Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (Loss) $ 14,654,917 $ (281,163,310)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:    
Depletion, Depreciation, Amortization and Accretion 41,868,280 47,720,972
Amortization of Debt Issuance Costs 2,889,416 2,879,164
Write-off of Debt Issuance Costs 95,135 1,089,507
Amortization/Accretion of 8% Senior Notes Premium/Discount 367,845 373,277
Deferred Income Taxes 0 0
(Gain) Loss on the Mark-to-Market of Derivative Instruments (15,170,174) 58,135,302
Share-Based Compensation Expense 5,265,868 2,508,003
Impairment of Oil and Natural Gas Properties 0 237,012,834
Other 47,826 442,848
Changes in Working Capital and Other Items:    
Accounts Receivable, Net (2,139,695) 18,588,927
Prepaid and Other Expenses (694,545) (307,849)
Accounts Payable 3,364,363 (873,647)
Accrued Interest 13,971,779 13,835,754
Accrued Expenses 1,114,681 (2,493,580)
Asset Retirement Obligations (54,677) (29,498)
Net Cash Provided by Operating Activities 65,581,019 97,718,704
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of Oil and Natural Gas Properties and Development Capital Expenditures, Net (75,613,566) (66,931,194)
Proceeds from Sale of Oil, Natural Gas, and Other Properties 171,451 955,448
Purchases of Other Property and Equipment (3,954) (58,480)
Net Cash Used for Investing Activities (75,446,069) (66,034,226)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on Revolving Credit Facility 30,000,000 29,000,000
Repayments on Revolving Credit Facility (19,000,000) (59,000,000)
Debt Issuance Costs Paid (297,392) (428,515)
Repurchase of Common Stock – Tax Obligations (546,989) (1,327,331)
Net Cash Provided By (Used for) Financing Activities 10,155,619 (31,755,846)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 290,569 (71,368)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 6,486,098 3,390,389
CASH AND CASH EQUIVALENTS – END OF PERIOD 6,776,667 3,319,021
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest 32,192,678 31,320,249
Cash Paid During the Period for Income Taxes 0 0
Non-Cash Financing and Investing Activities:    
Oil and Natural Gas Properties Included in Accounts Payable 72,400,000 42,834,450
Capitalized Asset Retirement Obligations 974,465 180,302
Non-Cash Compensation Capitalized on Oil and Gas Properties $ 211,665 $ 882,234