NOG Stock Cash Flow Statements

Northern Oil and Gas Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Northern Oil and Gas Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-03-31	2013-03-31	2012-03-31	2011-12-31	2011-03-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2008-12-31	2008-09-30	2008-06-30	2008-03-31

cash flows from operating activities
net income	99,585,000	138,982,000	71,699,000	298,446,000	138,557,000	11,606,000	388,853,000	26,110,000	167,815,000	340,191,000	145,068,000	583,465,000	251,264,000	-206,560,000	174,728,000	12,553,000	-90,563,000	-90,357,000	-142,123,000	-233,004,000	-899,200,000	368,286,000	-107,937,000	94,381,000	44,400,000	-107,162,000	218,292,263	18,978,573	-96,546,698	2,965,097	-23,848,689	-16,087,465	13,801,859	16,940,523	-12,330,398	-45,618,895	-108,978,661	-126,565,754	-172,313,323	-323,242,031	-250,060,615	-229,738,572	6,589,763	8,951,519	8,805,911	-1,380,788	-7,057,842	6,120,866	1,559,630			1,391,744	871,819	283,465	-187,277
adjustments to reconcile net income to net cash from operating activities:
depletion, depreciation, amortization, and accretion	205,742,000	205,690,000		185,657,000	176,612,000	173,958,000		133,791,000	106,427,000	94,618,000
amortization of debt issuance costs	2,584,000	2,390,000	2,420,000	2,405,000	2,383,000	2,203,000	2,272,000	2,174,000	1,899,000	1,751,000	1,659,000	1,147,000	1,091,000	1,078,000	1,014,000	877,000	859,000	1,014,000	1,173,000	1,223,000	1,315,000	1,461,000	1,359,000	1,332,000	1,315,000	1,301,000	1,375,115	1,137,297	1,271,921	1,362,768	1,232,810	979,173	966,836	943,407	943,803	943,110	928,071	1,007,983	1,021,605	1,020,504	932,279	722,144	634,592	506,187	148,687	143,791	89,392
amortization of bond premium/discount on long-term debt	-395,000	-281,000		-287,000	-284,000	-284,000		-287,000
deferred income taxes	28,027,000	46,646,000	17,300,000	97,868,000	41,622,000	2,760,000	58,737,000	-20,692,000	38,121,000	692,000	-1,376,000	662,000	-646,000	789,000					0	0	0	210,000																	0	0	-66,870,555	-135,480,000	4,100,000	5,600,000	5,820,000	1,110,000
unrealized (gain) loss on derivative instruments	-67,890,000	-9,555,000																																												23,602,774
stock-based compensation expense	3,777,000	3,576,000		3,101,000	3,027,000	2,274,000		1,289,000	1,039,000	2,151,000		1,342,000	1,420,000	1,447,000		698,000	780,000	769,000		889,000	1,214,000	1,079,000		-114,000	1,643,000	2,751,000
impairment of oil and gas assets
other	-28,000	-20,000	41,000	-1,712,000	-87,000	2,316,000	-478,000	-101,000	-101,000	3,084,000	-127,000	0	-510,000	2,675,000	-131,000	618,000	2,736,000	-61,000	-62,000	-56,000	-59,000	-57,000	0	-10,000	-10,000	-21,000	-8,253	-7,463	-64,273	-39,976	-16,203	21,970	-98,280	124,136	-150,095	103,027	57,400	282,421	729,106	174,000
changes in working capital and other items:
accounts receivable	-621,000	-19,951,000	-70,965,000	41,408,000	-27,529,000	39,719,000	-9,729,000	-98,276,000	9,554,000	-2,866,000	47,000,000	42,918,000	-62,789,000	-102,033,000	-35,413,000	-26,787,000	-36,266,000	-23,694,000	-10,854,000	-16,564,000	54,266,000	10,789,000	-4,953,000	-15,434,000	2,906,000	5,939,000	-5,781,853	-22,108,285	-16,894,465	-4,337,895	-7,577,792	-1,995,218	-2,039,452	1,894,975
prepaid and other incomes	-1,858,000	835,000	-372,000	-962,000	-86,000	-78,000	79,000	-80,000	-159,000	-314,000	280,000	692,000	-994,000	-698,000	-1,024,000	311,000	-249,000	-1,037,000	278,000	506,000	13,000	-251,000	2,323,000	234,000	1,262,000	178,000	22,613,297	35,714	-2,528,202	-723,297		627,301	-433,658	-888,188
income tax receivable	-1,971,000	28,204,000	-1,477,000
accounts payable	-18,876,000	15,818,000	-2,753,000	-1,258,000	-3,039,000	2,641,000	-15,767,000	16,045,000	-3,611,000	-11,903,000	-16,335,000	-25,297,000	8,051,000	33,243,000	-7,592,000	8,146,000	8,480,000	5,057,000	38,000	419,000	-32,000	-1,514,000	-17,986,000	-4,882,000	157,000	5,783,000	-6,633,156	-256,525	2,716,110	1,889,569	-752,871	1,569,652	131,941	1,662,770	508,544	-779,734	-324,355	230,442	-94,865	53,643	-201,458	-4,302,624	4,139,303
