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
Mar. 31, 2018
Mar. 31, 2017
REVENUES    
Oil, Natural Gas, and NGL Sales $ 86,880,814 $ 48,848,222
Gain (Loss) on Derivative Instruments, Net (20,271,451) 16,960,883
Other Revenue 4,100 7,742
Total Revenues 66,613,463 65,816,847
OPERATING EXPENSES    
Production Expenses 12,488,422 11,674,348
Production Taxes 7,922,314 4,461,265
General and Administrative Expenses 1,666,875 3,608,943
Depletion, Depreciation, Amortization and Accretion 18,630,629 12,828,143
Total Operating Expenses 40,708,240 32,572,699
INCOME FROM OPERATIONS 25,905,223 33,244,148
OTHER INCOME (EXPENSE)    
Interest Expense, Net of Capitalization (23,106,761) (16,303,805)
Other Income 166,635 180
Total Other Income (Expense) (22,940,126) (16,303,625)
INCOME BEFORE INCOME TAXES 2,965,097 16,940,523
INCOME TAX PROVISION (BENEFIT) 0 0
NET INCOME $ 2,965,097 $ 16,940,523
Net Income Per Common Share - Basic (in dollars per share) $ 0.05 $ 0.28
Net Income Per Common Share - Diluted (in dollars per share) $ 0.05 $ 0.27
Weighted Average Shares Outstanding - Basic (in shares) 65,215,148 61,446,156
Weighted Average Shares Outstanding - Diluted (in shares) 65,382,772 61,972,123