Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current Assets    
Cash $ 8,328,712 $ 4,431,350
Accounts receivable 2,919,015 2,507,858
Joint interest billing receivable 800,398 1,629,165
Prepaid expenses and retainers 422,180 146,118
Total Current Assets 12,470,305 8,714,491
Properties and Equipment    
Oil and natural gas properties subject to amortization 231,234,309 269,590,374
Office equipment and automobiles 1,539,991 1,539,991
Total Properties and Equipment 232,774,300 271,130,365
Accumulated depreciation, depletion and amortization (35,837,666) (29,863,838)
Net Properties and Equipment 196,936,634 241,266,527
Deferred Income Taxes 18,622,338 64,323
Deferred Financing Costs 541,367 820,904
Total Assets 228,570,644 250,866,245
Current Liabilities    
Accounts payable 3,554,577 11,023,269
Other accrued liabilities 0 309,898
Total Current Liabilities 3,554,577 11,333,167
Long term debt 0 45,900,000
Asset retirement obligations 7,722,019 7,401,950
Total Liabilities 11,276,596 64,635,117
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; 41,917,061 shares and 30,391,942 shares outstanding, respectively 41,917 30,392
Additional paid-in capital 255,536,973 193,269,034
Retained Loss (38,284,842) (7,068,298)
Total Stockholders' Equity 217,294,048 186,231,128
Total Liabilities and Stockholders' Equity $ 228,570,644 $ 250,866,245