accrued interest	-573,000	645,000	-2,042,000	1,240,000	-1,218,000	1,793,000	-5,746,000	3,083,000	13,316,000	-8,915,000	17,761,000	-14,656,000	14,990,000	-14,488,000	15,902,000	-12,303,000	10,926,000	-2,588,000	-101,000	534,000	-1,443,000	-2,290,000	-5,897,000	2,495,000	-108,000	426,000	4,084,260	6,101,456	-13,954,708	13,981,122	-13,829,461	13,993,431	-13,969,909	13,948,257	-13,926,347	13,928,799	-13,933,040	13,839,995	-14,417,231	13,720,209	-8,129,931	9,417,583	8,984,260
accrued liabilities and expenses	-967,000	-5,553,000		1,601,000	-1,805,000	-4,409,000		-3,903,000	8,311,000	-2,866,000		3,847,000	-1,207,000	2,991,000		2,745,000	4,906,000	1,447,000
net cash from operating activities	362,112,000	407,426,000	290,278,000	385,761,000	340,477,000	392,147,000	342,362,000	263,865,000	307,786,000	269,308,000	287,379,000	276,766,000	210,239,000	154,034,000	133,102,000	94,413,000	106,186,000	62,766,000	73,033,000	56,413,000	101,585,000	100,654,000	70,427,000	71,023,000	99,392,000	98,908,000	117,846,013	62,799,300	18,096,209	45,520,677	7,386,043	35,837,184	27,453	29,716,382	4,172,867	39,195,766	3,308,788	55,214,150	72,194,708	63,122,045	44,822,513	66,876,452	72,747,620	56,356,933	38,613,432	35,763,660	-7,160,821					2,229,320	729,838	-327,120	-125,546
cash flows from investing activities
capital expenditures on oil and natural gas properties	-331,361,000	-259,971,000		-381,824,000	-197,673,000	-407,006,000		-650,262,000	-372,395,000	-460,982,000		-301,239,000
purchases of other property and equipment	106,000	-587,000	-15,000	-37,000	-26,000	-50,000	-648,000	-61,000	-265,000	-238,000	1,000	-26,000	-4,437,000	-117,000	-217,000	-288,000	0	-51,000	-236,000	-52,000			-157,000	-390,000	-606,000	-5,000	0	-34,829	-29,869	-22,085	0				-156,205				-69,892	-5,297	-6,003	-9,559	-14,052	-74,100
net cash from investing activities	-327,255,000	-264,558,000	-662,638,000	-381,861,000	-223,199,000	-407,056,000	-378,143,000	-612,823,000	-410,160,000	-461,220,000	-544,235,000	-312,765,000	-128,178,000	-417,599,000	-269,617,000	-151,276,000	-160,869,000	-52,672,000	-34,374,000	-59,038,000	-86,014,000	-104,500,000	-151,180,000	-226,807,000	-113,228,000	-77,913,000	-164,428,316	-150,410,797	-101,657,963	-58,021,512	-43,793,678	-32,869,346	-22,305,259	-20,271,464	-24,929,861	-27,602,416	-18,373,990	-20,057,820	-55,711,124	-45,058,178	-77,769,846	-110,396,519	-119,200,454	-76,050,814	-145,106,890	-91,386,030	-46,744,720					-8,883,052	-16,551,230	-5,167,078	-9,756,602
cash flows from financing activities
advances on revolving credit facility	118,000,000	55,000,000	556,000,000	182,000,000	66,000,000	180,000,000	95,224,000	523,000,000	43,000,000	337,000,000	430,000,000	269,000,000	127,000,000	434,000,000	126,000,000	129,000,000	190,000,000	109,000,000	22,000,000	31,000,000	0	25,000,000	640,000,000	190,000,000	70,000,000	53,000,000					6,000,000	6,000,000			34,000,000	3,000,000			10,000,000	30,000,000	60,000,000	50,000,000	63,000,000	22,000,000	262,600,000	58,900,000		3,000,000	2,300,000
repayments on revolving credit facility	-268,000,000	-115,000,000	-141,000,000	-105,000,000	-131,000,000	-78,000,000	-318,224,000	-139,000,000	-612,000,000	-87,000,000	-552,000,000	-195,000,000	-131,000,000	-118,000,000	-390,000,000	-73,000,000	-190,000,000	-378,000,000	-61,000,000	-28,000,000	-22,000,000	-15,000,000	-387,000,000	-36,000,000	-44,000,000	-46,000,000					-161,000,000	-6,000,000	-3,000,000	-10,000,000	-10,000,000	-15,000,000	-11,000,000	-33,000,000	-30,000,000	-48,000,000	-210,000,000	-10,000,000		-7,000,000	-155,000,000
entry into additional capped call transactions
