7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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
    		-129,074,000 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
    		199,351,000 205,742,000 205,690,000  185,657,000 176,612,000 173,958,000  133,791,000 106,427,000 94,618,000                                              
      amortization of debt issuance costs
    		3,005,000 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
    		-1,017,000 -395,000 -281,000  -287,000 -284,000 -284,000  -287,000                                                
      deferred income taxes
    		-35,502,000 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 on derivative instruments
    		                                                        
      stock-based compensation expense
    		4,095,000 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
    		318,674,000                                                        
      other
    		-24,000 -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
    		76,288,000 -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
    		-299,000 -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
    		-4,825,000 -1,971,000 28,204,000 -1,477,000                                                     
      accounts payable
    		-2,880,000 -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
    		2,683,000 -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
    		7,893,000 -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
    		423,120,000 362,112,000 407,426,000 290,278,000 385,761,000 340,477,000 392,147,000 342,362,000 263,865,000 307,786,000 269,308,000 287,379,000 276,766,000 210,239,000 154,034,000 133,102,000 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
    		-352,339,000 -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
    		-238,000 106,000 -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
    		-352,577,000 -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
    		115,000,000 118,000,000 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
    		-136,000,000 -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
    		0                                                        
      issuance of additional convertible notes
    		0                                                        
      premium received on additional convertible notes
    		0                                                        
      debt issuance costs paid
    		-54,000   -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
    		0 -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 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
    		-43,697,000 -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
    		-64,751,000 -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
    		5,792,000 -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 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
    		5,792,000 -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                                      
      unrealized (gain) loss on derivative instruments
    		 -67,890,000 -9,555,000                                            23,602,774          
      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
    		                                                        
      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
    		                                                        
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.