STOCKHOLDERS' EQUITY |
9 Months Ended | |
|---|---|---|
Sep. 30, 2015 | ||
| Stockholders' Equity Note [Abstract] | ||
| Stockholders' Equity Note Disclosure [Text Block] |
NOTE 6 STOCKHOLDERS’ EQUITY In June 2015, the Company closed an underwritten public offering of 4,500,000 shares of its common stock at $11.50 per share for gross proceeds of $51,750,000. In July 2015, the Company closed on the over-allotment associated with this offering, resulting in the issuance of an additional 100,000 shares of common stock at $11.50 per share, for gross proceeds of $1,150,000. Total net proceeds from the offering were $50,039,853, after deducting commissions and offering expenses payable by the Company of approximately $2,860,147. All proceeds from the initial offering were used to fund the acquisition of producing wells and leaseholds in Culberson and Reeves Counties, Texas. The proceeds from the over-allotment were used for development of the acquired properties. The shares were issued in a public offering pursuant to a shelf registration on Form S-3 (Registration No. 333-200324), which was declared effective by the Securities and Exchange Commission on December 3, 2014.
Common Stock Issued in Option Exercise
During the nine months ended September 30, 2014 the Company issued 70,000 shares of common stock as the result of options exercised. Of the 70,000 options exercised, (i) 5,000 shares had an exercise price of $4.50 per share for an aggregate of $22,500; (ii) 25,000 shares had an exercise price of $4.50 per share for an aggregate of $112,500; and (iii) 40,000 shares with an exercise price of $2.00 for an aggregate of $80,000. The Company received an aggregate amount of $215,000 as a result of the option exercised.
Also during the nine months ended September 30, 2014, the Company issued 64,904 shares of common stock as the result of the cashless exercise of the following options: (i) 20,000 stock options with an exercise price of $2.00; (ii) 5,000 stock options with an exercise price of $5.50; (iii) 42,500 stock options with an exercise price of $2.00; (iv) 10,000 stock options with an exercise price of $4.50; (v) 500 stock options with an exercise price of $7.50; and (vi) 1,000 stock options with an exercise price of $7.50 per share. The Company withheld 14,096 shares, valued at $208,750 or $14.81 per share. During the nine months ended September 30, 2015, the Company issued 40,000 shares of common stock as the result of options exercised. Of the 40,000 options exercised, (i) 5,000 shares had an exercise price of $4.50 per share for an aggregate of $22,500; (ii) 20,000 shares had an exercise price of $2.00 per share for an aggregate of $40,000; and (iii) 15,000 shares with an exercise price of $4.50 for an aggregate of $67,500. The Company received an aggregate amount of $130,000 as a result of the option exercised. Also during the nine months ended September 30, 2015, the Company issued 16,875 shares of common stock as the result of the cashless exercise of the following options: (i) 10,000 stock options with an exercise price of $2.00 per share, and (ii) 10,000 options with an exercise price of $4.50 per share; and (iii) 5,000 options with an exercise price of $5.50 per share. The Company withheld 8,125 shares, valued at $92,500 or $11.38 per share. |