NOTE 11 — SUPPLEMENTAL DISCLOSURES

Accrued Liabilities

The following table summarizes the Company's current accrued liabilities at March 31, 2012 and December 31, 2011.


	March 31, 2012		December 31, 2011
Accrued evaluated and unproved and unevaluated property costs	$	34,974,906	$	18,184,818
Accrued support equipment and facilities costs		1,315,000		215,517
Accrued cost to issue equity		265,014		331,818
Accrued stock-based compensation		1,450,213		2,859,527
Accrued lease operating expenses		3,156,761		575,318
Accrued interest on borrowings under Credit Agreement		84,712		—
Accrued asset retirement obligations		338,917		334,500
Other		1,855,396		2,937,395

Total accrued liabilities	$	43,440,919	$	25,438,893

Supplemental Cash Flow Information

The following table provides supplemental disclosures of cash flow information for the three months ended March 31, 2012 and 2011.


	Three Months Ended March 31,
	2012			2011
Cash paid for interest expense, net of amounts capitalized	$	479,521		$	98,266
Asset retirement obligations related to mineral properties		124,799			58,265
Asset retirement obligations related to support equipment and facilities		28,154			16,818
Increase in liabilities for oil and natural gas properties capital expenditures		13,681,100			4,829,298
Increase (decrease) in liabilities for support equipment and facilities		1,099,483			(40,145	)
(Decrease) increase in liabilities for accrued cost to issue equity		(66,806	)		235,535
Stock-based compensation expense recognized as liability		(454,687	)		(16,250	)
Transfer of inventory from oil and natural gas properties		—			(156,706	)
Receivable for inventory from other joint interest owners		—			(156,706	)