Financials

v2.4.1.9
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)
Mar. 31, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and Cash Equivalents $ 1,422,771us-gaap_CashAndCashEquivalentsAtCarryingValue $ 12,389,230us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted Cash 2,000,000us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue   
Accounts Receivable - Oil and Natural Gas Sales 6,263,180us-gaap_AccountsReceivableNetCurrent 7,203,455us-gaap_AccountsReceivableNetCurrent
Accounts Receivable - Joint Interest Partners 14,314,379us-gaap_OilAndGasJointInterestBillingReceivablesCurrent 31,842,464us-gaap_OilAndGasJointInterestBillingReceivablesCurrent
Other Receivables 302,043us-gaap_OtherReceivables 980,317us-gaap_OtherReceivables
Prepaid Expenses and Other Current Assets 557,315us-gaap_PrepaidExpenseAndOtherAssetsCurrent 289,061us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Fair Value of Commodity Derivatives    5,044,125us-gaap_EnergyMarketingContractsAssetsCurrent
Total Current Assets 24,859,688us-gaap_AssetsCurrent 57,748,652us-gaap_AssetsCurrent
Oil and Natural Gas Properties, Full Cost Method, at Cost:    
Proved Oil and Natural Gas Properties 612,426,922us-gaap_CapitalizedCostsProvedProperties 593,472,170us-gaap_CapitalizedCostsProvedProperties
Unproved Oil and Natural Gas Properties 167,249,727us-gaap_CapitalizedCostsUnprovedProperties 166,708,263us-gaap_CapitalizedCostsUnprovedProperties
Equipment and Facilities 10,296,682us-gaap_CapitalizedCostsSupportEquipmentAndFacilities 6,086,896us-gaap_CapitalizedCostsSupportEquipmentAndFacilities
Other Property and Equipment 2,824,118us-gaap_PropertyPlantAndEquipmentOther 2,583,372us-gaap_PropertyPlantAndEquipmentOther
Total Property and Equipment 792,797,449us-gaap_PropertyPlantAndEquipmentGross 768,850,701us-gaap_PropertyPlantAndEquipmentGross
Less - Accumulated Depreciation, Depletion and Amortization (245,471,677)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (149,703,417)us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
Total Property and Equipment, Net 547,325,772us-gaap_PropertyPlantAndEquipmentNet 619,147,284us-gaap_PropertyPlantAndEquipmentNet
Restricted Cash    4,000,000us-gaap_RestrictedCashAndCashEquivalentsNoncurrent
Debt Issuance Costs, Net of Amortization 5,405,452us-gaap_DeferredFinanceCostsNoncurrentNet 5,779,125us-gaap_DeferredFinanceCostsNoncurrentNet
Deposits on Acquisitions    140,173us-gaap_DepositsAssetsNoncurrent
Deferred Tax Asset, Net 1,813,561us-gaap_DeferredTaxAssetsNetNoncurrent 1,813,796us-gaap_DeferredTaxAssetsNetNoncurrent
Other Non-Current Assets 491,235us-gaap_OtherAssetsNoncurrent 430,846us-gaap_OtherAssetsNoncurrent
Total Assets 579,895,708us-gaap_Assets 689,059,876us-gaap_Assets
CURRENT LIABILITIES    
Accounts Payable 48,017,693us-gaap_AccountsPayableCurrent 120,136,903us-gaap_AccountsPayableCurrent
Accrued Expenses 5,865,788us-gaap_AccruedLiabilitiesCurrent 11,267,831us-gaap_AccruedLiabilitiesCurrent
Advances from Joint Interest Partners 1,764,280eox_AdvancesFromJointInterstPartners 2,577,247eox_AdvancesFromJointInterstPartners
Deferred Tax Liability, Net 1,813,561us-gaap_DeferredTaxLiabilitiesCurrent 1,813,796us-gaap_DeferredTaxLiabilitiesCurrent
Total Current Liabilities 57,461,322us-gaap_LiabilitiesCurrent 135,795,777us-gaap_LiabilitiesCurrent
LONG-TERM LIABILITIES    
Revolving Credit Facility 109,683,000us-gaap_LongTermLineOfCredit 75,000,000us-gaap_LongTermLineOfCredit
