will occur upon such payments, (ii) the pro forma Leverage Ratio, as defined in the Second Amended and Restated Credit Agreement, does not exceed 2.00 to 1.00, (iii) the amount of such payments does not exceed Available Free Cash Flow, (iv) the Borrowing Base Utilization Percentage is not greater than 80%, and (v) a Responsible Officer certifies that the other four conditions are satisfied. The interest rate on each SOFR Loan will be the adjusted term SOFR for the applicable interest period plus a margin between 3.0% and 4.0% (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 Second Amended and Restated Credit Agreement) plus 0.5% per annum, (iii) the adjusted term SOFR 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 2.0% and 3.0% per annum (depending on the then-current level of borrowing base usage). The Second Amended and Restated Credit Agreement 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, exploration expenses, and all other non-cash charges acceptable to the Administrative Agent) of not more than 3.0 to 1.0 and (ii) a minimum ratio of Current Assets to Current Liabilities (as such terms are defined in the Second Amended and Restated Credit Agreement) of 1.0 to 1.0. The Company is required to maintain on a rolling 24 months basis, hedging transactions in respect of crude oil and natural gas, on not less than 50% of the projected production from its proved, developed, producing oil and gas. If the borrowing base utilization is less than 25% at the hedge testing date and the leverage ratio is not greater than 1.25 to 1.00, the required hedging percentage for months 13 through 24 of the rolling 24 month period provided for shall be 0% from such hedge testing date to the next succeeding hedge testing date. If the borrowing base utilization percentage is equal to or greater than 25%, but less than 50% and the leverage ratio is not greater than 1.25 to 1.00, the required hedging percentage for months 13 through 24 of the rolling 24 month period provided for shall be 25% from such hedge testing date to the next succeeding hedge testing date. The Second Amended and Restated Credit Agreement also contains other customary affirmative and negative covenants and events of default. As of June 30, 2023, $397 million was outstanding on the Credit Facility. The Company is in compliance with all covenants contained in the Second Amended and Restated Credit Agreement as of June 30, 2023. Under the Second Amended and Restated Credit Agreement, the applicable percentage for the unused commitment fee is 0.5% per annum for all levels of borrowing base utilization. As of June 30, 2023, the Company's unused line of credit was $202.2 million, representative of a borrowing base of $600 million less the outstanding balance of $397 million, and standby letters of credit of $760,438 in total ($260,000 with state and federal agencies and $500,438 with an insurance company for New Mexico surety bonds).

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	6 Months Ended
	Jun. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATION	NOTE 9 — ASSET RETIREMENT OBLIGATION The Company records the obligation to plug and abandon oil and gas wells at the dates properties are either acquired or the wells are drilled. The asset retirement obligation is adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the costs or timing estimates. The asset retirement obligation is incurred using an annual credit-adjusted risk-free discount rate at the applicable dates. Changes in the asset retirement obligation during the six months ended June 30, 2023 were as follows: Balance, December 31, 2022 $ 30,226,306 Liabilities acquired — Liabilities incurred 173,516 Liabilities sold (2,262,478) Liabilities settled (151,656) Revision of estimate — Accretion expense 719,725 Balance, June 30, 2023 $ 28,705,413 The following table presents the Company's current and non-current asset retirement obligation balances as of the periods specified. June 30, 2023 December 31, 2022 Asset retirement obligations, current 408,958 635,843 Asset retirement obligations, non-current 28,296,455 29,590,463 Asset retirement obligations $ 28,705,413 $ 30,226,306

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 10 — STOCKHOLDERS' EQUITY As of December 31, 2022, the Company had 19,107,793 exercisable common warrants, with a contractual exercise price of $0.80 per warrant, expiring five years from initial issuance in October 2020. During the six months ended June 30, 2023, a total of 19,029,593 common warrants were exercised. The following table reflects the common warrants exercised, including the proceeds received for such exercises. As of June 30, 2023 there remained 78,200 exercisable common warrants. Common Warrants Exercise Price Proceeds Received Exercisable, December 31, 2021 29,361,700 $ 0.80 Exercised — — $ — Exercisable, March 31, 2022 29,361,700 $ 0.80 Exercised (6,453,907) 0.80 $ 5,163,126 Exercisable, June 30, 2022 22,907,793 $ 0.80 Exercisable, December 31, 2022 19,107,793 $ 0.80 Exercised (4,517,427) 0.80 $ 3,613,941 Exercisable, March 31, 2023 14,590,366 $ 0.80 Exercised (1) (14,512,166) 0.62 $ 8,997,543 Exercisable, June 30, 2023 78,200 $ 0.80 (1) On April 11 and 12, 2023, the Company and certain holders of the common warrants (the “Participating Holders”) entered into a form of Warrant Amendment and Exercise Agreement (the “Exercise Agreement”) pursuant to which the Company agreed to reduce the exercise price of an aggregate of 14,512,166 common warrants held by such Participating Holders from $0.80 to $0.62 per share (the “Reduced Exercise Price”) in consideration for the exercise of the common warrants held by such Participating Holders in full at the Reduced Exercise Price in cash. The Company received aggregate gross proceeds of $8,997,543 from the exercise of the common warrants by the Participating Holders pursuant to the Exercise Agreement, which was recognized as an equity issuance cost in accordance with ASC 815-40-35-17(a). In our Statements of Stockholders' Equity, the net impact to Stockholders' Equity is $8,687,655, which is net of $309,888 in advisory fees.

EMPLOYEE STOCK OPTIONS AND REST

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS	6 Months Ended
	Jun. 30, 2023
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)
EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS	NOTE 11 — EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2023 and 2022 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 Jun. 30, 2023 Jun. 30, 2022 Share-based compensation $ 2,260,312 $ 1,899,245 $ 4,204,008 $ 3,421,155 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 341,755 shares eligible for grant, either as stock options or as restricted stock, as of June 30, 2023. In 2021, the Board approved and adopted the Ring Energy, Inc. 2021 Omnibus Incentive Plan (the “2021 Plan”), which was subsequently approved and amended by the shareholders at the 2021 Annual Meeting. At the 2023 Annual Meeting, the shareholders approved a Plan Amendment to increase the number of shares available under the 2021 Plan by 6.0 million. Accordingly, there were 8,219,397 shares eligible for grant, either as stock options or as restricted stock, as of June 30, 2023 under the 2021 Plan. Stock Options A summary of the status of the stock options as of June 30, 2023 and 2022 and changes during the six months then ended are as follows: Options Weighted- Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, December 31, 2021 365,500 $ 3.61 Granted — — Forfeited or rescinded — — Exercised — — Outstanding, March 31, 2022 365,500 $ 3.61 2.21 years $ 536,900 Granted — $ — Forfeited or rescinded — $ — Exercised (100,000) $ 2.00 Outstanding, June 30, 2022 265,500 $ 4.21 2.14 years $ 128,700 Exercisable, June 30, 2022 265,500 $ 4.21 2.14 years Outstanding, December 31, 2022 265,500 $ 4.21 Granted — — Forfeited or rescinded — — Exercised — — Outstanding, March 31, 2023 265,500 $ 4.21 1.39 years $ — Granted — $ — Forfeited or rescinded — $ — Exercised — $ — Outstanding, June 30, 2023 265,500 $ 4.21 1.14 years $ — Exercisable, June 30, 2023 265,500 $ 4.21 1.14 years The intrinsic values were calculated using the closing price on June 30, 2023 of $1.71 and the closing price on June 30, 2022 of $2.66. As of June 30, 2023, the Company had $0 of unrecognized compensation cost related to stock options. Restricted Stock Units A summary of the restricted stock unit activity as of June 30, 2023 and 2022, respectively, and changes during the six months then ended are as follows: Restricted Stock Units Weighted- Outstanding, December 31, 2021 2,572,596 $ 1.75 Granted 1,247,061 2.79 Forfeited or rescinded — — Vested — — Outstanding, March 31, 2022 3,819,657 $ 2.09 Granted 19,642 $ 4.27 Forfeited or rescinded (17,204) $ 2.79 Vested (610,195) $ 2.80 Outstanding, June 30, 2022 3,211,900 $ 1.97 Outstanding, December 31, 2022 2,623,790 $ 2.29 Granted 2,270,842 2.22 Forfeited or rescinded (11,712) 2.22 Vested (659,479) 2.80 Outstanding, March 31, 2023 4,223,441 $ 2.17 Granted — $ — Forfeited or rescinded (49,465) $ 2.22 Vested (288,709) $ 2.85 Outstanding, June 30, 2023 3,885,267 $ 2.12 As of June 30, 2023, the Company had $5,060,731 of unrecognized compensation cost related to restricted stock unit grants that will be recognized over a weighted average period of 2.05 years. Grant activity for the six months ended June 30, 2023 was primarily restricted stock units for the annual long-term incentive plan awards for employees. Performance Stock Units A summary of the status of the performance stock unit ("PSU") grants as of June 30, 2023 and 2022, respectively, along with changes during the six months then ended are as follows: Performance Stock Units Weighted- Outstanding, December 31, 2021 860,216 $ 3.87 Granted 860,216 3.65 Forfeited or rescinded — — Vested — — Outstanding, March 31, 2022 1,720,432 $ 3.76 Granted — $ — Forfeited or rescinded — $ — Vested — $ — Outstanding, June 30, 2022 1,720,432 $ 3.76 Outstanding, December 31, 2022 1,720,432 $ 3.76 Granted 1,162,162 2.71 Forfeited or rescinded — — Vested — — Outstanding, March 31, 2023 2,882,594 $ 3.34 Granted — $ — Forfeited or rescinded — $ — Vested — $ — Outstanding, June 30, 2023 2,882,594 $ 3.34

