v3.19.1
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES      
Net Income (Loss) $ 143,689,235 $ (9,193,772) $ (293,493,708)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:      
Depletion, Depreciation, Amortization and Accretion 119,779,675 59,500,155 61,244,158
Amortization of Debt Issuance Costs 5,147,101 4,122,226 3,822,967
Write-off of Debt Issuance Costs 0 95,135 1,089,507
Loss on Extinguishment of Debt 173,430,042 992,950 0
Amortization of Bond (Premium) Discount on Long-term Debt (563,485) 495,892 501,324
(Gain) Loss on the Sale of Other Property & Equipment 0 0 30,356
Deferred Income Taxes 365,000 (785,000) 0
(Gain) Loss on Derivative Instruments (207,891,912) 18,443,443 76,346,935
Legal Settlement 0 2,820,000 0
Loss on Contingent Consideration 28,968,176 0 0
PIK Interest on Second Lien Notes 2,598,548 0 0
Share-Based Compensation Expense 3,995,476 3,286,566 3,464,040
Impairment of Oil and Natural Gas Properties 0 0 237,012,834
Other (119,965) 31,623 373,983
Changes in Working Capital and Other Items:      
Accounts Receivable, Net (49,122,498) (9,717,487) 15,604,984
Prepaid and Other Expenses 19,397,512 (749,159) (691,261)
Accounts Payable (2,284,002) 2,611,492 (365,103)
Accrued Interest 10,212,130 142,318 (90,593)
Accrued Expenses (3,516,958) 253,517 (1,556,673)
Income Tax Payable/(Receivable) (420,000) 617,163 (1,402,179)
Net Cash Provided By Operating Activities 244,262,199 72,967,062 101,891,571
CASH FLOWS FROM INVESTING ACTIVITIES      
Drilling and Development Capital Expenditures (216,692,159) (104,997,637) (72,944,035)
Acquisition of Oil and Natural Gas Properties (257,807,335) (14,409,607) (19,991,870)
Proceeds from Sale of Oil and Natural Gas Properties 21,689 171,451 2,172,003
Proceeds from Sale of Other Property and Equipment 46,000 0 14,500
Purchases of Other Property and Equipment (86,783) (3,954) (214,685)
Net Cash Used For Investing Activities (474,518,588) (119,239,747) (90,964,087)
CASH FLOWS FROM FINANCING ACTIVITIES      
Advances on Revolving Credit Facility 190,000,000 36,000,000 63,000,000
Repayments on Revolving Credit Facility (50,000,000) (180,000,000) (69,000,000)
Borrowings on Term Loan Credit Agreement 60,000,000 300,000,000 0
Repayments on Term Loan Credit Agreement (420,105,000) 0 0
Issuance of Second Lien Notes 364,369,444 0 0
Repayments of Senior Unsecured Notes (104,214,673) 0 0
Debt Issuance Costs Paid (26,648,611) (13,361,833) (428,515)
Payments For Debt Derivative Exchange Settlements (1,769,094) 0 0
Issuance of Common Stock 141,673,861 0 0
Repurchases of Common Stock (22,195,035) 0 0
Restricted Stock Surrenders - Tax Obligations (679,836) (668,389) (1,403,260)
Net Cash Provided By (Used For) Financing Activities 130,431,056 141,969,778 (7,831,775)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (99,825,333) 95,697,093 3,095,709
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 102,183,191 6,486,098 3,390,389
CASH AND CASH EQUIVALENTS – END OF PERIOD 2,357,858 102,183,191 6,486,098
Commodity Contract      
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:      
(Gain) Loss on Derivative Instruments (207,891,912) 18,443,443 76,346,935
Debt Exchange Derivative      
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:      
(Gain) Loss on Derivative Instruments $ 598,124 $ 0 $ 0

Source