2022 Q1 Form 10-Q Financial Statement
#000110465922058222 Filed on May 10, 2022
Income Statement
Concept | 2022 Q1 | 2021 Q4 | 2021 Q1 |
---|---|---|---|
Revenue | $68.18M | $59.67M | $39.50M |
YoY Change | 72.6% | 90.32% | -0.17% |
Cost Of Revenue | $1.297M | $4.413M | $935.0K |
YoY Change | 38.7% | -52.79% | -18.67% |
Gross Profit | $66.88M | $55.25M | $38.57M |
YoY Change | 73.42% | 151.1% | 0.38% |
Gross Profit Margin | 98.1% | 92.6% | 97.63% |
Selling, General & Admin | $14.56M | $12.73M | $11.41M |
YoY Change | 27.59% | 34.33% | 243.2% |
% of Gross Profit | 21.77% | 23.03% | 29.59% |
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $9.781M | $10.47M | $8.108M |
YoY Change | 20.64% | -6.17% | -40.74% |
% of Gross Profit | 14.62% | 18.96% | 21.02% |
Operating Expenses | $24.53M | $23.38M | $19.71M |
YoY Change | 24.43% | 12.16% | 14.35% |
Operating Profit | $38.19M | $31.87M | $16.26M |
YoY Change | 134.78% | -124.82% | 61.33% |
Interest Expense | $3.398M | -$7.809M | $3.742M |
YoY Change | -9.18% | -51.77% | -11.92% |
% of Operating Profit | 8.9% | -24.5% | 23.01% |
Other Income/Expense, Net | -$30.99M | $0.00 | -$35.33M |
YoY Change | -12.27% | -100.0% | -176.52% |
Pretax Income | $7.191M | $24.06M | -$19.07M |
YoY Change | -137.72% | -117.3% | -133.89% |
Income Tax | $78.75K | -$51.60K | $0.00 |
% Of Pretax Income | 1.1% | -0.21% | |
Net Earnings | $7.112M | $24.11M | -$19.07M |
YoY Change | -137.3% | -115.05% | -143.53% |
Net Earnings / Revenue | 10.43% | 40.41% | -48.27% |
Basic Earnings Per Share | $0.07 | -$0.19 | |
Diluted Earnings Per Share | $0.06 | $128.9K | -$0.19 |
COMMON SHARES | |||
Basic Shares Outstanding | 100.2M | 99.64M | 99.09M |
Diluted Shares Outstanding | 124.0M | 99.09M |
Balance Sheet
Concept | 2022 Q1 | 2021 Q4 | 2021 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $2.139M | $2.408M | $1.701M |
YoY Change | 25.8% | -32.7% | -86.43% |
Cash & Equivalents | $2.139M | $2.408M | $1.701M |
Short-Term Investments | |||
Other Short-Term Assets | $735.1K | $938.0K | $230.9K |
YoY Change | 218.37% | 136.81% | -99.33% |
Inventory | $0.00 | ||
Prepaid Expenses | $735.1K | $938.0K | $230.9K |
Receivables | $35.25M | $24.03M | $20.90M |
Other Receivables | $1.285M | $2.434M | $1.940M |
Total Short-Term Assets | $39.41M | $29.81M | $24.77M |
YoY Change | 59.1% | 43.3% | -61.77% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $661.9M | $651.4M | $641.3M |
YoY Change | 3.22% | 1.97% | -31.16% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $1.514M | $1.713M | $2.196M |
YoY Change | -31.06% | -27.99% | -83.18% |
Total Long-Term Assets | $664.6M | $654.4M | $645.6M |
YoY Change | 2.95% | 1.82% | -31.77% |
TOTAL ASSETS | |||
Total Short-Term Assets | $39.41M | $29.81M | $24.77M |
Total Long-Term Assets | $664.6M | $654.4M | $645.6M |
Total Assets | $704.1M | $684.2M | $670.3M |
YoY Change | 5.03% | 3.12% | -33.69% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $54.26M | $46.23M | $41.39M |
YoY Change | 31.11% | 42.26% | 5.98% |
Accrued Expenses | $296.0K | $290.8K | $719.8K |
YoY Change | -58.88% | -66.15% | -31.88% |
Deferred Revenue | $0.00 | ||
YoY Change | |||
Short-Term Debt | $219.0K | $586.4K | $0.00 |
YoY Change | |||
Long-Term Debt Due | $247.9K | $316.5K | $283.3K |
YoY Change | -12.52% | 7.18% | -0.46% |
Total Short-Term Liabilities | $97.76M | $76.67M | $66.94M |
YoY Change | 46.05% | 107.54% | 65.71% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $280.3M | $290.3M | $305.6M |
YoY Change | -8.27% | -7.28% | -16.71% |
Other Long-Term Liabilities | $16.59M | $16.43M | $21.71M |
YoY Change | -23.59% | -11.77% | 25.38% |
Total Long-Term Liabilities | $296.9M | $306.8M | $327.3M |
YoY Change | -9.28% | -7.53% | -14.81% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $97.76M | $76.67M | $66.94M |
Total Long-Term Liabilities | $296.9M | $306.8M | $327.3M |
Total Liabilities | $394.8M | $383.5M | $394.2M |
YoY Change | 0.15% | 4.03% | -11.02% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$245.8M | -$252.9M | -$275.3M |
YoY Change | -10.71% | -1.3% | -772.46% |
Common Stock | $100.2K | $100.2K | $99.28K |
YoY Change | 0.92% | 17.09% | 46.01% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $309.3M | $300.6M | $276.2M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $704.1M | $684.2M | $670.3M |
YoY Change | 5.03% | 3.12% | -33.69% |
Cashflow Statement
