Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash Flows From Operating Activities    
Net income (loss) $ 1,279,281 $ (15,275,044)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 3,474,019 3,394,627
Ceiling test impairment 0 21,412,086
Accretion expense 137,176 109,378
Share-based compensation 991,210 584,325
Deferred income tax provision (benefit) 923,390 (8,971,057)
Excess tax deficiency (benefit) related to share-based compensation 416,860 0
Changes in assets and liabilities:    
Accounts receivable (1,119,947) 904,886
Prepaid expenses and retainers 161,693 187,298
Accounts payable 4,761,819 (4,086,181)
Settlement of asset retirement obligation (8,929) (1,344)
Net Cash Provided by (Used in) Operating Activities 11,016,572 (1,741,026)
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (3,924,404) (643,116)
Payments to develop oil and natural gas properties (19,796,719) (3,258,542)
Purchase of inventory for development (2,816,165) 0
Net Cash Used in Investing Activities (26,537,288) (3,901,658)
Cash Flows From Financing Activities    
Amounts paid for registration statement for future offerings (147,537) 0
Proceeds from issuance of notes payable 0 5,000,000
Proceeds from option exercise 0 22,500
Net Cash Provided by (Used in) Financing Activities (147,537) 5,022,500
Net Decrease in Cash (15,668,253) (620,184)
Cash at Beginning of Period 71,086,381 4,431,350
Cash at End of Period 55,418,128 3,811,166
Supplemental Cash Flow Information    
Cash paid for interest 0 352,662
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 244,372 39,247
Use of inventory in property development 687,443 0
Capitalized expenditures attributable to drilling projects financed through current liabilities $ 4,700,000 $ 0