Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

	)
In re:	)	Chapter 11
	)
EMERALD OIL, INC., et al.,¹	)	Case No. 16-10704
	)
Debtors.	)	(Jointly Administered)
	)

*EMERALD OIL, INC., ET AL.,* MONTHLY OPERATING REPORT FOR THE PERIOD ENDING MARCH 31, 2016**


DEBTOR’S ADDRESS:	200 Columbine Street, Suite 500
	Denver, CO 80206

DEBTORS’ ATTORNEYS:	Laura Davis Jones
	Colin R. Robinson
	Joseph M. Mulvihill
	Pachulski Stang Ziehl & Jones LLP
	919 North Market Street, 17th Floor
	P.O. Box 8705
	Wilmington, DE 19899-8705 (Courier 19801)
	Tel: (302) 652-4100
	Fax: (302) 652-4400

	̵ and ̵

	James H.M. Sprayregen, P.C.
	Ryan Blaine Bennett (admitted pro hac vice)
	Travis M. Bayer (admitted pro hac vice)
	Kirkland & Ellis LLP Kirkland & Ellis International LLP
	300 North LaSalle
	Chicago, IL 60654
	Tel: (312) 862-2000
	Fax: (312) 862-2200

¹ The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, include: Emerald Oil, Inc. (9000); Emerald DB, LLC (2933); Emerald NWB, LLC (7528); Emerald WB LLC (8929); and EOX Marketing, LLC (4887). The location of the Debtors’ service address is: 200 Columbine Street, Suite 500, Denver, Colorado 80206.

REPORT PREPARER:

Emerald Oil, Inc., et al.

GENERAL NOTES:

The Monthly Operating Report includes activity for the following Debtors:

Debtor		Case Number
Emerald Oil, Inc.		16-10704
Emerald DB, LLC		16-10705
Emerald NWB, LLC		16-10706
Emerald WB LLC		16-10707
EOX Marketing, LLC		16-10708

This Monthly Operating Report (“MOR”) has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these chapter 11 cases and is in a format acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States. In addition, the financial statements and supplemental information contained herein represent condensed combined information.

The unaudited consolidated financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and upon application of such procedures the financial information could be subject to material change.

The financial information contained herein is presented on a preliminary and unaudited basis and remains subject to future adjustment.

The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.

[Remainder of Page Intentionally Left Blank]

The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies, under penalty of perjury, that the information contained herein is complete, accurate and truthful to the best of my knowledge.

DATE: May 30, 2016	/s/ Ryan Smith
	Ryan Smith
	Chief Financial Officer

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
	Reporting Period: March 2016

MONTHLY OPERATING REPORT

File with Court and submit copy to United States Trustee within 20 days after end of month

Submit copy of report to any official committee appointed in the case.

		Document	Explanation	Affidavit/Supplement
REQUIRED DOCUMENTS	Form No.	Attached	Attached	Attached
Schedule of Cash Receipts and Disbursements	MOR-1	X
Bank Reconciliation (or copies of debtor's bank reconciliations)	MOR-1a	X
Schedule of Disbursements by Debtor Entity	MOR-1b	X
Schedule of Professional Fees and Expenses Paid	MOR-1c	X
Copies of bank statements	MOR-1d	X
Cash disbursements journals	MOR-1e	X
Statement of Operations	MOR-2	X
Balance Sheet as of Petition Date	MOR-3a	X
Balance Sheet as of Month End	MOR-3b	X
Status of Postpetition Taxes	MOR-4a	X
Copies of IRS Form 6123 or payment receipt			X
Copies of tax returns filed during reporting period			X
Summary of Unpaid Postpetition Debts	MOR-4b	X
Listing of aged accounts payable	MOR-4b	X
Accounts Receivable Reconciliation and Aging	MOR-5	X
Debtor Questionnaire	MOR-5	X

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.


Signature of Debtor		Date


Signature of Joint Debtor		Date


/s/ Ryan Smith		5/30/2016
Signature of Authorized Individual*		Date

Ryan Smith		Chief Financial Officer
Printed Name of Authorized Individual		Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

MOR
(04/07)

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 1

Schedule of Cash Receipts and Disbursements (1)

For the Period March 22, 2016 through March 31, 2016

(Unaudited)

	Total Debtors

Beginning Cash	$	3,535,835

Receipts:
Gross Receipts (2)		3,177,640
Total Receipts		3,177,640

Disbursements (3):

Operating Expenses		178,486
Royalties		1,004,056
Payroll and Payroll Taxes		193,442
Severance & Other Taxes		-
Professional Fees		484,866
Interest		497,701
Total Disbursements		2,358,550

Net Cash Flow		819,090

Ending Cash Balance	$	4,354,925

Notes:

(1) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc. Due to the consolidated cash management reporting system, certain cash payments may be paid out of a legal entity that is different than the legal entity where the expenses were incurred. Total disbursements by entity are provided in Schedule 1b.

(2) Gross Receipts include receipts of revenue from the production of oil, natural gas, and NGLs, including revenue receipts on properties in which we have joint ownership. The operating receipts are presented on a gross basis, which includes third party revenue that is subsequently disbursed by the Company to the working interest owners for their portion of the revenue.