Concept | 2022 Q1 | 2021 Q4 | 2021 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $7.112M | $24.11M | -$19.07M |
YoY Change | -137.3% | -115.05% | -143.53% |
Depreciation, Depletion And Amortization | $9.781M | $10.47M | $8.108M |
YoY Change | 20.64% | -6.17% | -40.74% |
Cash From Operating Activities | $24.44M | $23.21M | $15.69M |
YoY Change | 55.79% | -14.85% | -43.03% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$14.23M | -$17.37M | -$12.18M |
YoY Change | 16.87% | 91.83% | -51.18% |
Acquisitions | $0.00 | ||
YoY Change | |||
Other Investing Activities | $8.500K | $0.00 | $2.000M |
YoY Change | -99.58% | -100.0% | |
Cash From Investing Activities | -$14.22M | -$17.37M | -$10.18M |
YoY Change | 39.75% | 28.15% | -59.2% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $0.00 | $161.3K | |
YoY Change | -100.0% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -10.49M | -5.477M | -7.388M |
YoY Change | 41.93% | -80.47% | 10796.44% |
NET CHANGE | |||
Cash From Operating Activities | 24.44M | 23.21M | 15.69M |
Cash From Investing Activities | -14.22M | -17.37M | -10.18M |
Cash From Financing Activities | -10.49M | -5.477M | -7.388M |
Net Change In Cash | -269.1K | 361.4K | -1.878M |
YoY Change | -85.67% | -102.52% | -174.33% |
FREE CASH FLOW | |||
Cash From Operating Activities | $24.44M | $23.21M | $15.69M |
Capital Expenditures | -$14.23M | -$17.37M | -$12.18M |
Free Cash Flow | $38.67M | $40.58M | $27.87M |
YoY Change | 38.78% | 11.75% | -46.9% |
Facts In Submission
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NYSE | |
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CY2021Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
76668730 | |
CY2021Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
684157329 | |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
68181032 | |
CY2021Q4 | us-gaap |
Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
|
90292 | |
CY2022Q1 | us-gaap |
Line Of Credit
LineOfCredit
|
280000000 | |
CY2021Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
23238017 | |
CY2022Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
38185297 | |
CY2021Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
16264515 | |
CY2022Q1 | us-gaap |
Interest Expense
InterestExpense
|
3398361 | |
CY2021Q1 | us-gaap |
Interest Expense
InterestExpense
|
3741969 | |
CY2022Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-27596141 | |
CY2021Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-31588639 | |
CY2022Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-30994502 | |
CY2021Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-35330608 | |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
7190795 | |
CY2021Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-19066093 | |
CY2022Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
78752 | |
CY2021Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
7112043 | |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-19066093 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.07 | |
CY2021Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.19 | |
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.06 | |
CY2021Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.19 | |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
300624207 | |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1521910 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
7112043 | |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
309258160 | |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
294765813 | |
CY2021Q1 | rei |
Stock And Warrants Issued During Period Value
StockAndWarrantsIssuedDuringPeriodValue
|
-65000 | |
CY2021Q1 | rei |
Stock Issued During Period Value Pre Funded Warrants Exercised
StockIssuedDuringPeriodValuePreFundedWarrantsExercised
|
13429 | |
CY2021Q1 | us-gaap |
Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
147840 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
0 | |
CY2021Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
355494 | |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-19066093 | |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
276151483 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
7112043 | |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-19066093 | |
CY2022Q1 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
9781287 | |
CY2021Q1 | us-gaap |
Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
