Financial Performance - Total revenues for the three months ended December 31, 2021, were 22,338,361,asignificantincreasefrom5,768,152 in the same period of 2020, representing a growth of approximately 287%[15]. - Net income attributable to common stockholders for the six months ended December 31, 2021, was 12,050,573,comparedtoanetlossof19,845,155 for the same period in 2020, indicating a turnaround in profitability[19]. - The company reported earnings per share of 0.20forthethreemonthsendedDecember31,2021,comparedtoalosspershareof0.38 in the same period of 2020[15]. - As of December 31, 2021, the net income attributable to common stockholders was 12,050,573,comparedtoanetincomeof6,832,172 for the three months ended December 31, 2020, reflecting a significant increase[24][25]. - Generated net income of 6.8million(0.20 per diluted share) in the current quarter, an increase of 30.9% from the prior quarter net income of 5.2million(0.16 per diluted share)[113]. - Net income attributable to common stockholders for the three months ended December 31, 2021, increased by 19.5millionto6.8 million compared to the same year-ago quarter[162]. Revenue Sources - Oil revenue for the six months ended December 31, 2021, was 19,440,608,comparedto10,841,944 for the same period in 2020, marking an increase of 79%[38]. - The company recorded natural gas liquids revenue of 2,586,758forthethreemonthsendedDecember31,2021,upfrom305,200 in the same period of 2020, reflecting an increase of 748%[38]. - Oil revenues increased by 79.3% to 19.4million,whilenaturalgasliquidsrevenuessurgedby1,271.67.1 million compared to the same period in 2020[165]. Assets and Liabilities - Cash and cash equivalents increased to 13,597,156asofDecember31,2021,upfrom5,276,510 as of June 30, 2021, reflecting a growth of approximately 158%[11]. - Total assets rose to 87,161,108asofDecember31,2021,comparedto76,705,662 as of June 30, 2021, marking an increase of about 13.5%[11]. - Accounts payable increased to 8,188,421asofDecember31,2021,from5,609,367 as of June 30, 2021, representing a rise of approximately 46%[11]. - Total accrued liabilities decreased from 947,045asofJune30,2021,to572,260 as of December 31, 2021, a reduction of 40%[51]. - The company’s total prepaid expenses and other current assets were 852,636asofDecember31,2021,downfrom1,037,259 as of June 30, 2021, indicating a decrease of 18%[43]. Stockholder Equity and Dividends - The company’s total stockholders' equity increased to 62,126,491asofDecember31,2021,comparedto54,594,803 as of June 30, 2021, reflecting a growth of about 13.7%[11]. - Common stock dividends paid for the three months ended December 31, 2021, amounted to 2,522,381,comparedto837,264 for the same period in 2020, representing an increase of over 200%[25]. - The total stockholders' equity at December 31, 2021, was 62,126,491,upfrom57,487,023 at September 30, 2021, indicating a growth of approximately 8.5%[24][25]. - A quarterly cash dividend of 0.10persharewasdeclaredonFebruary3,2022,payableonMarch31,2022[102].OperationalEfficiency−OperatingcostsforthethreemonthsendedDecember31,2021,were13,717,940, down from 21,678,418inthesameperiodof2020,adecreaseofapproximately370.6 million for the six months ended December 31, 2021, compared to 0.2millionforthesameperiodin2020,representinga20010.67 million, a 255.5% increase from the prior year, with lease operating costs per BOE increasing to 23.40[153].−Thecompanyreporteda9.925.9 million, funded with cash on hand and 16.0millioninborrowings[101].−Thecompanyenteredintoadefinitivepurchaseagreementtoacquirenon−operatedinterestsintheJonahFieldfor29.4 million, expected to close on or about April 1, 2022[104]. Tax and Compliance - For the six months ended December 31, 2021, the company recognized an income tax expense of 3.3millionwithaneffectivetaxrateof21.35.5 million and an effective tax rate of 21.7% for the same period in 2020[75]. - The company anticipates receiving a $2.4 million receivable for income tax refunds related to Enhanced Oil Recovery credits within the next twelve months[77]. - The company maintained compliance with financial covenants under the Senior Secured Credit Facility, including a maximum total leverage ratio of not more than 3.00 to 1.00[85]. Market Conditions and Risks - The company is actively monitoring the impacts of the COVID-19 pandemic on its operations and has implemented business continuity plans to minimize disruptions[30]. - The company is exposed to interest rate risk but does not use derivative instruments to manage this exposure[186].
