Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF CASH FLOWS

v3.6.0.2
STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows From Operating Activities      
Net income (loss) $ (37,637,687) $ (9,052,771) $ 8,420,500
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation, depletion and amortization 11,483,314 15,175,791 11,807,794
Ceiling test impairment 56,513,016 9,312,203 0
Accretion expense 487,182 418,384 154,973
Share-based compensation 2,267,053 2,566,716 2,517,211
Stock issued for services 0 0 87,050
Deferred income tax expense (benefit) (19,987,585) (5,003,713) 4,235,739
Changes in assets and liabilities:      
Accounts receivable 229,324 2,163,440 (2,412,061)
Prepaid expenses 334,162 (806,422) (94,549)
Accounts payable (2,233,776) (4,929,884) 9,031,408
Settlement of asset retirement obligation (240,606) (446,192) (39,316)
Net Cash Provided by Operating Activities 11,214,397 9,397,552 33,708,749
Cash Flows From Investing Activities      
Payments to purchase oil and natural gas properties (10,193,927) (77,902,553) (15,054,649)
Payments to develop oil and natural gas properties (26,554,171) (31,430,355) (90,160,236)
Purchase of inventory for development (1,582,427) 0 0
Purchase of equipment, vehicles and leasehold improvements (9,320) (330,182) (951,898)
Net Cash Used in Investing Activities (38,339,845) (109,663,090) (106,166,783)
Cash Flows From Financing Activities      
Proceeds from revolving line of credit 7,000,000 45,900,000 0
Proceeds from issuance of common stock 139,567,979 50,039,853 28,514,686
Principal payments on revolving line of credit (52,900,000) 0 0
Proceeds from option exercise 112,500 134,800 215,000
Net Cash Provided by Financing Activities 93,780,479 96,074,653 28,729,686
Net Increase (Decrease) in Cash 66,655,031 (4,190,885) (43,728,348)
Cash at Beginning of Period 4,431,350 8,622,235 52,350,583
Cash at End of Period 71,086,381 4,431,350 8,622,235
Supplemental Cash Flow Information      
Cash paid for interest 649,010 426,742 0
Noncash Investing and Financing Activities      
Stock issued as consideration in property acquisition 0 0 182,369
Asset retirement obligation acquired 0 3,361,634 575,977
Asset retirement obligation incurred during development $ 308,509 $ 171,635 $ 2,022,445