Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.3.0.814
SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2015 and 2014, respectively.

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2015
   
2014
   
2015
   
2014
 
Capitalized Certain Payroll and Other Internal Costs
  $ 520,046     $ 842,641     $ 1,500,734     $ 1,839,206  
Capitalized Interest Costs
    311,739       1,137,655       1,270,420       3,476,446  
    Total
  $ 831,785     $ 1,980,296     $ 2,771,154     $ 5,315,652  
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 and nine months ended September 30, 2015 and 2014 are as follows:

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2015
   
2014
   
2015
   
2014
 
Weighted Average Common Shares Outstanding – Basic
    60,679,257       60,559,827       60,627,142       60,753,752  
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock
    -       176,675       -       196,889  
Weighted Average Common Shares Outstanding – Diluted
    60,679,257       60,736,502       60,627,142       60,950,641  
                                 
Restricted Stock Excluded From EPS Due To The Anti-Dilutive Effect
    150,428       5,064       173,763       6,346