Financials

v2.4.0.8
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)
Jun. 30, 2014
Dec. 31, 2013
CURRENT ASSETS    
Cash and Cash Equivalents $ 134,171,667 $ 144,255,438
Restricted Cash 6,000,000 15,000,512
Accounts Receivable - Oil and Natural Gas Sales 9,352,780 8,715,821
Accounts Receivable - Joint Interest Partners 36,396,745 31,523,204
Other Receivables 1,600,141 577,409
Prepaid Expenses and Other Current Assets 534,430 206,299
Total Current Assets 188,055,763 200,278,683
Oil and Natural Gas Properties, Full Cost Method, at cost:    
Proved Oil and Natural Gas Properties 378,486,735 211,015,067
Unproved Oil and Natural Gas Properties 122,067,454 57,015,315
Equipment and Facilities 4,109,546 1,837,744
Other Property and Equipment 1,645,303 890,811
Total Property and Equipment 506,309,038 270,758,937
Less - Accumulated Depreciation, Depletion and Amortization (63,201,890) (48,176,522)
Total Property and Equipment, Net 443,107,148 222,582,415
Restricted Cash 4,000,000 6,000,000
Fair Value of Commodity Derivatives    68,396
Debt Issuance Costs, Net of Amortization 6,204,848 475,157
Deposits on Acquisitions 304,335 125,368
Other Non-Current Assets 227,207 357,644
Total Assets 641,899,301 429,887,663
CURRENT LIABILITIES    
Accounts Payable 91,416,789 63,168,422
Fair Value of Commodity Derivatives 5,852,801 921,401
Accrued Expenses 13,238,341 11,821,729
Advances from Joint Interest Partners 3,723,910 2,205,538
Total Current Liabilities 114,231,841 78,117,090
LONG-TERM LIABILITIES    
Convertible Senior Notes 172,500,000   
Asset Retirement Obligations 1,243,136 692,137
Warrant Liability 17,670,000 15,703,000
Other Non-Current Liabilities 265,660 56,327
Total Liabilities 305,910,637 94,568,554
COMMITMENTS AND CONTINGENCIES      
Preferred Stock - Par Value $.001; 20,000,000 Shares Authorized;    
Series B Voting Preferred Stock - 5,114,633 issued and outstanding at June 30, 2014 and December 31, 2013. Liquidation preference value of $5,115 as of June 30, 2014 and December 31, 2013. 5,000 5,000
STOCKHOLDERS' EQUITY    
Common Stock, Par Value $.001; 500,000,000 Shares Authorized, 66,471,276 and 65,840,370 Shares Issued and Outstanding, respectively 66,471 65,840
Additional Paid-In Capital 420,571,408 416,301,344
Accumulated Deficit (84,654,215) (81,053,075)
Total Stockholders' Equity 335,983,664 335,314,109
Total Liabilities and Stockholders' Equity $ 641,899,301 $ 429,887,663
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
REVENUES        
Oil Sales $ 30,288,128 $ 10,340,742 $ 48,722,936 $ 18,334,644
Natural Gas Sales 966,280 234,076 1,600,344 457,155
Net Gains (Losses) on Commodity Derivatives (6,663,083) 665,337 (7,461,936) (102,267)
Total Revenues 24,591,325 11,240,155 42,861,344 18,689,532
OPERATING EXPENSES        
Production Expenses 3,897,482 1,596,353 6,514,726 2,635,885
Production Taxes 3,400,874 1,048,541 5,489,610 1,750,397
General and Administrative Expenses 7,633,559 5,979,739 16,125,563 11,368,552
Depletion of Oil and Natural Gas Properties 8,600,878 3,584,803 14,878,110 6,741,781
Depreciation and Amortization 81,497 31,039 147,257 54,034
Accretion of Discount on Asset Retirement Obligations 20,080 7,850 35,800 14,062
Total Operating Expenses 23,634,370 12,248,325 43,191,066 22,564,711
INCOME (LOSS) FROM OPERATIONS 956,955 (1,008,170) (329,722) (3,875,179)
OTHER INCOME (EXPENSE)        
Interest Expense (1,136,377) (75,186) (1,308,463) (254,676)
Warrant Revaluation Expense (1,771,000) (642,000) (1,967,000) (4,081,000)
Other Income 371 2,222 4,047 2,898
Total Other Expense, Net (2,907,006) (714,964) (3,271,416) (4,332,778)
LOSS BEFORE INCOME TAXES (1,950,051) (1,723,134) (3,601,138) (8,207,957)
INCOME TAX PROVISION            
