for the quarter ending Mar 31 Total current ass

for the quarter ending Mar 31

Total current assets 14,073 Mar 31 this yr 8,641 Dec 31 last yr

Unproved oil and gas properties, full cost method (see Note 4) 48,099 46,950

so despite cash outlays CA - current assets-increased significantly due to high share issuance at low pps

meanwhile, current liabilities dropped from 5,338 at dec 31,2021 to 2,344 as of Mar 31

so current ratio- CA/CL- an important measure of current financial health improved significantly to 14073/2344 = 6:1 Current ratio

CA- includes things which can be converted to cash within 1 yr

The company raised approximately $2,585,000 from the period April 1, 2022 through May 6, 2022, under the DSPP program. p.24,compared to increase in capitalized expenditures of about 1.15M(my brief math)

During the three months ended March 31, 2022, the Company incurred a net loss of approximately $2.2 million and had an accumulated deficit of approximately $225.7 million. These factors raise substantial doubt about the Company’s ability to continue as a going concern
Operating costs and expenses. Operating costs and expenses for the three months ended March 31, 2022 were $2,146,000

At March 31, 2022, we had approximately $8,221,000 in cash and cash equivalents compared to $4,683,000 at December 31, 2021, which does not include any restricted funds. Our working capital (current assets minus current liabilities) was $11,729,000 at March 31, 2022 and $3,303,000 at December 31, 2021.

The Company’s shareholders approved the amendment of the Company’s Amended and Restated Certificate of Incorporation to increase the number of shares of common stock, par value $0.01, that the Company is authorized to issue from 400,000,000 shares to 800,000,000 shares, effective June 9, 2021.