Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.4.0.3
SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2016
Accounting Policies [Abstract]  
Capitalized costs related to the exploration and development of crude oil and natural gas properties
Capitalized costs are summarized as follows for the three months ended March 31, 2016 and 2015, respectively.

 
Three Months Ended
March 31,
 
2016
 
2015
Capitalized Certain Payroll and Other Internal Costs
$
782,162

 
$
425,428

Capitalized Interest Costs
130,924

 
737,750

Total
$
913,086

 
$
1,163,178

Reconciliation of denominators used to calculate basic and diluted EPS
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three months ended March 31, 2016 and 2015 are as follows:

 
Three Months Ended
March 31,
 
2016
 
2015
Weighted Average Common Shares Outstanding – Basic
60,964,029

 
60,556,180

Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock

 

Weighted Average Common Shares Outstanding – Diluted
60,964,029

 
60,556,180

 
 
 
 
Restricted Stock and Stock Options Excluded From EPS Due To The Anti-Dilutive Effect
911,861

 
144,420