NET LOSS (1,950,051) (1,723,134) (3,601,138) (8,207,957)
Less: Preferred Stock Dividends and Deemed Dividends    (5,665,670)    (6,282,108)
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (1,950,051) $ (7,388,804) $ (3,601,138) $ (14,490,065)
Net Income (Loss) Per Common Share - Basic and Diluted (in Dollars per Share) $ (0.03) $ (0.23) $ (0.05) $ (0.50)
Weighted Average Shares Outstanding - Basic and Diluted (in Shares) 66,323,228 32,602,115 66,251,632 29,166,411
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (3,601,138) $ (8,207,957)
Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities:    
Depletion of Oil and Natural Gas Properties 14,878,110 6,741,781
Depreciation and Amortization 147,257 54,034
Amortization of Debt Issuance Costs 377,463 44,573
Accretion of Discount on Asset Retirement Obligations 35,800 14,062
Net Losses on Commodity Derivatives 7,461,936 102,267
Net Cash Settlements Paid on Commodity Derivatives (2,462,140) (332,781)
Warrant Revaluation Expense 1,967,000 4,081,000
Share-Based Compensation Expense 6,678,883 2,365,797
Changes in Assets and Liabilities:    
Increase in Trade Receivables - Oil and Natural Gas Revenues (636,959) (755,866)
Increase in Accounts Receivable - Joint Interest Partners (4,873,541) (4,976,709)
Increase in Other Receivables (1,022,732) (246,392)
Increase in Prepaid Expenses and Other Current Assets (328,131) (214,497)
Decrease in Other Non-Current Assets 130,437 85,675
Increase in Accounts Payable 1,888,872 1,069,554
Increase (Decrease) in Accrued Expenses (2,474,083) 1,557,119
Increase in Other Non-Current Liabilities 209,333   
Increases in Advances from Joint Interest Partners 1,518,372 834,639
Net Cash Provided By Operating Activities 19,894,739 2,216,299
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of Other Property and Equipment (754,492) (201,657)
Restricted Cash Released 11,000,512   
Payments of Restricted Cash (2,648,721)   
Increase in Deposits for Acquisitions (178,967) (1,050,000)
Use of Prepaid Drilling Costs    98,565
Proceeds from Sale of Oil and Natural Gas Properties, Net of Transaction Costs 238,069 15,160,206
Investment in Oil and Natural Gas Properties (204,113,902) (54,689,661)
Net Cash Used For Investing Activities (196,457,501) (40,682,547)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Issuance of Common Stock, Net of Transaction Costs   95,973,701
Proceeds from Issuance of Preferred Stock, Net of Transaction Costs   47,183,994
Proceeds from Issuance of Convertible Senior Notes, Net of Transaction Costs 166,893,211   
Advances on Revolving Credit Facility 35,000,000   
Payments on Preferred Stock    (15,000,000)
Payments on Revolving Credit Facility (35,000,000) (23,500,000)
Preferred Stock Dividends and Deemed Dividends    (3,692,808)
Proceeds from Exercises of Stock Options and Warrants 110,750  
Cash Paid for Debt Issuance Costs (500,365)  
Cash Paid for Finance Costs (24,605)   
Net Cash Provided by Financing Activities 166,478,991 100,964,887
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (10,083,771) 62,498,639
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 144,255,438 10,192,379
CASH AND CASH EQUIVALENTS - END OF PERIOD 134,171,667 72,691,018
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest 84,933 255,776
Cash Paid During the Period for Income Taxes      
Non-Cash Financing and Investing Activities:    
Oil and Natural Gas Properties Included in Account Payable 86,500,675 37,344,286
Stock-Based Compensation Capitalized to Oil and Natural Gas Properties 1,396,362 310,264
Accretion on Preferred Stock Issuance Discount    2,589,300
Asset Retirement Obligation Costs and Liabilities 515,199 122,013
Common Stock Issued for Oil and Natural Gas Properties    $ 6,736,935