|
8108158 | |
CY2022Q1 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
188242 | |
CY2021Q1 | us-gaap |
Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
|
193744 | |
CY2022Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
199274 | |
CY2021Q1 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
183027 | |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1521910 | |
CY2021Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
355494 | |
CY2022Q1 | us-gaap |
Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
|
-65939 | |
CY2021Q1 | us-gaap |
Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
|
1792142 | |
CY2022Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
0 | |
CY2021Q1 | us-gaap |
Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
|
-1792142 | |
CY2022Q1 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
-27596141 | |
CY2021Q1 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
-31588639 | |
CY2022Q1 | rei |
Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
|
-14115501 | |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
-202885 | |
CY2021Q1 | rei |
Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
|
-5920791 | |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
10078098 | |
CY2021Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
5968739 | |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-1878124 | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2408316 | |
CY2021Q1 | us-gaap |
Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
|
-32206 | |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
3155943 | |
CY2021Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
3709232 | |
CY2022Q1 | us-gaap |
Asset Retirement Obligation Period Increase Decrease
AssetRetirementObligationPeriodIncreaseDecrease
|
-44458 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
24439765 | |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
15687684 | |
CY2022Q1 | us-gaap |
Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
|
360848 | |
CY2021Q1 | us-gaap |
Payments To Acquire Oil And Gas Property
PaymentsToAcquireOilAndGasProperty
|
258970 | |
CY2022Q1 | us-gaap |
Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
|
13860249 | |
CY2021Q1 | us-gaap |
Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
|
11898939 | |
CY2022Q1 | us-gaap |
Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
|
10114 | |
CY2021Q1 | us-gaap |
Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
|
19461 | |
CY2022Q1 | rei |
Sale Of Fixed Assets Subject To Depreciation
SaleOfFixedAssetsSubjectToDepreciation
|
8500 | |
CY2021Q1 | rei |
Sale Of Fixed Assets Subject To Depreciation
SaleOfFixedAssetsSubjectToDepreciation
|
0 | |
CY2022Q1 | us-gaap |
Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
|
0 | |
CY2021Q1 | us-gaap |
Proceeds From Sale Of Oil And Gas Property And Equipment
ProceedsFromSaleOfOilAndGasPropertyAndEquipment
|
2000000 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-14222711 | |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-10177370 | |
CY2022Q1 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
10000000 | |
CY2021Q1 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
13000000 | |
CY2022Q1 | us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
20000000 | |
CY2021Q1 | us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
20500000 | |
CY2022Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | |
CY2021Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
161269 | |
CY2022Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
367381 | |
CY2021Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
0 | |
CY2022Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
118778 | |
CY2021Q1 | us-gaap |
Finance Lease Principal Payments
FinanceLeasePrincipalPayments
|
49707 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-10486159 | |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-7388438 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-269105 | |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3578634 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2139211 | |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1700510 | |
CY2021Q1 | us-gaap |
Settlement Of Asset Retirement Obligations Through Noncash Payments Amount
SettlementOfAssetRetirementObligationsThroughNoncashPaymentsAmount
|
662705 | |
CY2021Q1 | us-gaap |
Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
|
153475 | |
CY2021Q1 | rei |
Asset Retirement Obligation Liabilities Properties Sold
AssetRetirementObligationLiabilitiesPropertiesSold
|
2934126 | |
CY2022Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
5522595 | |
CY2021Q1 | us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
3847599 | |
CY2021Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
839536 | |
CY2022Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span> – 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.</p> | |
CY2021Q1 | rei |
Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
|
11.24 | |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
156670 | |
CY2021Q1 | us-gaap |
Depreciation
Depreciation
|
60970 | |
CY2022Q1 | rei |
Unrealized Gain Loss On Derivative Contracts Net
UnrealizedGainLossOnDerivativeContractsNet
|
-13480640 | |
CY2021Q1 | rei |
Unrealized Gain Loss On Derivative Contracts Net
UnrealizedGainLossOnDerivativeContractsNet
|
-25667848 | |
CY2022Q1 | rei |
Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
|
-14115501 | |
CY2021Q1 | rei |
Cash Received Paid For Derivative Settlements Net
CashReceivedPaidForDerivativeSettlementsNet
|
-5920791 | |
CY2021Q1 | us-gaap |
Derivative Gain On Derivative
DerivativeGainOnDerivative
|
743178 | |
CY2022Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentration of Credit Risk and Major Customers</span> – The Company had $1,685,484 of cash on deposit in excess of federally insured limits at March 31, 2022 and $1,936,805 of cash in excess of federally insured limits at December 31, 2021. During the three months ended March 31, 2022, sales to three customers represented 70%, 13% and 5%, respectively, of the Company’s oil and gas revenues. At March 31, 2022, these three customers made up 70%, 14% and 4%, respectively, of the Company’s accounts receivable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Approximately 96% of the Company’s accounts receivables and joint interest billing receivables are from purchasers of oil and gas. Oil and gas sales are generally unsecured. The Company also has joint interest billing receivables which 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 Company has not had any significant credit losses in the past and believes its accounts and joint interest billing receivables are collectable. Accordingly, no material allowance for credit losses has been provided at March 31, 2022.</p> | |
CY2022Q1 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
1685484 | |
CY2021Q4 | us-gaap |
Cash Uninsured Amount
CashUninsuredAmount
|
1936805 | |
CY2022Q1 | rei |
Percentage Of Accounts Receivables
PercentageOfAccountsReceivables
|
0.96 | |
CY2022Q1 | rei |
Amortization Expense1
AmortizationExpense1
|
9781287 | |
CY2022Q1 | rei |
Depletion At Rate Per Barrel
DepletionAtRatePerBarrel
|
12.06 | |
CY2021Q1 | rei |
Amortization Expense1
AmortizationExpense1
|
8108158 | |
CY2022Q1 | us-gaap |
Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
|
P36M | |
CY2022Q1 | us-gaap |
Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
|
0 | |
CY2022Q1 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
12813 | |
CY2022Q1 | us-gaap |
Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
|
65939 | |
CY2022Q1 | rei |
Oil Revenue
OilRevenue
|
63430627 | |
CY2021Q1 | rei |
Oil Revenue
OilRevenue
|
35384581 | |
CY2022Q1 | rei |
Natural Gas Revenue
NaturalGasRevenue
|
4750405 | |
CY2021Q1 | rei |
Natural Gas Revenue
NaturalGasRevenue
|
4117951 | |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
68181032 | |
CY2021Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
39502532 | |
CY2022Q1 | us-gaap |
Lessee Finance Lease Remaining Lease Term
LesseeFinanceLeaseRemainingLeaseTerm
|
P2Y2M4D | |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
261845 | |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
356991 | |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
376855 | |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
384719 | |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
110096 | |
CY2022Q1 | us-gaap |
Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
|
210916 | |
CY2022Q1 | us-gaap |
Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
|
213530 | |
CY2022Q1 | us-gaap |
Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
|
142354 | |
CY2022Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0450 | |
