Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current Assets    
Cash $ 18,431,920 $ 5,404,167
Accounts receivable 463,921 417,965
Prepaid expenses and retainers 93,193 60,398
Total Current Assets 18,989,034 5,882,530
Properties and Equipment    
Oil and natural gas properties subject to amortization 30,606,490 23,051,904
Office equipment 229,547 175,106
Total Properties and Equipment 30,836,037 23,227,010
Accumulated depreciation, depletion and amortization (1,336,432) (596,162)
Net Properties and Equipment 29,499,605 22,630,848
Total Assets 48,488,639 28,513,378
Current Liabilities    
Accounts payable 2,031,052 1,191,431
Total Current Liabilities 2,031,052 1,191,431
Noncurrent Liabilities    
Deferred income taxes 625,950 625,950
Asset retirement obligation 798,606 496,286
Total Noncurrent Liabilities 1,424,556 1,122,236
Stockholders' Equity (Deficit)    
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; 17,801,313 shares and 14,166,011 shares outstanding, respectively 17,801 14,166
Additional paid-in capital 52,854,721 32,169,363
Accumulated deficit (7,839,491) (5,983,818)
Total Stockholders' Equity (Deficit) 45,033,031 26,199,711
Total Liabilities and Stockholders' Equity (Deficit) $ 48,488,639 $ 28,513,378