SIGNIFICANT ACCOUNTING POLICIES (Tables)
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6 Months Ended |
Jun. 30, 2018 |
Accounting Policies [Abstract] |
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Capitalized costs related to the exploration and development of crude oil and natural gas properties |
Capitalized costs are summarized as follows for the three and six months ended June 30, 2018 and 2017, respectively.
| | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2018 | | 2017 | | 2018 | | 2017 | Capitalized Certain Payroll and Other Internal Costs | $ | 182,081 |
| | $ | 240,771 |
| | $ | 352,931 |
| | $ | 445,644 |
| Capitalized Interest Costs | 38,170 |
| | 33,000 |
| | 73,235 |
| | 71,768 |
| Total | $ | 220,251 |
| | $ | 273,771 |
| | $ | 426,166 |
| | $ | 517,412 |
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Reconciliation of denominators used to calculate basic and diluted EPS |
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and six months ended June 30, 2018 and 2017 are as follows: | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2018 | | 2017 | | 2018 | | 2017 | Weighted Average Common Shares Outstanding – Basic | 196,140,610 |
| | 61,643,862 |
| | 131,039,552 |
| | 61,545,555 |
| Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock | — |
| | 242,090 |
| | — |
| | 383,244 |
| Weighted Average Common Shares Outstanding – Diluted | 196,140,610 |
| | 61,885,952 |
| | 131,039,552 |
| | 61,928,799 |
| | | | | | | | | Restricted Stock and Stock Options Excluded From EPS Due To The Anti-Dilutive Effect | 367,329 |
| | 575,229 |
| | 301,721 |
| | 350,870 |
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Supplemental cash flow activity |
The following reflects the Company’s supplemental cash flow information: | | | | | | | | | | Six Months Ended June 30, | | 2018 | | 2017 | Supplemental Cash Items: | | | | Cash Paid During the Period for Interest | $ | 35,063,530 |
| | $ | 30,634,506 |
| Cash Paid During the Period for Income Taxes | — |
| | — |
| | | | | Non-cash Investing Activities: | | | | Oil and Natural Gas Properties Included in Accounts Payable | 80,096,568 |
| | 65,167,643 |
| Capitalized Asset Retirement Obligations | 593,381 |
| | 862,911 |
| Compensation Capitalized on Oil and Gas Properties | 107,372 |
| | 143,030 |
| Issuance of Common Stock - Acquisitions of Oil and Natural Gas Properties | 15,240,000 |
| | — |
| | | | | Non-cash Financing Activities: | | | | Exchange transactions - non-cash securities issued: | | | | Issuance of 8.50% Second Lien Notes due 2023 | 344,279,000 |
| | — |
| Issuance of Common Stock - fair value at issuance date | 279,314,160 |
| | — |
| | | | | Exchange Transactions - non-cash securities exchanged: | | | | 8.00% Unsecured Senior Notes due 2020 - carrying value | (543,683,185 | ) | | — |
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