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, 2016
Sep. 30, 2015
Cash Flows From Operating Activities    
Net loss $ (37,160,681) $ (1,579,725)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation, depletion and amortization 8,541,981 11,527,684
Ceiling test impairment 56,513,016 0
Accretion expense 360,167 250,266
Share-based compensation 1,647,554 1,962,142
Deferred income tax benefit (21,824,526) (850,621)
Changes in assets and liabilities:    
Accounts receivable 560,467 916,843
Prepaid expenses 162,726 (904,052)
Accounts payable (3,897,613) (8,737,901)
Net Cash Used in Operating Activities 4,903,091 2,584,636
Cash Flows From Investing Activities    
Payments to purchase oil and natural gas properties (6,154,997) (77,191,925)
Payments to develop oil and natural gas properties (16,190,471) (21,449,757)
Purchase of equipment, vehicles and leasehold improvements (9,320) (330,182)
Plugging and abandonment cost incurred (7,817) (186,626)
Net Cash Used in Investing Activities (22,362,605) (99,158,490)
Cash Flows From Financing Activities    
Proceeds from issuance of common stock 61,064,671 50,039,853
Proceeds from issuance of notes payable 5,000,000 40,900,000
Principal payments on revolving line of credit (50,900,000) 0
Proceeds from option exercise 112,500 130,000
Net Cash Provided by Financing Activities 15,277,171 91,069,853
Net Decrease in Cash (2,182,343) (5,504,001)
Cash at Beginning of Period 4,431,350 8,622,235
Cash at End of Period 2,249,007 3,118,234
Supplemental Cash Flow Information    
Cash paid for interest 564,640 17,410
Noncash Investing and Financing Activities    
Asset retirement obligation acquired 0 2,177,110
Asset retirement obligation incurred during development $ 248,487 $ 124,375