Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

v3.3.0.814
CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current Assets    
Cash $ 3,118,234 $ 8,622,235
Accounts receivable 2,660,662 3,616,676
Joint interest billing receivable 2,722,958 2,683,787
Prepaid expenses and retainers 320,273 160,600
Total Current Assets 8,822,127 15,083,298
Properties and Equipment    
Oil and natural gas properties subject to amortization 266,979,567 166,036,400
Office equipment and automobiles 1,539,991 1,209,809
Total Properties and Equipment 268,519,558 167,246,209
Accumulated depreciation, depletion and amortization (26,215,731) (14,688,047)
Net Properties and Equipment 242,303,827 152,558,162
Deferred Financing Costs 744,379  
Total Assets 251,870,333 167,641,460
Current Liabilities    
Accounts payable 7,525,150 16,241,022
Other accrued liabilities 0 22,029
Total Current Liabilities 7,525,150 16,263,051
Deferred income taxes 4,088,769 4,939,390
Long term debt 40,900,000 0
Asset retirement obligations 6,261,614 3,896,489
Total Liabilities 58,775,533 25,098,930
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; 30,391,342 shares and 25,734,467 shares outstanding, respectively 30,391 25,734
Additional paid-in capital 192,659,661 140,532,323
Retained Earnings 404,748 1,984,473
Total Stockholders' Equity 193,094,800 142,542,530
Total Liabilities and Stockholders' Equity $ 251,870,333 $ 167,641,460