Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.1.9
SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Capitalized costs related to the exploration and development of crude oil and natural gas properties
Capitalized costs are summarized as follows for the three months ended March 31, 2015 and 2014, respectively:

   
Three Months Ended
March 31,
 
   
2015
   
2014
 
Capitalized Certain Payroll and Other Internal Costs
  $ 425,428     $ 648,876  
Capitalized Interest Costs
    737,750       1,197,410  
    $ 1,163,178     $ 1,846,286  
Reconciliation of denominators used to calculate basic and diluted EPS
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three months ended March 31, 2015 and 2014 are as follows:
 
   
Three Months Ended
March 31,
 
   
2015
   
2014
 
Weighted Average Common Shares Outstanding – Basic
    60,556,180       61,203,725  
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock
    -       242,549  
Weighted Average Common Shares Outstanding – Diluted
    60,556,180       61,446,274  
                 
Restricted Stock Excluded From EPS Due To The Anti-Dilutive Effect
    144,420       5,213