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SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
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

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

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
)