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  
           

CONDENSED BALANCE SHEETS

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