(3) Disbursements are presented on a gross basis and include outstanding post-petition checks from operating accounts as of the reporting date.

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR-1a

Debtors Statement with respect to Bank Account Reconciliations, Bank Statements and Cash Disbursements Journal

For the Period March 22, 2016 through March 31, 2016

(Unaudited)

Bank Account Reconciliations and Cash Disbursements

The Debtors affirm that bank reconciliations are prepared for all open and active bank accounts on a monthly basis. The Debtors affirm that within its financial accounting systems, check registers and/or disbursement journals are maintained for each disbursement account.

Bank Statements

The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors. The Debtors affirm that no bank accounts were closed during the current reporting period.

	16-10704		16-10708		16-10704		16-10704		16-10704
Debtor	Emerald Oil, Inc.		EOX Marketing, LLC		Emerald Oil, Inc.		Emerald Oil, Inc.		Emerald Oil, Inc.
Type	Operating		Operating		Utility		Employee Medical Claims		Professional Fees (1)
Account Number (last 4 digits only)	#	0166	#	0112	#	4612	#	6810	#	7214

Balance Per Books	$	1,198,608	$	3,100,307	$	56,009	$	-	$	-

Bank Balance	$	2,312,924	$	3,100,307	$	56,009	$	-	$	-
(+) Deposits in transit (attach list)		-		-		-		-		-
(-) Outstanding checks (attach list)		1,114,316		-		-		-		-
Other (attach explanation)		-		-		-		-		-
Adjusted Bank Balance*	$	1,198,608	$	3,100,307	$	56,009	$	-	$	-

* Adjusted bank balance must equal balance per books

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		900353		19.37
		1456		38.62
		211067		246.13
		211398		2,113.11
		211569		851.72
		211608		104.98
		211809		104.71
		112474		35.00
		211896		219.15
		211918		130.69
		211971		171.94
		212124		3,140.58
		212180		148.98
		212233		12,292.37
		212306		110.14
		212336		141.72
		212427		71,602.77
		212495		209.93
		212535		120.83
		212584		312.90
		212594		491.66
		212663		2,426.81
		212756		9,999.46
		212792		309.78
		112733		30.00
		212909		2,662.01
		212933		186.37
		212940		3,465.69
		212945		125.85
		212955		768.89
		212964		276.42
		212985		167.89
		212992		235.60
		212998		164.19
		213002		205.93
		213006		105.85
		213026		6,197.54
		213031		128.62
		213039		570.55
		213047		111.16
		213057		6,151.12
		213071		6,238.61
		213084		348.14
		213088		516.20
		213092		362.96
		213093		3,097.29
		213106		791.90
		213107		123.06
		213123		241.97
		213126		3,067.93
		213139		104.85
		213140		165.90
		213153		1,723.08
		213164		471.44
		213168		671.57
		213191		177.95
		213195		147.34
		213206		194.56

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213224		109.63
		213230		224.52
		213251		5,367.24
		213261		937.39
		213267		910.38
		213287		736.47
		213307		177.24
		213321		172.04
		213330		110.34
		213344		113.82
		213345		113.82
		213349		165.99
		213353		664.82
		112809		232.21
		112813		74.00
		5060		198.46
		213359		140.56
		213360		21,865.66
		213361		1,102.24
		213362		259.74
		213363		6,576.37
		213365		433.25
		213366		283.72
		213367		357.64
		213368		2,625.89
		213369		6,222.09
		213370		291.76
		213371		126.37
		213372		351.30
		213373		254,433.98
		213374		233.04
		213375		447.62
		213376		336.11
		213377		3,054.58
		213378		1,034.22
		213379		112.77
		213380		110.04
		213381		9,699.71
		213382		3,902.59
		213383		301.60
		213384		888.71
		213385		6,221.64
		213386		1,938.81
		213387		609.53
		213388		9,632.57
		213389		4,868.35
		213390		222.82
		213391		747.31
		213392		747.31
		213393		1,445.74
		213394		472.28
		213395		120.16
		213396		240.48
		213397		544.41
		213398		45,285.20
		213399		4,219.33
		213400		5,063.18
		213401		7,986.97
		213402		3,180.07
		213403		6,385.12

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213404		94,333.82
		213405		13,478.75
		213406		1,346.60
		213407		557.68
		213408		542.10
		213409		1,721.21
		213410		130.64
		213411		142.53
		213412		101.22
		213413		101.24
		213414		102.53
		213415		110.53
		213416		10,452.10
		213418		942.00
		213419		131.39
		213420		7,178.52
		213421		2,081.61
		213422		5,052.56
		213423		4,846.48
		213424		6,014.77
		213425		1,385.14
		213426		111.63
		213427		1,976.81
		213428		1,099.28
		213429		154.43
		213430		497.44
		213431		9,886.12
		213432		320.21
		213433		2,781.79
		213434		114.69
		213435		206.43
		213436		3,860.71
		213437		181.26
		213438		522.31
		213439		183.19
		213440		1,842.12
		213441		1,068.10
		213442		171.20
		213443		402.40
		213444		5,759.34
		213445		1,063.67
		213446		1,686.45
		213447		1,304.67
		213448		183.19
		213449		744.29
		213450		126.86
		213451		176.98
		213452		391.98
		213453		175.30
		213454		265.47
		213455		1,014.97
		213456		391.98
		213457		6,478.92
		213458		163.43
		213459		6,721.76
		213460		4,526.25
		213461		1,094.06
		213462		126.86
		213463		320.21
		213464		101.13

