Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

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

Emerald Oil, Inc

/s/ Emerald Oil, Inc.		June 29, 2016
Signature of Debtor		Date


Signature of Joint Debtor		Date

/s/ Ryan Smith		June 29, 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: May 2016

MOR – 1

Schedule of Cash Receipts and Disbursements (1)

For the Period May 1, 2016 through May 31, 2016

(Unaudited)

	Total Debtors

Beginning Cash	$	6,489,926

Receipts:
Gross Receipts (2)		88,569,030
Total Receipts		88,569,030

Disbursements (3):

Revolving Credit Facility (4)		80,000,000
Operating Expenses		1,521,987
Royalties		1,194,869
Payroll, Payroll Taxes and Benefits		425,840
Severance & Other Taxes		354,922
Professional Fees		436,060
Interest and Bank Fees		85,544
Total Disbursements		84,019,222

Net Cash Flow		4,549,807

Ending Cash Balance	$	11,039,733

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 the Debtors 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. For the month of May 2016, this also includes $80 million representing four (4) times the DIP Loan Amount as defined and provided for in the Final Agreed Order Authorizing Limited Use of Cash Collateral, Obtaining Post-Petition Credit Secured by Senior Liens, Granting Adequate Protection To Existing Lienholders and Granting Related Relief (Docket No. 287).

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

(4) Represents four (4) times the DIP Loan Amount as defined and provided for in the Final Agreed Order Authorizing Limited Use of Cash Collateral, Obtaining Post-Petition Credit Secured by Senior Liens, Granting Adequate Protection To Existing Lienholders and Granting Related Relief (Docket No. 287)

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

MOR-1a

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

For the Period May 1, 2016 through May 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
Account Number (last 4 digits only)	#	0166	#	0112	#	4612	#	6810	#	7214

Balance Per Books	$	5,632,810	$	2,628,223	$	4,317	$	44,940	$	2,729,443

Bank Balance	$	7,001,348	$	2,628,223	$	4,317	$	44,940	$	2,729,443
(+) Deposits in transit (attach list)		-		-		-		-		-
(-) Outstanding checks (attach list)		1,368,538		-		-		-		-
Other (attach explanation)		-		-		-		-		-
Adjusted Bank Balance*	$	5,632,810	$	2,628,223	$	4,317	$	44,940	$	2,729,443

* Adjusted bank balance must equal balance per books

Checks Outstanding	Ck. #		Amount
		212535		120.83
		212594		491.66
		112733		30.00
		212985		167.89
		213088		516.20
		213191		177.95
		213195		147.34
		213206		194.56
		213374		233.04
		213386		1,938.81
		213546		394.82
		213596		783.68
		213604		1,035.51
		112852		60.72
		112888		235.01
		112894		118.92
		213769		263.44
		213779		4,946.61
		213790		642.25
		213810		3,382.27
		213823		118.33
		213824		121.70
		213852		114.42
		213869		150.53
		213893		159.73
		213894		159.73
		213896		473.85
		213935		5,107.83
		213936		1,702.62
		213952		473.28
		213981		187.26
		213983		4,219.31
		213985		168.02
		213990		221.86
		213991		203.44
		214012		109.78
		214013		132.13
		214052		447.93

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214055		1,791.59
		214080		152.17
		214081		197.47
		214114		5,580.13
		214120		137.57
		214128		937.39
		214160		396.27
		112916		193.23
		112922		7,187.00
		112946		5,788.50
		112956		3,250.00
		112962		156.39
		112963		92,501.73
		112980		14,412.50
		112981		487.06
		112982		3,197.65
		112986		151.27
		112987		187.79
		112989		15,964.04
		112991		82,328.27
		112992		79.21
		112997		3,086.49
		112998		68.00
		112999		35.79
		113002		12,036.00
		113003		20,141.00
		113004		8,255.00
		113005		10,418.50
		113007		24,875.15
		113008		720.00
		5072		198.46
		214183		10,714.82
		214184		18,242.40
		214185		514.64
		214186		119.69
		214187		5,686.39
		214188		496.14
		214189		359.71
		214190		364.18
		214191		3,134.53
		214192		5,686.07
		214193		348.30
		214194		111.67
		214195		109.93
		214196		269,041.38
		214197		224.23
		214198		317.86
		214199		298.41
		214200		3,606.13
		214201		1,217.61
		214202		118.23
		214203		131.29
		214204		9,603.58
		214205		4,139.10
		214206		290.57
		214207		732.74
		214208		5,088.68
		214209		1,585.76
		214210		638.88
		214211		11,498.46
		214212		4,871.66
		214213		223.65
		214214		785.03
		214215		785.03
		214216		1,707.72
		214217		467.72
		214218		177.81
		214219		355.63
		214220		570.63
		214221		44,247.33
		214222		3,449.42