COMMITMENTS & CONTINGENCIES

COMMITMENTS & CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS & CONTINGENCIES	NOTE 12 — COMMITMENTS & CONTINGENCIES Standby Letters of Credit – A commercial bank issued standby letters of credit on behalf of the Company totaling $260,000 to state and federal agencies and $500,438 to an insurance company to secure the surety bonds described below. The standby letters of credit are valid until cancelled or matured and are collateralized by the revolving credit facility with the bank. The terms of the letters of credit to the state and federal agencies are extended for a term of one year at a time. The Company intends to renew the standby letters of credit to the state and federal agencies for as long as the Company does business in the States of Texas and New Mexico. The letters of credit to the insurance company will be renewed if the insurance requires them to retain the surety bonds. No amounts have been drawn under the standby letters of credit. Surety Bonds – An insurance company issued surety bonds on behalf of the Company totaling $500,438 to various State of New Mexico agencies in order for the Company to do business in the State of New Mexico. The surety bonds are valid until canceled or matured. The terms of the surety bonds are extended for a term of one year at a time. The Company intends to renew the surety bonds on $400,000 as long as the Company does business in the State of New Mexico. The remaining $100,438 is related to inactive wells and will remain in place until the Company returns those wells to activity or plugs them. One of those wells has been plugged, and the bond released in the amount of $50,150, leaving the amount related to inactive wells as $50,288. On December 23, 2022, the Company increased its blanket plugging surety bond by $200,000. As of June 30, 2023, the Company had surety bonds in total of $650,288.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 — SUBSEQUENT EVENTS Founders Acquisition On July 10, 2023, the Company, as buyer, and Founders Oil & Gas IV, LLC (the “Founders”), as seller, entered into an Asset Purchase Agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, the Company will acquire (the “Founders Acquisition”) interests in oil and gas leases and related property of Founders located in Ector County, Texas, for a purchase price (the “Purchase Price”) of $75 million in cash. The Purchase Price is subject to customary purchase price adjustments with an effective date of April 1, 2023. In connection with the Purchase Agreement, the Company deposited $7.5 million in cash into a third-party escrow account as a deposit pursuant to the Purchase Agreement, which will be credited against the Purchase Price upon closing of the Founders Acquisition. In accordance with ASC Topic 855, Subsequent Events, the Company has evaluated all events subsequent to the balance sheet date of June 30, 2023, through the date of this report. The Company has reported on all material subsequent events.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 28,791,605	$ 32,715,779	$ 41,944,422	$ 7,112,043	$ 61,507,384	$ 49,056,465

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION & SIGNI_2

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations – Ring Energy is a growth oriented independent exploration and production company based in The Woodlands, Texas engaged in oil and natural gas development, production, acquisition, and exploration activities currently focused in Texas. Our primary drilling operations target the oil and liquids rich producing formations in the Northwest Shelf and the Central Basin Platform, both of which are part of the Permian Basin.
Liquidity and Capital Considerations	Liquidity and Capital Considerations – The Company strives to maintain an adequate liquidity level to address volatility and risk. Sources of liquidity include the Company’s cash flow from operations, cash on hand, available borrowing capacity under its revolving credit facility, and proceeds from sales of non-strategic assets. While changes in oil and natural gas prices affect the Company’s liquidity, the Company has put in place hedges in seeking to protect its cash flows from such price declines; however, if oil or natural gas prices rapidly deteriorate due to unanticipated economic conditions, this could have a material adverse effect on the Company’s cash flows. The Company expects ongoing oil price volatility over the short term. Extended depressed oil prices have historically had and could have a material adverse impact on the Company’s oil revenue, which is mitigated to some extent by the Company’s hedge contracts. The Company is always mindful of oil price volatility and its impact on our liquidity. The Company believes that it has the ability to continue to fund its operations and service its debt by using cash on hand and cash flows from operations.
Use of Estimates	Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the reporting period. The Company’s unaudited condensed financial statements are based on a number of significant estimates, including estimates of oil and natural gas reserve quantities, which are the basis for the calculation of depletion and impairment of oil and gas properties. Reserve estimates, by their nature, are inherently imprecise. Actual results could differ from those estimates. Changes in the future
Fair Value Measurements	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 Financial Accounting Standards Board (“FASB”) has established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy consists of three broad levels. Level 1 inputs are the highest priority and consist of unadjusted quoted prices in active markets for identical assets and liabilities. Level 2 are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. Level 3 are unobservable inputs for an asset or liability.
Fair Value of Financial Instruments	Fair Values of Financial Instruments – The carrying amounts reported for the revolving line of credit approximate their fair value because the underlying instruments are at interest rates which approximate current market rates. The carrying amounts of accounts 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.
Fair Value of Non-financial Assets and Liabilities	Fair Value of Non-financial Assets and Liabilities – The Company also applies fair value accounting guidance to initially, or as events dictate, measure non-financial assets and liabilities such as those obtained through business acquisitions, property and equipment and asset retirement obligations. These assets and liabilities are subject to fair value adjustments only in certain circumstances and are not subject to recurring revaluations. Fair value may be estimated using comparable market data, a discounted cash flow method, or a combination of the two as considered appropriate based on the circumstances. Under the discounted cash flow method, estimated future cash flows are based on management’s expectations for the future and include estimates of future oil and natural gas production or other applicable sales estimates, operational costs and a risk-adjusted discount rate. The Company may use the present value of estimated future cash inflows and/or outflows or third-party offers or prices of comparable assets with consideration of current market conditions to value its non-financial assets and liabilities when circumstances dictate determining fair value is necessary. Given the significance of the unobservable nature of a number of the inputs, these are considered Level 3 on the fair value hierarchy.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities – The Company periodically enters into derivative contracts to manage its exposure to commodity price risk. These derivative contracts, which are generally placed with major financial institutions, may take the form of forward contracts, futures contracts, swaps or options. The oil and gas reference prices upon which the commodity derivative contracts are based reflect various market indices that have a high degree of historical correlation with actual prices received by the Company for its oil and gas production. As the Company has not designated its derivative instruments as hedges for accounting purposes, any gains or losses resulting from changes in fair value of outstanding derivative financial instruments and from the settlement of derivative financial instruments are recognized in earnings and included as a component of other income (expense) in the Condensed Statements of Operations. 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. See "NOTE 6 — DERIVATIVE FINANCIAL INSTRUMENTS" for additional information.
Concentration of Credit Risk and Receivables	Concentration of Credit Risk and Receivables – Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and receivables. Cash and cash equivalents - The Company had cash in excess of federally insured limits of $1,499,975 and $3,462,526 as of June 30, 2023 and December 31, 2022, respectively. The Company places its cash with a high credit quality financial institution. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk in this area. 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. During the six months ended June 30, 2023, sales to three customers represented 68%, 13% and 11%, respectively, of total oil, natural gas, and natural gas liquids sales. As of June 30, 2023, receivables outstanding from these three customers represented 71%, 13% and 11%, respectively, of accounts receivable. Production imbalances - The Company accounts for natural gas production imbalances using the sales method, which recognizes revenue on all natural gas sold even though the natural gas volumes sold may be more or less than the Company's ownership entitles it to sell. Liabilities are recorded for imbalances greater than the Company’s proportionate share of remaining estimated natural gas reserves. The Company recorded no imbalances as of June 30, 2023 or December 31, 2022. Joint interest billing receivables, net - The Company also has joint interest billing receivables. Joint interest billing receivables are collateralized by the pro rata revenue attributable to the joint interest holders and further by the interest itself. Accounts receivable from joint interest owners or purchasers outstanding longer than the contractual payment terms are considered past due. The following table indicates the Company's provisions for bad debt expense associated with its joint interest billing receivables during the three and six months ended June 30, 2023 and June 30, 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Bad debt expense $ 19,315 $ — $ 22,209 $ —
Cash and Cash Equivalents	Cash and Cash Equivalents – The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At June 30, 2023 and December 31, 2022, the Company had no such investments.
Inventory	Inventory - The full balance of the Company's inventory consists of materials and supplies for its operations, with no work in process or finished goods inventory balances. Inventory is added to the books upon the purchase of supplies (inclusive of freight and sales tax costs) to use on well sites, and inventory is reduced by material transfers for inventory usage based on the initial invoiced value. The Company reports the balance of its inventory at the lower of cost or market value. Inventory balances are excluded from the Company's calculation of depletion.
Oil and Natural Gas Properties	Oil and Natural Gas Properties – The Company uses the full cost method of accounting for oil and natural gas properties. Under this method, all costs (direct and indirect) associated with acquisition, exploration, and development of oil and natural gas properties are capitalized. Costs capitalized include acquisition costs, geological and geophysical expenditures, lease rentals on undeveloped properties and costs of drilling and equipping productive and non-productive wells. Drilling costs include directly related overhead costs. Capitalized costs are categorized either as being subject to amortization or not subject to amortization. All of the Company’s capitalized costs, excluding inventory, are subject to amortization. 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. Dispositions of oil and natural gas properties are accounted for as adjustments to capitalized costs. 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 three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Depletion $ 20,511,809 $ 10,629,787 $ 41,492,351 $ 20,254,404 Depletion rate, per barrel-of-oil-equivalent (Boe) $ 13.05 $ 12.51 $ 12.89 $ 12.28 In addition, capitalized costs less accumulated depreciation, depletion and amortization and related deferred income taxes are not allowed to exceed an amount (the full cost ceiling) equal to the sum of: 1) the present value of estimated future net revenues discounted at 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.
Land, Buildings, Equipment, Software, Leasehold Improvements, and Automobiles	Land, Buildings, Equipment, Software, Leasehold Improvements, and Automobiles – Land, buildings, equipment, software, leasehold improvements, and automobiles are carried at historical cost, adjusted for impairment loss and accumulated depreciation (except for land). Historical costs include all direct costs associated with the acquisition of land, buildings, equipment, software, leasehold improvements, and automobiles and placing them in service. Upon sale or abandonment, the cost of the fixed asset(s) and related accumulated depreciation are removed from the accounts and any gain or loss is recognized. Depreciation of buildings, equipment, software, leasehold improvements, and automobiles is calculated using the straight-line method based upon the following estimated useful lives: Leasehold improvements 3‑5 years Office equipment and software 3‑7 years Equipment 5‑10 years Automobiles 4 years
Revenue Recognition	Revenue Recognition – In January 2018, the Company adopted Accounting Standards Update (“ASU”) 2014-09 Revenues from Contracts with Customers (Topic 606) (“ASU 2014-09”). The timing of recognizing revenue from the sale of produced crude oil and natural gas was not changed as a result of adopting ASU 2014-09. The Company predominantly derives its revenue from the sale of produced crude oil and natural gas. The contractual performance obligation is satisfied when the product is delivered to the purchaser. Revenue is recorded in the month the product is delivered to the purchaser. The Company receives payment from one to three months after delivery. The transaction price includes variable consideration as product pricing is based on published market prices and reduced for contract specified differentials. The new guidance regarding ASU 2014-09 does not require that the transaction price be fixed or stated in the contract. Estimating the variable consideration does not require significant judgment and Ring engages third party sources to validate the estimates. Revenue is recognized net of royalties due to third parties in an amount that reflects the consideration the Company expects to receive in exchange for those products. See "NOTE 2 — REVENUE RECOGNITION" for additional information.
Income Taxes	Income Taxes – Provisions for income taxes are based on taxes payable or refundable for the current year and deferred taxes. Deferred taxes are provided on differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, and tax carryforwards. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets and liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Since December 31, 2020, the Company has determined that a full valuation allowance is necessary due to the Company's assessment that it is more likely than not that it will be unable to obtain the benefits of its deferred tax assets due to the Company’s history of taxable losses. The Company determined that certain existing deferred tax assets will not be offset by existing deferred tax liabilities as a result of the 80% limitation on the utilization net operating losses incurred after 2017. Since 2021, commodity prices had increased and the Company continues to project positive pre-tax book income. As of June 30, 2023, the Company is no longer in a cumulative loss position. As a result, future forecasted pre-tax book income was considered as positive evidence in assessing the valuation allowance. Based on the change in judgement on the realizability of the related federal deferred tax assets in future years, the Company released $7.7 million of valuation allowance as a discrete benefit in the first six months ended June 30, 2023. Accordingly, the Company recorded the following federal and state income tax benefits (provisions) for the three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Deferred federal income tax benefit (provision) $ 6,640,741 $ (1,014,048) $ 5,111,491 $ (1,014,048) Current state income tax benefit (provision) (41,191) 12,813 (98,481) — Deferred state income tax benefit (provision) (243,255) (470,974) (686,658) (536,913) Benefit from (Provision for) Income Taxes $ 6,356,295 $ (1,472,209) $ 4,326,352 $ (1,550,961) The Company has immaterial operations in New Mexico which is in a net deferred tax asset position for which a full valuation allowance is still recorded.
Accounting for Uncertainty in Income Taxes	Accounting for Uncertainty in Income Taxes – In accordance with GAAP, the Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns for the open tax years. The Company has identified its federal income tax return and its franchise tax return in Texas in which it operates as “major” tax jurisdictions. The Company’s federal income tax returns for the years ended December 31, 2018 and after remain subject to examination. The Company’s federal income tax returns for the years ended December 31, 2007 and after remain subject to examination to the extent of the net operating loss (NOL) carryforwards. The Company’s franchise tax returns in Texas remain subject to examination for 2017 and after. The Company currently believes that all significant filing positions are highly certain and that all of its significant income tax filing positions and deductions would be sustained upon audit. Therefore, the Company has no significant reserves for uncertain tax positions and no adjustments to such reserves were required by GAAP. No
Three-Stream Reporting	Three-Stream Reporting - Beginning July 1, 2022, the Company began reporting volumes and revenues on a three-stream basis, separately reporting crude oil, natural gas, and natural gas liquids ("NGLs") sales. For periods prior to July 1, 2022, sales and reserve volumes, prices, and revenues for NGLs were presented with natural gas. This represents a change in our accounting and reporting presentation necessitated by a change in the underlying facts and circumstances surrounding the Stronghold Acquisition, as Stronghold has historically reported its revenues on a three-stream basis. As clarified in the interpretive guidance of ASC 250, such changes should not be applied on a retrospective basis. Accordingly, we began reporting on a three-stream basis prospectively, beginning July 1, 2022. See NOTE 5 - ACQUISITIONS AND DIVESTITURES for a discussion of the Stronghold Acquisition.
Leases	Leases - The Company accounts for its leases in accordance with ASU 2016-02, Leases (Topic 842), effective January 1, 2019. The Company made accounting policy elections to not capitalize leases with a lease term of twelve months or less (i.e. short term leases) and to not separate lease and non-lease components for all asset classes. The Company 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.
Earnings (Loss) Per Share	Earnings (Loss) Per Share – Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the applicable period. Diluted earnings (loss) per share are calculated to give effect to potentially issuable dilutive common shares.
Share-Based Employee Compensation	Share-Based Employee Compensation – The Company has outstanding stock option grants and restricted stock unit awards to directors, officers and employees, which are described more fully in "NOTE 11 — EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS". The Company recognizes the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the related compensation expense over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period.
Share-Based Compensation to Non-Employees	Share-Based Compensation to Non-Employees – The Company accounts for share-based compensation issued to non-employees as either the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably 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.
Recent Accounting Pronouncements	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 provided optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that referenced LIBOR or another rate. ASU 2020-04 was in effect through December 31, 2022. In January 2021, the FASB 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. In December 2022, the FASB issued ASU 2022-06, " Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848" ("ASU 2022-06"), wh ich defers the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Beginning August 31, 2022, under the Company's Second Amended and Restated Credit Agreement, the Company's interest rates were transitioned from the LIBOR to the SOFR (Standard Overnight Financing Rate) reference rate. At this time, the Company does not plan to enter into additional contracts using LIBOR as a reference rate. In October 2021, the FASB issued ASU 2021-08, " Business Combinations (Topic 805) – Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” ("ASU 2021-08"). 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.

