SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2015

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Capitalized costs related to the exploration and development of crude oil and natural gas properties

Capitalized costs are summarized as follows for the years ended December 31, 2015, 2014 and 2013, respectively:

	Year Ended December 31,
	2015		2014		2013
Capitalized Certain Payroll and Other Internal Costs	$	2,717,913	$	2,153,448	$	3,295,427
Capitalized Interest Costs		1,506,172		4,409,544		5,976,981
Total	$	4,224,085	$	6,562,992	$	9,272,408

Defined prices for each quarter

SEC defined prices for each quarter in 2015 were as follows:

SEC Defined Prices for 12-Months Ended	NYMEX Oil Price (per Bbl)		Henry Hub Gas Price (per MMBtu)
December 31, 2015	$	50.28	$	2.58
September 30, 2015		59.21		3.06
June 30, 2015		71.68		3.39
March 31, 2015		82.72		3.88

Reconciliation of denominators used to calculate basic and diluted EPS

The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the years ended December 31, 2015, 2014 and 2013 are as follows:

	Year Ended December 31,
	2015	2014	2013
Weighted Average Common Shares Outstanding – Basic	60,652,447	60,691,701	62,364,957
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock	-	169,068	382,341
Weighted Average Common Shares Outstanding – Diluted	60,652,447	60,860,769	62,747,298
Restricted Stock Excluded From EPS Due To The Anti-Dilutive Effect	322,393	15,590	7,330

New accounting pronouncement, early adoption

The changes to the line items in the balance sheets as of the previously reported interim periods, as if this standard had been adopted in first-quarter 2015, are presented below:

(in thousands)	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014
Noncurrent assets:
Decrease in deferred income taxes	$	(31,696	)	$	(27,424	)	$	-		$	-
Decrease in total assets		(31,696	)		(27,424	)		-			-
Current liabilities:
Decrease in deferred income taxes	$	(31,696	)	$	(27,424	)	$	(41,679	)	$	(43,938	)
Decrease in total current liabilities		(31,696	)		(27,424	)		(41,679	)		(43,938	)
Noncurrent liabilities:
Increase in deferred income taxes	$	-		$	-		$	41,679		$	43,938
Decrease in total liabilities		(31,696	)		(27,424	)		-			-