Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v3.6.0.2
BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current Assets    
Cash $ 71,086,381 $ 4,431,350
Accounts receivable 3,453,238 2,507,858
Joint interest billing receivable 454,461 1,629,165
Prepaid expenses and retainers 226,835 146,118
Total Current Assets 75,220,915 8,714,491
Properties and Equipment    
Oil and natural gas properties subject to amortization 250,133,965 269,590,374
Inventory for property development 1,582,427 0
Fixed assets subject to depreciation 1,549,311 1,539,991
Total Properties and Equipment 253,265,703 271,130,365
Accumulated depreciation, depletion and amortization (41,347,152) (29,863,838)
Net Properties and Equipment 211,918,551 241,266,527
Deferred Income Taxes 20,051,908 64,323
Deferred Financing Costs 406,025 820,904
Total Assets 307,597,399 250,866,245
Current Liabilities    
Accounts payable 9,099,391 11,023,269
Other accured liabilities 0 309,898
Total Current Liabilities 9,099,391 11,333,167
Revolving line of credit 0 45,900,000
Asset retirement obligations 7,957,035 7,401,950
Total Liabilities 17,056,426 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; 49,113,063 shares and 30,391,942 shares issued and outstanding, respectively 49,113 30,392
Additional paid-in capital 335,197,845 193,269,034
Retained earnings (accumulated deficit) (44,705,985) (7,068,298)
Total Stockholders' Equity 290,540,973 186,231,128
Total Liabilities and Stockholders' Equity $ 307,597,399 $ 250,866,245