Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues:        
Oil and Gas Revenues $ 10,929,771 $ 2,820,731 $ 28,104,461 $ 5,264,267
Costs and Operating Expenses        
Oil and gas production costs 1,347,929 291,182 3,196,907 646,905
Oil and gas production taxes 504,091 130,944 1,297,104 243,620
Depreciation, depletion and amortization 4,494,868 917,116 9,502,880 1,657,386
Accretion expense 42,548 13,906 104,242 37,183
General and administrative expense 1,816,131 1,611,318 5,015,399 4,678,581
Total Costs and Operating Expenses 8,205,567 2,964,466 19,116,532 7,263,675
Other Income        
Interest income 16,224 12,242 78,573 12,242
Net Other Income 16,224 12,242 78,573 12,242
Income (loss) before tax provision 2,740,428 (131,493) 9,066,502 (1,987,166)
Income tax provision (1,013,959) 0 (3,354,606) 0
Net Income (Loss) $ 1,726,469 $ (131,493) $ 5,711,896 $ (1,987,166)
Basic Earnings (Loss) per Share $ 0.07 $ (0.01) $ 0.23 $ (0.13)
Diluted Earnings (Loss) per Share $ 0.06 $ (0.01) $ 0.22 $ (0.13)