Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (19,629,467)
|
$ (12,540,261)
|
|
| Adjustments to reconcile net loss to net cash provided (used) by operating activities: |
|
|
|
| Depreciation, depletion, amortization, and accretion |
8,781,939
|
9,702,192
|
|
| Amortization of deferred financing cost and debt discount |
3,503,906
|
8,426,119
|
|
| Share-based compensation |
993,149
|
959,823
|
|
| Professional fees paid by common stock issuance |
322,500
|
|
|
| Loss (gain) on sale of assets |
12,221
|
(6,902,322)
|
|
| Interest and legal expense added to principal |
10,111,837
|
1,818,240
|
|
| Total gain on commodity derivative assets |
(12,356,168)
|
(7,639,441)
|
|
| Cash settlements of commodity derivate assets |
15,756,161
|
(949,094)
|
|
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable, trade |
2,536,226
|
835,263
|
|
| Noncurrent other assets |
(2,044)
|
(84,994)
|
|
| Prepaid expenses and other current assets |
(144,507)
|
246,632
|
|
| Accounts payable and accrued expenses |
(4,685,526)
|
5,495,034
|
|
| Accounts payable drilling operator |
(5,298,677)
|
|
|
| Environmental settlement and related costs |
(1,600,000)
|
6,600,000
|
|
| Revenue payable |
(16,441)
|
(39,577)
|
|
| Net cash (used) provided by operating activities |
(1,714,891)
|
5,927,614
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Sale of partial interest in unproved properties |
6,978,469
|
19,332,078
|
$ 230,064
|
| Expenditures for oil and gas properties |
(7,159,356)
|
(32,709,147)
|
|
| Expenditures for property and equipment |
(5,168)
|
(8,470)
|
|
| Net cash used for investing activities |
(186,055)
|
(13,385,539)
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Stock options exercised |
327,015
|
808,195
|
|
| Financing costs paid |
(1,436,218)
|
(4,806,656)
|
|
| Proceeds from notes payable |
3,078,304
|
113,093,750
|
|
| Payments on notes payable |
(948,688)
|
(102,779,666)
|
|
| Net cash provided by financing activities |
1,020,413
|
6,315,623
|
|
| NET CHANGE IN CASH |
(880,533)
|
(1,142,302)
|
|
| CASH, BEGINNING OF YEAR |
1,585,530
|
2,727,832
|
|
| CASH, END OF YEAR |
704,997
|
1,585,530
|
$ 2,727,832
|
| SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION |
|
|
|
| Interest |
6,349,831
|
11,623,165
|
|
| Income Taxes |
0
|
0
|
|
| Non-cash investing and financing activities |
|
|
|
| Accrued expenditures for oil and gas properties |
|
3,079,681
|
|
| (Decrease) increase in asset retirement obligation |
$ (51,259)
|
$ 49,488
|
|