Financials

v2.4.0.8
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)
Sep. 30, 2014
Dec. 31, 2013
CURRENT ASSETS    
Cash and Cash Equivalents $ 12,561,188 $ 144,255,438
Restricted Cash 6,000,000 15,000,512
Accounts Receivable - Oil and Natural Gas Sales 10,106,403 8,715,821
Accounts Receivable - Joint Interest Partners 32,747,260 31,523,204
Other Receivables 1,709,827 577,409
Prepaid Expenses and Other Current Assets 430,174 206,299
Fair Value of Commodity Derivatives 5,645,366   
Total Current Assets 69,200,218 200,278,683
Oil and Natural Gas Properties, Full Cost Method, at cost:    
Proved Oil and Natural Gas Properties 491,003,344 211,015,067
Unproved Oil and Natural Gas Properties 168,263,288 57,015,315
Equipment and Facilities 4,976,122 1,837,744
Other Property and Equipment 1,906,488 890,811
Total Property and Equipment 666,149,242 270,758,937
Less - Accumulated Depreciation, Depletion and Amortization (72,499,921) (48,176,522)
Total Property and Equipment, Net 593,649,321 222,582,415
Restricted Cash 4,000,000 6,000,000
Fair Value of Commodity Derivatives    68,396
Debt Issuance Costs, Net of Amortization 6,471,820 475,157
Deposits on Acquisitions 773,809 125,368
Other Non-Current Assets 290,181 357,644
Total Assets 674,385,349 429,887,663
CURRENT LIABILITIES    
Accounts Payable 98,355,284 63,168,422
Fair Value of Commodity Derivatives    921,401
Accrued Expenses 8,575,206 11,821,729
Advances from Joint Interest Partners 2,405,972 2,205,538
Total Current Liabilities 109,336,462 78,117,090
LONG-TERM LIABILITIES    
Revolving Credit Facility 20,000,000   
Convertible Senior Notes 172,500,000   
Asset Retirement Obligations 2,425,731 692,137
Warrant Liability 17,454,000 15,703,000
Other Non-Current Liabilities 254,878 56,327
Total Liabilities 321,971,071 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 September 30, 2014 and December 31, 2013. Liquidation preference value of $5,115 as of September 30, 2014 and December 31, 2013. 5,000 5,000
STOCKHOLDERS' EQUITY    
Common Stock, Par Value $.001; 500,000,000 Shares Authorized, 66,619,355 and 65,840,370 Shares Issued and Outstanding, respectively 66,619 65,840
Additional Paid-In Capital 423,337,799 416,301,344
Accumulated Deficit (70,995,140) (81,053,075)
Total Stockholders' Equity 352,409,278 335,314,109
Total Liabilities and Stockholders' Equity $ 674,385,349 $ 429,887,663
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
REVENUES        
Oil Sales $ 28,266,332 $ 16,952,644 $ 76,989,268 $ 35,287,288
Natural Gas Sales 460,857 363,914 2,061,201 821,069
Net Gains (Losses) on Commodity Derivatives 11,184,716 (2,720,160) 3,722,780 (2,822,427)
Total Revenues 39,911,905 14,596,398 82,773,249 33,285,930
OPERATING EXPENSES        
Production Expenses 6,962,450 2,087,635 13,477,176 4,723,520
Production Taxes 3,142,998 1,879,160 8,632,608 3,629,557
General and Administrative Expenses 5,483,655 6,194,202 21,609,218 17,562,754
Depletion of Oil and Natural Gas Properties 9,193,566 4,497,002 24,071,676 11,238,783
Depreciation and Amortization 104,465 40,631 251,722 94,665
Accretion of Discount on Asset Retirement Obligations 28,037 7,502 63,837 21,564
Gain on Sale of Oil and Natural Gas Properties    (8,892,344)    (8,892,344)
Total Operating Expenses 24,915,171 5,813,788 68,106,237 28,378,499
INCOME FROM OPERATIONS 14,996,734 8,782,610 14,667,012 4,907,431
OTHER INCOME (EXPENSE)        
Interest Expense (1,206,571) (21,437) (2,515,034) (276,113)
Warrant Revaluation Income (Expense) 216,000 (506,000) (1,751,000) (4,587,000)
Other Income (Expense) (347,088) 3,332 (343,041) 6,230
Total Other Expense, Net (1,337,659) (524,105) (4,609,075) (4,856,883)
INCOME BEFORE INCOME TAXES 13,659,075 8,258,505 10,057,937 50,548
INCOME TAX PROVISION            
NET INCOME 13,659,075 8,258,505 10,057,937 50,548
Less: Preferred Stock Dividends and Deemed Dividends    (13,997,089)    (20,279,197)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 13,659,075 $ (5,738,584) $ 10,057,937 $ (20,228,649)