BASIS OF PRESENTATION & SIGNI_3

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Allowance for Credit Loss	The following table indicates the Company's provisions for bad debt expense associated with its joint interest billing receivables during the three and six months ended June 30, 2023 and June 30, 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Bad debt expense $ 19,315 $ — $ 22,209 $ —
Schedule of Joint Interest Billing Receivable and Allowance for Credit Losses	The following table reflects the Company's joint interest billing receivables and allowance for credit losses as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Joint interest billing receivables $ 2,776,650 $ 1,226,049 Allowance for credit losses (158,835) (242,247) Joint interest billing receivables, net $ 2,617,815 $ 983,802
Schedule of Depletion and Depletion Rate per Barrel of Oil Equivalents	The following table shows total depletion and the depletion per barrel-of-oil-equivalent rate, for the three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Depletion $ 20,511,809 $ 10,629,787 $ 41,492,351 $ 20,254,404 Depletion rate, per barrel-of-oil-equivalent (Boe) $ 13.05 $ 12.51 $ 12.89 $ 12.28
Schedule of Property Plant and Equipment Estimated Useful Lives	Depreciation of buildings, equipment, software, leasehold improvements, and automobiles is calculated using the straight-line method based upon the following estimated useful lives: Leasehold improvements 3‑5 years Office equipment and software 3‑7 years Equipment 5‑10 years Automobiles 4 years
Schedule of Useful Lives	The following table provides information on the Company's depreciation expense for the three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Depreciation $ 91,628 $ 8,567 $ 196,729 $ 48,622
Schedule of Interest Paid Related to Notes Payable	The following table shows interest paid related to these notes payable for the three and six months ended June 30, 2023 and 2022. This interest is included within "Interest (expense)" in the Condensed Statements of Operations. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Interest paid for notes payable $ 9,234 $ 4,682 $ 12,925 $ 9,284
Schedule of Components of Income Tax Expense	Accordingly, the Company recorded the following federal and state income tax benefits (provisions) for the three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Deferred federal income tax benefit (provision) $ 6,640,741 $ (1,014,048) $ 5,111,491 $ (1,014,048) Current state income tax benefit (provision) (41,191) 12,813 (98,481) — Deferred state income tax benefit (provision) (243,255) (470,974) (686,658) (536,913) Benefit from (Provision for) Income Taxes $ 6,356,295 $ (1,472,209) $ 4,326,352 $ (1,550,961)
Schedule of Noncash Share-Based Payment Arrangements	The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Condensed Statements of Operations, incurred for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 Jun. 30, 2023 Jun. 30, 2022 Share-based compensation $ 2,260,312 $ 1,899,245 $ 4,204,008 $ 3,421,155 Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2023 and 2022 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 Jun. 30, 2023 Jun. 30, 2022 Share-based compensation $ 2,260,312 $ 1,899,245 $ 4,204,008 $ 3,421,155

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Disaggregation of Revenue. The following table presents revenues disaggregated by product: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Oil, Natural Gas, and Natural Gas Liquids Revenues Oil $ 78,042,072 $ 79,688,536 $ 161,628,399 $ 143,119,163 Natural gas (1,100,776) 5,273,339 (36,213) 10,023,744 Natural gas liquids (1) 2,407,277 — 5,839,299 — Total oil, natural gas, and natural gas liquids revenues $ 79,348,573 $ 84,961,875 $ 167,431,485 $ 153,142,907 (1) Beginning on July 1, 2022, the Company began reporting volumes and revenues on a three-stream basis, separately reporting crude oil, natural gas, and NGL sales. For periods prior to July 1, 2022, sales revenues for NGLs were presented with natural gas.