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213465		232.36
		213466		143.61
		213467		171.20
		213468		2,749.54
		213469		128.93
		213470		232.36
		213471		122.50
		213472		215.53
		213473		3,910.23
		213474		115.91
		213475		102.75
		213476		106.09
		213477		130.80
		213478		700.09
		213479		204.51
		213480		143.06
		213481		105.22
		213482		1,162.84
		213483		147.84
		213484		103.52
		213485		320.21
		213486		260.31
		213487		348.36
		213488		1,456.28
		213489		1,442.04
		213490		2,626.26
		213491		227.58
		213492		110.04
		213493		110.03
		213494		349.62
		213495		5,226.08
		213496		1,344.38
		213497		1,344.38
		213498		443.37
		213499		320.26
		213500		560.78
		213501		394.44
		213502		560.78
		213503		394.44
		213504		958.20
		213505		40,746.64
		213506		2,011.83
		213507		1,262.74
		213508		2,446.55
		213509		2,510.33
		213510		2,345.96
		213511		1,385.14
		213512		996.36
		213513		984.83
		213514		7,366.24
		213515		3,279.98
		213516		3,279.98
		213517		3,279.98
		213518		375.83
		213519		2,353.75
		213520		1,061.20
		213521		864.04
		213522		864.04
		213523		583.02
		213524		555.43

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213525		555.43
		213526		561.97
		213527		555.43
		213528		561.97
		213529		555.43
		213530		3,629.97
		213531		1,210.02
		213532		1,210.02
		213533		1,255.33
		213534		1,717.18
		213535		1,035.51
		213536		717.67
		213537		964.94
		213538		394.82
		213539		233.42
		213540		143.42
		213541		277.61
		213542		267.56
		213543		333.12
		213544		277.62
		213545		333.12
		213546		394.82
		213547		466.87
		213548		185.06
		213549		156.46
		213550		277.61
		213551		2,368.91
		213552		185.06
		213553		394.82
		213554		115.34
		213555		185.06
		213556		110.55
		213557		185.06
		213558		605.67
		213559		394.82
		213560		233.42
		213561		1,184.46
		213562		394.82
		213563		110.71
		213564		605.67
		213565		394.82
		213566		151.41
		213567		185.06
		213568		277.60
		213569		3,519.70
		213570		156.46
		213571		185.06
		213572		3,519.70
		213573		625.87
		213574		394.82
		213575		185.06
		213576		600.62
		213577		145.76
		213578		185.06
		213579		107.66
		213580		394.82
		213581		2,346.50
		213582		191.24
		213583		2,961.13
		213584		191.24

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213585		185.06
		213586		277.61
		213587		185.06
		213588		394.82
		213589		151.41
		213590		185.06
		213591		2,346.49
		213592		114.92
		213593		356.20
		213594		378.83
		213595		142.04
		213596		783.68
		213597		757.62
		213598		142.04
		213599		245.66
		213600		142.04
		213601		712.38
		213602		518.51
		213603		6,965.14
		213604		1,035.51
		213605		8,157.92
		213606		356.20
		213607		378.83
		213608		712.38
		213609		712.38
		213610		245.66
		213611		142.04
		213612		189.36
		213613		378.82
		213614		237.48
		213615		378.83
		213616		349.71
		213617		1,232.25
		213618		313.83
		213619		507.62
		213620		1,024.88
		213621		115.88
		213622		428.50
		213623		115.88
		213624		321.39
		213625		428.50
		213626		1,285.59
		213627		1,285.59
		213628		321.39
		213629		321.39
		213630		1,285.59
		213631		1,083.04
		213632		321.39
		213634		147.67
		213635		8,370.78
		213636		118.42
		213637		103.11
		213638		712.38
		213639		757.62
		213640		1,927.53
		213641		112.34
		213642		213.11
		213643		217.19
		213644		1,597.97
		213645		1,597.97

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213646		1,065.27
		213647		1,065.27
		213648		1,065.27
		213649		3,195.82
		213650		108.97
		213651		2,106.64
		213652		642.24
		213653		1,795.41
		213654		1,795.41
		213655		1,299.71
		213656		291.76
		213657		188.22
		213658		1,299.71
		213659		222.55
		213660		215.37
		213661		222.56
		213662		136.19
		213663		581.55
		213664		555.23
		213665		12,956.70
		213666		178.03
		213667		178.04
		213668		178.03
		213669		178.03
		213670		1,240.22
		213671		104.46
		213672		1,265.46
		213673		302.83
		213674		302.84
		213675		1,675.73
		213676		1,618.39
		213677		4,266.47
		213678		146.93
		213679		12,438.38
		213680		4,787.35
		213681		4,787.35
		213682		3,180.27
		213683		2,203.99
		213684		133.39
		213685		828.18
		213686		326.46
		213687		4,040.05
		213688		133.13
		213689		160.67
		213690		1,444.93
		213691		160.66
		213692		182.15
		213693		200.18
		213694		6,721.76
		213695		114.19
		213696		1,502.11
		213697		276.24
		213698		150.66
		213699		104.01
		213700		283.72
		213701		189.26
		213702		2,679.85
		213703		1,094.06
		213704		483.37
		213705		1,762.05