issuance of additional convertible notes
premium received on additional convertible notes
debt issuance costs paid			-39,000	-3,000			-793,000	-2,579,000	-8,492,000	-32,000	-1,150,000	-187,000	-6,038,000	-13,000	-5,175,000	0	-829,000	-11,607,000	1,000	-410,000	0	-37,000	-11,891,000	-208,000	-50,000	-70,000	-19,810,689	-280,731	-6,535,732	-21,459	-13,064,441	0			0	0			-488	-120,977			-225,000	-184,084	-2,396,056	-200,690
repurchases of common stock	-35,000,000	-15,005,000	-25,169,000	-14,451,000	-34,870,000	-20,007,000	0	0	0	-8,004,000	-33,002,000	-8,691,000											0	0	0	-15,108,000																	-13,900,382
restricted stock surrenders - tax obligations	0	-1,486,000	-1,076,000	0	0	-2,712,000	0	0	0	-2,616,000	0	0	0	-2,206,000	0	0	-2,000	-837,000	-35,000	0	-8,000	-396,000	-76,000	0	-26,000	-558,000
common dividends paid	-44,270,000	-41,734,000		-39,868,000	-40,223,000	-40,099,000		-34,318,000	-28,923,000	-25,454,000		-15,010,000	-10,780,000	-6,176,000
net cash from financing activities	-42,577,000	-118,225,000	346,937,000	22,678,000	-141,969,000	39,183,000	31,024,000	347,104,000	111,106,000	195,458,000		43,656,000						-8,793,000		2,590,000	-22,245,000	-3,710,000	94,919,000	154,892,000			-64,025,746	-346,739	195,013,152	-209,611	131,814,159	0	20,567,836	-10,412,217	23,924,071	-11,941,443	14,344,174	-34,158,577	-20,135,453	-18,133,663	34,318,304	39,923,638	48,874,618	14,788,049	104,048,759	53,636,308	1,500,000					662,281	10,226,386	15,893,631	1,737,228
net increase in cash and cash equivalents	-7,720,000	24,643,000	-25,423,000	26,578,000	-24,690,000	24,273,000	-4,757,000	-1,854,000	8,733,000	3,545,000	-6,602,000	7,658,000	-1,863,000	-6,185,000	7,514,000	-2,837,000	2,114,000	1,301,000			-6,674,000	-7,555,000	14,166,000	-892,000	-1,150,000	1,586,000	-110,608,049	-87,958,236			95,406,524	2,967,838	-1,709,970	-967,299			-721,028	997,753	-3,651,869	-69,796	1,370,971	-3,596,429	2,421,784			-1,986,062						-5,991,451	-5,595,006	10,399,433	-8,144,920
cash and cash equivalents - beginning of period	0	8,933,000		0	0	8,195,000		0	0	2,528,000		0	0	9,519,000		0	0	1,428,000
cash and cash equivalents - end of period	-7,720,000	33,576,000		26,578,000	-24,690,000	32,468,000		-1,853,000	8,732,000	6,073,000		7,658,000	-1,864,000	3,335,000		-2,837,000	2,114,000	2,729,000
acquisition deposit		-4,000,000	42,594,000	0							-14,500,000	-11,500,000					8,100,000	-17,500,000		549,000
depletion, depreciation, amortization and accretion											77,316,000	65,976,000	54,795,000	53,185,000	42,815,000	35,885,000	30,907,000	31,221,000	32,770,000	30,785,000	36,756,000	61,809,000	63,410,000	55,566,000	46,091,000	45,134,000	48,294,929	30,258,089	22,596,028	18,630,629	17,631,875	15,357,685	13,682,452	12,828,143	13,523,186	13,698,020	16,176,863	17,846,089	24,140,489	31,670,479	36,745,805	45,213,039	36,100,921
gain on extinguishment of debt								0
amortization of bond premium on long-term debt										-510,000		-533,000	-535,000	-531,000		0	-8,000	-122,000		-232,000	-249,000	-321,000
loss on the sale of other property & equipment
gain on contingent consideration								0																		-1,392,000
share-based compensation expense																											1,903,055	1,512,792	1,399,224	-819,595	-1,979,302	3,768,685	883,605	613,578	956,037	-792,310	1,558,879	1,741,434	2,322,400	967,241	248,601	1,695,873
accrued liabilities																			1,843,000	2,498,000	-4,326,000	327,000	20,250,000	6,234,000
settlement difference for asset retirement obligations
acquisitions of and capital expenditures on oil and natural gas properties
purchase of capped call
issuance of convertible notes
issuance of senior notes
repurchase of senior notes										-18,436,000
issuance of common stock							290,067,000	0							209,878,000	0	95,299,000	132,900,000									-35,820	0
common stock dividends paid
repurchase of preferred stock