Net Income (Loss) Per Common Share - Basic (in Dollars per Share) $ 0.21 $ (0.13) $ 0.15 $ (0.60)
Net Income (Loss) Per Common Share - Diluted (in Dollars per Share) $ 0.16 $ (0.13) $ 0.14 $ (0.60)
Weighted Average Shares Outstanding - Basic (in Shares) 66,499,397 42,725,711 66,335,025 33,738,417
Weighted Average Shares Outstanding - Diluted (in Shares) 88,380,397 42,725,711 81,867,545 33,738,417
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 10,057,937 $ 50,548
Adjustments to Reconcile Net Loss to Net Cash Provided By Operating Activities:    
Depletion of Oil and Natural Gas Properties 24,071,676 11,238,783
Depreciation and Amortization 251,722 94,665
Amortization of Debt Issuance Costs 727,997 75,618
Accretion of Discount on Asset Retirement Obligations 63,837 21,564
Gain on Sale of Oil and Natural Gas Properties    (8,892,344)
Net (Gains) Losses on Commodity Derivatives (3,722,780) 2,822,427
Net Cash Settlements Paid on Commodity Derivatives (2,775,591) (1,597,536)
Warrant Revaluation Expense 1,751,000 4,587,000
Share-Based Compensation Expense 9,497,044 6,538,319
Changes in Assets and Liabilities:    
Decrease (Increase) in Trade Receivables - Oil and Natural Gas Revenues (1,390,582) 7,650,021
Increase in Accounts Receivable - Joint Interest Partners (1,224,056) (22,095,552)
Decrease (Increase) in Other Receivables (1,132,418) 1,061,301
Increase in Prepaid Expenses and Other Current Assets (223,875) (332,718)
Decrease (Increase) in Other Non-Current Assets 67,463 (305,272)
Increase in Accounts Payable 2,364,168 1,631,558
Increase (Decrease) in Accrued Expenses (7,813,470) 5,537,377
Increase in Other Non-Current Liabilities 198,551   
Increases in Advances from Joint Interest Partners 200,434 1,452,969
Net Cash Provided By Operating Activities 30,969,057 9,538,728
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of Other Property and Equipment (1,015,677) (343,287)
Restricted Cash Released 11,000,512   
Restricted Cash Received    (21,000,000)
Payments of Restricted Cash (2,648,721)   
Increase in Deposits for Acquisitions (648,441) (2,500,000)
Use of Prepaid Drilling Costs    98,565
Proceeds from Sale of Oil and Natural Gas Properties, Net of Transaction Costs 36,155,859 134,627,306
Investment in Oil and Natural Gas Properties (391,368,324) (138,610,383)
Net Cash Used For Investing Activities (348,524,792) (27,727,799)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from Issuance of Common Stock, Net of Transaction Costs    95,977,763
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 55,000,000   
Payments on Preferred Stock    (35,000,000)
Payments on Revolving Credit Facility (35,000,000) (23,500,000)
Preferred Stock Dividends and Deemed Dividends    (6,899,657)
Proceeds from Exercises of Stock Options and Warrants 110,750   
Cash Paid for Debt Issuance Costs (1,117,871)   
Cash Paid for Finance Costs (24,605) (237,500)
Net Cash Provided by Financing Activities 185,861,485 77,524,600
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (131,694,250) 59,335,529
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 144,255,438 10,192,379
CASH AND CASH EQUIVALENTS - END OF PERIOD 12,561,188 69,527,908
Supplemental Disclosure of Cash Flow Information    
Cash Paid During the Period for Interest 1,867,433 255,776
Cash Paid During the Period for Income Taxes      
Non-Cash Financing and Investing Activities:    
Oil and Natural Gas Properties Included in Account Payable 92,963,874 38,646,242
Stock-Based Compensation Capitalized to Oil and Natural Gas Properties 2,020,992 624,325
Accretion on Preferred Stock Issuance Discount    8,626,000
Accrued Preferred Stock Dividend and Deemed Dividend    1,932,534
Asset Retirement Obligation Costs and Liabilities 1,669,757 116,471
Common Stock Issued for Oil and Natural Gas Properties    $ 6,736,935