Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current Assets    
Cash $ 15,006,581 $ 71,086,381
Accounts receivable 12,833,883 3,453,238
Joint interest billing receivable 1,054,022 454,461
Prepaid expenses and retainers 229,438 226,835
Total Current Assets 29,123,924 75,220,915
Properties and Equipment    
Oil and natural gas properties subject to amortization 433,591,134 250,133,965
Inventory for property development 0 1,582,427
Fixed assets subject to depreciation 1,884,818 1,549,311
Total Properties and Equipment 435,475,952 253,265,703
Accumulated depreciation, depletion and amortization (61,864,932) (41,347,152)
Net Properties and Equipment 373,611,020 211,918,551
Deferred Income Taxes 11,232,200 20,051,908
Deferred Financing Costs 135,342 406,025
Total Assets 414,102,486 307,597,399
Current Liabilities    
Accounts payable 44,475,163 9,099,391
Derivative liabilities 3,968,286 0
Total Current Liabilities 48,443,449 9,099,391
Asset retirement obligations 9,055,697 7,957,035
Total Liabilities 57,499,146 17,056,426
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; 54,224,029 shares and 49,113,063 shares issued and outstanding, respectively 54,224 49,113
Additional paid-in capital 397,904,769 335,197,845
Accumulated deficit (41,355,653) (44,705,985)
Total Stockholders' Equity 356,603,340 290,540,973
Total Liabilities and Stockholders' Equity $ 414,102,486 $ 307,597,399