Supplemental Information on Oil and Natural Gas Exploration and Production Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Extractive Industries [Abstract]

Schedule of Capitalized Costs of Oil and Natural Gas Properties

The following table presents the Company’s aggregate capitalized costs relating to oil and gas activities at the end of the periods indicated:

December 31,	2015			2014
Oil and natural gas properties:
Proved properties and equipment	$	577,764,738		$	489,472,814
Unproved properties		70,298,349			65,725,668
Capitalized asset retirement cost		6,927,207			6,481,752
Less:
Accumulated depletion and amortization		(133,080,366	)		(75,122,695	)
Property impairment		(33,810,331	)		(5,478,264	)
Total	$	488,099,597		$	481,079,275

Schedule of Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development

Costs Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development

Years ended December 31,	2015		2014
Property acquisition costs:
Unproved properties	$	7,327,635	$	12,247,000
Proved properties		1,395,862		58,731,282
Exploration costs		—		—
Development costs		85,458,433		164,180,576
Total costs incurred	$	94,181,930		235,158,858

Schedule of Results of Operations for Oil and Natural Gas Producing Activities

The following table sets for the results of operations from oil and gas producing activities for the years ended December 31, 2015 and 2014.

Years ended December 31,	2015			2014
Oil and gas producing activities:
Oil sales	$	70,739,269		$	104,233,379
Natural gas sales		6,823,019			7,589,599
Natural gas liquids sales		1,928,068			3,803,582
Lease operating and gas gathering		(17,860,216	)		(16,631,611	)
Production, ad valorem and severance taxes		(4,981,826	)		(7,123,332	)
Accretion of asset retirement obligations		(214,335	)		(201,076	)
Depreciation, depletion and amortization		(58,827,705	)		(40,521,546	)
Property impairment		(28,622,961	)		(5,478,264	)
Results of operations from oil and gas producing activities	$	(31,016,687	)	$	45,670,731
Depletion rate per BOE	$	25.16		$	24.78

Schedule of Proved Developed and Undeveloped Oil and Gas Reserve

The following information table sets forth changes in estimated net proved developed crude oil and natural gas reserves for the years ended December 31, 2015 and 2014.

	Oil (BBL)			NGLs (BBL)			Gas (MCF)			BOE(1)
Net proved reserves
Reserves at December 31, 2013		13,483,483			1,841,457			17,373,143			18,220,463
New discoveries and extensions		2,462,295			321,301			2,528,029			3,204,934
Purchase of reserves in place		9,648,101			484,493			3,655,020			10,741,764
Reserves sold		(252,200	)		—			(5,632	)		(253,139	)
Revisions of prior year estimates		(532,522	)		551,078			4,106,883			703,038
Production		(1,198,279	)		(154,215	)		(1,689,029	)		(1,633,999	)
Reserves at December 31, 2014		23,610,878			3,044,114			25,968,414			30,983,061
New discoveries & extensions		6,575,775			4,281,649			34,155,539			16,550,014
Purchase of reserves in place		1,541,828			297,634			2,344,083			2,230,142
Reserves sold		—			—			—			—
Revisions of prior year estimates		(6,637,821	)		(146,113	)		(2,562,392	)		(7,210,998	)
Production		(1,539,505	)		(322,808	)		(2,923,787	)		(2,349,611	)
Reserves at December 31, 2015		23,551,155			7,154,476			56,981,857			40,202,608
Proved Developed Reserves:
December 31, 2013		6,195,280			638,632			8,287,574			8,215,173
December 31, 2014		9,184,925			1,211,551			11,990,723			12,394,930
December 31, 2015		8,357,772			2,020,216			17,534,695			13,300,438
Proved Undeveloped Reserves:
December 31, 2013		7,288,203			1,202,825			9,085,569			10,005,290
December 31, 2014		14,425,953			1,832,563			13,977,691			18,588,131
December 31, 2015		15,193,383			5,134,260			39,447,162			26,902,170

(1) BOE (barrels of oil equivalent) is calculated by converting 6 MCF of natural gas to 1 BBL of oil. A BBL (barrel) of oil is one stock tank barrel, or 42 U.S. gallons liquid volume, of crude oil or other liquid hydrocarbons.

Schedule of Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Natural Gas Reserves

The standardized measure of discounted future net cash flows as of December 31, 2015 and 2014 were as follows:

December 31,	2015			2014
Future cash flows	$	1,363,349,591		$	2,389,844,493
Future costs
Production		(456,088,889	)		(649,398,768	)
Development		(289,026,333	)		(320,222,400	)
Future inflows before income tax		618,234,369			1,420,223,325
Future income taxes		(66,565,870	)		(353,602,580	)
Future net cash flows		551,668,499			1,066,620,745
10% annual discount for estimated timing of cash flows		(283,242,412	)		(517,581,023	)
Standardized measure of discounted future net cash flows	$	268,426,087		$	549,039,722

Summary of Changes in the Standardized Measure of Discounted Future Net Cash Fows

Changes in the Standardized Measure of Discounted Future Net Cash flows Relating to Proved Crude Oil and Nature Gas Reserves were as follows for the years indicated:

December 31,	2015			2014
Standardized measure at beginning of year	$	549,039,722		$	302,771,526
Extensions and discoveries and improved recovery net of future production and development costs		74,142,661			88,919,601
Purchase of minerals in place		11,519,608			270,331,369
Accretion of discount		70,582,116			41,871,778
Net change in sales price, net of production costs		(501,189,743	)		(38,540,796	)
Changes in estimated future development costs		56,188,859			(9,274,717	)
Changes of production rates (timing) and other		125,681,828			12,731,855
Revisions of quantity estimates		(191,356,505	)		18,066,206
Net change in income taxes		130,906,060			(40,835,170	)
Sales net of production costs		(57,088,519	)		(91,571,228	)
Sales of minerals in place		—			(5,430,702	)
Net increase (decrease)		(280,613,635	)		246,268,196
Standardized measure at end of year	$	268,426,087		$	549,039,722