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		213706		137.63
		213707		2,346.50
		213708		256.77
		213709		245.43
		213710		157.13
		213711		157.13
		213712		157.13
		213713		358.07
		213714		245.43
		213715		238.73
		213716		238.73
		213717		179.81
		213718		705.27
		213719		253.74
		213720		253.74
		213721		3,514.76
		213722		704.53
		213723		704.53
		213724		704.53
		213725		704.53
		213726		7,701.96
		213727		1,118.18
		213728		204.30
		213729		146.93
		213730		115.99
		213731		115.99
		213732		115.99
		213733		115.99
		213734		115.99
		213735		1,068.10
		213736		185.50
		213737		100.73
		213738		356.20
		213739		356.20
		213740		291.76
		213741		520.03
		213742		267.90
		213743		102.55
		213744		102.55
		213745		102.55
		213746		102.55
		213747		1,938.81
		213748		1,675.73
		213749		3,743.78
		213750		443.46
		213751		142.59
		213752		142.56
		213753		142.45
		213754		177.28
		213755		1,262.07
		213756		581.52
		213757		581.58
		5063		300.00
		5064		198.46
				1,114,315.81

Notes:

(1) The Professional Fees account was created on April 13, 2016 specifically for the purpose of payment management of professional fees related to the bankruptcy process. There is no activity for the reporting period.

FORM MOR-1a
(04/07)

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 22 – 31, 2016

May 30, 2016

Office of the United States Trustee

Subject: Declaration Regarding Bank Account Reconciliations – MOR1a (March)

The debtors, Emerald Oil, Inc. et al., submit this a declaration regarding bank account reconciliations in lieu of providing copies of bank statements and copies of all account reconciliations.

The debtors have, on a timely basis, performed all bank account reconciliation in the ordinary course of its business. Copies of bank account statements and reconciliations are available for inspection upon request by the United States Trustee’s Office.

Pursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

	/s/ Ryan Smith
	Name: Ryan Smith
	Position: Chief Financial Officer

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 1b

Schedule of Disbursements by Debtor Entity

For the Period March 22, 2016 through March 31, 2016

Unaudited

				Allocation
	Total Disbursements			Emerald Oil, Inc.		Emerald DB, LLC		Emerald NWB, LLC		Emerald WB, LLC		EOX Marketing, LLC		On Behalf of 3^rd Parties
				16-10704		16-10705		16-10706		16-10707		16-10708

Trade	$	33,595	(1)(5)	$	17,112	$	-	$	330	$	16,152	$	-	$	-
Royalties and other WI		1,004,056			-		-		-		-		-		1,004,056
Payroll and Payroll Taxes		193,442	(2)		193,442		-		-		-		-		-
Benefits		-	(2)		-		-		-		-		-		-
Rent & Utilities		52,963	(3)		52,963		-		-		-		-		-
Other		91,928	(4)		-		-		34,981		56,947		-		-
Professional Fees		484,866	(5)		484,866		-		-		-		-		-
Interest		497,701	(6)		497,701		-		-		-		-		-
Bank Fees		-	(6)		-		-		-		-		-		-

Total:	$	2,358,550		$	1,246,084	$	-	$	35,312	$	73,099	$	-	$	1,004,056

Notes:

(1) Allocated to the Debtors based on the estimate ownership of the underlying working interest in the properties.

(2) All individuals employed under Emerald Oil, Inc.

(3) Corporate office lease engaged under Emerald Oil, Inc.

(4) "Other' represents Insurance, which includes Control of Well/Operator's Extra Expense, allocated based on percentage of active wells.

(5) Debtor Professionals employed under Emerald Oil, Inc. An earlier version of March Disbursement Allocations provided to the U.S. Trustee inadvertently included a non-professional in this category. The disbursement to this vendor was reclassified as a Trade disbursement made by Emerald Oil, Inc. This reclassification did not change total disbursements by Debtor.

(6) Revolving Credit Agreement and related fees/interest were entered into under Emerald Oil, Inc.