Convertible Senior Notes 151,500,000us-gaap_ConvertibleDebtNoncurrent 151,500,000us-gaap_ConvertibleDebtNoncurrent
Asset Retirement Obligations 2,994,560us-gaap_AssetRetirementObligationsNoncurrent 2,671,975us-gaap_AssetRetirementObligationsNoncurrent
Warrant Liability 1,497,000us-gaap_DerivativeInstrumentsAndHedgesLiabilitiesNoncurrent 2,199,000us-gaap_DerivativeInstrumentsAndHedgesLiabilitiesNoncurrent
Total Liabilities 323,135,882us-gaap_Liabilities 367,166,752us-gaap_Liabilities
COMMITMENTS AND CONTINGENCIES      
Preferred Stock - Par Value $.001; 20,000,000 Shares Authorized;    
Series B Voting Preferred Stock - 5,114,633 Shares Issued and Outstanding at March 31, 2015 and December 31, 2014. Liquidation Preference Value of $5,115 as of March 31, 2015 and December 31, 2014. 5,000us-gaap_PreferredStockValue 5,000us-gaap_PreferredStockValue
STOCKHOLDERS' EQUITY    
Common Stock, Par Value $.001; 500,000,000 Shares Authorized, 107,929,271 and 77,828,613 Shares Issued and Outstanding at March 31, 2015 and December 31, 2014, respectively. 107,929us-gaap_CommonStockValue 77,828us-gaap_CommonStockValue
Additional Paid-In Capital 487,533,032us-gaap_AdditionalPaidInCapital 455,008,596us-gaap_AdditionalPaidInCapital
Accumulated Deficit (230,886,135)us-gaap_RetainedEarningsAccumulatedDeficit (133,198,300)us-gaap_RetainedEarningsAccumulatedDeficit
Total Stockholders' Equity 256,754,826us-gaap_StockholdersEquity 321,888,124us-gaap_StockholdersEquity
Total Liabilities and Stockholders' Equity $ 579,895,708us-gaap_LiabilitiesAndStockholdersEquity $ 689,059,876us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
REVENUES    
Oil Sales $ 14,056,032us-gaap_OilAndGasSalesRevenue $ 18,434,808us-gaap_OilAndGasSalesRevenue
Natural Gas Sales 465,172eox_NaturalGasSales 634,064eox_NaturalGasSales
Net Gains (Losses) on Commodity Derivatives 273,175us-gaap_GainLossOnPriceRiskDerivativesNet (798,853)us-gaap_GainLossOnPriceRiskDerivativesNet
Total Revenues 14,794,379us-gaap_Revenues 18,270,019us-gaap_Revenues
OPERATING EXPENSES    
Production Expenses 7,722,154us-gaap_OilAndGasProductionExpense 2,617,244us-gaap_OilAndGasProductionExpense
Production Taxes 1,583,295us-gaap_ProductionTaxExpense 2,088,736us-gaap_ProductionTaxExpense
General and Administrative Expenses 4,795,525us-gaap_GeneralAndAdministrativeExpense 8,492,004us-gaap_GeneralAndAdministrativeExpense
Depletion of Oil and Natural Gas Properties 10,345,106us-gaap_DepletionOfOilAndGasProperties 6,277,232us-gaap_DepletionOfOilAndGasProperties
Impairment of Oil and Natural Gas Properties 85,264,000us-gaap_ImpairmentOfOilAndGasProperties   
Depreciation and Amortization 159,155us-gaap_OtherDepreciationAndAmortization 65,760us-gaap_OtherDepreciationAndAmortization
Accretion of Discount on Asset Retirement Obligations 49,579us-gaap_AssetRetirementObligationAccretionExpense 15,720us-gaap_AssetRetirementObligationAccretionExpense
Standby Rig Expense 1,546,604us-gaap_ResultsOfOperationsExpenseOther  
Total Operating Expenses 111,465,418us-gaap_CostsAndExpenses 19,556,696us-gaap_CostsAndExpenses
LOSS FROM OPERATIONS (96,671,039)us-gaap_OperatingIncomeLoss (1,286,677)us-gaap_OperatingIncomeLoss
OTHER INCOME (EXPENSE)    
Interest Expense (1,693,551)us-gaap_InterestExpense (172,086)us-gaap_InterestExpense
Warrant Revaluation Gain (Expense) 702,000us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet (196,000)us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
