Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

v3.8.0.1
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities    
Net income $ 5,665,634 $ 1,279,281
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 8,501,379 3,474,019
Accretion expense 161,120 137,176
Share-based compensation 1,081,199 991,210
Deferred income tax provision 1,809,625 923,390
Excess tax deficiency related to share-based compensation 1,158,604 416,860
Change in fair value of derivative instruments 790,701 0
Changes in assets and liabilities:    
Accounts receivable (195,642) (1,119,947)
Prepaid expenses and retainers 166,082 161,693
Accounts payable (32,653,094) 4,761,819
Settlement of asset retirement obligation (149,772) (8,929)
Net Cash Provided by (Used in) Operating Activities (13,664,164) 11,016,572
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (1,061,195) (3,924,404)
Payments to develop oil and natural gas properties (35,081,925) (19,796,719)
Proceeds from disposal of fixed assets subject to depreciation 14,738 0
Purchase of inventory for development 0 (2,816,165)
Net Cash Used in Investing Activities (36,128,382) (26,537,288)
Cash Flows From Financing Activities    
Amounts paid for registration statement for future offerings 0 (147,537)
Proceeds from issuance of common stock, net of offering costs 81,822,066 0
Net Cash Provided by (Used in) Financing Activities 81,822,066 (147,537)
Net Decrease in Cash 32,029,520 (15,668,253)
Cash at Beginning of Period 15,006,581 71,086,381
Cash at End of Period 47,036,101 55,418,128
Supplemental Cash Flow Information    
Cash paid for interest 44,483 0
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 380,807 244,372
Use of inventory in property development 0 687,443
Capitalized expenditures attributable to drilling projects financed through current liabilities $ 13,000,000 $ 4,700,000