Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS (UNAUDITED)

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CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and Cash Equivalents $ 7,042,258 $ 9,337,512
Trade Receivables 91,293,591 85,931,719
Advances to Operators 2,002,713 930,034
Prepaid and Other Expenses 983,612 895,088
Derivative Instruments 87,881,527 128,893,220
Total Current Assets 189,203,701 225,987,573
Oil and Natural Gas Properties, Full Cost Method of Accounting    
Proved 2,308,144,736 2,167,452,297
Unproved 15,341,573 50,642,433
Other Property and Equipment 1,891,228 1,870,369
Total Property and Equipment 2,325,377,537 2,219,965,099
Less - Accumulated Depreciation, Depletion and Impairment (1,568,202,406) (458,038,546)
Total Property and Equipment, Net 757,175,131 1,761,926,553
DERIVATIVE INSTRUMENTS 6,330,398 25,013,011
DEFERRED TAX ASSET 31,695,562 0
DEBT ISSUANCE COSTS, NET 16,831,376 13,819,195
TOTAL ASSETS 1,001,236,168 2,026,746,332
CURRENT LIABILITIES    
Accounts Payable 98,885,559 231,557,547
Accrued Expenses 6,266,474 6,653,124
Accrued Interest 19,358,330 3,585,536
Derivative Instruments 678 0
Deferred Tax Liability 31,695,562 43,938,000
Asset Retirement Obligations 212,269 0
Total Current Liabilities 156,418,872 285,734,207
LONG-TERM LIABILITIES    
Revolving Credit Facility 170,000,000 298,000,000
8% Senior Notes 697,676,782 508,053,097
Derivative Instruments 0 579,070
Asset Retirement Obligations 5,482,237 5,105,762
Deferred Tax Liability 0 158,412,555
Total Long-Term Liabilities 873,159,019 970,150,484
TOTAL LIABILITIES $ 1,029,577,891 $ 1,255,884,691
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding $ 0 $ 0
Common Stock, Par Value $.001; 95,000,000 Authorized (9/30/2015 - 61,600,803 Shares Outstanding and 12/31/2014 - 61,066,712 Shares Outstanding) 61,601 61,067
Additional Paid-In Capital 437,169,607 433,332,285
Retained Earnings (Deficit) (465,572,931) 337,468,289
Total Stockholders' Equity (Deficit) (28,341,723) 770,861,641
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 1,001,236,168 $ 2,026,746,332