MOR
(04/07)

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 1c

Schedule of Professional Fees and Expenses Paid (1)

For the Period March 22, 2016 through March 31, 2016

(Unaudited)

		Amount			Check		Amount Paid
Payee	Period Covered	Approved		Payor	Number	Date	Fees		Expenses
Debtor Professionals
Kirkland & Ellis LLP			-					-		-
Donlin Recano & Company (Notice)			-					-		-
Donlin Recano & Company (Admin)			-					-		-
Intrepid Financial Partners, LLC			-					-		-
Opportune LLP			-					-		-
Pachulski Stang Ziehl &Jones LLP			-					-		-
BDO LLP			-					-		-

Debtor Ordinary Course Professionals			-					-		-
EKS&H LLP			-					-		-
Fredrickson & Byron, P.A.			-					-		-
Vogel Law Firm			-					-		-
Husch Blackwell LLP			-					-		-
Taylor Anderson LLP			-					-		-
Mayer Brown LLP			-					-		-

Lender Professionals
Luskin, Stern & Eisler LLP	2/1/16 to 3/24/116		29,712	Emerald Oil, Inc.	Wire	3/31/2016		29,663		49
Vinson & Elkins LLP	3/1/16 to 3/21/16		453,384	Emerald Oil, Inc.	Wire	3/31/2016		451,647		1,737
Womble Carlyle Sandridge & Rice, LLP	3/21/2016		1,770	Emerald Oil, Inc.	Wire	3/31/2016		1,770		-
FTI Consulting, Inc.			-					-		-

UCC Professionals
Akin Gump Strauss Hauer & Feld LLP			-					-		-
Whiteford, Taylor & Preston LLC			-					-		-
Houlihan Lokey, Inc.			-					-		-

	Total		484,866					483,080		1,786

Notes:

(1) Professional payments listed herein include payments made by the Debtors to retained professionals.

FORM MOR-1b
(04/07)

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR – 2

Debtor Statement of Operations (1) (2)

For the Period March 22, 2016 through March 31, 2016

(Unaudited)

	Case #	16-10704			16-10707			16-10706		16-10705		16-10708
	Debtors (3):	Emerald Oil, Inc.			Emerald WB, LLC			Emerald NWB, LLC		Emerald DB, LLC		EOX Marketing, LLC		Eliminations (6)			Total Debtors
					(5)			(5)

REVENUES, NET OF TRANSPORTATION EXPENSES
Oil Sales		$	-		$	1,171,908		$	-	$	-	$	1,276,900	$	(1,276,900	)	$	1,171,908
Natural Gas Sales			-			(34,388	)		-		-		-		-			(34,388	)
			-			1,137,520			-		-		1,276,900		(1,276,900	)		1,137,520
OPERATING EXPENSES
Cost of Sales			-			-			-		-		1,243,581		(1,243,581	)		-
Production Expenses			-			244,655			-		-		-					244,655
Production Taxes			-			75,013			-		-		-		-			75,013
General and Administrative Expenses			626,535			-			-		-		-		-			626,535
Depletion of Oil and Natural Gas Properties			-			64,546			-		-		-		-			64,546
Impairment of Oil and Natural Gas Properties (4)			-			75,188,000			-		-		-		-			75,188,000
Depreciation and Amortization			20,674			-			-		-		-		-			20,674
Accretion of Discount on Asset Retirement Obligations			-			6,967			-		-		-		-			6,967
Total Expenses			647,209			75,579,181			-		-		1,243,581		(1,243,581	)		76,226,390

INCOME (LOSS) FROM OPERATIONS			(647,209	)		(74,441,661	)						33,319		(33,319	)		(75,088,870	)

OTHER INCOME (EXPENSE)
Interest Expense			(618,786	)		-			-		-		-		-			(618,786	)
Warrant Revaluation Income (Expense)			90,000			-			-		-		-		-			90,000
Reorganization Items			(817,888	)		-			-		-		-		-			(817,888	)
Total Other Expense, Net			(1,346,674	)		-			-		-		-		-			(1,346,674	)

INCOME BEFORE INCOME TAXES			(1,993,883	)		(74,441,661	)		-		-		33,319		(33,319	)		(76,435,544	)

INCOME TAX BENEFIT			-			-			-		-		-		-			-

NET LOSS		$	(1,993,883	)	$	(74,441,661	)	$	-	$	-	$	33,319	$	(33,319	)	$	(76,435,544	)

Notes:

(1) The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee, and is unaudited and subject to future adjustment. Certain totals may not sum due to rounding.

(2) The Statement of Operations is prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

(3) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

(4) The Debtors follow the full cost method of accounting for oil and natural gas operations whereby all costs related to the exploration and development of oil and natural gas properties are initially capitalized into a single cost center. Capitalized costs (net of related deferred income taxes) are limited to a ceiling based on the present value of future net revenues using the 12-month unweighted average of first-day-of-the-month price (the “12-month average price”), discounted at 10%, plus the lower of cost or fair market value of unproved properties. If the ceiling is not greater than or equal to the total capitalized costs, then the Debtors are required to write down capitalized costs to the ceiling. The Debtors perform this ceiling test calculation each quarter. Any required write downs are included in the condensed consolidated statements of operations as an impairment charge.

The Debtors recognized $75,188,000 of impairment expense in the first quarter of 2016. The impairment expense is primarily due to the sustained reduction in the price of crude oil beginning in the fourth quarter of 2014 and its impact on the value of the Debtors' undeveloped, non-producing oil and natural gas properties.