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Future Lease Payments of Operating Lease and Finance Lease	Future lease payments associated with these operating and financing leases as of June 30, 2023 are as follows: 2023 2024 2025 2026 2027 Other Future Years Operating lease payments (1) $ 220,193 $ 482,328 $ 494,692 $ 398,096 $ 216,000 — Financing lease payments (2) 416,687 771,643 432,695 11,136 — — (1) The weighted average discount rate as of June 30, 2023 for operating leases was 4.50%. Based on this rate, the future lease payments above include imputed interest of $152,969. The weighted average remaining term of operating leases was 3.81 years.
Schedule Of Reconciliation Between The Undiscounted Future Cash Flows And The Operating And Financing Lease Liabilities	The following table represents a reconciliation between the undiscounted future cash flows in the table above and the operating and financing lease liabilities disclosed in the Condensed Balance Sheets: As of June 30, 2023 December 31, 2022 Operating lease liability, current portion $ 394,404 $ 398,362 Operating lease liability, non-current portion 1,263,936 1,473,897 Operating lease liability, total $ 1,658,340 $ 1,872,259 Total undiscounted future cash flows (sum of future operating lease payments) 1,811,309 2,065,580 Imputed interest 152,969 193,321 Undiscounted future cash flows less imputed interest $ 1,658,340 $ 1,872,259 Financing lease liability, current portion $ 761,110 $ 709,653 Financing lease liability, non-current portion 765,753 1,052,479 Financing lease liability, total $ 1,526,863 $ 1,762,132 Total undiscounted future cash flows (sum of future financing lease payments) 1,632,161 1,900,595 Imputed interest 105,298 138,463 Undiscounted future cash flows less imputed interest $ 1,526,863 $ 1,762,132
Schedule of Lease Cost	The following table provides supplemental information regarding lease costs in our Condensed Statements of Operations: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating lease costs $ 115,353 $ 83,590 $ 228,491 $ 167,180 Short-term lease costs (1) 1,815,836 581,799 3,029,635 1,297,602 Financing lease costs: Amortization of financing lease assets (2) 189,495 110,850 375,523 227,465 Interest on financing lease liabilities (3) 24,268 7,280 49,699 13,793 (1) Amount included in Lease operating expenses (2) Amount included in Depreciation, depletion and amortization (3) Amount included in Interest (expense)

EARNINGS PER SHARE INFORMATION

EARNINGS PER SHARE INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings per Share, Basic and Diluted	The following table presents the calculation of the Company's basic and diluted earnings per share for the three and six months ended June 30, 2023 and 2022. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net Income $ 28,791,605 $ 41,944,422 $ 61,507,384 $ 49,056,465 Basic Weighted-Average Shares Outstanding 193,077,859 106,390,776 185,545,775 103,291,669 Effect of dilutive securities: Stock options — 114,985 — 115,069 Restricted stock units 1,096,128 2,614,251 1,192,039 2,274,467 Performance stock units 276,566 393,023 241,140 243,475 Common warrants 1,415,980 21,084,554 6,045,012 20,327,025 Diluted Weighted-Average Shares Outstanding 195,866,533 130,597,589 193,023,966 126,251,705 Basic Earnings per Share $ 0.15 $ 0.39 $ 0.33 $ 0.47 Diluted Earnings per Share $ 0.15 $ 0.32 $ 0.32 $ 0.39
Schedule of Securities Excluded from Computation of Earnings Per Share	The following table presents the securities which were excluded from the Company's computation of diluted earnings per share for the three and six months ended June 30, 2023 and 2022, as their effect would have been anti-dilutive. For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Antidilutive securities: Stock options to purchase common stock 265,500 70,500 265,500 70,500 Unvested restricted stock units 1,803,513 6,681 71,985 6,269 Unvested performance stock units 1,592,268 — 1,296,912 767,537

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Contracts on the Balance Sheet	The following presents the impact of the Company’s contracts on its Condensed Balance Sheets for the periods indicated. As of June 30, 2023 December 31, 2022 Commodity derivative instruments, marked to market: Derivative assets, current $ 14,604,030 $ 16,193,327 Discounted deferred premiums (6,296,493) (11,524,165) Derivatives assets, current, net of premiums $ 8,307,537 $ 4,669,162 Derivative assets, noncurrent $ 10,555,937 $ 7,606,258 Discounted deferred premiums — (1,476,848) Derivative assets, noncurrent, net of premiums $ 10,555,937 $ 6,129,410 Derivative liabilities, current $ 7,848,580 $ 13,345,619 Derivative liabilities, noncurrent $ 10,829,096 $ 10,485,650
Schedule of Components of Gain (Loss) on Derivative Contracts	The components of “Gain (loss) on derivative contracts” from the Condensed Statements of Operations are as follows for the respective periods: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Oil derivatives: Realized gain (loss) on oil derivatives $ (833,841) $ (19,617,265) $ (1,497,603) $ (33,732,766) Unrealized gain (loss) on oil derivatives 4,545,136 12,160,247 12,652,157 (1,320,393) Gain (loss) on oil derivatives $ 3,711,295 $ (7,457,018) $ 11,154,554 $ (35,053,159) Natural gas derivatives: Realized gain (loss) on natural gas derivatives 1,013,436 — 1,018,673 — Unrealized gain (loss) on natural gas derivatives (1,460,071) — 566,338 — Gain (loss) on natural gas derivatives $ (446,635) $ — $ 1,585,011 $ — Gain (loss) on derivative contracts $ 3,264,660 $ (7,457,018) $ 12,739,565 $ (35,053,159)
Schedule of Components of Cash (Paid) Received for Commodity Derivative Settlements	The components of “Cash paid for derivative settlements, net” within the Condensed Statements of Cash Flows are as follows for the respective periods: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Cash flows from operating activities Cash received (paid) for oil derivatives $ (833,841) $ (19,617,265) $ (1,497,603) $ (33,732,766) Cash received (paid) from natural gas derivatives 1,013,436 — 1,018,673 — Cash received (paid) for derivative settlements, net $ 179,595 $ (19,617,265) $ (478,930) $ (33,732,766)
Derivatives Not Designated as Hedging Instruments	The following tables reflect the details of current derivative contracts as of June 30, 2023 (Quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts): Oil Hedges (WTI) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Swaps: Hedged volume (Bbl) 181,700 138,000 170,625 156,975 282,900 368,000 — — — — Weighted average swap price $ 74.19 $ 74.52 $ 67.40 $ 66.40 $ 65.49 $ 68.43 $ — $ — $ — $ — Deferred premium puts: Hedged volume (Bbl) 230,000 165,600 45,500 45,500 — — — — — — Weighted average strike price $ 80.47 $ 83.78 $ 84.70 $ 82.80 $ — $ — $ — $ — $ — $ — Weighted average deferred premium price $ 10.60 $ 14.61 $ 17.15 $ 17.49 $ — $ — $ — $ — $ — $ — Two-way collars: Hedged volume (Bbl) 211,163 274,285 339,603 325,847 230,000 128,800 474,750 464,100 — — Weighted average put price $ 55.56 $ 56.73 $ 64.20 $ 64.30 $ 64.00 $ 60.00 $ 57.06 $ 60.00 $ — $ — Weighted average call price $ 69.25 $ 70.77 $ 79.73 $ 79.09 $ 76.50 $ 73.24 $ 75.82 $ 69.85 $ — $ — Three-way collars: Hedged volume (Bbl) 16,242 15,598 — — — — — — — — Weighted average first put price $ 45.00 $ 45.00 $ — $ — $ — $ — $ — $ — $ — $ — Weighted average second put price $ 55.00 $ 55.00 $ — $ — $ — $ — $ — $ — $ — $ — Weighted average call price $ 80.05 $ 80.05 $ — $ — $ — $ — $ — $ — $ — $ — Gas Hedges (Henry Hub) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NYMEX Swaps: Hedged volume (MMBtu) 144,781 203,706 152,113 138,053 121,587 644,946 616,199 591,725 — — Weighted average swap price $ 3.36 $ 3.35 $ 3.62 $ 3.61 $ 3.59 $ 4.45 $ 3.78 $ 3.43 $ — $ — Two-way collars: Hedged volume (MMBtu) 404,421 579,998 591,500 568,750 552,000 — — — — — Weighted average put price $ 3.17 $ 3.15 $ 4.00 $ 4.00 $ 4.00 $ — $ — $ — $ — $ — Call hedged volume (MMBtu) 404,421 579,998 591,500 568,750 552,000 — — — — — Weighted average call price $ 4.55 $ 4.50 $ 6.29 $ 6.29 $ 6.29 $ — $ — $ — $ — $ — Oil Hedges (basis differential) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Argus basis swaps: Hedged volume (MMBtu) 305,000 460,000 364,000 364,000 368,000 368,000 270,000 273,000 276,000 276,000 Weighted average spread price (1) $ 1.10 $ 1.10 $ 1.15 $ 1.15 $ 1.15 $ 1.15 $ 1.00 $ 1.00 $ 1.00 $ 1.00 Gas Hedges (basis differential) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Waha basis swaps: Hedged volume (MMBtu) 332,855 324,021 — — — — — — — — Weighted average spread price (1) $ 0.55 $ 0.55 $ — $ — $ — $ — $ — $ — $ — $ — El Paso Permian Basin basis swaps: Hedged volume (MMBtu) 329,529 459,683 — — — — — — — — Weighted average spread price (1) $ 0.63 $ 0.63 $ — $ — $ — $ — $ — $ — $ — $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on 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 6 — DERIVATIVE FINANCIAL INSTRUMENTS"). Fair Value Measurement Classification Quoted prices in Significant Other Significant Total As of December 31, 2022 Commodity Derivatives - Assets $ — $ 10,798,572 $ — $ 10,798,572 Commodity Derivatives - Liabilities $ — $ (23,831,269) $ — $ (23,831,269) Total $ — $ (13,032,697) $ — $ (13,032,697) As of June 30, 2023 Commodity Derivatives - Assets $ — $ 18,863,474 $ — $ 18,863,474 Commodity Derivatives - Liabilities $ — $ (18,677,676) $ — $ (18,677,676) Total $ — $ 185,798 $ — $ 185,798