preferred stock dividends paid
cash and cash equivalents – beginning of period																						16,068,000	0	0	0	2,358,000	0	0	0	102,183,191	0	0	0	6,486,098	0	0	0	3,390,389	0	0	0	9,337,512				0		0	6,233,372			0	0	0	10,112,660
cash and cash equivalents – end of period																						8,512,000	14,167,000	-893,000	-1,150,000	3,944,000	-110,608,049	-87,958,236	111,451,398	89,472,745	95,406,524	2,967,838	-1,709,970	5,518,799	3,167,077	-348,093	-721,028	4,388,142	-3,651,869	-69,796	1,370,971	5,741,083				-1,986,062		69,014,328	1,153,583			-5,991,451	-5,595,006	10,399,433	1,967,740
unrealized (gain) loss of derivative instruments				-208,422,000	12,324,000	157,648,000		204,712,000	-30,503,000	-138,970,000		-382,459,000	-54,641,000	382,937,000		71,753,000	172,935,000	128,398,000
repurchase of senior notes due 2028								0
issuance of senior notes due 2031								0
(gain) loss on extinguishment of debt										-659,000	-236,000	-338,000
(gain) loss on contingent consideration										-6,176,000
repayments of second lien notes
repayments of senior unsecured promissory note
loss on disposal of fixed assets												0
repurchases of preferred stock												0	-31,011,000	-50,225,000
preferred dividends paid												0				0
write-off of debt issuance costs																			0												0	0			0	0	0	1,089,507
amortization of bond (premium) discount on long-term debt																							-540,000	-667,000	-752,000	-746,000
loss on contingent consideration															0	-83,000	250,000	125,000					879,000	5,262,000
impairment expense																			104,463,000	199,489,000
net cash provided (used) by financing activities
repurchase of unsecured notes due 2028
repurchases of second lien notes due 2023																0	-15,669,000	-280,249,000
repayment of unsecured ven bakken note due 2022																0	0	-130,000,000
issuance of unsecured notes due 2028															213,500,000	0	0	550,000,000
repurchase of unsecured notes
loss on extinguishment of debt															0	0	493,000	12,594,000		-1,592,000	-217,000	5,527,000		0			73,054,861	9,542,206
drilling and development capital expenditures														-55,941,000	-64,602,000	-44,900,000	-39,965,000	-33,331,000	-18,498,000	-53,951,000	-85,280,000	-78,962,000	-132,482,000	-66,214,000	-70,306,000	-69,786,000	-52,108,040	-53,863,711
acquisition of oil and natural gas properties														-361,541,000	-164,148,000	-115,488,000	-129,004,000	-1,790,000	-15,865,000	-5,584,000	46,000	-25,537,000	-18,540,000	-191,204,000	-11,316,000	-8,122,000	-132,320,276	-76,512,257
net cash provided (used) for financing activities														257,380,000		54,025,000
gain on debt exchange derivative																								23,000	4,874,000	-6,287,000
pik interest on second lien notes																							0	0	0	1,742,000
impairment of other current assets																							-1,571,000	5,275,000
payment of contingent consideration																							-15,967,000
repayments of senior unsecured notes
debt derivative exchange settlements
contingent consideration settlements																							0	1,250,000	-2,750,000	-9,778,000
issuance of preferred stock
loss on debt exchange derivative
proceeds from sale of oil and natural gas properties																																							-22,420
proceeds from sale of other property and equipment																											0	0
borrowings on term loan credit agreement
repayments on term loan credit agreement
issuance of second lien notes
(gain) loss of derivative instruments																				69,975,000	150,828,000	-344,398,000
repurchases of second lien notes																				0	-237,000	-13,277,000
debt exchange derivative settlements																								-150,000	0	-894,000
net decrease in cash and cash equivalents																														-12,710,446														-4,905,832	-2,444,699		-52,405,541		-5,079,789
