Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash $ 2,249,007 $ 4,431,350
Accounts receivable 2,965,320 2,507,858
Joint interest billing receivable 611,236 1,629,165
Prepaid expenses and retainers 330,600 146,118
Total Current Assets 6,156,163 8,714,491
Properties and Equipment    
Oil and natural gas properties subject to amortization 235,671,313 269,590,374
Office equipment and automobiles 1,549,311 1,539,991
Total Properties and Equipment 237,220,624 271,130,365
Accumulated depreciation, depletion and amortization (38,405,819) (29,863,838)
Net Properties and Equipment 198,814,805 241,266,527
Deferred Income Taxes 21,888,849 64,323
Deferred Financing Costs 473,696 820,904
Total Assets 227,333,513 250,866,245
Current Liabilities    
Accounts payable 7,435,554 11,023,269
Other accrued liabilities 0 309,898
Total Current Liabilities 7,435,554 11,333,167
Long term debt 0 45,900,000
Asset retirement obligations 8,002,787 7,401,950
Total Liabilities 15,438,341 64,635,117
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; 41,917,061 shares and 30,391,942 shares outstanding, respectively 41,917 30,392
Additional paid-in capital 256,082,234 193,269,034
Retained Loss (44,228,979) (7,068,298)
Total Stockholders' Equity 211,895,172 186,231,128
Total Liabilities and Stockholders' Equity $ 227,333,513 $ 250,866,245