(5) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all oil and gas activities within Emerald WB, LLC (16-10707).

(6) The crude oil purchases by EOX Marketing, LLC, from Emerald Oil, Inc., are eliminated for consolidation purposes.

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 3a

Debtor Balance Sheets (1)

As of the Petition Date (2)

(Unaudited)

	Case #	16-10704			16-10707			16-10706		16-10705		16-10708
	Debtors (3):	Emerald Oil, Inc.			Emerald WB, LLC (4)			Emerald NWB, LLC (4)		Emerald DB, LLC		EOX Marketing, LLC			Eliminations (8)			Total Debtors

ASSETS
CURRENT ASSETS
Cash and Cash Equivalents		$	435,528		$	-		$	-	$	-	$	3,100,307		$	-		$	3,535,835
Accounts Receivable — Oil and Natural Gas Sales			1,957,354			-			-		-		-			-			1,957,354
Accounts Receivable — Joint Interest Partners			5,852,643			-			-		-		-			-			5,852,643
Other Receivables			700,705			-			-		-		31,871			-			732,576
Intercompany Receivable			3,018,861			-			-		-		-			(3,018,861	)		-
Prepaid Expenses and Other Current Assets			1,734,745			-			-		-		-			-			1,734,745
Total Current Assets			13,699,836			-			-		-		3,132,178			(3,018,861	)		13,813,153

PROPERTY AND EQUIPMENT
Oil and Natural Gas Properties, Full Cost Method
Proved Oil and Natural Gas Properties			-			733,069,244			-		-		-			-			733,069,244
Unproved Oil and Natural Gas Properties			-			79,272,070			-		-		-			-			79,272,070
Equipment and Facilities			987,311			14,552,936			-		-		-			-			15,540,247
Other Property and Equipment			3,483,025			-			-		-		-			-			3,483,025
Total Property and Equipment			4,470,336			826,894,250			-		-		-						831,364,586
Less - Accumulated Depreciation, Depletion and Amortization			(1,406,996	)		(588,210,892	)		-		-		-			-			(589,617,888	)
Total Property and Equipment, Net			3,063,340			238,683,358			-		-		-						241,746,698
Debt Issuance Costs, Net of Amortization			2,697,568			-			-		-		-			-			2,697,568
Deferred Tax Asset, net			1,813,561			-			-		-		-			-			1,813,561
Other Non-Current Assets			290,084			-			-		-		-			-			290,084
Total Assets		$	21,564,389		$	238,683,358		$	-	$	-	$	3,132,178		$	(3,018,861	)	$	260,361,064

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES SUBJECT TO COMPROMISE (Pre-petition)
Intercompany Payables		$	-		$	-		$	-	$	-	$	3,018,861		$	(3,018,861	)	$	-
Account Payable			42,542,980			-			-		-		29,673			-			42,572,653
Accrued Expenses			5,473,146			-			-		-		264,138			-			5,737,284
Priority Debt (5)			-			-			-		-		-			-			-
Revolving Credit Facility			111,678,151			-			-		-		-			-			111,678,151
Convertible Senior Notes			148,500,000			-			-		-		-			-			148,500,000
Advances from Joint Interest Partners			726,710			-			-		-		-			-			726,710
Asset Retirement Obligations			4,582,522			-			-		-		-			-			4,582,522
Warrant Liability			94,000			-			-		-		-			-			94,000
Deferred Tax Liability, net			1,813,561			-			-		-		-			-			1,813,561
Other Liabilities			-			-			-		-		-			-			-
Total Liabilities Subject to Compromise			315,411,070			-			-		-		3,312,672			(3,018,861	)		315,704,881

Commitments and Contingencies

Series B Voting Preferred Stock (6)			256			-			-		-		-			-			256

STOCKHOLDERS' EQUITY
Common Stock (7)			9,583			-			-		-		-			-			9,583
Additional Paid-In Capital			273,945,998			238,683,358			-		-		-			-			512,629,356
Accumulated Deficit			(567,802,519	)		-			-		-		(180,493	)		-			(567,983,012	)
Total Stockholders' Equity			(293,846,938	)		238,683,358			-		-		(180,493	)		-			(55,344,073	)
Total Liabilities and Stockholders' Equity		$	21,564,389		$	238,683,358		$	-	$	-	$	3,132,178		$	(3,018,861	)	$	260,361,064

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 3a

Debtor Balance Sheets (1)

As of the Petition Date (2)

(Unaudited)

Notes:

(2) The petition date was March 22, 2016.

(3) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

(4) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all of their oil and gas activities within Emerald WB, LLC (16-10707).

(5) While the amount of priority debt as of the petition date is zero, this does not reflect potential liabilities. The amount of these potential liabilities are unknown at this time.

(6) 255,732 issued and outstanding with a liquidation preference value of $256 as of the petition date.

(7) Par Value $.001, 500,000,000 shares authorized, 9,582,970 shares issued and outstanding.

(8) Intercompany balances between EOX Marketing, LLC and Emerald Oil, Inc., are eliminated for consolidation purposes.

