Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows From Operating Activities    
Net income (loss) $ 3,190,044 $ (31,216,544)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 8,610,445 5,973,828
Ceiling test impairment 0 46,864,074
Accretion expense 310,749 234,354
Share-based compensation 1,803,292 1,091,967
Deferred income tax provision (benefit) 1,787,513 (18,558,015)
Excess tax deficiency (benefit) related to share-based compensation 310,897 0
Changes in assets and liabilities:    
Accounts receivable (4,948,634) 417,610
Prepaid expenses and retainers (57,620) 3,475
Accounts payable 7,424,473 (7,778,590)
Settlement of asset retirement obligation (309,511) (1,344)
Net Cash Provided by (Used in) Operating Activities 18,121,648 (2,969,185)
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (24,727,390) (1,804,590)
Payments to develop oil and natural gas properties (49,184,297) (6,616,360)
Purchase of inventory for development (2,816,165) 0
Purchase of equipment, vehicles and leasehold improvements (186,599) 0
Net Cash Used in Investing Activities (76,914,451) (8,420,950)
Cash Flows From Financing Activities    
Amounts paid for registration statement for future offerings (157,200) 0
Proceeds from issuance of common stock 0 61,074,997
Proceeds from issuance of notes payable 0 5,000,000
Principal payments on revolving line of credit 0 (50,900,000)
Proceeds from option exercise 0 112,500
Net Cash Provided by (Used in) Financing Activities (157,200) 15,287,497
Net Decrease in Cash (58,950,003) 3,897,362
Cash at Beginning of Period 71,086,381 4,431,350
Cash at End of Period 12,136,378 8,328,712
Supplemental Cash Flow Information    
Cash paid for interest 0 468,777
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 476,437 87,059
Use of inventory in property development 2,521,265 0
Capitalized expenditures attributable to drilling projects financed through current liabilities $ 8,000,000 $ 0