Financials

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and Cash Equivalents $ 19,116,956 $ 12,389,230
Restricted Cash 2,000,000  
Accounts Receivable - Oil and Natural Gas Sales 9,107,331 $ 7,203,455
Accounts Receivable - Joint Interest Partners 14,296,377 31,842,464
Other Receivables 304,624 980,317
Prepaid Expenses and Other Current Assets 776,292 289,061
Fair Value of Commodity Derivatives   5,044,125
Total Current Assets 45,601,580 57,748,652
Oil and Natural Gas Properties, Full Cost Method, at cost:    
Proved Oil and Natural Gas Properties 678,944,015 593,472,170
Unproved Oil and Natural Gas Properties 149,994,517 166,708,263
Equipment and Facilities 17,223,706 6,086,896
Other Property and Equipment 4,644,900 2,583,372
Total Property and Equipment 850,807,138 768,850,701
Less - Accumulated Depreciation, Depletion and Amortization (317,035,267) (149,703,417)
Total Property and Equipment, Net 533,771,871 619,147,284
Restricted Cash   4,000,000
Debt Issuance Costs, Net of Amortization 5,433,819 5,779,125
Deposits on Acquisitions   140,173
Deferred Tax Assets, Net 1,813,561 1,813,796
Other Non-Current Assets 426,873 430,846
Total Assets 587,047,704 689,059,876
CURRENT LIABILITIES    
Accounts Payable 59,492,828 120,136,903
Revolving Credit Facility 159,683,000  
Convertible Senior Notes 151,500,000  
Fair Value of Commodity Derivatives 3,167,271  
Accrued Expenses 4,546,468 11,267,831
Advances from Joint Interest Partners 2,020,760 2,577,247
Deferred Tax Liability, Net 1,813,561 1,813,796
Total Current Liabilities 382,223,888 135,795,777
LONG-TERM LIABILITIES    
Revolving Credit Facility   75,000,000
Convertible Senior Notes   151,500,000
Asset Retirement Obligations 3,141,859 2,671,975
Warrant Liability 408,000 2,199,000
Fair Value of Commodity Derivatives 465,945  
Total Liabilities $ 386,239,692 $ 367,166,752
COMMITMENTS AND CONTINGENCIES    
Preferred Stock - Par Value $.001; 20,000,000 Shares Authorized;    
Series B Voting Preferred Stock - 255,732 issued and outstanding at June 30, 2015 and December 31, 2014. Liquidation preference value of $256 as of June 30, 2015 and December 31, 2014. $ 256 $ 256
STOCKHOLDERS' EQUITY    
Common Stock, Par Value $.001; 500,000,000 Shares Authorized, 7,856,325 and 3,891,431 Shares Issued and Outstanding, respectively 7,855 3,891
Additional Paid-In Capital 504,815,448 455,087,277
Accumulated Deficit (304,015,547) (133,198,300)
Total Stockholders' Equity 200,807,756 321,892,868
Total Liabilities and Stockholders' Equity $ 587,047,704 $ 689,059,876
v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
REVENUES        
Oil Sales $ 21,575,315 $ 30,288,128 $ 35,631,347 $ 48,722,936
Natural Gas Sales 264,691 966,280 729,863 1,600,344
Net Losses on Commodity Derivatives (4,823,936) (6,663,083) (4,550,761) (7,461,936)
Total Revenues 17,016,070 24,591,325 31,810,449 42,861,344
OPERATING EXPENSES        
Production Expenses 10,048,350 3,897,482 17,770,504 6,514,726
Production Taxes 2,251,080 3,400,874 3,834,375 5,489,610
General and Administrative Expenses 3,878,473 7,633,559 8,673,998 16,125,563
Depletion of Oil and Natural Gas Properties 10,034,956 8,600,878 20,380,062 14,878,110
Impairment of Oil and Natural Gas Properties 61,361,000   146,625,000  
Depreciation and Amortization 167,634 81,497 326,789 147,257
Accretion of Discount on Asset Retirement Obligations 50,928 20,080 100,507 35,800
Standby Rig Expense 826,061   2,372,665  
Total Operating Expenses 88,618,482 23,634,370 200,083,900 43,191,066
INCOME (LOSS) FROM OPERATIONS (71,602,412) 956,955 (168,273,451) (329,722)
OTHER INCOME (EXPENSE)        
Interest Expense (2,616,000) (1,136,377) (4,309,552) (1,308,463)
