Financials

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash and Cash Equivalents $ 5,068,320 $ 12,389,230
Accounts Receivable - Oil and Natural Gas Sales 4,002,942 7,203,455
Accounts Receivable - Joint Interest Partners 8,370,512 31,842,464
Other Receivables 860,980 980,317
Prepaid Expenses and Other Current Assets 681,581 289,061
Fair Value of Commodity Derivatives 6,336,057 5,044,125
Total Current Assets 25,320,392 57,748,652
Oil and Natural Gas Properties, Full Cost Method, at cost:    
Proved Oil and Natural Gas Properties 697,814,220 593,472,170
Unproved Oil and Natural Gas Properties 141,768,220 166,708,263
Equipment and Facilities 15,220,754 6,086,896
Other Property and Equipment 4,266,762 2,583,372
Total Property and Equipment 859,069,956 768,850,701
Less - Accumulated Depreciation, Depletion and Amortization (486,650,786) (149,703,417)
Total Property and Equipment, Net $ 372,419,170 619,147,284
Restricted Cash 4,000,000
Fair Value of Commodity Derivatives $ 1,375,070  
Debt Issuance Costs, Net of Amortization $ 4,183,174 5,779,125
Deposits on Acquisitions 140,173
Deferred Tax Assets, Net $ 1,813,561 1,813,796
Other Non-Current Assets 329,572 430,846
Total Assets 405,440,939 689,059,876
CURRENT LIABILITIES    
Accounts Payable 38,762,753 $ 120,136,903
Revolving Credit Facility 159,683,000
Convertible Senior Notes 151,500,000
Accrued Expenses 5,073,975 $ 11,267,831
Advances from Joint Interest Partners 802,119 2,577,247
Deferred Tax Liability, Net 1,813,561 1,813,796
Total Current Liabilities $ 357,635,408 135,795,777
LONG-TERM LIABILITIES    
Revolving Credit Facility 75,000,000
Convertible Senior Notes 151,500,000
Asset Retirement Obligations $ 3,265,518 2,671,975
Warrant Liability $ 187,000 $ 2,199,000
Fair Value of Commodity Derivatives
Total Liabilities $ 361,087,926 $ 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 September 30, 2015 and December 31, 2014. Liquidation preference value of $256 as of September 30, 2015 and December 31, 2014. $ 256 $ 256
STOCKHOLDERS' EQUITY    
Common Stock, Par Value $.001; 500,000,000 Shares Authorized, 8,708,499 and 3,891,431 Shares Issued and Outstanding, respectively 8,709 3,891
Additional Paid-In Capital 507,612,218 455,087,277
Accumulated Deficit (463,268,170) (133,198,300)
Total Stockholders' Equity 44,352,757 321,892,868
Total Liabilities and Stockholders' Equity $ 405,440,939 $ 689,059,876
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
REVENUES        
Oil Sales $ 17,350,524 $ 28,266,332 $ 52,981,871 $ 76,989,268
Natural Gas Sales 494,804 460,857 1,224,667 2,061,201
Net Gains on Commodity Derivatives 12,699,147 11,184,716 8,148,386 3,722,780
Total Revenues 30,544,475 39,911,905 62,354,924 82,773,249
OPERATING EXPENSES        
Production Expenses 8,201,949 6,962,450 25,972,453 13,477,176
Production Taxes 1,653,989 3,142,998 5,488,364 8,632,608
General and Administrative Expenses 3,821,473 5,483,655 12,495,471 21,609,218
Depletion of Oil and Natural Gas Properties 11,242,324 $ 9,193,566 31,622,386 $ 24,071,676
Impairment of Oil and Natural Gas Properties 158,278,000 304,903,000
Depreciation and Amortization 232,350 $ 104,465 559,139 $ 251,722
Accretion of Discount on Asset Retirement Obligations 52,500 $ 28,037 153,007 $ 63,837
Standby Rig Expense 3,800,446 6,173,111
Total Operating Expenses 187,283,031 $ 24,915,171 387,366,931 $ 68,106,237
INCOME (LOSS) FROM OPERATIONS (156,738,556) 14,996,734 (325,012,007) 14,667,012
OTHER INCOME (EXPENSE)        
Interest Expense (2,735,348) (1,206,571) (7,044,901) (2,515,034)
Warrant revaluation gain (expense) 221,000 216,000 2,012,000 (1,751,000)
Other Income (Expense) 281 (347,088) 539 (343,041)
