Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 40,876,153 $ 71,086,381
Accounts receivable 7,634,987 3,453,238
Joint interest billing receivable 877,246 454,461
Prepaid expenses and retainers 327,112 226,835
Total Current Assets 49,715,498 75,220,915
Properties and Equipment    
Oil and natural gas properties subject to amortization 373,837,454 250,133,965
Inventory for property development 1,033,806 1,582,427
Fixed assets subject to depreciation 1,858,528 1,549,311
Total Properties and Equipment 376,729,788 253,265,703
Accumulated depreciation, depletion and amortization (54,780,641) (41,347,152)
Net Properties and Equipment 321,949,147 211,918,551
Deferred Income Taxes 18,180,259 20,051,908
Derivative Assets 65,828 0
Deferred Financing Costs 203,013 406,025
Total Assets 390,113,745 307,597,399
Current Liabilities    
Accounts payable 21,225,911 9,099,391
Asset retirement obligations 414,000 0
Total Current Liabilities 21,639,911 9,099,391
Asset retirement obligations 8,205,194 7,957,035
Total Liabilities 29,845,105 17,056,426
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; 150,000,000 shares authorized; 54,145,901 shares and 49,113,063 shares outstanding, respectively 54,146 49,113
Additional paid-in capital 397,060,212 335,197,845
Retained loss (36,845,718) (44,705,985)
Total Stockholders' Equity 360,268,640 290,540,973
Total Liabilities and Stockholders' Equity $ 390,113,745 $ 307,597,399