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Operations
3 Months Ended
Mar. 31, 2015
Text Block [Abstract]  
Operations

NOTE 2 — OPERATIONS

We have incurred net income (loss) for the three months ended March 31, 2015 and 2014 of $2,668,669 and $(1,528,234), respectively. Although our current and prior year-to-date revenues were not sufficient to cover our operating costs and interest expense, we are focusing on drilling Marcellus Shale wells which based upon projections, are expected to increase our cash flow. If our cash flows from operations are not sufficient to meet liquidity requirements, we may need to sell assets, obtain additional financing or issue equity.

Our net income and cash flows provided by operating activities during the three months ended March 31, 2015 were primarily due to a gain on commodity derivatives as well as an increase in accounts payable to operator. Our net losses and cash flows used in operating and investing activities during the three months ended March 31, 2014 were primarily funded using net proceeds from notes payable to Chambers and Morgan Stanley (see Note 8), in addition to proceeds from the sale of certain oil and gas properties (see Note 6).