CY2022Q1 | rei |
Operating Lease Imputed Interest Expense
OperatingLeaseImputedInterestExpense
|
132892 | |
CY2022Q1 | us-gaap |
Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
|
P4Y18D | |
CY2022Q1 | us-gaap |
Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
|
0.0411 | |
CY2022Q1 | rei |
Finance Lease Imputed Interest Expense
FinanceLeaseImputedInterestExpense
|
25337 | |
CY2022Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
83590 | |
CY2021Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
271517 | |
CY2022Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
715803 | |
CY2021Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
892489 | |
CY2022Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
116615 | |
CY2021Q1 | us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
35839 | |
CY2022Q1 | us-gaap |
Finance Lease Interest Expense
FinanceLeaseInterestExpense
|
6513 | |
CY2021Q1 | us-gaap |
Finance Lease Interest Expense
FinanceLeaseInterestExpense
|
4928 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
7112043 | |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-19066093 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
100192562 | |
CY2021Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
99092715 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
124004178 | |
CY2021Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
99092715 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.07 | |
CY2021Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.19 | |
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.06 | |
CY2021Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.19 | |
CY2022Q1 | rei |
Asset Retirement Obligation Liabilities Properties Sold
AssetRetirementObligationLiabilitiesPropertiesSold
|
2934126 | |
CY2022Q1 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
42722228 | |
CY2021Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
29241588 | |
CY2022Q1 | us-gaap |
Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
|
42722228 | |
CY2021Q4 | us-gaap |
Derivative Instruments And Hedges Liabilities
DerivativeInstrumentsAndHedgesLiabilities
|
29241588 | |
CY2022Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-27596141 | |
CY2022Q1 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
15524755 | |
CY2021Q1 | us-gaap |
Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
|
-31588639 | |
CY2022Q1 | rei |
Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
|
-14115501 | |
CY2021Q1 | rei |
Derivative Cost Of Hedge Net Of Cash Paid And Received
DerivativeCostOfHedgeNetOfCashPaidAndReceived
|
-5920791 | |
CY2019Q2 | us-gaap |
Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
|
1000000000 | |
CY2021Q2 | us-gaap |
Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
|
350000000 | |
CY2021Q4 | us-gaap |
Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
|
350000000 | |
CY2022Q1 | us-gaap |
Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
|
0.0000 | |
CY2022Q1 | us-gaap |
Line Of Credit
LineOfCredit
|
280000000 | |
CY2021Q4 | us-gaap |
Asset Retirement Obligation
AssetRetirementObligation
|
15292054 | |
CY2022Q1 | us-gaap |
Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
|
44458 | |
CY2022Q1 | us-gaap |
Accretion Expense
AccretionExpense
|
188243 | |
CY2021 | rei |
Proceeds From Issuance Of Common Stock Gross
ProceedsFromIssuanceOfCommonStockGross
|
367509 | |
CY2022Q1 | rei |
Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
|
1521910 | |
CY2021Q1 | rei |
Compensation Expenses Charged Against Income For Share Based Awards Included In General And Administrative Expenses
CompensationExpensesChargedAgainstIncomeForShareBasedAwardsIncludedInGeneralAndAdministrativeExpenses
|
355494 | |
CY2011Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
|
2500000 | |
CY2013 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
|
5000000 | |
CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
|
9900000 | |
CY2021Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
|
341155 | |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
860216 | |
CY2021Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
3.87 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
860216 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.65 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
1720432 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
3.76 |