Consolidated Statements of Operations - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
| OPERATING REVENUES |
|
|
| Oil and gas sales |
$ 12,261,539
|
$ 26,969,359
|
| Gas transportation, gathering, and processing |
151,080
|
161,975
|
| Other income |
29,409
|
89,484
|
| Total operating revenues |
12,442,028
|
27,220,818
|
| OPERATING COSTS AND EXPENSES |
|
|
| Production costs |
11,608,579
|
13,143,673
|
| Depreciation, depletion, amortization, and accretion |
8,781,939
|
9,702,192
|
| Environmental settlement and related costs |
|
6,600,000
|
| Selling, general, and administrative |
5,067,404
|
6,026,558
|
| Total operating costs and expenses |
25,457,922
|
35,472,423
|
| (Loss) Gain on sale of assets |
(12,221)
|
6,902,322
|
| LOSS FROM OPERATIONS |
(13,028,115)
|
(1,349,283)
|
| OTHER INCOME (EXPENSES) |
|
|
| Interest income |
2,197
|
3,090
|
| Interest expense |
(18,959,717)
|
(19,782,603)
|
| Gain on commodity derivative |
12,356,168
|
8,588,535
|
| Total other income (expenses) |
(6,601,352)
|
(11,190,978)
|
| NET LOSS BEFORE INCOME TAXES |
(19,629,467)
|
(12,540,261)
|
| INCOME TAX |
0
|
0
|
| NET LOSS |
$ (19,629,467)
|
$ (12,540,261)
|
| NET LOSS PER SHARE - BASIC AND DILUTED |
$ (1.30)
|
$ (0.83)
|
| WEIGHTED AVERAGE SHARES - BASIC AND DILUTED |
15,167,549
|
15,086,960
|