Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows From Operating Activities    
Net income (loss) $ 6,263,804 $ (37,160,681)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation, depletion and amortization 13,433,489 8,541,981
Ceiling test impairment 0 56,513,016
Accretion expense 420,723 360,167
Share-based compensation 2,763,007 1,647,554
Deferred income tax provision (benefit) 3,383,131 (21,824,526)
Excess tax deficiency (benefit) related to share-based compensation 84,981 0
Change in fair value of derivative instruments (65,828) 0
Changes in assets and liabilities:    
Accounts receivable (4,604,534) 560,467
Prepaid expenses and retainers 102,735 162,726
Accounts payable 7,126,520 (3,897,613)
Settlement of asset retirement obligation (605,432) (7,817)
Net Cash Provided by Operating Activities 28,302,596 4,895,274
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (26,915,783) (6,154,997)
Payments to develop oil and natural gas properties (87,576,052) (16,190,471)
Purchase of inventory for development of oil and gas properties (2,816,165) 0
Purchase of equipment, vehicles and leasehold improvements (309,217) (9,320)
Net Cash Used in Investing Activities (117,617,217) (22,354,788)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock 59,104,393 61,064,671
Proceeds from issuance of notes payable 0 5,000,000
Principal payments on revolving line of credit 0 (50,900,000)
Proceeds from option exercise 0 112,500
Net Cash Provided by Financing Activities 59,104,393 15,277,171
Net Decrease in Cash (30,210,228) (2,182,343)
Cash at Beginning of Period 71,086,381 4,431,350
Cash at End of Period 40,876,153 2,249,007
Supplemental Cash Flow Information    
Cash paid for interest 0 564,640
Noncash Investing and Financing Activities    
Asset retirement obligation incurred during development 846,868 248,487
Use of inventory in property development 3,364,786 0
Capitalized expenditures attributable to drilling projects financed through current liabilities $ 5,000,000 $ 0