Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) (USD $)
Jun. 30, 2014
Dec. 31, 2013
CURRENT ASSETS    
Cash and Cash Equivalents $ 14,252,184 $ 5,687,166
Trade Receivables 90,924,750 86,816,981
Advances to Operators 855,736 618,786
Prepaid Expenses and Other 1,735,379 770,740
Derivative Instruments 0 62,890
Deferred Tax Asset 20,436,000 10,431,000
Total Current Assets 128,204,049 104,387,563
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 1,880,157,218 1,611,073,747
Unproved 72,738,526 70,148,348
Other Property and Equipment 1,766,997 1,701,366
Total Property and Equipment 1,954,662,741 1,682,923,461
Less - Accumulated Depreciation and Depletion (363,735,124) (285,616,752)
Total Property and Equipment, Net 1,590,927,617 1,397,306,709
DERIVATIVE INSTRUMENTS 0 1,745,405
DEBT ISSUANCE COSTS NET 15,050,983 16,160,283
TOTAL ASSETS 1,734,182,649 1,519,599,960
CURRENT LIABILITIES    
Accounts Payable 217,865,235 168,936,785
Accrued Expenses 3,016,337 2,645,178
Accrued Interest 3,472,894 3,386,409
Derivative Instruments 45,110,007 19,119,646
Total Current Liabilities 269,464,473 194,088,018
LONG-TERM LIABILITIES    
Revolving Credit Facility 198,000,000 75,000,000
8% Senior Notes 508,796,460 509,539,823
Derivative Instruments 16,005,767 637,208
Other Noncurrent Liabilities 4,428,584 3,832,550
Deferred Tax Liability 128,029,000 116,674,000
Total Long-Term Liabilities 855,259,811 705,683,581
TOTAL LIABILITIES 1,124,724,284 899,771,599
COMMITMENTS AND CONTINGENCIES (NOTE 8)      
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, 6/30/2014 - 61,029,679 Shares Outstanding and 12/31/2013 - 61,858,199 Shares Outstanding 61,030 61,858
Additional Paid-In Capital 433,497,678 446,044,159
Retained Earnings 175,899,657 173,722,344
Total Stockholders' Equity 609,458,365 619,828,361
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,734,182,649 $ 1,519,599,960