legal settlement
unrealized loss of derivative instruments
loss on the mark-to-market of derivative instruments																									-31,858,000	152,169,000										5,645,586	30,506,699	21,983,017			53,193,228	14,331,367	7,859,683
repayment of second lien notes
accrued expenses																										-907,000	-3,564,607	417,134	-723,243	353,758	-861,164	1,358,037	1,139,620	-1,382,976	936,907	374,977	-404,866	-2,463,691	898,396	875,985	421,375	-1,985,461	-165,777
net cash from by financing activities																										-19,409,000
(gain) loss on the sale of other property & equipment
(gain) loss on the mark-to-market of derivative instruments																											-280,194,627	30,225,470	29,935,931	12,141,314		16,058,370	-14,172,002	-17,056,542
impairment of oil and natural gas properties																																			0	43,820,791	88,880,921	104,311,122	167,143,533	354,422,654	281,964,097	360,428,962
income tax payable/
amortization/accretion of 8% senior notes premium/discount																												25,694	55,609	117,183		128,047	122,615	117,183		128,047	122,615	122,615
gain on the debt exchange derivative
contingent consideration
proceeds from sale of oil, natural gas, and other properties																												0				0						10,000
borrowings under term loan credit agreement																												0
repurchase of common stock – tax obligations																												-66,008	-160,797	-188,152		0	-134,772	-412,217		58,557	-227,311	-1,158,577
purchases of oil and natural gas properties and development capital expenditures																														-57,999,427	-43,793,678	-32,865,392	-22,476,710	-20,271,464	-26,004,711	-28,499,384	-18,363,990	-20,067,820	-55,690,812	-45,052,881	-77,763,843	-110,547,904	-119,186,402
supplemental disclosure of cash flow information
cash paid during the period for interest																														7,630,556	33,373,020	1,558,172	29,353,795	1,280,711	29,160,534	1,133,964	29,064,291	1,121,994	29,796,933	1,295,544	22,055,049	2,062,136				268,745		98,620	26,515
cash paid during the period for income taxes																																							-45,785	0	3,945	3,300,000				0
non-cash financing and investing activities:
oil and natural gas properties included in accounts payable																														85,068,138	12,649,493	7,185,322	8,059,915	57,107,728	7,878,745	-10,778,955	-3,218,277	56,831,682	-33,441,869	-17,060,676	-45,525,378	155,548,338
capitalized asset retirement obligations																														184,305	213,326	111,554	735,474	127,437	1,173,005	39,274	19,088	121,940	56,481	58,527	151,556	154,830				141,409
non-cash compensation capitalized on oil and gas properties																														53,686		68,635	68,635	74,395		89,430	354,897	437,907		154,058	177,101	134,039
amortization of 8% senior notes premium/discount
gain on the mark-to-market of derivative instruments																																							29,599,690
prepaid expenses and other																																			-383,412	50,334	-485,212	127,029	-22,175	629,637	-272,233	-333,009	-292,994
issuance of senior unsecured notes																																							0	0
non-cash compensation capitalized in oil and gas properties
asset retirement obligations																																57,516	-88,469	-23,724		-8,524	57,426	-78,400		2,519	-2,332	-57,532
amortization of deferred rent																																		-5,160					0	-4,884	0	-3,664	-3,664	-3,663	-8,308	-5,864	-4,644
deferred rent
trade receivables																																				7,702,538	-10,853,952	21,740,341	33,063,478	-8,887,276	-3,814,623	7,340,027	4,615,349
the accompanying notes are an integral part of these financial statements.
amortization of 8% senior notes premium																																								128,047	-132,681	-371,681
