Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash and Cash Equivalents $ 200,924,143 $ 102,183,191
Accounts Receivable, Net 68,273,411 46,851,682
Advances to Operators 416,002 604,977
Prepaid and Other Expenses 5,584,787 2,333,288
Income Tax Receivable 785,016 785,016
Total Current Assets 275,983,359 152,758,154
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 2,754,032,103 2,585,490,133
Unproved 1,829,834 1,699,344
Other Property and Equipment 963,364 981,303
Total Property and Equipment 2,756,825,301 2,588,170,780
Less – Accumulated Depreciation, Depletion and Impairment (2,155,812,722) (2,114,951,189)
Total Property and Equipment, Net 601,012,579 473,219,591
Deferred Income Taxes (Note 9) 785,000 785,000
Other Noncurrent Assets, Net 5,301,565 5,490,934
Total Assets 883,082,503 632,253,679
Current Liabilities:    
Accounts Payable 92,176,052 93,152,297
Accrued Expenses 5,916,909 6,339,425
Accrued Interest 4,859,913 4,836,112
Debt Exchange Derivative 10,923,000 0
Derivative Instruments 43,644,644 18,681,891
Asset Retirement Obligations 483,365 565,521
Total Current Liabilities 158,003,883 123,575,246
Long-term Debt, Net 834,767,656 979,324,222
Derivative Instruments 28,611,421 11,496,929
Asset Retirement Obligations 9,399,503 8,562,607
Other Noncurrent Liabilities 120,298 135,225
Total Liabilities 1,030,902,761 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; 450,000,000 Authorized (6/30/2018 – 293,600,269 Shares Outstanding and 12/31/2017 – 66,791,633 Shares Outstanding) 293,600 66,792
Additional Paid-In Capital 886,041,475 449,666,390
Retained Deficit (1,034,155,333) (940,573,732)
Total Stockholders’ Deficit (147,820,258) (490,840,550)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 883,082,503 $ 632,253,679