Supplementary Oil and Gas Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2012

Costs Incurred in Oil and Gas Property Acquisition

Costs incurred in oil and gas property acquisition (including the School Creek property described in Note 3), exploration and development activities and related depletion per equivalent unit-of-production were as follows for the years ended December 31, 2011 and 2012:

	2011		2012
Acquisition costs:
Unproved properties	$	132,945	$	—
Proved properties		8,321,638		296,114
School Creek property		2,621,113		—
Exploration costs		—		—
Development costs		—		325,034
Asset retirement obligations		639,176		55,825
Total costs incurred	$	11,714,872	$	676,973
Depletion per BOE of production	$	18.92	$	24.08

Changes in Proved Reserves

The following table sets forth information regarding the Company’s estimated total proved and oil and gas reserve quantities (excluding the School Creek property described in Note 3) for the years ended December 31, 2011 and 2012:

	Oil (Bbl)			Gas (Mcf)			Equivalent (BOE)
Balance, December 31, 2010		—			—			—
Purchase of oil and gas reserves in place		385,008			865,778			529,305
Production		(9,990	)		(38,477	)		(16,403	)
Balance, December 31, 2011		375,018			827,301			512,902
Sale of oil and gas reserves in place		(7,950	)		—			(7,950	)
Revisions in previous estimates		(10,040	)		(208,859	)		(44,850	)
Production		(25,356	)		(89,203	)		(40,223	)
Balance, December 31, 2011		331,672			529,239			419,879
Proved reserves, December 31, 2011:
Proved developed		290,038			604,476			390,784
Proved undeveloped		84,980			222,825			122,118
Proved reserves, December 31, 2012:
Proved developed		255,264			529,239			343,471
Proved undeveloped		76,408			—			76,408

Standardized Measure of Discounted Future Net Cash Flows Related To Proved Oil and Gas Reserves

The following table presents the standardized measure of discounted future net cash flows related to proved oil and gas reserves as of December 31, 2011 and 2012:

	2011			2012
Future cash inflows	$	36,256,572		$	29,863,700
Future production costs		(14,467,156	)		(13,170,117	)
Future development costs		(964,486	)		(862,692	)
Future income taxes		(4,687,201	)		(2,911,225	)
Future net cash flows		16,137,729			12,919,666
10% annual discount		(7,795,729	)		(5,886,476	)
Standardized measure of discounted future net cash flows	$	8,342,000		$	7,033,190

Changes in Standardized Measure of Discounted Future Net Cash Flows

A summary of changes in the standardized measure of discounted future net cash flows is as follows for the years ended December 31, 2011 and 2012:

	2011			2012
Standardized measure of discounted future net cash flows, beginning of year	$	—		$	8,342,000
Sales of oil and gas, net of production costs and taxes		(440,596	)		(1,243,343	)
Changes in estimated future development costs		(918,376	)		129,194
Purchases of reserves in place		15,846,975			—
Sales of reserves in place		(3,622,558	)		(238,347	)
Revisions of previous estimates		—			(1,013,042	)
Changes in prices and production costs		—			(729,103	)
Net changes in future income taxes		(2,523,445	)		951,631
Accretion of discount		—			834,200
Standardized measure of discounted future net cash flows, end of year	$	8,342,000		$	7,033,190