Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

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CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
REVENUES    
Oil and Gas Sales $ 28,367,341 $ 50,454,148
Gain on Derivative Instruments, Net 3,463,883 25,663,283
Other Revenue 5,012 7,207
Total Revenues 31,836,236 76,124,638
OPERATING EXPENSES    
Production Expenses 11,959,260 14,199,090
Production Taxes 2,766,899 5,413,108
General and Administrative Expense 4,337,402 4,352,806
Depletion, Depreciation, Amortization and Accretion 17,846,089 45,213,039
Impairment of Oil and Natural Gas Properties 104,311,122 360,428,962
Total Expenses 141,220,772 429,607,005
LOSS FROM OPERATIONS (109,384,536) (353,482,367)
OTHER INCOME (EXPENSE)    
Interest Expense, Net of Capitalization (16,098,682) (11,736,547)
Write-off of Debt Issuance Costs (1,089,507) 0
Other Income (Expense) 6,971 342
Total Other Income (Expense) (17,181,218) (11,736,205)
LOSS BEFORE INCOME TAXES (126,565,754) (365,218,572)
INCOME TAX PROVISION (BENEFIT) 0 (135,480,000)
NET LOSS $ (126,565,754) $ (229,738,572)
Net Loss Per Common Share - Basic (in dollars per share) $ (2.08) $ (3.79)
Net Loss Per Common Share - Diluted (in dollars per share) $ (2.08) $ (3.79)
Weighted Average Shares Outstanding - Basic (in shares) 60,964,029 60,556,180
Weighted Average Shares Outstanding - Diluted (in shares) 60,964,029 60,556,180