XML 52 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 2,044,959 $ 1,202,901
Adjustments to reconcile net income (loss) to cash used by operating activities:    
Depreciation, depletion, amortization, and impairment 2,803,959 3,311,854
Settlement of environmental liability (11,842)   
Accretion of asset retirement obligations 71,702 34,241
Amortization of debt discount and deferred financing costs 77,120 218,631
Change in derivative instrument 135,044   
Changes in operating assets and liabilities:    
Accounts receivable (847,051) (1,643,247)
Prepaid expenses and other current assets 119,787 1,105,082
Accounts payable 445,491 293,588
Accounts payable - related party      
Change of control liability    623,347
Accrued expenses 652,412 117,229
Derivative asset/liability    (941,045)
Deferred income tax      
Deferred revenue    (32,479)
Interest payable (130,929)   
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 5,360,653 4,290,102
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures - oil and gas properties (6,862,343) (7,906,200)
Proceeds from disposal of oil and gas properties      
Capital expenditures - other assets      
NET CASH USED IN INVESTING ACTIVITIES (6,862,343) (7,906,200)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of common stock, net of expenses      
Borrowings on line of credit 12,200,000 7,119,000
Payments on line of credit (8,750,000)   
Payments to purchase stock options      
Proceeds from renewing notes      
Repayments of notes payable (764,278)   
Repayments of bonds    (3,395,000)
Repayments to creditors (1,352,783) (186,761)
Deferred financing costs      
NET CASH PROVIDED BY FINANCING ACTIVITIES 1,332,939 3,537,239
NET DECREASE IN CASH AND CASH EQUIVALENTS (168,751) (78,861)
Cash and cash equivalents, beginning of period 241,561 472,967
Cash and cash equivalents, end of period 72,809 394,106
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest paid 241,277 171,993
Income taxes paid      
NON-CASH TRANSACTIONS    
Oil and natural gas properties included in accounts payable    1,220,904
Oil and natural gas properties included in accrued expenses    1,266,566
Issuance of common stock to settle liability      
Additions of ARO $ 10,036