Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets    
Cash $ 47,036,101 $ 15,006,581
Accounts receivable 13,447,211 12,833,883
Joint interest billing receivable 636,336 1,054,022
Prepaid expenses and retainers 131,027 229,438
Total Current Assets 61,250,675 29,123,924
Properties and Equipment    
Oil and natural gas properties subject to depletion and amortization 483,115,061 433,591,134
Fixed assets subject to depreciation 1,848,405 1,884,818
Total Properties and Equipment 484,963,466 435,475,952
Accumulated depreciation, depletion and amortization (70,344,636) (61,864,932)
Net Properties and Equipment 414,618,830 373,611,020
Deferred Income Taxes 8,263,971 11,232,200
Deferred Financing Costs 67,671 135,342
Total Assets 484,201,147 414,102,486
Current Liabilities    
Accounts payable 24,822,069 44,475,163
Derivative liabilities 4,758,987 3,968,286
Total Current Liabilities 29,581,056 48,443,449
Asset retirement obligations 9,447,852 9,055,697
Total Liabilities 39,028,908 57,499,146
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; 60,388,029 shares and 54,224,029 shares issued and outstanding, respectively 60,388 54,224
Additional paid-in capital 480,801,870 397,904,769
Accumulated deficit (35,690,019) (41,355,653)
Total Stockholders' Equity 445,172,239 356,603,340
Total Liabilities and Stockholders' Equity $ 484,201,147 $ 414,102,486