Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF CASH FLOWS

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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (Loss) $ (93,581,601) $ 30,742,382
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depletion, Depreciation, Amortization and Accretion 41,226,657 26,510,595
Amortization of Debt Issuance Costs 2,634,689 1,910,243
Write-off of Debt Issuance Costs 0 95,135
Loss on Extinguishment of Debt 90,832,975 0
Amortization/Accretion of 8% Senior Notes Premium/Discount 172,792 239,798
Deferred Income Taxes 0 0
(Gain) Loss on the Mark-to-Market of Derivative Instruments 42,077,245 (31,228,544)
Share-Based Compensation Expense 579,629 1,497,183
Other (104,249) 25,856
Changes in Working Capital and Other Items:    
Accounts Receivable, Net (21,232,360) (144,477)
Prepaid and Other Expenses (3,251,499) (1,321,846)
Accounts Payable 4,605,679 1,682,518
Accrued Interest 26,414 (21,652)
Accrued Expenses (369,485) (243,356)
Net Cash Provided by Operating Activities 63,616,886 29,743,835
CASH FLOWS FROM INVESTING ACTIVITIES    
Drilling and Development Capital Expenditures (110,720,408) (40,360,663)
Acquisition of Oil and Natural Gas Properties (48,974,802) (2,387,511)
Proceeds from Sale of Oil, Natural Gas, and Other Properties 21,689 171,451
Proceeds from Sale of Other Property and Equipment 46,000 0
Purchases of Other Property and Equipment (51,954) 0
Net Cash Used for Investing Activities (159,679,475) (42,576,723)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on Revolving Credit Facility 0 24,000,000
Repayments on Revolving Credit Facility 0 (13,000,000)
Borrowings Under Term Loan Credit Agreement 60,000,000 0
Issuance of Common Stock 141,709,681 0
Debt Issuance Costs Paid (6,557,191) (297,392)
Repurchase of Common Stock – Tax Obligations (348,949) (546,989)
Net Cash Provided by Financing Activities 194,803,541 10,155,619
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 98,740,952 (2,677,269)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 102,183,191 6,486,098
CASH AND CASH EQUIVALENTS – END OF PERIOD $ 200,924,143 $ 3,808,829