proceeds from sale, net of oil and natural gas properties																																									0	160,944
repurchase of common stock																																									-115,565	-76,362		-27,867	-1,173,315
proceeds from exercise of stock options																																													18,130							0	0	828,800	105,000
amortization of senior unsecured notes premium																																											-371,681
share - based compensation expense																																											557,865	1,122,274	2,204,927	612,079	1,858,171
adjustments to reconcile net income to net cash provided by
operating activities:
depletion of oil and gas properties																																												26,668,171	18,309,500	14,852,963	6,863,479
depreciation and amortization																																												94,275	97,089	83,932	68,313
accretion of discount on asset retirement obligations																																												30,247	15,632	35,750	4,730
unrealized loss on derivative instruments																																												14,910,655	9,364,913
increase in trade receivables																																												-5,670,822	-9,946,705	-6,857,363	-4,993,687					-487,734	-624,437	-696,755	-220,015
increase in prepaid expenses																																												-190,326	-508,724	-28,929	-50,779					50,343	5,553	-13,117	-88,653
increase in other current assets																																												-1,960	-72,196		-277,694
increase in accounts payable																																												-287,231	3,400,776	3,515,101	-19,968,628					1,164,039	344,464	-55,389	368,442
increase in accrued interest																																												6,018,914
increase in accrued expenses																																												-1,391,307	981,930
purchase of oil and gas properties and development capital expenditures																																												-76,884,714	-144,975,919
proceeds from sale of oil and gas properties																																												908,000		0		0	237,877
net gain on sale of available for sale securities
unrealized gain on derivative instruments
decrease in other current assets
decrease in accounts payable
purchases of oil and gas properties and development capital expenditures
advances to operators
proceeds from sale of available for sale securities																																														0	32,949,813	18,251,118	7,639,783
purchases of available for sale securities
purchases of other equipment and furniture																																													-130,971		-20,500
issuances of 8% senior notes due 2020
proceeds from exercise of warrants																																														0	1,500,000
payment of compensation through issuance of common stock																																														1,887,048
(used for) operating activities:
purchase of available for sale securities																																														0	-18,381,690					-250,000
adjustments to reconcile net income to net cash from operating activities
net (gain) loss on sale of available for sale securities																																														0	-459,998
decrease in other receivables
decrease (increase) in other current assets																																														-27,154
purchase of other equipment and furniture
payments on line of credit																																																-31,377	-803,115
increase in subordinated notes
proceeds from the issuance of common stock - net of issuance costs
purchase of oil and gas properties through issuance of common stock																																																						239,888	1,047,048
cashless exercise of stock options
fair value of warrants issued for debt issuance costs
