Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF OPERATIONS

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CONDENSED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Jun. 30, 2011
Jun. 30, 2010
REVENUES        
Oil and Gas Sales $ 35,481,664 $ 11,664,873 $ 62,523,285 $ 20,033,720
(Loss) Gain on Settled Derivatives (5,608,231) 303,919 (8,870,287) 126,936
Mark-to-Market Gain (Loss) of Derivative Instruments 20,848,232 4,251,199 (430,397) 3,260,383
Other Revenue 104,433 11,782 130,246 32,248
Total Revenues 50,826,098 16,231,773 53,352,847 23,453,287
OPERATING EXPENSES        
Production Expenses 2,615,546 561,427 4,631,902 893,757
Production Taxes 3,311,037 1,024,277 5,926,901 1,670,143
General and Administrative Expense 2,749,418 1,911,543 6,040,007 3,618,511
Depletion of Oil and Gas Properties 8,349,600 2,600,836 15,213,079 4,484,441
Depreciation and Amortization 70,295 26,267 138,608 50,897
Accretion of Discount on Asset Retirement Obligations 7,794 9,215 12,524 12,752
Total Expenses 17,103,690 6,133,565 31,963,021 10,730,501
INCOME FROM OPERATIONS 33,722,408 10,098,208 21,389,826 12,722,786
OTHER INCOME (EXPENSE) (229,508) (144,342) 537,532 (232,290)
INCOME BEFORE INCOME TAXES 33,492,900 9,953,866 21,927,358 12,490,496
INCOME TAX PROVISION 13,060,000 3,833,000 8,552,300 4,810,000
NET INCOME $ 20,432,900 $ 6,120,866 $ 13,375,058 $ 7,680,496
Net Income Per Common Share - Basic (in dollars per share) $ 0.33 $ 0.12 $ 0.22 $ 0.16
Net Income Per Common Share - Diluted (in dollars per share) $ 0.33 $ 0.12 $ 0.22 $ 0.16
Weighted Average Shares Outstanding - Basic (in shares) 61,686,463 49,934,409 61,586,603 47,032,602
Weighted Average Shares Outstanding - Diluted (in shares) 62,053,888 50,609,944 62,028,292 47,593,962