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

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Revolving credit facility

		September 30,				December 31,
		2015				2014
Senior Revolving Credit Facility, Cadence Bank, N.A.		$	26,650,000			$	22,600,000
Subordinated Credit Agreement, Chambers			30,000,000				30,000,000
PIK Interest on Subordinated Credit Agreement, Chambers			2,269,636				1,307,086
Total credit facilities and long term debts			58,919,636				53,907,086
Less: Unamortized OID			(299,356	)			(426,734	)
Less: Unamortized debt discount attributable to warrants			(1,161,737	)			(1,645,749	)
Total credit facilities and long term debts, net of discounts			57,458,543				51,834,603
Less: current maturities			–				–
Long term portion of credit facilities and long term debts		$	57,458,543			$	51,834,603

Components of interest expense

		Nine Months Ended
		September 30,
		2015				2014
Accrued PIK interest		$	962,551			$	787,344
Amortization of OID			127,378				102,566
Interest and commitment fees			3,287,131				2,444,676
Amortization of debt issuance costs			287,227				229,936
Amortization of warrant costs			484,012				468,670
Less interest capitalized to the full cost pool of our proved oil & gas properties			(352,572	)			(216,895	)
		$	4,795,727			$	3,816,297

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Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.

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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SX 210.5-02.19(b),22(b))



-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 235



-SubTopic 10



-Section S99



-Paragraph 1



-Subparagraph (SX 210.4-08.(e),(f))



-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

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