Quarterly report pursuant to Section 13 or 15(d)

12. Revolving Credit Facilities and Long Term Debt (Tables)

v3.5.0.2
12. Revolving Credit Facilities and Long Term Debt (Tables)
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Revolving credit facility
    December 31,  
    2015  
Senior Revolving Credit Facility, Cadence Bank, N.A.   $ 27,750,000  
Subordinated Credit Agreement, Chambers     30,000,000  
PIK Interest on Subordinated Credit Agreement, Chambers     2,600,629  
         
Total credit facilities and long term debts     60,350,629  
Less: Unamortized OID      
Less: Unamortized debt discount attributable to warrants      
Total credit facilities and long term debts, net of discounts     60,350,629  
Less: current maturities (1)     (60,350,629 )
         
Long term portion of credit facilities and long term debts   $  
Components of interest expense
    Nine Months Ended  
    September 30,  
    2016     2015  
Accrued PIK interest   $ 330,740     $ 962,551  
Amortization of OID           127,378  
Interest and commitment fees     1,373,023       3,287,131  
Amortization of debt issuance costs           287,227  
Amortization of warrant costs           484,012  
Less interest capitalized to the full cost pool of our proved oil & gas properties     (7,219 )     (352,572 )
    $ 1,696,544     $ 4,795,727