Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash and Cash Equivalents $ 89,472,745 $ 102,183,191
Accounts Receivable, Net 51,284,262 46,851,682
Advances to Operators 3,023,851 604,977
Prepaid and Other Expenses 2,454,565 2,333,288
Income Tax Receivable 785,016 785,016
Total Current Assets 147,020,439 152,758,154
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 2,641,517,632 2,585,490,133
Unproved 1,578,767 1,699,344
Other Property and Equipment 1,003,388 981,303
Total Property and Equipment 2,644,099,787 2,588,170,780
Less – Accumulated Depreciation, Depletion and Impairment (2,133,433,050) (2,114,951,189)
Total Property and Equipment, Net 510,666,737 473,219,591
Deferred Income Taxes (Note 9) 785,000 785,000
Other Noncurrent Assets, Net 5,998,270 5,490,934
Total Assets 664,470,446 632,253,679
Current Liabilities:    
Accounts Payable 95,148,543 93,152,297
Accrued Expenses 6,607,642 6,339,425
Accrued Interest 18,839,931 4,836,112
Derivative Instruments 26,796,245 18,681,891
Asset Retirement Obligations 550,443 565,521
Total Current Liabilities 147,942,804 123,575,246
Long-term Debt, Net 980,782,714 979,324,222
Derivative Instruments 15,523,889 11,496,929
Asset Retirement Obligations 8,869,762 8,562,607
Other Noncurrent Liabilities 127,761 135,225
Total Liabilities 1,153,246,930 1,123,094,229
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 (3/31/2018 – 65,937,945 Shares Outstanding and 12/31/2017 – 66,791,633 Shares Outstanding) 65,938 66,792
Additional Paid-In Capital 448,766,213 449,666,390
Retained Deficit (937,608,635) (940,573,732)
Total Stockholders’ Deficit (488,776,484) (490,840,550)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 664,470,446 $ 632,253,679