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, 2015
Sep. 30, 2014
Cash Flows From Operating Activities    
Net income (loss) $ (1,579,725) $ 5,711,896
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 11,527,684 9,502,880
Accretion expense 250,266 104,242
Share-based compensation 1,962,142 1,930,335
Stock issued for services 0 87,050
(Benefit from) Provision for income taxes (850,621) 3,354,606
Changes in assets and liabilities:    
Accounts receivable 916,843 (477,660)
Prepaid expenses (904,052) (150,802)
Accounts payable (8,737,901) 1,925,940
Net Cash Provided by (Used in) Operating Activities 2,584,636 21,988,487
Cash Flows from Investing Activities    
Payments to purchase oil and natural gas properties (77,191,925) (12,438,370)
Payments to develop oil and natural gas properties (21,449,757) (60,938,454)
Purchase of office equipment (330,182) (599,387)
Plugging and abandonment costs incurred (186,626) (37,287)
Net Cash Used in Investing Activities (99,158,490) (74,013,498)
Cash Flows From Financing Activities    
Proceeds from option exercise 130,000 215,000
Proceeds from issuance of common stock 50,039,853 28,526,276
Proceeds from issuance of notes payable 40,900,000 0
Net Cash Provided by Financing Activities 91,069,853 28,741,276
Net Increase (Decrease) in Cash (5,504,001) (23,283,735)
Cash at Beginning of Period 8,622,235 52,350,583
Cash at End of Period 3,118,234 29,066,848
Supplemental Cash Flow Information    
Cash paid for interest 174,410 0
Noncash Investing and Financing Activities    
Stock issued as consideration in property acquisition 0 130,428
Asset retirement obligation acquired 2,177,110 322,879
Asset retirement obligation incurred during development $ 124,375 $ 1,220,556