Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)
Jun. 30, 2014
Dec. 31, 2013
Current Assets    
Cash $ 45,535,352 $ 52,350,583
Accounts receivable 4,780,627 3,888,402
Prepaid expenses and retainers 259,096 66,051
Total Current Assets 50,575,075 56,305,036
Properties and Equipment    
Oil and natural gas properties subject to amortization 107,371,894 58,040,724
Office equipment 497,121 257,911
Total Properties and Equipment 107,869,015 58,298,635
Accumulated depreciation, depletion and amortization (7,888,265) (2,880,253)
Net Properties and Equipment 99,980,750 55,418,382
Total Assets 150,555,825 111,723,418
Current Liabilities    
Accounts payable 7,944,774 6,229,490
Other accrued liabilities 709,566 1,002,153
Total Current Liabilities 8,654,340 7,231,643
Noncurrent Liabilities    
Deferred income taxes 3,044,298 703,651
Asset retirement obligations 2,276,845 1,182,410
Total Noncurrent Liabilities 5,321,143 1,886,061
Stockholders' Equity (Deficit)    
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; 25,645,614 shares and 23,576,313 shares outstanding, respectively 25,646 23,576
Additional paid-in capital 139,005,296 109,018,165
Accumulated deficit (2,450,600) (6,436,027)
Total Stockholders' Equity 136,580,342 102,605,714
Total Liabilities and Stockholders' Equity $ 150,555,825 $ 111,723,418