SUPPLEMENTARY INFORMATION ON OIL AND NATURAL GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2015

Costs Incurred

	December 31,
	2015			2014			2013
Property acquisition costs - unproved	$	(9,635,309	)	$	1,105,782		$	3,865,932
Property acquisition costs - proved		7,587,965			3,349,473			8,539,134
Sales proceeds - unproved		(30,442	)		(359,667	)		(679,266	)
Sales proceeds - proved		-			(307,600	)		(718,000	)
Exploration costs		3,217,161			426,909			2,504,087
Development costs		1,121,654			20,139,409			11,910,179
Capitalized asset retirements costs		4,301,810			241,629			5,795,400
Total costs incurred	$	6,562,839		$	24,595,935		$	31,217,466

Capitalized Costs Relating to Oil and Gas Producing Activities

	December 31,
	2015			2014
Oil and gas properties, full cost method:
Not subject to amortization:
Prospect inventory	$	7,719,857		$	14,913,126
Property acquisition costs - unproved		6,150,862			8,623,344
Well development costs - unproved		417,997			2,170,582
Subject to amortization:
Property acquisition costs - proved		58,393,861			50,744,401
Well development costs - proved		81,063,335			74,440,227
Capitalized costs - unsuccessful		60,549,824			52,539,407
Capitalized asset retirement costs		4,505,018			8,806,828
Total capitalized costs		218,800,754			212,237,915
Less accumulated depreciation, depletion and amortization		(117,304,945	)		(103,929,493	)
Net capitalized costs	$	101,495,809		$	108,308,422

Discounted future net cash flows

	December 31,
	2015			2014			2013
Future cash inflows	$	438,816,500		$	1,339,372,300		$	1,450,469,000
Future oil and natural gas operating expenses		(129,636,500	)		(322,298,300	)		(334,883,800	)
Future development costs		(126,463,700	)		(405,900,900	)		(424,256,900	)
Future income tax expenses		(23,334,886	)		(133,467,940	)		(163,704,120	)
Future net cash flows		159,381,414			477,705,160			527,624,180
10% annual discount for estimating timing of cash flows		(53,318,652	)		(183,249,968	)		(202,270,201	)
Standardized measure of discounted future net cash flows	$	106,062,762		$	294,455,192		$	325,353,979

Change in Standardized Measure

	2015			2014			2013
Changes due to current year operation:
Sales of oil and natural gas, net of oil and natural gas operating expenses	$	(7,069,544	)	$	(25,270,455	)	$	(17,255,824	)
Extensions and discoveries		16,660			2,743,800			37,750,617
Purchases of oil and gas properties		2,268,907			12,827,533			215,427,459
Development costs incurred during the period that reduced future     development costs		4,052,919			9,178,400			100,500
Changes due to revisions in standardized variables:
Prices and operating expenses		(373,506,778	)		(42,125,763	)		(30,773,529	)
Income taxes		65,424,175			19,303,313			(38,340,467	)
Estimated future development costs		245,056,050			7,218,529			32,430,504
Quantity estimates		(80,454,131	)		(21,028,476	)		(107,070,514	)
Sale of reserves in place		-			-			-
Accretion of discount		37,672,481			43,124,820			27,910,664
Production rates, timing and other		(81,853,169	)		(36,870,488	)		(6,378,317	)
Net change		(188,392,430	)		(30,898,787	)		113,801,093
Beginning of year		294,455,192			325,353,979			211,552,886
End of year	$	106,062,762		$	294,455,192		$	325,353,979

Barrels of oil and condensate [Member]

Reserve

	2015			2014			2013
Barrels of oil and condensate:
Proved developed and undeveloped reserves:
Beginning of year		14,011,343			14,381,960			7,739,964
Revisions of previous estimates		(5,596,379	)		(565,143	)		(1,142,654	)
Purchases of oil and gas properties		103,387			472,132			7,959,600
Extensions and discoveries		769,661			51,993			92,152
Sale of oil and gas properties		-			-			-
Production		(321,687	)		(329,599	)		(267,102	)
End of year		8,966,325			14,011,343			14,381,960
Proved developed reserves - January 1,		2,347,482			2,099,701			1,474,015
Proved developed reserves - December 31,		2,117,559			2,347,482			2,099,701
Proved undeveloped reserves - January 1,		11,663,861			12,282,259			6,265,949
Proved undeveloped reserves - December 31,		6,848,766			11,663,861			12,282,259

Thousands of cubic feet of natural gas [Member]

Reserve

	2015			2014			2013
Thousands of cubic feet of natural gas:
Proved developed and undeveloped reserves:
Beginning of year		35,259,522			38,372,369			31,071,137
Revisions of previous estimates		(11,436,325	)		(479,438	)		(8,281,139	)
Purchases of oil and gas properties		264,981			81,177			16,495,803
Extensions and discoveries		3,675,358			-			362,806
Sale of oil and gas properties		-			-			-
Production		(1,993,842	)		(2,714,586	)		(1,276,238	)
End of year		25,769,694			35,259,522			38,372,369
Proved developed reserves - January 1,		7,786,537			10,316,516			10,156,754
Proved developed reserves - December 31,		8,552,249			7,786,537			10,316,516
Proved undeveloped reserves - January 1,		27,472,985			28,055,853			20,914,383
Proved undeveloped reserves - December 31,		17,217,445			27,472,985			28,055,853