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 3b

Debtor Balance Sheets (1)

As of March 31, 2016

(Unaudited)

	Case #	16-10704			16-10707			16-10706		16-10705		16-10708
	Debtors (2):	Emerald Oil, Inc.			Emerald WB, LLC (3)			Emerald NWB, LLC (3)		Emerald DB, LLC		EOX Marketing, LLC			Eliminations (7)			Total Debtors

ASSETS
CURRENT ASSETS
Cash and Cash Equivalents		$	1,254,618		$	-		$	-	$	-	$	3,100,307		$	-		$	4,354,925
Accounts Receivable — Oil and Natural Gas Sales			3,082,951			-			-		-		-			-			3,082,951
Accounts Receivable — Joint Interest Partners			5,846,175			-			-		-		-			-			5,846,175
Other Receivables			746,724			-			-		-		31,871			-			778,595
Intercompany Receivable			2,985,542			-			-		-		-			(2,985,542	)		-
Prepaid Expenses and Other Current Assets			1,766,962			-			-		-		-			-			1,766,962
Total Current Assets			15,682,972			-			-		-		3,132,178			(2,985,542	)		15,829,608

PROPERTY AND EQUIPMENT
Oil and Natural Gas Properties, Full Cost Method
Proved Oil and Natural Gas Properties			-			780,393,472			-		-		-			-			780,393,472
Unproved Oil and Natural Gas Properties			-			32,052,985			-		-		-			-			32,052,985
Equipment and Facilities			987,311			14,552,936			-		-		-			-			15,540,247
Other Property and Equipment			3,483,025			-			-		-		-			-			3,483,025
Total Property and Equipment			4,470,336			826,999,393			-		-		-						831,469,729
Less - Accumulated Depreciation, Depletion and Amortization			(1,427,669	)		(663,442,765	)		-		-		-			-			(664,870,434	)
Total Property and Equipment, Net			3,042,667			163,556,628			-		-		-			-			166,599,295
Debt Issuance Costs, Net of Amortization			3,070,042			-			-		-		-			-			3,070,042
Deferred Tax Asset, net			1,813,561			-			-		-		-			-			1,813,561
Other Non-Current Assets			374,736			-			-		-		-			-			374,736
Total Assets		$	23,983,978		$	163,556,628		$	-	$	-	$	3,132,178		$	(2,985,542	)	$	187,687,242

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable		$	340,447		$	-		$	-	$	-	$	-		$	-		$	340,447
Debtor-in-possession financing			3,500,000			-			-		-		-			-			3,500,000
Accrued Expenses			-			-			-		-		108,057			-			108,057
Professional Fees			817,888			-			-		-		-			-			817,888
Total Current Liabilities			4,658,335			-			-		-		108,057			-			4,766,392

LIABILITIES SUBJECT TO COMPROMISE (Pre-petition)
Intercompany Payable			-			-			-		-		2,985,542			(2,985,542	)		-
Account Payable			42,455,066			-			-		-		29,673			-			42,484,739
Accrued Expenses			4,639,423			-			-		-		264,138			-			4,903,561
Priority Debt (4)			-			-			-		-		-			-			-
Revolving Credit Facility			111,678,151			-			-		-		-			-			111,678,151
Convertible Senior Notes			148,500,000			-			-		-		-			-			148,500,000
Advances from Joint Interest Partners			726,710			-			-		-		-			-			726,710
Asset Retirement Obligations			4,589,489			-			-		-		-			-			4,589,489
Warrant Liability			4,000			-			-		-		-			-			4,000
Deferred Tax Liability, net			1,813,561			-			-		-		-			-			1,813,561
Other Liabilities			-			-			-		-		-			-			-
Total Liabilities Subject to Compromise			314,406,400			-			-		-		3,279,353			(2,985,542	)		314,700,211

Total Liabilities			319,064,735			-			-		-		3,387,410			(2,985,542	)		319,466,603

Commitments and Contingencies

Series B Voting Preferred Stock (5)			256			-			-		-		-			-			256

STOCKHOLDERS' EQUITY
Common Stock (6)			9,583			-			-		-		-			-			9,583
Additional Paid-In Capital			349,120,361			163,556,628			-		-		-			-			512,676,989
Accumulated Deficit			(644,210,957	)		-			-		-		(255,232	)		-			(644,466,189	)
Total Stockholders' Equity			(295,081,013	)		163,556,628			-		-		(255,232	)		-			(131,779,617	)
Total Liabilities and Stockholders' Equity		$	23,983,978		$	163,556,628		$	-	$	-	$	3,132,178		$	(2,985,542	)	$	187,687,242

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 3b

Debtor Balance Sheets (1)

As of March 31, 2016

(Unaudited)

Notes:

(2) This statement includes all entities controlled by the Debtors and therefore represents the consolidated financial results of Emerald Oil, Inc.

(3) Although title ownership in oil and gas properties is owned by both Emerald WB, LLC (16-10707) and Emerald NWB, LLC (16-10706), the Company has not historically accounted for these interests separately and, instead, have reflected all of their oil and gas activities within Emerald WB, LLC (16-10707).

