Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 2,965,097 $ 16,940,523
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depletion, Depreciation, Amortization and Accretion 18,630,629 12,828,143
Amortization of Debt Issuance Costs 1,362,768 943,407
Amortization/Accretion of 8% Senior Notes Premium/Discount 117,183 117,183
Deferred Income Taxes 0 0
(Gain) Loss on the Mark-to-Market of Derivative Instruments 12,141,314 (17,056,542)
Share-Based Compensation Expense (819,595) 613,578
Other (39,976) 118,976
Changes in Working Capital and Other Items:    
Accounts Receivable, Net (4,337,895) 1,894,975
Prepaid and Other Expenses (723,297) (888,188)
Accounts Payable 1,889,569 1,639,046
Accrued Interest 13,981,122 13,948,257
Accrued Expenses 353,758 (1,382,976)
Net Cash Provided by Operating Activities 45,520,677 29,716,382
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of Oil and Natural Gas Properties and Development Capital Expenditures, Net (57,999,427) (20,271,464)
Purchases of Other Property and Equipment (22,085) 0
Net Cash Used for Investing Activities (58,021,512) (20,271,464)
CASH FLOWS FROM FINANCING ACTIVITIES    
Repayments on Revolving Credit Facility 0 (10,000,000)
Debt Issuance Costs Paid (21,459) 0
Repurchase of Common Stock – Tax Obligations (188,152) (412,217)
Net Cash Used for Financing Activities (209,611) (10,412,217)
NET DECREASE IN CASH AND CASH EQUIVALENTS (12,710,446) (967,299)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 102,183,191 6,486,098
CASH AND CASH EQUIVALENTS – END OF PERIOD 89,472,745 5,518,799
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest 7,630,556 1,280,711
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 85,068,138 57,107,728
Capitalized Asset Retirement Obligations 184,305 127,437
Non-Cash Compensation Capitalized on Oil and Gas Properties $ 53,686 $ 74,395