Warrant Revaluation Gain (Expense) 1,089,000 (1,771,000) 1,791,000 (1,967,000)
Other Income   371 257 4,047
Total Other Expense, Net (1,527,000) (2,907,006) (2,518,295) (3,271,416)
LOSS BEFORE INCOME TAXES (73,129,412) $ (1,950,051) (170,791,746) $ (3,601,138)
INCOME TAX PROVISION        
NET LOSS $ (73,129,412) $ (1,950,051) $ (170,791,746) $ (3,601,138)
Net Loss Per Common Share - Basic and Diluted (in Dollars per Share) $ (11.70) $ (0.59) $ (31.18) $ (1.09)
Weighted Average Shares Outstanding - Basic and Diluted (in Shares) 6,248,310 3,316,161 5,476,842 3,312,582
v3.2.0.727
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (170,791,746) $ (3,601,138)
Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities:    
Depletion of Oil and Natural Gas Properties 20,380,062 14,878,110
Impairment of Oil and Natural Gas Properties 146,625,000  
Depreciation and Amortization 326,788 147,257
Amortization of Debt Issuance Costs 1,045,217 377,463
Accretion of Discount on Asset Retirement Obligations 100,507 35,800
Net Losses on Commodity Derivatives 4,550,761 7,461,936
Net Cash Settlements Received (Paid) on Commodity Derivatives 4,126,580 (2,462,140)
Warrant Revaluation (Gain) Expense (1,791,000) 1,967,000
Share-Based Compensation Expense 2,163,753 6,678,883
Changes in Assets and Liabilities:    
Increase in Trade Receivables - Oil and Natural Gas Revenues (1,903,876) (636,959)
Decrease (Increase) in Accounts Receivable - Joint Interest Partners 17,546,087 (4,873,541)
Decrease (Increase) in Other Receivables 675,693 (1,022,732)
Increase in Prepaid Expenses and Other Current Assets (487,231) (328,131)
Decrease in Other Non-Current Assets 3,972 130,437
(Decrease) Increase in Accounts Payable (2,963,252) 1,888,872
Decrease in Accrued Expenses (5,462,417) (2,474,083)
Increase in Other Non-Current Liabilities   209,333
(Decrease) Increase in Advances from Joint Interest Partners (556,487) 1,518,372
Net Cash Provided By Operating Activities 13,588,411 19,894,739
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of Other Property and Equipment (2,061,528) (754,492)
Restricted Cash Released 2,000,000 11,000,512
Payments of Restricted Cash   (2,648,721)
Increase (Decrease) in Deposits for Acquisitions 140,173 (178,967)
Proceeds from Sale of Oil and Natural Gas Properties, Net of Transaction Costs   238,069
Investment in Oil and Natural Gas Properties (136,601,645) (204,113,902)
Net Cash Used For Investing Activities (136,523,000) (196,457,501)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Issuance of Convertible Senior Notes, Net of Transaction Costs   $ 166,893,211
Proceeds from Issuance of Common Stock, Net of Transaction Costs 45,753,027  
Advances on Revolving Credit Facility 100,000,000 $ 35,000,000
Payments on Revolving Credit Facility (15,317,000) (35,000,000)
Cash Paid for Finance Costs (73,801) (24,605)
Cash Paid for Debt Issuance Costs (699,911) (500,365)
Proceeds from Exercise of Stock Options and Warrants   110,750
Net Cash Provided by Financing Activities 129,662,315 166,478,991
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,727,726 (10,083,771)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 12,389,230 144,255,438
CASH AND CASH EQUIVALENTS - END OF PERIOD 19,116,956 $ 134,171,667
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest $ 1,375,758  
Cash Paid During the Period for Income Taxes    
Non-Cash Financing and Investing Activities:    
Oil and Natural Gas Properties Included in Account Payable $ 50,276,501 $ 86,500,675
Stock-Based Compensation Capitalized to Oil and Natural Gas Properties 630,210 1,396,362
Asset Retirement Obligation Costs and Liabilities $ 369,377 $ 515,199