Annual report pursuant to Section 13 and 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.1.9
SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2014
SIGNIFICANT 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 years ended December 31, 2014, 2013 and 2012, respectively:

   
Year Ended December 31,
 
   
2014
   
2013
   
2012
 
Capitalized Certain Payroll and Other Internal Costs
  $ 2,153,448     $ 3,295,427     $ 8,477,678  
Capitalized Interest Costs
    4,409,544       5,976,981       5,929,473  
      Total
  $ 6,562,992     $ 9,272,408     $ 14,407,151  
Defined prices for each quarter
SEC defined prices for each quarter in 2014 were as follows:

SEC Defined Prices for 12-Months Ended
 
NYMEX Oil Price
(per Bbl)
   
Henry Hub Gas Price
(per MMBtu)
 
December 31, 2014
  $ 94.99     $ 4.35  
September 30, 2014
  $ 99.08     $ 4.24  
June 30, 2014
  $ 100.11     $ 4.10  
March 31, 2014
  $ 98.30     $ 3.99  
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 years ended December 31, 2014, 2013 and 2012 are as follows:

   
Year Ended December 31,
 
   
2014
   
2013
   
2012
 
Weighted Average Common Shares Outstanding – Basic
    60,691,701       62,364,957       62,485,836  
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock
    169,068       382,341       383,243  
Weighted Average Common Shares Outstanding – Diluted
    60,860,769       62,747,298       62,869,079  
Restricted Stock Excluded From EPS Due To The Anti-Dilutive Effect
    15,590       7,330       18,348