Other Income 256us-gaap_OtherNonoperatingIncomeExpense 3,676us-gaap_OtherNonoperatingIncomeExpense
Total Other Expense, Net (991,295)us-gaap_NonoperatingIncomeExpense (364,410)us-gaap_NonoperatingIncomeExpense
LOSS BEFORE INCOME TAXES (97,662,334)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (1,651,087)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
INCOME TAX PROVISION      
NET LOSS $ (97,662,334)us-gaap_NetIncomeLoss $ (1,651,087)us-gaap_NetIncomeLoss
Net Loss Per Common Share - Basic and Diluted (in Dollars per Share) $ (1.04)us-gaap_EarningsPerShareBasicAndDiluted $ (0.02)us-gaap_EarningsPerShareBasicAndDiluted
Weighted Average Shares Outstanding - Basic and Diluted 93,939,729us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 66,171,875us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (97,662,334)us-gaap_NetIncomeLoss $ (1,651,087)us-gaap_NetIncomeLoss
Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities:    
Depletion of Oil and Natural Gas Properties 10,345,106us-gaap_DepletionOfOilAndGasProperties 6,277,232us-gaap_DepletionOfOilAndGasProperties
Impairment of Oil and Natural Gas Properties 85,264,000us-gaap_ImpairmentOfOilAndGasProperties   
Depreciation and Amortization 159,155us-gaap_OtherDepreciationAndAmortization 65,760us-gaap_OtherDepreciationAndAmortization
Amortization of Debt Issuance Costs 373,673us-gaap_AmortizationOfFinancingCosts 60,433us-gaap_AmortizationOfFinancingCosts
Accretion of Discount on Asset Retirement Obligations 49,579us-gaap_AssetRetirementObligationAccretionExpense 15,720us-gaap_AssetRetirementObligationAccretionExpense
Net (Gains) Losses on Commodity Derivatives (273,175)us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts 798,853us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts
Net Cash Settlements Received (Paid) on Commodity Derivatives 5,317,300eox_CashSettlementsPaidOnCommodityDerivatives (553,383)eox_CashSettlementsPaidOnCommodityDerivatives
Warrant Revaluation (Gain) Expense (702,000)us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet 196,000us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
Share-Based Compensation Expense 1,633,580us-gaap_ShareBasedCompensation 3,695,303us-gaap_ShareBasedCompensation
Changes in Assets and Liabilities:    
(Increase) Decrease in Trade Receivables - Oil and Natural Gas Revenues 940,275us-gaap_IncreaseDecreaseInAccountsReceivable (95,691)us-gaap_IncreaseDecreaseInAccountsReceivable
Decrease in Accounts Receivable - Joint Interest Partners 17,528,085eox_IncreaseDecreaseInAccountsReceivableJointInterestPartners 676,699eox_IncreaseDecreaseInAccountsReceivableJointInterestPartners
Decrease in Other Receivables 678,274us-gaap_IncreaseDecreaseInOtherReceivables 331,655us-gaap_IncreaseDecreaseInOtherReceivables
Increase in Prepaid Expenses and Other Current Assets (268,254)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (152,328)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
(Increase) Decrease in Other Non-Current Assets (60,390)us-gaap_IncreaseDecreaseInOtherNoncurrentAssets 130,437us-gaap_IncreaseDecreaseInOtherNoncurrentAssets
Increase in Accounts Payable 2,727,873us-gaap_IncreaseDecreaseInAccountsPayableTrade 1,437,236us-gaap_IncreaseDecreaseInAccountsPayableTrade
Decrease in Accrued Expenses (4,143,097)us-gaap_IncreaseDecreaseInAccruedLiabilities (1,933,484)us-gaap_IncreaseDecreaseInAccruedLiabilities
