Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash and Cash Equivalents $ 4,388,142 $ 3,390,389
Trade Receivables, Net 29,704,685 51,445,026
Advances to Operators 1,650,977 1,689,879
Prepaid and Other Expenses 765,838 892,867
Derivative Instruments 42,628,541 64,611,558
Total Current Assets 79,138,183 122,029,719
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 2,360,273,521 2,336,757,089
Unproved 4,590,118 10,007,529
Other Property and Equipment 1,812,833 1,837,469
Total Property and Equipment 2,366,676,472 2,348,602,087
Less – Accumulated Depreciation, Depletion and Impairment (1,881,317,642) (1,759,281,704)
Total Property and Equipment, Net 485,358,830 589,320,383
Deferred Income Taxes (Note 9) 0 0
Other Noncurrent Assets, Net 8,691,724 10,080,846
Total Assets 573,188,737 721,430,948
Current Liabilities:    
Accounts Payable 62,860,879 65,319,170
Accrued Expenses 5,080,643 7,893,975
Accrued Interest 18,674,412 4,713,232
Asset Retirement Obligations 194,796 188,770
Total Current Liabilities 86,810,730 78,115,147
Long-term Debt 803,121,312 835,290,329
Asset Retirement Obligations 5,761,738 5,627,586
Total Liabilities $ 895,693,780 $ 919,033,062
Commitments and Contingencies (Note 8)
STOCKHOLDERS’ EQUITY (DEFICIT)    
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding $ 0 $ 0
Common Stock, Par Value $.001; 95,000,000 Authorized (3/31/2016 – 63,732,441 Shares Outstanding and 12/31/2015 – 63,120,384 Shares Outstanding) 63,732 63,120
Additional Paid-In Capital 441,883,231 440,221,018
Retained Earnings (Deficit) (764,452,006) (637,886,252)
Total Stockholders’ Equity (Deficit) (322,505,043) (197,602,114)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 573,188,737 $ 721,430,948