Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Cash Flows From Operating Activities    
Net Income (Loss) $ 5,711,896 $ (1,987,166)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 9,502,880 1,657,386
Accretion expense 104,242 37,183
Share-based compensation 1,930,335 2,598,046
Stock issued for services 87,050 0
Provision for income taxes 3,354,606 0
Changes in assets and liabilities:    
Accounts receivable (477,660) (1,304,357)
Prepaid expenses (150,802) (8,169)
Accounts payable 1,925,940 4,056,603
Net Cash Provided by Operating Activities 21,988,487 5,049,526
Cash Flows from Investing Activities    
Payments to purchase oil and natural gas properties (12,438,370) (4,125,676)
Payments to develop oil and natural gas properties (60,938,454) (17,356,478)
Purchase of office equipment (599,387) (82,805)
Plugging and abandonment costs incurred (37,287) 0
Net Cash Used in Investing Activities (74,013,498) (21,564,959)
Cash Flows From Financing Activities    
Proceeds from option exercise 215,000 0
Proceeds from issuance of common stock 28,526,276 18,978,882
Net Cash Provided by Financing Activities 28,741,276 18,978,882
Net Increase (Decrease) in Cash (23,283,735) 2,463,449
Cash at Beginning of Period 52,350,583 5,404,167
Cash at End of Period 29,066,848 7,867,616
Noncash Investing and Financing Activities    
Revision of asset retirement obligation estimate 0 211,691
Stock issued as consideration in property acquisition 130,428 0
Asset retirement obligation acquired 322,879 0
Asset retirement obligation incurred during development $ 1,220,566 $ 309,838