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	6 Months Ended
	Jun. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule of changes in asset retirement obligations	Changes in the asset retirement obligation during the six months ended June 30, 2023 were as follows: Balance, December 31, 2022 $ 30,226,306 Liabilities acquired — Liabilities incurred 173,516 Liabilities sold (2,262,478) Liabilities settled (151,656) Revision of estimate — Accretion expense 719,725 Balance, June 30, 2023 $ 28,705,413
Schedule of current and non-current asset retirement obligations	The following table presents the Company's current and non-current asset retirement obligation balances as of the periods specified. June 30, 2023 December 31, 2022 Asset retirement obligations, current 408,958 635,843 Asset retirement obligations, non-current 28,296,455 29,590,463 Asset retirement obligations $ 28,705,413 $ 30,226,306

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Common Warrants Exercised	The following table reflects the common warrants exercised, including the proceeds received for such exercises. As of June 30, 2023 there remained 78,200 exercisable common warrants. Common Warrants Exercise Price Proceeds Received Exercisable, December 31, 2021 29,361,700 $ 0.80 Exercised — — $ — Exercisable, March 31, 2022 29,361,700 $ 0.80 Exercised (6,453,907) 0.80 $ 5,163,126 Exercisable, June 30, 2022 22,907,793 $ 0.80 Exercisable, December 31, 2022 19,107,793 $ 0.80 Exercised (4,517,427) 0.80 $ 3,613,941 Exercisable, March 31, 2023 14,590,366 $ 0.80 Exercised (1) (14,512,166) 0.62 $ 8,997,543 Exercisable, June 30, 2023 78,200 $ 0.80 (1) On April 11 and 12, 2023, the Company and certain holders of the common warrants (the “Participating Holders”) entered into a form of Warrant Amendment and Exercise Agreement (the “Exercise Agreement”) pursuant to which the Company agreed to reduce the exercise price of an aggregate of 14,512,166 common warrants held by such Participating Holders from $0.80 to $0.62 per share (the “Reduced Exercise Price”) in consideration for the exercise of the common warrants held by such Participating Holders in full at the Reduced Exercise Price in cash. The Company received aggregate gross proceeds of $8,997,543 from the exercise of the common warrants by the Participating Holders pursuant to the Exercise Agreement, which was recognized as an equity issuance cost in accordance with ASC 815-40-35-17(a). In our Statements of Stockholders' Equity, the net impact to Stockholders' Equity is $8,687,655, which is net of $309,888 in advisory fees.

EMPLOYEE STOCK OPTIONS AND RE_2

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS (Tables)	6 Months Ended
	Jun. 30, 2023
EMPLOYEE STOCK OPTIONS, RESTRICTED STOCK AWARD PLAN AND 401(k)
Schedule of Noncash Share-Based Payment Arrangements	The following table summarizes the Company's share-based compensation, included with General and administrative expense within our Condensed Statements of Operations, incurred for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 Jun. 30, 2023 Jun. 30, 2022 Share-based compensation $ 2,260,312 $ 1,899,245 $ 4,204,008 $ 3,421,155 Compensation expense charged against income for share-based awards during the three and six months ended June 30, 2023 and 2022 was as follows. These amounts are included in General and administrative expense in the Condensed Statements of Operations. Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 Jun. 30, 2023 Jun. 30, 2022 Share-based compensation $ 2,260,312 $ 1,899,245 $ 4,204,008 $ 3,421,155
Schedule of Stock Options Activity	A summary of the status of the stock options as of June 30, 2023 and 2022 and changes during the six months then ended are as follows: Options Weighted- Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding, December 31, 2021 365,500 $ 3.61 Granted — — Forfeited or rescinded — — Exercised — — Outstanding, March 31, 2022 365,500 $ 3.61 2.21 years $ 536,900 Granted — $ — Forfeited or rescinded — $ — Exercised (100,000) $ 2.00 Outstanding, June 30, 2022 265,500 $ 4.21 2.14 years $ 128,700 Exercisable, June 30, 2022 265,500 $ 4.21 2.14 years Outstanding, December 31, 2022 265,500 $ 4.21 Granted — — Forfeited or rescinded — — Exercised — — Outstanding, March 31, 2023 265,500 $ 4.21 1.39 years $ — Granted — $ — Forfeited or rescinded — $ — Exercised — $ — Outstanding, June 30, 2023 265,500 $ 4.21 1.14 years $ — Exercisable, June 30, 2023 265,500 $ 4.21 1.14 years
Schedule of Restricted Stock Grants	A summary of the restricted stock unit activity as of June 30, 2023 and 2022, respectively, and changes during the six months then ended are as follows: Restricted Stock Units Weighted- Outstanding, December 31, 2021 2,572,596 $ 1.75 Granted 1,247,061 2.79 Forfeited or rescinded — — Vested — — Outstanding, March 31, 2022 3,819,657 $ 2.09 Granted 19,642 $ 4.27 Forfeited or rescinded (17,204) $ 2.79 Vested (610,195) $ 2.80 Outstanding, June 30, 2022 3,211,900 $ 1.97 Outstanding, December 31, 2022 2,623,790 $ 2.29 Granted 2,270,842 2.22 Forfeited or rescinded (11,712) 2.22 Vested (659,479) 2.80 Outstanding, March 31, 2023 4,223,441 $ 2.17 Granted — $ — Forfeited or rescinded (49,465) $ 2.22 Vested (288,709) $ 2.85 Outstanding, June 30, 2023 3,885,267 $ 2.12
Performance Stock Units Activity	A summary of the status of the performance stock unit ("PSU") grants as of June 30, 2023 and 2022, respectively, along with changes during the six months then ended are as follows: Performance Stock Units Weighted- Outstanding, December 31, 2021 860,216 $ 3.87 Granted 860,216 3.65 Forfeited or rescinded — — Vested — — Outstanding, March 31, 2022 1,720,432 $ 3.76 Granted — $ — Forfeited or rescinded — $ — Vested — $ — Outstanding, June 30, 2022 1,720,432 $ 3.76 Outstanding, December 31, 2022 1,720,432 $ 3.76 Granted 1,162,162 2.71 Forfeited or rescinded — — Vested — — Outstanding, March 31, 2023 2,882,594 $ 3.34 Granted — $ — Forfeited or rescinded — $ — Vested — $ — Outstanding, June 30, 2023 2,882,594 $ 3.34

BASIS OF PRESENTATION & SIGNI_4

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 11, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Organization And Summary Of Significant Accounting Policies [Line Items]
Fair value, concentration of risk, cash and cash equivalents		$ 1,499,975		$ 1,499,975		$ 3,462,526
Notes payable current, for obtaining external insurance		1,412,674		1,412,674
Decrease in allowance for credit losses				83,412
Share-based compensation		$ 2,260,312	$ 1,899,245	$ 4,204,008	$ 3,421,155
Effective tax rate		28.33%		7.57%
Discrete item		$ 7,700,000		$ 7,700,000
Delaware Basin
Organization And Summary Of Significant Accounting Policies [Line Items]
Decrease in allowance for credit losses	$ 105,620
Promissory Notes Payable
Organization And Summary Of Significant Accounting Policies [Line Items]
Face value		$ 1,565,071		$ 1,565,071
Interest rate		7.08%		7.08%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Customer One
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				68%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Customer Two
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				13%
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | Customer Three
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				11%
Accounts Receivable | Customer Concentration Risk | Customer One
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				71%
Accounts Receivable | Customer Concentration Risk | Customer Two
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				13%
Accounts Receivable | Customer Concentration Risk | Customer Three
Organization And Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage				11%

BASIS OF PRESENTATION & SIGNI_5

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Provisions for Bad Debt Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Bad debt expense	$ 19,315	$ 0	$ 22,209	$ 0

BASIS OF PRESENTATION & SIGNI_6

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Joint Interest Billing Receivable and Allowance for Credit Loss (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Joint interest billing receivables	$ 2,776,650	$ 1,226,049
Allowance for credit losses	(158,835)	(242,247)
Joint interest billing receivables, net	$ 2,617,815	$ 983,802

BASIS OF PRESENTATION & SIGNI_7

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Schedule of Depletion (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depletion	$ 20,511,809	$ 10,629,787	$ 41,492,351	$ 20,254,404
Depletion rate, per barrel-of-oil-equivalent (Boe)	$ 13.05	$ 12.51	$ 12.89	$ 12.28

BASIS OF PRESENTATION & SIGNI_8

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Disaggregation of Revenue (Details)	Jun. 30, 2023
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 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
Automobiles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years

BASIS OF PRESENTATION & SIGNI_9

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Depreciation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 91,628	$ 8,567	$ 196,729	$ 48,622

BASIS OF PRESENTATION & SIGN_10

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Interest Paid Related to Notes Payables (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Interest expense	$ 10,550,807	$ 3,279,299	$ 20,941,086	$ 6,677,660
Promissory Notes Payable
Debt Instrument [Line Items]
Interest expense	$ 9,234	$ 4,682	$ 12,925	$ 9,284