(4) While the amount of priority debt as of the petition date is zero, this does not reflect potential liabilities. The amount of these potential liabilities are unknown at this time.

(5) 255,732 issued and outstanding with a liquidation preference value of $256 as of the March 31, 2016.

(6) Par Value $.001, 500,000,000 shares authorized, 9,582,970 shares issued and outstanding.

(7) Intercompany balances between EOX Marketing, LLC and Emerald Oil, Inc., are eliminated for consolidation purposes.

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 4a

Status of Post-Petition Taxes (1)

As of March 31, 2016

Unaudited

	Beginning Tax Liability		Amount Withheld or Accrued		Amount Paid			Date Paid	Check No. or EFT		Ending Tax Liability
Federal
Withholding	$	-	$	13,035	$	(13,035	)	3/30/2016		033116	$	-
FICA-Employee		-		5,309		(5,309	)	3/30/2016		033116		-
FICA-Employer		-		5,081		(5,081	)	3/30/2016		033116		-
Unemployment		-		-		-						-
Income		-		-		-						-
Other		-		-		-						-
Total Federal Taxes	$	-	$	23,425	$	(23,425	)				$	-

State and Local
Withholding		-		3,214		(3,214	)	3/30/2016		033116		-
Sales		-		-		-						-
Excise		-		-		-						-
Unemployment		-		-		-						-
Real Property		-		-		-						-
Personal Property		-		-		-						-
Other (2)		264,138		108,057		-						372,195
Total State and Local	$	-	$	111,271	$	(3,214	)				$	372,195

Total Taxes	$	-	$	134,696	$	(26,639	)				$	372,195

Notes:

(1) No tax returns including IRS Form 6123 were filed during the reporting period.

(2) Severance and extraction taxes are paid on a monthly basis to the respective state in which the Debtors' producing oil and gas properties are located. The amount represents the estimated portion of gross state taxes (including those remitted on behalf of third parties) the Debtors have accrued since the petition date.

FORM MOR-4
(04/07)

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 22 – 31, 2016

May 30, 2016

Office of the United States Trustee

Subject: Declaration Regarding Postpetition Taxes – MOR4a (March)

The debtors, Emerald Oil, Inc. et al., hereby submit this declaration regarding postpetition taxes.

All postpetition taxes for the debtors, which are not subject to dispute or reconciliation, are current. There are no material tax disputes or reconciliations.

Pursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true and correct to the best of my knowledge and belief.

	/s/ Ryan Smith
	Name: Ryan Smith
	Position: Chief Financial Officer

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR - 4b

Summary of Unpaid Post-Petition Debts (1)

As of March 31, 2016

Unaudited

	Days Aged
	Current			0-30			31-60			61-90			Over 90			Total
Accounts Payable	$	334,421		$	-		$	-		$	-		$	-		$	334,421
Wages Payable		-			-			-			-			-			-
Taxes Payable (2)		108,057			-			-			-			-			108,057
Rent/Leases-Building		1,179			-			-			-			-			1,179
Rent/Leases-Equipment		1,486			-			-			-			-			1,486
Secured Debt/Adequate Protection Payments		-			-			-			-			-			-
Professional Fees		817,888			-			-			-			-			817,888
Amounts Due to Insiders (3)		3,362			-			-			-			-			3,362
Other		-			-			-			-			-			-
Total Postpetition Debts	$	1,266,393		$	-		$	-		$	-		$	-		$	1,266,393
Percentage of Total		100	%		0	%		0	%		0	%		0	%

Notes:

(1) The post petition accounts payable reported represents open and outstanding trade vendor invoices that have been entered into the Debtor's accounts payable system. This summary includes accruals for invoices not yet received and for invoices not yet entered into the Debtor's accounts payable system.

(3) "Insider" is defined in 11 U.S.C. Section 101(31).

In re: EMERALD OIL, INC., et al.,	Case No. 16-10704
Debtor	Reporting Period: March 2016

MOR – 5

Debtors Account Receivable Reconciliation and Aging (1)

As of March 31, 2016

Unaudited

	Days Aged
Debtors	Current			0-30			31-60			61-90			Over 90			Total
Emerald Oil, Inc.	$	3,258,328		$	917,798		$	351,328		$	(114,726	)	$	5,263,122		$	9,675,850
Emerald WB, LLC		-			-			-			-			-			-
Emerald NWB, LLC		-			-			-			-			-			-
Emerald DB, LLC		-			-			-			-			-			-
EOX Marketing, LLC		-			31,871			-			-			-			31,871
Total	$	3,258,328		$	949,669		$	351,328		$	(114,726	)	$	5,263,122		$	9,707,721
Percentage of Total		34	%		10	%		4	%		-1	%		54	%

Notes:

(1) Aging is primarily for the Debtors' joint interest billing and oil and gas sales receivables and does not include intercompany receivables. All amounts are included on a gross basis before any adjustment for estimated bad debts and other uncollectible amounts.

FORM MOR-5
(04/07)

DEBTOR QUESTIONNAIRE

Must be completed each month	Yes	No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.		X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.		X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.	X
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.	X
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.		X

Emerald Oil, Inc. 8-K