XML 47 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
OPERATING REVENUES    
Oil and gas sales $ 9,716,422 $ 3,573,883
Gas transportation, gathering, and processing 54,789 35,443
Other income 5,131  
Total operating revenues 9,776,342 3,609,326
OPERATING COSTS AND EXPENSES    
Production costs 3,255,950 2,319,640
Depreciation, depletion, amortization and accretion 2,111,726 639,449
Selling, general and administrative 1,447,819 1,560,338
Total operating costs and expenses 6,815,495 4,519,427
Gain (loss) on sale of assets 207,396 (8,787)
INCOME (LOSS) FROM OPERATIONS 3,168,243 (918,888)
OTHER INCOME (EXPENSES)    
Interest income 908 4,821
Interest expense (4,131,193) (1,902,746)
Gain on warrant derivatives   124,316
Loss on commodity derivative (566,192) (639)
Total other income (expenses) (4,696,477) (1,774,248)
NET LOSS BEFORE INCOME TAXES (1,528,234) (2,693,136)
INCOME TAX      
NET LOSS $ (1,528,234) $ (2,693,136)
NET LOSS PER SHARE - BASIC AND DILUTED $ (0.11) $ (0.20)
WEIGHTED AVERAGE SHARES - BASIC AND DILUTED 13,516,199 13,236,228