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, 2016
Jun. 30, 2015
Cash Flows From Operating Activities    
Net loss $ (31,216,544) $ (441,457)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 5,973,828 6,859,331
Ceiling test impairment 46,864,074 0
Accretion expense 234,354 146,379
Share-based compensation 1,091,967 1,311,174
Deferred income tax benefit (18,558,015) (166,469)
Changes in assets and liabilities:    
Accounts receivable 417,610 (347,968)
Prepaid expenses 3,475 (1,014,883)
Accounts payable (7,778,590) (9,263,763)
Net Cash Used in Operating Activities (2,967,841) (2,917,656)
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (1,804,590) (76,683,890)
Payments to develop oil and natural gas properties (6,616,360) (12,815,328)
Purchase of equipment, vehicles and leasehold improvements 0 (316,039)
Plugging and abandonment cost incurred (1,344) 0
Net Cash Used in Investing Activities (8,422,294) (89,815,257)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock 61,074,997 48,915,744
Proceeds from issuance of notes payable 5,000,000 40,900,000
Principal payments on revolving line of credit (50,900,000) 0
Proceeds from option exercise 112,500 62,500
Net Cash Provided by Financing Activities 15,287,497 89,878,244
Net Decrease in Cash 3,897,362 (2,854,669)
Cash at Beginning of Period 4,431,350 8,622,235
Cash at End of Period 8,328,712 5,767,566
Supplemental Cash Flow Information    
Cash paid for interest 468,777 0
Noncash Investing and Financing Activities    
Asset retirement obligation acquired 0 2,177,110
Asset retirement obligation incurred during development $ 87,059 $ 45,007