We are subject to certain requirements of Section 404 of the Sarbanes-Oxley Act. If we fail to comply with the requirements of Section 404 or if we or our auditors identify and report material weaknesses in internal control over financial reporting, our investors may lose confidence in our reported information and our stock price may be negatively affected. Anti-takeover provisions could make a third-party acquisition difficult. Our stockholders may act by unilateral written consent. In addition, U.S. securities markets have experienced significant price and volume fluctuations. These fluctuations often have been unrelated to the operating performance of companies in these markets. Market fluctuations and broad market, economic, and industry factors may negatively affect the price of our Class A Common Stock, regardless of our operating performance. Any volatility or a significant decrease in the market price of our Class A Common Stock could also negatively affect our ability to make acquisitions using Class A Common Stock. Further, if we were to be the object of securities class action litigation as a result of volatility in our Class A Common Stock price or for other reasons, it could result in substantial costs and diversion of our management’s attention and resources, which could negatively affect our financial results. As of December 31, 2019, we are required to comply with certain provisions of Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”). Section 404 requires that we document and test our internal control over financial reporting and issue our management’s assessment of our internal control over financial reporting. This section also requires that our independent registered public accounting firm issue an attestation report on such internal control. If we fail to comply with the requirements of Section 404 of the Sarbanes-Oxley Act, or if we or our auditors identify and report material weaknesses in our internal control over financial reporting, the accuracy and timeliness of the filing of our annual and quarterly reports may be materially adversely affected and could cause investors to lose confidence in our reported financial information, which could have a negative effect on the trading price of our Class A Common Stock. In addition, a material weakness in the effectiveness of our internal control over financial reporting could result in an increased chance of fraud, reduce our ability to obtain financing and require additional expenditures to comply with these requirements, each of which could have a material adverse effect on our business, results of operations and financial condition. Our Third Amended and Restated Certificate of Incorporation provides for a classified board of directors, with each member serving a three-year term. Provisions in our Third Amended and Restated Certificate of Incorporation could make it more difficult for a third party to acquire us without the approval of our Board. In addition, the Delaware corporate statutes also contain certain provisions that could make an acquisition by a third party more difficult. • sales of Class A Common Stock by our stockholders; • changes in our cash flow from operations or earnings estimates; • publication of research reports about us or the oil and natural gas exploration and production industry generally; • competition for, among other things, capital, acquisition of reserves, undeveloped land, and skilled personnel; • increases in market interest rates that may increase our cost of capital; • changes in applicable laws or regulations, court rulings, and enforcement and legal actions; • changes in market valuations of similar companies; • adverse market reaction to any indebtedness we may incur in the future; • additions or departures of key management personnel; • actions by our stockholders; • commencement of or involvement in litigation; • news reports relating to trends, concerns, technological or competitive developments, regulatory changes, and other related issues in our industry; • speculation in the press or investment community regarding our business; • political conditions in oil and natural gas producing regions of the world; • general market and economic conditions; and • domestic and international economic, legal, and regulatory factors unrelated to our performance. 36