ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

6 Months Ended

Jun. 30, 2013

ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES:

Accounts payable and accrued expenses contain the following:

	As of June 30, 2013		As of December 31, 2012
Drilling and completion costs	$	59,099,588	$	51,698,682
Accounts payable trade	286,111		10,049,131
Accrued general and administrative cost	4,842,617		5,079,462
Lease operating expense	3,828,200		2,824,300
Accrued reclamation cost	400,000		400,000
Accrued interest	4,625,525		219,494
Accrued oil and gas hedging	668,368		238,365
Production taxes and other	2,619,607		2,340,838
	$	76,370,016	$	72,850,272