Quarterly report pursuant to Section 13 or 15(d)

STATEMENTS OF CASH FLOWS (UNAUDITED)

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STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 2,177,314 $ 33,963,192
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Depletion, Depreciation, Amortization and Accretion 78,313,171 53,351,819
Amortization of Debt Issuance Costs 1,344,235 1,160,880
Amortization of Senior Unsecured Notes Premium (743,363) (216,814)
Deferred Income Taxes 1,350,000 20,230,000
(Gain) Loss on the Mark-to-Market of Derivative Instruments 43,167,216 (2,099,013)
Amortization of Deferred Rent (7,328) (7,327)
Share - Based Compensation Expense 1,132,716 2,307,870
Changes in Working Capital and Other Items:    
Trade Receivables (4,107,769) 648,479
Prepaid Expenses and Other (964,639) (524,530)
Accounts Payable 6,859,505 669,303
Accrued Interest (1,718) 1,152,917
Accrued Expenses 371,159 (200,343)
Net Cash Provided By Operating Activities 128,890,499 110,436,433
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of Oil and Gas Properties and Development Capital Expenditures (228,850,417) (187,242,287)
Proceeds from Sale, Net of Oil and Natural Gas Properties 0 908,000
Purchases of Other Property and Equipment (65,631) (88,707)
Net Cash Used For Investing Activities (228,916,048) (186,422,994)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on Revolving Credit Facility 123,000,000 58,000,000
Repayments on Revolving Credit Facility 0 (182,000,000)
Issuance of Senior Unsecured Notes 0 210,500,000
Debt Issuance Costs Paid (234,936) (5,757,875)
Repurchase of Common Stock (14,174,497) (48,125)
Net Cash Provided by Financing Activities 108,590,567 80,694,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 8,565,018 4,707,439
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 5,687,166 13,387,998
CASH AND CASH EQUIVALENTS - END OF PERIOD 14,252,184 18,095,437
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest 21,828,667 14,246,467
Cash Paid During the Period for Income Taxes 0 13,614
Non-Cash Financing and Investing Activities:    
Oil and Natural Gas Properties Included in Accounts Payable 204,953,165 103,674,079
Capitalized Asset Retirement Obligations 408,563 266,451
Non-Cash Compensation Capitalized on Oil and Gas Properties $ 494,471 $ 1,047,367