Total Other Expense, Net (2,514,067) (1,337,659) (5,032,362) (4,609,075)
INCOME (LOSS) BEFORE INCOME TAXES $ (159,252,623) $ 13,659,075 $ (330,044,369) $ 10,057,937
INCOME TAX PROVISION
NET INCOME (LOSS) $ (159,252,623) $ 13,659,075 $ (330,044,369) $ 10,057,937
Net Income (Loss) Per Common Share - Basic (in Dollars per Share) $ (19.85) $ 4.11 $ (52.10) $ 3.03
Net Income (Loss) Per Common Share - Diluted (in Dollars per Share) $ (19.85) $ 3.29 $ (52.10) $ 2.89
Weighted Average Shares Outstanding - Basic (in Shares) 8,021,992 3,324,970 6,334,549 3,316,751
Weighted Average Shares Outstanding - Diluted (in Shares) 8,021,992 4,419,020 6,334,549 4,093,377
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (330,044,369) $ 10,057,937
Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities:    
Depletion of Oil and Natural Gas Properties 31,622,386 $ 24,071,676
Impairment of Oil and Natural Gas Properties 304,903,000
Depreciation and Amortization 559,138 $ 251,722
Amortization of Debt Issuance Costs 2,145,832 727,997
Accretion of Discount on Asset Retirement Obligations 153,007 63,837
Net Gains on Commodity Derivatives (8,148,386) (3,722,780)
Net Cash Settlements Received (Paid) on Commodity Derivatives 5,481,384 (2,775,591)
Warrant Revaluation (Gain) Expense (2,012,000) 1,751,000
Share-Based Compensation Expense 2,710,683 9,497,044
Changes in Assets and Liabilities:    
Decrease (Increase) in Trade Receivables - Oil and Natural Gas Revenues 3,200,513 (1,390,582)
Decrease (Increase) in Accounts Receivable - Joint Interest Partners 23,471,952 (1,224,056)
Decrease (Increase) in Other Receivables 119,337 (1,132,418)
Increase in Prepaid Expenses and Other Current Assets (392,520) (223,875)
(Increase) Decrease in Other Non-Current Assets (35,882) 67,463
(Decrease) Increase in Accounts Payable 6,585,509 2,364,168
Decrease in Accrued Expenses $ (4,867,351) (7,813,470)
Increase in Other Non-Current Liabilities 198,551
(Decrease) Increase in Advances from Joint Interest Partners $ (1,775,128) 200,434
Net Cash Provided By Operating Activities 33,677,105 30,969,057
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of Other Property and Equipment (1,683,390) (1,015,677)
Restricted Cash Released $ 4,000,000 11,000,512
Payments of Restricted Cash (2,648,721)
Decrease (Increase) in Deposits for Acquisitions $ 140,173 (648,441)
Proceeds from Sale of Oil and Natural Gas Properties, Net of Transaction Costs 36,155,859
Investment in Oil and Natural Gas Properties $ (175,371,888) (391,368,324)
Net Cash Used For Investing Activities $ (172,915,105) (348,524,792)
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 $ 48,049,115
Advances on Revolving Credit Facility 100,000,000 $ 55,000,000
Payments on Revolving Credit Facility (15,317,000) (35,000,000)
Cash Paid for Finance Costs (265,144) (24,605)
Cash Paid for Debt Issuance Costs $ (549,881) (1,117,871)
Proceeds from Exercise of Stock Options and Warrants 110,750
Net Cash Provided by Financing Activities $ 131,917,090 185,861,485
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (7,320,910) (131,694,250)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 12,389,230 144,255,438
CASH AND CASH EQUIVALENTS - END OF PERIOD 5,068,320 12,561,188
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest $ 4,124,010 $ 1,867,433
Cash Paid During the Period for Income Taxes
Non-Cash Financing and Investing Activities:    
Oil and Natural Gas Properties Included in Account Payable $ 19,997,664 $ 92,963,874
Stock-Based Compensation Capitalized to Oil and Natural Gas Properties 708,600 2,020,992
Asset Retirement Obligation Costs and Liabilities $ 440,536 $ 1,669,757