Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current Assets:    
Cash and Cash Equivalents $ 6,776,667 $ 6,486,098
Accounts Receivable, Net 39,179,206 35,840,042
Advances to Operators 1,211,517 1,577,204
Prepaid and Other Expenses 2,278,674 1,584,129
Derivative Instruments 2,622,120 4,517
Income Tax Receivable 1,402,179 1,402,179
Total Current Assets 53,470,363 46,894,169
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 2,527,686,215 2,428,595,048
Unproved 2,204,991 2,623,802
Other Property and Equipment 981,303 977,349
Total Property and Equipment 2,530,872,509 2,432,196,199
Less – Accumulated Depreciation, Depletion and Impairment (2,097,463,246) (2,055,987,766)
Total Property and Equipment, Net 433,409,263 376,208,433
Derivative Instruments 817,418 0
Deferred Income Taxes (Note 9) 0 0
Other Noncurrent Assets, Net 6,668,836 8,430,359
Total Assets 494,365,880 431,532,961
Current Liabilities:    
Accounts Payable 81,150,980 56,146,847
Accrued Expenses 10,041,145 6,094,938
Accrued Interest 18,693,327 4,682,894
Derivative Instruments 4,741 10,001,564
Asset Retirement Obligations 577,886 517,423
Less amounts due within one year (2) 155,000,000 0
Total Current Liabilities 265,468,079 77,443,666
Long-term Debt, Net 691,118,074 832,625,125
Derivative Instruments 0 1,738,329
Asset Retirement Obligations 8,243,001 6,990,877
Other Noncurrent Liabilities 141,152 156,632
Total Liabilities 964,970,306 918,954,629
Commitments and Contingencies (Note 8)
STOCKHOLDERS’ DEFICIT    
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding 0 0
Common Stock, Par Value $.001; 142,500,000 Authorized (9/30/2017 – 63,822,028 Shares Outstanding and 12/31/2016 – 63,259,781 Shares Outstanding) 63,822 63,260
Additional Paid-In Capital 446,056,796 443,895,032
Retained Deficit (916,725,044) (931,379,960)
Total Stockholders’ Deficit (470,604,426) (487,421,668)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 494,365,880 $ 431,532,961