Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

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STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
REVENUES        
Oil and Gas Sales $ 121,155,047 $ 79,623,169 $ 217,958,016 $ 162,794,830
Loss on Settled Derivatives (11,248,770) (498,817) (18,066,750) (870,100)
Losses on the Mark-to-Market of Derivative Instruments (35,307,533) 17,009,668 (43,167,216) 2,099,013
Other Revenue 3,269 27,783 3,269 36,142
Total Revenues 74,602,013 96,161,803 156,727,319 164,059,885
OPERATING EXPENSES        
Production Expenses 13,033,322 10,397,171 24,710,750 19,038,381
Production Taxes 12,213,387 7,561,156 22,004,588 15,372,460
General and Administrative Expense 3,980,819 3,915,298 7,978,509 7,904,104
Depletion, Depreciation, Amortization and Accretion 42,212,250 26,559,126 78,313,171 53,351,819
Total Expenses 71,439,778 48,432,751 133,007,018 95,666,764
INCOME FROM OPERATIONS 3,162,235 47,729,052 23,720,301 68,393,121
OTHER INCOME (EXPENSE)        
Interest Expense, Net of Capitalization (10,326,789) (7,819,591) (20,225,758) (13,927,591)
Other Income (Expense) 2,104 (267,788) 32,771 (267,724)
Total Other Income (Expense) (10,324,685) (8,087,379) (20,192,987) (14,195,315)
INCOME BEFORE INCOME TAXES (7,162,450) 39,641,673 3,527,314 54,197,806
INCOME TAX PROVISION (BENEFIT) (2,750,000) 14,630,000 1,350,000 20,234,614
NET INCOME (LOSS) (4,412,450) 25,011,673 2,177,314 33,963,192
COMPREHENSIVE INCOME $ (4,412,450) $ 25,011,673 $ 2,177,314 $ 33,963,192
Net Income (Loss) Per Common Share - Basic (in dollars per share) $ (0.07) $ 0.40 $ 0.04 $ 0.54
Net Income (Loss) Per Common Share - Diluted (in dollars per share) $ (0.07) $ 0.39 $ 0.04 $ 0.54
Weighted Average Shares Outstanding - Basic (in shares) 60,504,781 62,973,916 60,852,322 62,915,941
Weighted Average Shares Outstanding - Diluted (in shares) 60,504,781 63,358,152 61,059,485 63,337,342