Balance Sheet
CONDENSED CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2010 AND 2009
| | December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| | 2010 | 2009 | ||||||||
|
ASSETS |
||||||||||
|
CURRENT ASSETS |
||||||||||
|
Cash and Cash Equivalents |
$ | 11,358,520 | $ | 691,263 | ||||||
|
Trade Receivables |
295,821 | — | ||||||||
|
Short Term Investments |
242,070 | 275,151 | ||||||||
|
Prepaid Drilling Costs |
493,660 | — | ||||||||
|
Prepaid Expenses |
85,988 | — | ||||||||
|
Restricted Cash |
51,000 | — | ||||||||
|
Other Current Assets |
1,465 | 7,781 | ||||||||
|
Total Current Assets |
12,528,524 | 974,195 | ||||||||
|
PROPERTY AND EQUIPMENT |
||||||||||
|
Oil and Natural Gas Properties, Full Cost Method |
||||||||||
|
Proved Properties |
6,700,438 | — | ||||||||
|
Unproved Properties |
31,176,109 | 4,477,236 | ||||||||
|
Other Property and Equipment |
18,346 | 17,748 | ||||||||
|
Total Property and Equipment |
37,894,893 | 4,494,984 | ||||||||
|
Less—Accumulated Depreciation and Depletion |
(1,927,991 | ) | (30 | ) | ||||||
|
Total Property and Equipment, Net |
35,966,902 | 4,494,954 | ||||||||
|
Total Assets |
$ | 48,495,426 | $ | 5,469,149 | ||||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
|
CURRENT LIABILITIES |
||||||||||
|
Accounts Payable |
$ | 537,757 | $ | 30,712 | ||||||
|
Accrued Expenses |
188,923 | 5,833 | ||||||||
|
Operating Lease Reserve |
200,756 | — | ||||||||
|
Senior Secured Promissory Notes, Net |
14,836,644 | — | ||||||||
|
Total Current Liabilities |
15,764,080 | 36,545 | ||||||||
|
LONG-TERM LIABILITIES |
||||||||||
|
Other Noncurrent Liabilities |
10,522 | — | ||||||||
|
Total Liabilities |
15,774,602 | 36,545 | ||||||||
|
STOCKHOLDERS' EQUITY |
||||||||||
|
Preferred Stock—Par Value $.001; 20,000,000 Shares Authorized; None Issued or Outstanding |
— | — | ||||||||
|
Common Stock, Par Value $.001; 100,000,000 Authorized, 45,344,431 Outstanding (12/31/2009—18,339,408 Shares Outstanding) |
45,344 | 18,339 | ||||||||
|
Additional Paid-In Capital |
39,204,507 | 7,668,237 | ||||||||
|
Accumulated Deficit |
(6,529,027 | ) | (2,260,458 | ) | ||||||
|
Accumulated Other Comprehensive Income |
— | 6,486 | ||||||||
|
Total Stockholders' Equity |
32,720,824 | 5,432,604 | ||||||||
|
Total Liabilities and Stockholders' Equity |
$ | 48,495,426 | $ | 5,469,149 | ||||||
AS OF JUNE 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010
|
|
|
June 30, |
|
December 31, |
|
||
|
|
|
2011 |
|
2010 |
|
||
|
|
|
(UNAUDITED) |
|
|
|
||
|
ASSETS |
|
|
|
|
|
||
|
CURRENT ASSETS |
|
|
|
|
|
||
|
Cash and Cash Equivalents |
|
$ |
31,596,324 |
|
$ |
11,358,520 |
|
|
Trade Receivables |
|
1,587,232 |
|
295,821 |
|
||
|
Short Term Investments |
|
— |
|
242,070 |
|
||
|
Prepaid Drilling Costs |
|
1,220,677 |
|
493,660 |
|
||
|
Prepaid Expenses |
|
127,855 |
|
85,988 |
|
||
|
Restricted Cash |
|
51,000 |
|
51,000 |
|
||
|
Other Current Assets |
|
7,557 |
|
1,465 |
|
||
|
Total Current Assets |
|
34,590,645 |
|
12,528,524 |
|
||
|
|
|
|
|
|
|
||
|
PROPERTY AND EQUIPMENT |
|
|
|
|
|
||
|
Oil and Natural Gas Properties, Full Cost Method |
|
|
|
|
|
||
|
Proved Properties |
|
23,937,970 |
|
6,700,438 |
|
||
|
Unproved Properties |
|
42,162,396 |
|
31,176,109 |
|
||
|
Other Property and Equipment |
|
170,695 |
|
18,346 |
|
||
|
Total Property and Equipment |
|
66,271,061 |
|
37,894,893 |
|
||
|
Less - Accumulated Depreciation and Depletion |
|
(2,905,231 |
) |
(1,927,991 |
) |
||
|
Total Property and Equipment, Net |
|
63,365,830 |
|
35,966,902 |
|
||
|
|
|
|
|
|
|
||
|
Total Assets |
|
$ |
97,956,475 |
|
$ |
48,495,426 |
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
CURRENT LIABILITIES |
|
|
|
|
|
||
|
Accounts Payable |
|
$ |
4,252,290 |
|
$ |
537,757 |
|
|
Accrued Expenses |
|
153,931 |
|
188,923 |
|
||
|
Operating Lease Reserve |
|
10,250 |
|
200,756 |
|
||
|
Senior Secured Promissory Notes, Net |
|
14,948,219 |
|
14,836,644 |
|
||
|
Total Current Liabilities |
|
19,364,690 |
|
15,764,080 |
|
||
|
|
|
|
|
|
|
||
|
LONG-TERM LIABILITIES |
|
|
|
|
|
||
|
Other Noncurrent Liabilities |
|
62,596 |
|
10,522 |
|
||
|
|
|
|
|
|
|
||
|
Total Liabilities |
|
19,427,286 |
|
15,774,602 |
|
||
|
|
|
|
|
|
|
||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
|
Preferred Stock - Par Value $.001; 20,000,000 Shares Authorized; |
|
|
|
|
|
||
|
None Issued or Outstanding |
|
— |
|
— |
|
||
|
Common Stock, Par Value $.001; 200,000,000 Authorized, 57,848,431 |
|
|
|
|
|
||
|
Outstanding (12/31/2010 — 45,344,431 Shares Outstanding) |
|
57,848 |
|
45,344 |
|
||
|
Additional Paid-In Capital |
|
86,355,199 |
|
39,204,507 |
|
||
|
Accumulated Deficit |
|
(7,883,858 |
) |
(6,529,027 |
) |
||
|
Total Stockholders’ Equity |
|
78,529,189 |
|
32,720,824 |
|
||
|
|
|
|
|
|
|
||
|
Total Liabilities and Stockholders’ Equity |
|
$ |
97,956,475 |
|
$ |
48,495,426 |
|