Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF OPERATIONS

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CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
REVENUES        
Oil and Gas Sales $ 54,257,591 $ 41,719,194 $ 151,486,819 $ 112,614,382
Gain (Loss) on Derivative Instruments, Net (12,663,253) 3,381,564 20,810,662 (3,677,502)
Other Revenue 4,321 8,650 19,911 22,989
Total Revenues 41,598,659 45,109,408 172,317,392 108,959,869
OPERATING EXPENSES        
Production Expenses 12,605,513 10,920,651 36,417,402 33,961,883
Production Taxes 5,064,761 4,045,291 13,965,800 11,032,903
General and Administrative Expenses 7,985,719 2,098,293 15,911,802 11,021,970
Depletion, Depreciation, Amortization and Accretion 15,357,685 13,698,020 41,868,280 47,720,972
Impairment of Oil and Natural Gas Properties 0 43,820,791 0 237,012,834
Total Operating Expenses 41,013,678 74,583,046 108,163,284 340,750,562
INCOME (LOSS) FROM OPERATIONS 584,981 (29,473,638) 64,154,108 (231,790,693)
OTHER INCOME (EXPENSE)        
Interest Expense, Net of Capitalization (16,672,632) (16,145,440) (49,404,601) (48,290,447)
Write-off of Debt Issuance Costs 0 0 (95,135) (1,089,507)
Other Income 184 183 545 7,337
Total Other Income (Expense) (16,672,448) (16,145,257) (49,499,191) (49,372,617)
INCOME (LOSS) BEFORE INCOME TAXES (16,087,467) (45,618,895) 14,654,917 (281,163,310)
INCOME TAX PROVISION (BENEFIT) 0 0 0 0
NET INCOME (LOSS) $ (16,087,467) $ (45,618,895) $ 14,654,917 $ (281,163,310)
Net Income (Loss) Per Common Share - Basic (in dollars per share) $ (0.26) $ (0.74) $ 0.24 $ (4.60)
Net Income (Loss) Per Common Share - Diluted (in dollars per share) $ (0.26) $ (0.74) $ 0.24 $ (4.60)
Weighted Average Shares Outstanding - Basic (in shares) 61,843,377 61,237,627 61,645,920 61,127,577
Weighted Average Shares Outstanding - Diluted (in shares) 61,843,377 61,237,627 61,991,292 61,127,577