CONDENSED STATEMENTS OF OPERATIONS - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
| Oil and Gas Revenues | $ 7,104,609 | $ 8,976,790 | $ 13,196,997 | $ 15,022,491 |
| Costs and Operating Expenses | ||||
| Oil and gas production costs | 2,200,109 | 2,206,057 | 4,690,543 | 4,073,852 |
| Oil and gas production taxes | 344,035 | 422,884 | 643,306 | 699,915 |
| Depreciation, depletion and amortization | 2,579,201 | 3,205,033 | 5,973,828 | 6,859,331 |
| Ceiling test impairment | 25,451,988 | 0 | 46,864,074 | 0 |
| Accretion expense | 124,976 | 79,400 | 234,354 | 146,379 |
| General and administrative expense | 1,920,387 | 2,043,730 | 4,140,459 | 3,772,717 |
| Total Costs and Operating Expenses | 32,620,696 | 7,957,104 | 62,546,564 | 15,552,194 |
| Income (Loss) from Operations | (25,516,087) | 1,019,686 | (49,349,567) | (529,703) |
| Other Income | ||||
| Interest expense | (86,538) | (79,005) | (502,046) | (79,005) |
| Interest income | 74,166 | 2 | 77,053 | 782 |
| Net Other Income | (12,372) | (79,003) | (424,993) | (78,223) |
| Income (Loss) before tax provision | (25,528,459) | 940,683 | (49,774,560) | (607,926) |
| (Provision For) Benefit From Income Taxes | 9,586,959 | (406,516) | 18,558,016 | 166,469 |
| Net Income (Loss) | $ (15,941,500) | $ 534,167 | $ (31,216,544) | $ (441,457) |
| Basic Earnings (Loss) per Share | $ (0.41) | $ 0.02 | $ (0.90) | $ (0.02) |
| Diluted Earnings (Loss) per Share | $ (0.41) | $ 0.02 | $ (0.90) | $ (0.02) |
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- Definition Amount recognized for the passage of time, typically for liabilities, that have been discounted to their net present values. Excludes accretion associated with asset retirement obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate depreciation, depletion and amortization expense in the current period for the cost of tangible assets, intangible assets, or depleting assets directly related to goods produced and sold during the reporting period. No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Costs incurred to operate and maintain an entities' wells and related equipment and facilities, including depreciation and applicable operating costs of support equipment and facilities and other costs of operating and maintaining those wells and related equipment and facilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue during the period related to oil and gas business activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense. No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition A tax assessed on oil and gas production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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