BASIS OF PRESENTATION & SIGN_11

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Provision for Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred federal income tax benefit (provision)	$ 6,640,741	$ (1,014,048)	$ 5,111,491	$ (1,014,048)
Current state income tax benefit (provision)	(41,191)	12,813	(98,481)	0
Deferred state income tax benefit (provision)	(243,255)	(470,974)	(686,658)	(536,913)
Benefit from (Provision for) Income Taxes	$ 6,356,295	$ (1,472,209)	$ 4,326,352	$ (1,550,961)

BASIS OF PRESENTATION & SIGN_12

BASIS OF PRESENTATION & SIGNIFICANT ACCOUNTING POLICIES - Schedule of Noncash Share-based Compensation Incurred (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Share-based compensation	$ 2,260,312	$ 1,899,245	$ 4,204,008	$ 3,421,155

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Oil	$ 78,042,072	$ 79,688,536	$ 161,628,399	$ 143,119,163
Natural gas	(1,100,776)	5,273,339	(36,213)	10,023,744
Natural gas liquids	2,407,277	0	5,839,299	0
Total oil, natural gas, and natural gas liquids revenues	$ 79,348,573	$ 84,961,875	$ 167,431,485	$ 153,142,907

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Jun. 30, 2023	May 09, 2023	Oct. 01, 2022	Jan. 01, 2021
Lessee, Lease, Description [Line Items]
Lease term of financing leases for vehicles	36 months
Midland Office Lease
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract				5 years
Amended Midland Office Lease
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract			5 years
Woodlands Sub-Lease
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	5 years 6 months
Woodlands Office Lease
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract		71 months

LEASES - Future lease payments

LEASES - Future lease payments (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Operating lease payments
2023	$ 220,193
2024	482,328
2025	494,692
2026	398,096
2027	216,000
Other Future Years	$ 0
Weighted average discount rate	4.50%
Imputed interest	$ 152,969
Weighted average remaining term	3 years 9 months 21 days
Financing lease payments
2023	$ 416,687
2024	771,643
2025	432,695
2026	11,136
2027	0
Other Future Years	$ 0
Weighted average discount rate	6.05%
Imputed interest	$ 105,298
Weighted average remaining term	2 years 7 days

LEASES - Reconciliation between

LEASES - Reconciliation between the undiscounted future cash flows in the table above and the operating and financing lease liabilities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Operating lease liability:
Operating lease liability, current portion	$ 394,404	$ 398,362
Operating lease liability, non-current portion	1,263,936	1,473,897
Operating lease liability, total	1,658,340	1,872,259
Total undiscounted future cash flows (sum of future operating lease payments)	1,811,309	2,065,580
Imputed interest	152,969	193,321
Undiscounted future cash flows less imputed interest	1,658,340	1,872,259
Financing lease liability:
Financing lease liability, current portion	761,110	709,653
Financing lease liability, non-current portion	765,753	1,052,479
Financing lease liability, total	1,526,863	1,762,132
Total undiscounted future cash flows (sum of future financing lease payments)	1,632,161	1,900,595
Imputed interest	105,298	138,463
Undiscounted future cash flows less imputed interest	$ 1,526,863	$ 1,762,132

LEASES - Supplemental informati

LEASES - Supplemental information regarding cash flows from operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease costs	$ 115,353	$ 83,590	$ 228,491	$ 167,180
Short term lease costs	1,815,836	581,799	3,029,635	1,297,602
Financing lease costs:
Amortization of financing lease assets	189,495	110,850	375,523	227,465
Interest on financing lease liabilities	$ 24,268	$ 7,280	$ 49,699	$ 13,793

EARNINGS PER SHARE INFORMATIO_2

EARNINGS PER SHARE INFORMATION (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net Income	$ 28,791,605	$ 32,715,779	$ 41,944,422	$ 7,112,043	$ 61,507,384	$ 49,056,465
Basic Weighted-Average Shares Outstanding (in shares)	193,077,859		106,390,776		185,545,775	103,291,669
Effect of dilutive securities:
Diluted Weighted-Average Shares Outstanding (in shares)	195,866,533		130,597,589		193,023,966	126,251,705
Basic Earnings per Share (in usd per share)	$ 0.15		$ 0.39		$ 0.33	$ 0.47
Diluted Earnings per Share (in usd per share)	$ 0.15		$ 0.32		$ 0.32	$ 0.39
Common warrants
Effect of dilutive securities:
Weighted average number diluted shares outstanding adjustment (in shares)	1,415,980		21,084,554		6,045,012	20,327,025
Restricted Stock Units
Effect of dilutive securities:
Weighted average number diluted shares outstanding adjustment (in shares)	1,096,128		2,614,251		1,192,039	2,274,467
Performance stock units
Effect of dilutive securities:
Weighted average number diluted shares outstanding adjustment (in shares)	276,566		393,023		241,140	243,475
Stock options
Effect of dilutive securities:
Weighted average number diluted shares outstanding adjustment (in shares)	0		114,985		0	115,069

EARNINGS PER SHARE INFORMATIO_3

EARNINGS PER SHARE INFORMATION - Schedule of Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from the computation of diluted earnings per share (in shares)	1,803,513	6,681	71,985	6,269
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from the computation of diluted earnings per share (in shares)	1,592,268	0	1,296,912	767,537
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from the computation of diluted earnings per share (in shares)	265,500	70,500	265,500	70,500

ACQUISITIONS & DIVESTITURES - N

ACQUISITIONS & DIVESTITURES - Narrative (Details) a in Thousands	May 11, 2023 USD ($)	Aug. 31, 2022 a
ACQUISITIONS & DIVESTITURES
Purchase price, net of post close adjustments	$ 8,000,000
Decrease in asset retirement obligation	$ 2,300,000
Stronghold Acquisition
ACQUISITIONS & DIVESTITURES
Area of land | a		37

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Impact of Company's contracts on its Balance Sheets (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets
Derivative assets, current	$ 14,604,030	$ 16,193,327
Discounted deferred premiums	(6,296,493)	(11,524,165)
Derivatives assets, current, net of premiums	8,307,537	4,669,162
Derivative assets, noncurrent	10,555,937	7,606,258
Discounted deferred premiums	0	(1,476,848)
Derivative assets, noncurrent, net of premiums	10,555,937	6,129,410
Derivative Instruments and Hedges, Liabilities [Abstract]
Derivative liabilities, current	7,848,580	13,345,619
Derivative liabilities, noncurrent	$ 10,829,096	$ 10,485,650

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Components of gain (loss) on derivative contracts (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives			$ 12,739,565	$ (35,053,159)
Gain (loss) on derivative contracts	$ 3,264,660	$ (7,457,018)	12,739,565	(35,053,159)
Oil
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives	(833,841)	(19,617,265)	(1,497,603)	(33,732,766)
Unrealized gain (loss) on derivatives	4,545,136	12,160,247	12,652,157	(1,320,393)
Gain (loss) on derivative contracts	3,711,295	(7,457,018)	11,154,554	(35,053,159)
Natural Gas
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives	1,013,436	0	1,018,673	0
Unrealized gain (loss) on derivatives	(1,460,071)	0	566,338	0
Gain (loss) on derivative contracts	$ (446,635)	$ 0	$ 1,585,011	$ 0

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Components of Cash (Paid) Received for Commodity Derivative Settlements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Cash (paid) received for derivative settlements	$ 179,595	$ (19,617,265)	$ (478,930)	$ (33,732,766)
Oil
Cash flows from operating activities
Cash (paid) received for derivative settlements	(833,841)	(19,617,265)	(1,497,603)	(33,732,766)
Natural Gas
Cash flows from operating activities
Cash (paid) received for derivative settlements	$ 1,013,436	$ 0	$ 1,018,673	$ 0

