Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

 v2.3.0.11
CONDENSED BALANCE SHEETS (USD $)
Jun. 30, 2011
Dec. 31, 2010
CURRENT ASSETS    
Cash and Cash Equivalents $ 77,379,376 $ 152,110,701
Trade Receivables 35,586,298 22,033,647
Prepaid Drilling Costs 15,755,429 13,225,650
Prepaid Expenses 518,841 345,695
Other Current Assets 211,015 475,967
Short - Term Investments 0 39,726,700
Deferred Tax Asset 6,203,000 5,100,000
Total Current Assets 135,653,959 233,018,360
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 267,625,123 158,846,475
Unproved 185,767,402 136,135,163
Other Property and Equipment 2,552,891 2,479,199
Total Property and Equipment 455,945,416 297,460,837
Less - Accumulated Depreciation and Depletion 37,504,043 22,152,356
Total Property and Equipment, Net 418,441,373 275,308,481
DEBT ISSUANCE COSTS 1,186,783 1,367,124
Total Assets 555,282,115 509,693,965
CURRENT LIABILITIES    
Accounts Payable 56,416,606 48,500,204
Accrued Expenses 1,440,211 2,829
Derivative Liability 14,279,978 11,145,319
Other Liabilities 18,574 18,574
Total Current Liabilities 72,155,369 59,666,926
LONG-TERM LIABILITIES    
Revolving Credit Facility 0 0
Derivative Liability 1,764,445 5,022,657
Other Noncurrent Liabilities 681,133 477,900
Total Long-Term Liabilities 2,445,578 5,500,557
DEFERRED TAX LIABILITY 19,141,000 9,167,000
Total Liabilities 93,741,947 74,334,483
COMMITMENTS AND CONTINGENCIES (NOTE 15)    
STOCKHOLDERS' EQUITY    
Preferred Stock, Par Value .001; 5,000,000 Authorized, No Shares Outstanding 0 0
Common Stock, Par Value .001; 95,000,000 Authorized, (6/30/2011 -63,138,424 Shares Outstanding and 12/31/2010 - 62,129,424 Shares Outstanding) 63,138 62,129
Additional Paid-In Capital 440,772,915 428,484,092
Retained Earnings 21,134,250 7,759,192
Accumulated Other Comprehensive Loss (430,135) (945,931)
Total Stockholders' Equity 461,540,168 435,359,482
Total Liabilities and Stockholders' Equity $ 555,282,115 $ 509,693,965