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214223		4,139.31
		214224		7,286.49
		214225		2,982.66
		214226		6,181.41
		214227		86,903.73
		214228		12,668.95
		214229		1,100.90
		214230		296.60
		214231		288.15
		214232		1,700.56
		214233		141.12
		214234		12,517.75
		214236		955.46
		214237		107.22
		214238		103.81
		214239		103.81
		214240		9,990.06
		214241		3,148.09
		214242		4,349.04
		214243		4,960.28
		214244		7,611.24
		214245		957.99
		214246		132.03
		214247		100.97
		214248		1,344.91
		214249		906.97
		214250		111.18
		214251		576.08
		214252		8,954.30
		214253		274.77
		214254		3,084.08
		214255		189.52
		214256		180.34
		214257		4,127.77
		214258		486.07
		214259		151.16
		214260		1,732.31
		214261		113.76
		214262		1,349.90
		214263		118.23
		214264		405.66
		214265		6,335.29
		214266		879.30
		214267		1,277.84
		214268		1,142.21
		214269		151.16
		214270		786.88
		214271		122.17
		214272		1,094.37
		214273		183.26
		214274		886.74
		214275		1,094.37
		214276		4,540.05
		214277		100.87
		214278		4,710.16
		214279		2,807.14
		214280		949.27
		214281		274.77
		214282		277.42
		214283		118.23
		214284		2,548.28
		214285		104.07
		214286		277.42
		214287		115.84
		214288		225.94
		214289		4,994.87
		214290		109.52
		214291		226.91
		214292		103.02
		214293		993.21
		214294		129.13

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214295		274.77
		214296		234.50
		214297		304.36
		214298		1,274.11
		214299		2,473.02
		214300		172.25
		214301		131.28
		214302		131.29
		214303		111.11
		214304		416.54
		214305		6,258.91
		214306		1,493.51
		214307		1,493.51
		214308		464.78
		214309		720.93
		214310		495.26
		214311		348.39
		214312		495.26
		214313		348.39
		214314		1,134.52
		214315		49,650.58
		214316		2,956.70
		214317		100.51
		214318		1,376.36
		214319		3,318.35
		214320		3,208.27
		214321		3,120.75
		214322		957.99
		214323		1,046.67
		214324		1,048.20
		214325		8,272.57
		214326		3,606.01
		214327		3,606.01
		214328		3,606.01
		214329		331.14
		214330		2,349.12
		214331		1,068.27
		214332		866.02
		214333		866.02
		214334		581.14
		214335		556.77
		214336		556.77
		214337		562.59
		214338		556.77
		214339		562.59
		214340		556.77
		214341		3,638.62
		214342		1,212.87
		214343		1,212.87
		214344		1,252.86
		214345		2,290.88
		214346		1,565.23
		214347		759.61
		214348		953.31
		214349		390.80
		214350		231.08
		214351		141.70
		214352		274.77
		214353		264.38
		214354		329.78
		214355		274.77
		214356		329.78
		214357		390.80
		214358		462.17
		214359		183.20
		214360		154.62
		214361		274.77
		214362		2,344.78
		214363		183.20
		214364		390.80
		214365		109.34

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214366		183.20
		214367		183.20
		214368		599.50
		214369		390.80
		214370		231.08
		214371		1,172.39
		214372		390.80
		214373		107.87
		214374		599.50
		214375		390.80
		214376		149.90
		214377		183.20
		214378		274.77
		214379		3,483.93
		214380		154.62
		214381		100.39
		214382		183.20
		214383		3,483.93
		214384		618.37
		214385		390.80
		214386		183.20
		214387		594.55
		214388		145.63
		214389		183.20
		214390		390.80
		214391		2,322.61
		214392		188.97
		214393		100.39
		214394		2,930.96
		214395		188.97
		214396		183.20
		214397		274.77
		214398		183.20
		214399		390.80
		214400		149.90
		214401		183.20
		214402		2,322.61
		214403		113.87
		214404		382.41
		214405		394.35
		214406		147.83
		214407		814.53
		214408		788.59
		214409		147.83
		214410		263.34
		214411		147.83
		214412		764.91
		214413		576.20
		214414		9,764.51
		214415		4,705.81
		214416		10,948.04
		214417		382.41
		214418		394.35
		214419		764.92
		214420		764.91
		214421		263.34
		214422		147.83
		214423		197.14
		214424		394.35
		214425		255.00
		214426		1,235.81
		214427		364.01
		214428		1,411.21
		214429		360.53
		214430		549.17
		214431		492.24
		214432		113.91
		214433		492.24
		214434		113.91
		214435		369.24
		214436		492.24