DERIVATIVE FINANCIAL INSTRUME_6

DERIVATIVE FINANCIAL INSTRUMENTS - Current derivative contracts (Details)	6 Months Ended
	Jun. 30, 2023 MMBTU $ / bbl $ / MMBTU bbl
Oil | Swap | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	181,700
Weighted average swap price (in usd per share)	74.19
Oil | Swap | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	138,000
Weighted average swap price (in usd per share)	74.52
Oil | Swap | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	170,625
Weighted average swap price (in usd per share)	67.40
Oil | Swap | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	156,975
Weighted average swap price (in usd per share)	66.40
Oil | Swap | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	282,900
Weighted average swap price (in usd per share)	65.49
Oil | Swap | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	368,000
Weighted average swap price (in usd per share)	68.43
Oil | Swap | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average swap price (in usd per share)	0
Oil | Swap | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average swap price (in usd per share)	0
Oil | Swap | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average swap price (in usd per share)	0
Oil | Swap | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average swap price (in usd per share)	0
Oil | Argus Basis Swaps | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	305,000
Weighted average swap price (in usd per share) | $ / MMBTU	1.10
Oil | Argus Basis Swaps | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	460,000
Weighted average swap price (in usd per share) | $ / MMBTU	1.10
Oil | Argus Basis Swaps | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	364,000
Weighted average swap price (in usd per share) | $ / MMBTU	1.15
Oil | Argus Basis Swaps | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	364,000
Weighted average swap price (in usd per share) | $ / MMBTU	1.15
Oil | Argus Basis Swaps | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	368,000
Weighted average swap price (in usd per share) | $ / MMBTU	1.15
Oil | Argus Basis Swaps | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	368,000
Weighted average swap price (in usd per share) | $ / MMBTU	1.15
Oil | Argus Basis Swaps | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	270,000
Weighted average swap price (in usd per share) | $ / MMBTU	1
Oil | Argus Basis Swaps | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	273,000
Weighted average swap price (in usd per share) | $ / MMBTU	1
Oil | Argus Basis Swaps | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	276,000
Weighted average swap price (in usd per share) | $ / MMBTU	1
Oil | Argus Basis Swaps | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	276,000
Weighted average swap price (in usd per share) | $ / MMBTU	1
Oil | Deferred premium puts | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	230,000
Weighted average strike price (in usd per share)	80.47
Weighted average deferred premium price (in usd per share)	10.60
Oil | Deferred premium puts | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	165,600
Weighted average strike price (in usd per share)	83.78
Weighted average deferred premium price (in usd per share)	14.61
Oil | Deferred premium puts | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	45,500
Weighted average strike price (in usd per share)	84.70
Weighted average deferred premium price (in usd per share)	17.15
Oil | Deferred premium puts | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	45,500
Weighted average strike price (in usd per share)	82.80
Weighted average deferred premium price (in usd per share)	17.49
Oil | Deferred premium puts | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average strike price (in usd per share)	0
Weighted average deferred premium price (in usd per share)	0
Oil | Deferred premium puts | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average strike price (in usd per share)	0
Weighted average deferred premium price (in usd per share)	0
Oil | Deferred premium puts | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average strike price (in usd per share)	0
Weighted average deferred premium price (in usd per share)	0
Oil | Deferred premium puts | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average strike price (in usd per share)	0
Weighted average deferred premium price (in usd per share)	0
Oil | Deferred premium puts | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average strike price (in usd per share)	0
Weighted average deferred premium price (in usd per share)	0
Oil | Deferred premium puts | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average strike price (in usd per share)	0
Weighted average deferred premium price (in usd per share)	0
Oil | Three-way collars | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	16,242
Weighted average put price (in usd per share)	45
Weighted average second put price (in usd per share)	55
Weighted average call price (in usd per share)	80.05
Oil | Three-way collars | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	15,598
Weighted average put price (in usd per share)	45
Weighted average second put price (in usd per share)	55
Weighted average call price (in usd per share)	80.05
Oil | Three-way collars | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average second put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Three-way collars | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average second put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Three-way collars | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average second put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Three-way collars | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average second put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Three-way collars | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average second put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Three-way collars | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average second put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Three-way collars | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average second put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Three-way collars | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average second put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Two-way collars | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	211,163
Weighted average put price (in usd per share)	55.56
Weighted average call price (in usd per share)	69.25
Oil | Two-way collars | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	274,285
Weighted average put price (in usd per share)	56.73
Weighted average call price (in usd per share)	70.77
Oil | Two-way collars | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	339,603
Weighted average put price (in usd per share)	64.20
Weighted average call price (in usd per share)	79.73
Oil | Two-way collars | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	325,847
Weighted average put price (in usd per share)	64.30
Weighted average call price (in usd per share)	79.09
Oil | Two-way collars | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	230,000
Weighted average put price (in usd per share)	64
Weighted average call price (in usd per share)	76.50
Oil | Two-way collars | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	128,800
Weighted average put price (in usd per share)	60
Weighted average call price (in usd per share)	73.24
Oil | Two-way collars | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	474,750
Weighted average put price (in usd per share)	57.06
Weighted average call price (in usd per share)	75.82
Oil | Two-way collars | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	464,100
Weighted average put price (in usd per share)	60
Weighted average call price (in usd per share)	69.85
Oil | Two-way collars | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Oil | Two-way collars | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (Bbl) | bbl	0
Weighted average put price (in usd per share)	0
Weighted average call price (in usd per share)	0
Natural Gas | NYMEX Swaps | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	3.36
Hedged volume (MMBtu) | MMBTU	144,781
Natural Gas | NYMEX Swaps | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	3.35
Hedged volume (MMBtu) | MMBTU	203,706
Natural Gas | NYMEX Swaps | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	3.62
Hedged volume (MMBtu) | MMBTU	152,113
Natural Gas | NYMEX Swaps | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	3.61
Hedged volume (MMBtu) | MMBTU	138,053
Natural Gas | NYMEX Swaps | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	3.59
Hedged volume (MMBtu) | MMBTU	121,587
Natural Gas | NYMEX Swaps | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	4.45
Hedged volume (MMBtu) | MMBTU	644,946
Natural Gas | NYMEX Swaps | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	3.78
Hedged volume (MMBtu) | MMBTU	616,199
Natural Gas | NYMEX Swaps | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	3.43
Hedged volume (MMBtu) | MMBTU	591,725
Natural Gas | NYMEX Swaps | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	0
Hedged volume (MMBtu) | MMBTU	0
Natural Gas | NYMEX Swaps | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Weighted average swap price (in usd per share) | $ / MMBTU	0
Hedged volume (MMBtu) | MMBTU	0
Natural Gas | Waha basis swaps | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	332,855
Weighted average swap price (in usd per share) | $ / MMBTU	0.55
Natural Gas | Waha basis swaps | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	324,021
Weighted average swap price (in usd per share) | $ / MMBTU	0.55
Natural Gas | Waha basis swaps | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | Waha basis swaps | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | Waha basis swaps | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | Waha basis swaps | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | Waha basis swaps | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | Waha basis swaps | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | Waha basis swaps | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | Waha basis swaps | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | El Paso Permian Basis Basis Swaps | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	329,529
Weighted average swap price (in usd per share) | $ / MMBTU	0.63
Natural Gas | El Paso Permian Basis Basis Swaps | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	459,683
Weighted average swap price (in usd per share) | $ / MMBTU	0.63
Natural Gas | El Paso Permian Basis Basis Swaps | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | El Paso Permian Basis Basis Swaps | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | El Paso Permian Basis Basis Swaps | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | El Paso Permian Basis Basis Swaps | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | El Paso Permian Basis Basis Swaps | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | El Paso Permian Basis Basis Swaps | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | El Paso Permian Basis Basis Swaps | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | El Paso Permian Basis Basis Swaps | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average swap price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Put Option | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	404,421
Weighted average put price (in usd per share) | $ / MMBTU	3.17
Natural Gas | Two-way collars | Put Option | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	579,998
Weighted average put price (in usd per share) | $ / MMBTU	3.15
Natural Gas | Two-way collars | Put Option | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	591,500
Weighted average put price (in usd per share) | $ / MMBTU	4
Natural Gas | Two-way collars | Put Option | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	568,750
Weighted average put price (in usd per share) | $ / MMBTU	4
Natural Gas | Two-way collars | Put Option | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	552,000
Weighted average put price (in usd per share) | $ / MMBTU	4
Natural Gas | Two-way collars | Put Option | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average put price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Put Option | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average put price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Put Option | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average put price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Put Option | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average put price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Put Option | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average put price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Call Option | Q3 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	404,421
Weighted average call price (in usd per share) | $ / MMBTU	4.55
Natural Gas | Two-way collars | Call Option | Q4 2023
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	579,998
Weighted average call price (in usd per share) | $ / MMBTU	4.50
Natural Gas | Two-way collars | Call Option | Q1 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	591,500
Weighted average call price (in usd per share) | $ / MMBTU	6.29
Natural Gas | Two-way collars | Call Option | Q2 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	568,750
Weighted average call price (in usd per share) | $ / MMBTU	6.29
Natural Gas | Two-way collars | Call Option | Q3 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	552,000
Weighted average call price (in usd per share) | $ / MMBTU	6.29
Natural Gas | Two-way collars | Call Option | Q4 2024
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average call price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Call Option | Q1 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average call price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Call Option | Q2 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average call price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Call Option | Q3 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average call price (in usd per share) | $ / MMBTU	0
Natural Gas | Two-way collars | Call Option | Q4 2025
Derivative Instruments, Gain (Loss) [Line Items]
Hedged volume (MMBtu) | MMBTU	0
Weighted average call price (in usd per share) | $ / MMBTU	0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Current, Derivative assets	Derivative Asset, Current, Derivative assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative Liability, Current, Derivative liabilities	Derivative Liability, Current, Derivative liabilities
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity Derivatives - Assets	$ 18,863,474	$ 10,798,572
Commodity Derivatives - Liabilities	(18,677,676)	(23,831,269)
Total	185,798	(13,032,697)
Quoted prices in Active Markets for Identical Assets or (Liabilities) (Level 1) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity Derivatives - Assets	0	0
Commodity Derivatives - Liabilities	0	0
Total	0	0
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity Derivatives - Assets	18,863,474	10,798,572
Commodity Derivatives - Liabilities	(18,677,676)	(23,831,269)
Total	185,798	(13,032,697)
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity Derivatives - Assets	0	0
Commodity Derivatives - Liabilities	0	0
Total	$ 0	$ 0

REVOLVING LINE OF CREDIT (Detai

REVOLVING LINE OF CREDIT (Details)	1 Months Ended	6 Months Ended
	Aug. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 01, 2014 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600,000,000			$ 1,000,000,000
Pro forma leverage ratio, maximum threshold		2
Borrowing base utilization, maximum threshold, percentage		80%
Company required to maintaining rolling basis	24 months
Minimum percentage of projected production to be hedged	50%
Hedge testing percentage	0%
Long-term line of credit		$ 397,000,000	$ 415,000,000
Unused commitment fee percentage		0.50%
Unused line of credit		$ 202,200,000
Base Rate Loans
Line of Credit Facility [Line Items]
Interest rate		0%
Standby Letters of Credit
Line of Credit Facility [Line Items]
Long-term line of credit		$ 760,438
Standby Letters of Credit | State And Federal Agencies
Line of Credit Facility [Line Items]
Long-term line of credit		260,000
Standby Letters of Credit | New Mexico Insurance Company | Surety Bond
Line of Credit Facility [Line Items]
Long-term line of credit		$ 500,438
Minimum
Line of Credit Facility [Line Items]
Current ratio		1
Minimum | Base Rate Loans
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate Margin Percentage		2%
Maximum
Line of Credit Facility [Line Items]
Leverage ratio, total	1.25	3
Utilization of borrowing base rate	25%
Hedge testing percentage	25%
Maximum | Base Rate Loans
Line of Credit Facility [Line Items]
Debt Instrument, Interest Rate Margin Percentage		3%
Adjusted term SOFR | Base Rate Loans
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1%
Adjusted term SOFR | Minimum | SOFR Loans
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		3%
Adjusted term SOFR | Maximum | SOFR Loans
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		4%
Federal Funds Rate | Base Rate Loans
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.50%