Decrease in Other Non-Current Liabilities    (5,204)us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities
Increase (Decrease) in Advances from Joint Interest Partners (812,967)us-gaap_IncreaseDecreaseInDueToAffiliatesCurrent 933,262us-gaap_IncreaseDecreaseInDueToAffiliatesCurrent
Net Cash Provided By Operating Activities 21,094,683us-gaap_NetCashProvidedByUsedInOperatingActivities 10,227,413us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of Other Property and Equipment (240,746)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment (389,076)us-gaap_PaymentsToAcquireOtherPropertyPlantAndEquipment
Restricted Cash Released 2,000,000us-gaap_DecreaseInRestrictedCash 11,000,512us-gaap_DecreaseInRestrictedCash
Payments of Restricted Cash    (2,648,721)us-gaap_IncreaseDecreaseInRestrictedCash
(Decrease) Increase in Deposits for Acquisitions 140,173us-gaap_IncreaseDecreaseInDeposits (237,402)us-gaap_IncreaseDecreaseInDeposits
Use of Prepaid Drilling Costs      
Proceeds from Sale of Oil and Natural Gas Properties, Net of Transaction Costs    238,069us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment
Investment in Oil and Natural Gas Properties (97,974,548)us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment (133,570,168)us-gaap_PaymentsToAcquireOilAndGasPropertyAndEquipment
Net Cash Used For Investing Activities (96,075,121)us-gaap_NetCashProvidedByUsedInInvestingActivities (125,606,786)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Issuance of Convertible Senior Notes, Net of Transaction Costs    167,111,252us-gaap_ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants
Proceeds from Issuance of Common Stock, Net of Transaction Costs 29,353,563us-gaap_ProceedsFromIssuanceOfCommonStock   
Advances on Revolving Credit Facility and Term Loan 50,000,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt 35,000,000us-gaap_ProceedsFromIssuanceOfOtherLongTermDebt
Payments on Revolving Credit Facility (15,317,000)us-gaap_RepaymentsOfOtherLongTermDebt (35,000,000)us-gaap_RepaymentsOfOtherLongTermDebt
Cash Paid for Finance Costs (22,584)us-gaap_PaymentsOfFinancingCosts (24,605)us-gaap_PaymentsOfFinancingCosts
Net Cash Provided by Financing Activities 64,013,979us-gaap_NetCashProvidedByUsedInFinancingActivities 167,086,647us-gaap_NetCashProvidedByUsedInFinancingActivities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (10,966,459)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 51,707,274us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 12,389,230us-gaap_CashAndCashEquivalentsAtCarryingValue 144,255,438us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS - END OF PERIOD 1,422,771us-gaap_CashAndCashEquivalentsAtCarryingValue 195,962,712us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest 506,259us-gaap_InterestPaid   
Cash Paid During the Period for Income Taxes      
Non-Cash Financing and Investing Activities:    
Oil and Natural Gas Properties Included in Account Payable 33,110,241us-gaap_CapitalExpendituresIncurredButNotYetPaid 74,798,660us-gaap_CapitalExpendituresIncurredButNotYetPaid
Stock-Based Compensation Capitalized to Oil and Natural Gas Properties 331,033eox_StockBasedCompensationCapitalizedToOilAndNaturalGasProperties 660,969eox_StockBasedCompensationCapitalizedToOilAndNaturalGasProperties
Asset Retirement Obligation Costs and Liabilities $ 273,006eox_CapitalizedAssetRetirementObligations $ 375,740eox_CapitalizedAssetRetirementObligations