payment of debt issuance costs through issuance of common stock
decrease (increase) in accrued expenses
increase in prepaid drilling costs																																															-2,125,069		-4,495,200
payments on revolving credit facility
repayment of subordinated notes
proceeds from issuance of common stock - net of issuance costs
income tax benefit																																															-4,510,000
net unrealized loss on derivative instruments																																															21,278,629
increase in other receivables
decrease in accrued expenses																																															-263						-589	-11,290	-95,818
purchase of oil and gas properties																																															-59,167,274
adjustments to reconcile net income to net cash
provided by
income tax provision
issuance of stock for consulting fees																																																				0	0	0	49,875
net income on sale of available for sale securities
market value adjustment of derivative instruments																																																				0	-105,200	11,352	-1,300
lease incentives received
decrease (increase) in prepaid drilling costs
increase in margin loan																																																					-11,468	-519,580	1,519,487
cash paid for listing fee																																																				0	0	0	-65,000
proceeds from derivatives																																																				0
loss on sale of available for sale securities
increase in oil and gas properties																																																-29,559,511	-22,077,340
* see note 2
the accompanying notes are an integral part of these condensed financial statements.
purchases of office equipment and furniture																																																	-30,360			-139,316	-22,081
repayments of convertible notes payable
weighted-average common shares outstanding - basic																																																			2,186,913
plus: potential issuance of common shares
stock options, warrants, and restricted stock.																																																			13,624
weighted-average common shares outstanding - diluted																																																			2,200,537
stock options and warrants excluded from eps due to the anti-dilutive effect
plus: potential common shares
auction rate municipal bonds
auction rate preferred stock
total long-term investments
(used for) operating activities
issuance of stock for compensation
share – based compensation expense																																																				35,125	35,125
increase in accrued drilling costs																																																				5,804,874	1,566,397
deposits
increase in line of credit
proceeds from
proceeds from investor subscriptions - net of issuance costs
proceeds from the issuance of common stock – net of issuance costs																																																				0	10,237,854
payment of consulting fees through issuance of common stock																																																						0	49,875
depletion and depreciation																																																					203,103	119,489	49,200
prepaid drilling costs																																																							364,290
prepaid lease payments
oil and gas properties																																																					-18,875,513	-5,661,193	-6,118,134
increase in short-term investment																																																						250,000	-3,800,524
sale of calls
deferred offering costs
capital expenditures																																																							-202,234
free cash flows																																																							-327,780
increase in checks issued, not cashed																																																							177,741
depreciation

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