ASSET RETIREMENT OBLIGATION - C

ASSET RETIREMENT OBLIGATION - Changes in Asset Retirement Obligations (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance, December 31, 2022	$ 30,226,306
Liabilities acquired	0
Liabilities incurred	173,516
Asset retirement obligation sold	(2,262,478)	$ 0
Liabilities settled	(151,656)
Revision of estimate	0
Accretion expense	719,725
Balance, June 30, 2023	$ 28,705,413

ASSET RETIREMENT OBLIGATION -_2

ASSET RETIREMENT OBLIGATION - Current and Non-current Asset Retirement Obligations (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, current	$ 408,958	$ 635,843
Asset retirement obligations, non-current	28,296,455	29,590,463
Asset retirement obligations	$ 28,705,413	$ 30,226,306

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details) - Common warrants - $ / shares	3 Months Ended			6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Class of warrant or right, outstanding (in shares)	14,590,366	22,907,793	29,361,700	78,200	19,107,793	29,361,700
Exercised (in shares)	4,517,427	6,453,907	0	19,029,593
Underwritten Public Offering
Class of Stock [Line Items]
Exercise price of warrants or rights (in usd per share)	$ 0.80	$ 0.80	$ 0.80	$ 0.80	$ 0.80	$ 0.80
Warrants and rights outstanding, term					5 years

STOCKHOLDERS' EQUITY - Schedule

STOCKHOLDERS' EQUITY - Schedule of Common Warrants Exercised (Details) - USD ($)		3 Months Ended				6 Months Ended
	Apr. 12, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Oct. 29, 2020
Class Of Warrant Or Right, Exercisable, Exercise Price [Roll Forward]
Exercised (in usd per share)					$ 0
Proceeds Received			$ 3,613,941	$ 5,163,126	$ 0
Aggregate proceeds	$ 8,997,543
Exercise of common warrants issued in offering		$ 8,687,655	$ 3,613,941	$ 5,163,126
Advisory fee		$ 309,888
Exercise Agreement
Class Of Warrant Or Right, Exercisable [Roll Forward]
Exercisable, at period end (in shares)	14,512,166
Class Of Warrant Or Right, Exercisable, Exercise Price [Roll Forward]
Exercise price of warrants or rights at period end (in usd per share)	$ 0.62
Exercise price of warrants or rights (in usd per share)	$ 0.62
Securities Purchase Agreement
Class Of Warrant Or Right, Exercisable, Exercise Price [Roll Forward]
Exercise price of warrants or rights (in usd per share)							$ 0.80
Common warrants
Class Of Warrant Or Right, Exercisable [Roll Forward]
Exercisable, at period start (in shares)		14,590,366	19,107,793	29,361,700	29,361,700	19,107,793
Exercised (in shares)			(4,517,427)	(6,453,907)	0	(19,029,593)
Exercisable, at period end (in shares)		78,200	14,590,366	22,907,793	29,361,700	78,200
Common warrants | Underwritten Public Offering
Class Of Warrant Or Right, Exercisable, Exercise Price [Roll Forward]
Exercise price of warrants or rights at period start (in usd per share)		$ 0.80	$ 0.80	$ 0.80	$ 0.80	$ 0.80
Exercised (in usd per share)			0.80	0.80
Exercise price of warrants or rights at period end (in usd per share)		0.80	0.80	0.80	0.80	0.80
Exercise price of warrants or rights (in usd per share)		$ 0.80	$ 0.80	$ 0.80	$ 0.80	$ 0.80
Common Warrants, Reduced Exercise Price
Class Of Warrant Or Right, Exercisable [Roll Forward]
Exercised (in shares)		(14,512,166)
Class Of Warrant Or Right, Exercisable, Exercise Price [Roll Forward]
Proceeds Received		$ 8,997,543
Common Warrants, Reduced Exercise Price | Underwritten Public Offering
Class Of Warrant Or Right, Exercisable, Exercise Price [Roll Forward]
Exercised (in usd per share)		$ 0.62

EMPLOYEE STOCK OPTIONS AND RE_3

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS - Compensation Expense Charged Against Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Share-based compensation	$ 2,260,312	$ 1,899,245	$ 4,204,008	$ 3,421,155

EMPLOYEE STOCK OPTIONS AND RE_4

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Per share weighted average price of shares purchased (in usd per share)	$ 1.71	$ 2.66
Unrecognized compensation cost	$ 0
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share-based compensation, nonvested awards, compensation not yet recognized, stock options (in shares)	$ 5,060,731
Weighted average period of recognition	2 years 18 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period of recognition	1 year 9 months 3 days
Performance stock units	$ 6,364,168
long term Incentive Plan (2011 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	341,755
Omnibus Incentive Plan (2021 Plan)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	8,219,397
Increase in number of shares available for grant (in shares)	6,000,000

EMPLOYEE STOCK OPTIONS AND RE_5

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS - Status of the Stock Options (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Weighted- Average Exercise Price
Granted (in usd per share)	$ 0	$ 0	$ 0	$ 0
Forfeited or rescinded (in usd per share)	0	0	0	0
Exercised (in usd per share)	$ 0	$ 0	$ 2	$ 0
Stock options
Options
Outstanding at beginning of the year (in shares)	265,500	265,500	365,500	365,500
Granted (in shares)	0	0	0	0
Forfeited or rescinded (in shares)	0	0	0	0
Exercised (in shares)	0	0	(100,000)	0
Outstanding at end of year (in shares)	265,500	265,500	265,500	365,500
Options Exercisable at end of year (in shares)	265,500		265,500
Weighted- Average Exercise Price
Outstanding at beginning of the year (in usd per share)	$ 4.21	$ 4.21	$ 3.61	$ 3.61
Outstanding at end of year (in usd per share)	4.21	$ 4.21	4.21	$ 3.61
Exercisable at end of year (in usd per share)	$ 4.21		$ 4.21
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options Outstanding - Weighted-Average Remaining Contractual Term	1 year 1 month 20 days	1 year 4 months 20 days	2 years 1 month 20 days	2 years 2 months 15 days
Options Exercisable - Weighted-Average Remaining Contractual Term	1 year 1 month 20 days		2 years 1 month 20 days
Aggregate Intrinsic Value	$ 0	$ 0	$ 128,700	$ 536,900

EMPLOYEE STOCK OPTIONS AND RE_6

EMPLOYEE STOCK OPTIONS AND RESTRICTED STOCK UNITS - Status of Restricted Stock and Performance Shares Grants (Details) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Outstanding at beginning of the year (in shares)	4,223,441	2,623,790	3,819,657	2,572,596
Granted (in shares)	0	2,270,842	19,642	1,247,061
Forfeited or rescinded (in shares)	(49,465)	(11,712)	(17,204)	0
Vested (in shares)	(288,709)	(659,479)	(610,195)	0
Outstanding at end of year (in shares)	3,885,267	4,223,441	3,211,900	3,819,657
Weighted- Average Grant Date Fair Value
Outstanding at beginning of the year (in usd per share)	$ 2.17	$ 2.29	$ 2.09	$ 1.75
Granted (in usd per share)	0	2.22	4.27	2.79
Forfeited or rescinded (in usd per share)	2.22	2.22	2.79	0
Vested (in usd per share)	2.85	2.80	2.80	0
Outstanding at end of year (in usd per share)	$ 2.12	$ 2.17	$ 1.97	$ 2.09
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares
Outstanding at beginning of the year (in shares)	2,882,594	1,720,432	1,720,432	860,216
Granted (in shares)	0	1,162,162	0	860,216
Forfeited or rescinded (in shares)	0	0	0	0
Vested (in shares)	0	0	0	0
Outstanding at end of year (in shares)	2,882,594	2,882,594	1,720,432	1,720,432
Weighted- Average Grant Date Fair Value
Outstanding at beginning of the year (in usd per share)	$ 3.34	$ 3.76	$ 3.76	$ 3.87
Granted (in usd per share)	0	2.71	0	3.65
Forfeited or rescinded (in usd per share)	0	0	0	0
Vested (in usd per share)	0	0	0	0
Outstanding at end of year (in usd per share)	$ 3.34	$ 3.34	$ 3.76	$ 3.76

COMMITMENTS & CONTINGENCIES - N

COMMITMENTS & CONTINGENCIES - Narrative (Details) - USD ($)		6 Months Ended
	Dec. 23, 2022	Jun. 30, 2023	Aug. 31, 2022	Jul. 01, 2014
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity			$ 600,000,000	$ 1,000,000,000
Issued surety bonds		$ 650,288
Surety bonds, amount released		$ 50,150
Surety Bond
Loss Contingencies [Line Items]
Extended term for surety bonds		1 year
Surety bonds renewal amount		$ 400,000
Surety bonds renewal amount, not applicable		100,438
Amount of surety bonds related to inactive wells		50,288
Surety bond increase	$ 200,000
Surety Bond | NEW MEXICO
Loss Contingencies [Line Items]
Issued surety bonds		500,438
Standby Letters of Credit
Loss Contingencies [Line Items]
Standby letters of credit drawn		0
State And Federal Agencies | Standby Letters of Credit
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity		$ 260,000
Extended term under letter of credit arrangement (in years)		1 year
Electric Utility Companies | Standby Letters of Credit
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity		$ 500,438

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - Purchase Agreement	Jul. 10, 2023 USD ($)
Subsequent Event [Line Items]
Payments for asset acquisition	$ 75,000,000
Deposit in escrow	$ 7,500,000