Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash Flows From Operating Activities    
Net Income (Loss) $ 3,985,427 $ (1,855,673)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 5,008,012 740,270
Accretion expense 61,694 23,277
Share-based compensation 1,299,569 1,701,721
Provision for income taxes 2,340,647 0
Changes in assets and liabilities:    
Accounts receivable (892,225) (45,956)
Prepaid expenses (193,045) (32,795)
Accounts payable 1,422,697 839,621
Net Cash Provided by Operating Activities 13,032,776 1,370,465
Cash Flows from Investing Activities    
Payments to purchase oil and natural gas properties (10,974,396) (1,751,342)
Payments to develop oil and natural gas properties (37,324,033) (5,524,201)
Purchase of office equipment (239,210) (54,441)
Net Cash Used in Investing Activities (48,537,639) (7,329,984)
Cash Flows From Financing Activities    
Proceeds from option exercise 22,500 0
Proceeds from issuance of common stock 28,667,132 18,987,272
Net Cash Provided by Financing Activities 28,689,632 18,987,272
Net Increase (Decrease) in Cash (6,815,231) 13,027,753
Cash at Beginning of Period 52,350,583 5,404,167
Cash at End of Period 45,535,352 18,431,920
Noncash Investing and Financing Activities    
Revision of asset retirement obligation estimate 0 211,691
Asset retirement obligation acquired 294,772 0
Asset retirement obligation incurred during development $ 737,969 $ 67,352