Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
Current Assets    
Cash $ 55,418,128 $ 71,086,381
Accounts receivable 4,756,301 3,453,238
Joint interest billing receivable 271,345 454,461
Prepaid expenses and retainers 132,813 226,835
Total Current Assets 60,578,587 75,220,915
Properties and Equipment    
Oil and natural gas properties subject to amortization 279,486,903 250,133,965
Inventory for property development 3,711,149 1,582,427
Fixed assets subject to depreciation 1,549,311 1,549,311
Total Properties and Equipment 284,747,363 253,265,703
Accumulated depreciation, depletion and amortization (44,821,171) (41,347,152)
Net Properties and Equipment 239,926,192 211,918,551
Deferred Income Taxes 20,308,121 20,051,908
Deferred Financing Costs 338,354 406,025
Total Assets 321,151,254 307,597,399
Current Liabilities    
Accounts payable 18,561,210 9,099,391
Total Current Liabilities 18,561,210 9,099,391
Asset retirement obligations 8,329,654 7,957,035
Total Liabilities 26,890,864 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; 49,116,554 shares and 49,113,063 shares outstanding, respectively 49,116 49,113
Additional paid-in capital 336,041,515 335,197,845
Retained loss (41,830,241) (44,705,985)
Total Stockholders' Equity 294,260,390 290,540,973
Total Liabilities and Stockholders' Equity $ 321,151,254 $ 307,597,399