Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2014
Dec. 31, 2013
Current Assets    
Cash $ 29,066,848 $ 52,350,583
Accounts receivable 2,992,849 3,888,402
Joint interest billing receivable 1,373,213 0
Prepaid expenses and retainers 216,853 66,051
Total Current Assets 33,649,763 56,305,036
Properties and Equipment    
Oil and natural gas properties subject to amortization 133,091,421 58,040,724
Office equipment and automobiles 857,298 257,911
Total Properties and Equipment 133,948,719 58,298,635
Accumulated depreciation, depletion and amortization (12,383,133) (2,880,253)
Net Properties and Equipment 121,565,586 55,418,382
Total Assets 155,215,349 111,723,418
Current Liabilities    
Accounts payable 8,727,724 6,229,490
Other accrued liabilities 429,859 1,002,153
Total Current Liabilities 9,157,583 7,231,643
Noncurrent Liabilities    
Deferred income taxes 4,058,257 703,651
Asset retirement obligations 2,792,810 1,182,410
Total Noncurrent Liabilities 6,851,067 1,886,061
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; 25,725,001 shares and 23,576,313 shares outstanding, respectively 25,725 23,576
Additional paid-in capital 139,905,105 109,018,165
Accumulated deficit (724,131) (6,436,027)
Total Stockholders' Equity 139,206,699 102,605,714
Total Liabilities and Stockholders' Equity $ 155,215,349 $ 111,723,418