Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
Current Assets    
Cash $ 12,136,378 $ 71,086,381
Accounts receivable 8,010,885 3,453,238
Joint interest billing receivable 845,448 454,461
Prepaid expenses and retainers 419,796 226,835
Total Current Assets 21,412,507 75,220,915
Properties and Equipment    
Oil and natural gas properties subject to amortization 335,043,354 250,133,965
Inventory for property development 1,877,327 1,582,427
Fixed assets subject to depreciation 1,735,910 1,549,311
Total Properties and Equipment 338,656,591 253,265,703
Accumulated depreciation, depletion and amortization (49,957,597) (41,347,152)
Net Properties and Equipment 288,698,994 211,918,551
Deferred Income Taxes 19,549,961 20,051,908
Deferred Financing Costs 270,684 406,025
Total Assets 329,932,146 307,597,399
Current Liabilities    
Accounts payable 24,523,864 9,099,391
Total Current Liabilities 24,523,864 9,099,391
Asset retirement obligations 8,434,710 7,957,035
Total Liabilities 32,958,574 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; 49,168,243 shares and 49,113,063 shares outstanding, respectively 49,168 49,113
Additional paid-in capital 336,843,882 335,197,845
Retained loss (39,919,478) (44,705,985)
Total Stockholders' Equity 296,973,572 290,540,973
Total Liabilities and Stockholders' Equity $ 329,932,146 $ 307,597,399