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214437		1,476.83
		214438		1,476.83
		214439		369.24
		214440		369.24
		214441		1,476.83
		214442		1,240.37
		214443		369.24
		214445		106.36
		214446		9,906.77
		214447		141.39
		214448		139.78
		214449		764.92
		214450		788.59
		214451		2,300.81
		214452		133.76
		214453		203.75
		214454		259.29
		214455		1,902.73
		214456		1,902.73
		214457		1,268.50
		214458		1,268.50
		214459		1,268.50
		214460		3,805.44
		214461		129.75
		214462		2,508.44
		214463		392.26
		214464		494.04
		214465		1,394.37
		214466		160.73
		214467		1,394.37
		214468		1,004.23
		214469		348.29
		214470		137.91
		214471		1,004.23
		214472		219.86
		214473		213.16
		214474		219.86
		214475		162.13
		214476		1,281.11
		214477		549.60
		214478		12,277.66
		214479		158.92
		214480		191.18
		214481		191.18
		214482		191.18
		214483		191.18
		214484		1,013.88
		214485		1,034.61
		214486		299.76
		214487		299.76
		214488		2,147.21
		214489		2,083.19
		214490		3,879.66
		214491		512.75
		214492		25,727.67
		214493		6,419.19
		214494		6,419.17
		214495		109.20
		214496		2,806.38
		214497		7,691.22
		214498		802.00
		214499		1,856.05
		214500		420.21
		214501		3,691.08
		214502		295.16
		214503		98.38
		214504		98.18
		214505		98.18
		214506		98.18
		214507		37.03
		214508		103.56

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214509		103.56
		214510		450.58
		214511		4,710.16
		214512		1,529.57
		214513		355.58
		214514		193.94
		214515		133.28
		214516		359.71
		214517		187.35
		214518		2,921.39
		214519		103.56
		214520		949.28
		214521		124.01
		214522		422.32
		214523		120.26
		214524		2,322.61
		214525		714.89
		214526		540.64
		214527		347.15
		214528		347.15
		214529		802.00
		214530		347.15
		214531		791.11
		214532		131.70
		214533		540.64
		214534		527.39
		214535		131.70
		214536		527.39
		214537		145.85
		214538		500.59
		214539		145.85
		214540		131.70
		214541		131.70
		214542		2,461.18
		214543		221.69
		214544		221.69
		214545		2,115.21
		214546		574.72
		214547		574.72
		214548		574.72
		214549		574.72
		214550		7,056.46
		214551		1,122.02
		214552		243.25
		214553		512.75
		214554		412.30
		214555		412.30
		214556		432.43
		214557		412.30
		214558		214.32
		214559		214.32
		214560		214.32
		214561		267.93
		214562		267.93
		214563		267.93
		214564		267.89
		214565		229.65
		214566		137.43
		214567		137.43
		214568		137.43
		214569		160.99
		214570		1,349.90
		214571		183.57
		214572		382.41
		214573		382.41
		214574		348.30
		214575		666.38
		214576		344.80
		214577		1,585.76
		214578		911.97
		214579		2,147.21

FORM MOR-1a
(04/07)

Checks Outstanding	Ck. #		Amount
		214580		4,391.51
		214581		111.93
		214582		107.81
		214583		390.73
		214584		125.93
		214585		125.92
		214586		125.93
		214587		146.55
		214588		1,107.25
		214589		228.96
		214590		229.44
		214591		100.43
		214592		100.38
				1,368,537.86

FORM MOR-1a
(04/07)

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

MOR - 1b

Schedule of Disbursements by Debtor Entity

For the Period May 1, 2016 through May 31, 2016

Unaudited

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

Revolving Credit Facility	$	80,000,000	(1)	$	80,000,000	$	-	$	-	$	-	$	-	$	-
Trade		1,449,658	(2)		117,283		-		596,848		326,009		8,080		401,438
Severance Taxes		354,922	(2)		-		-		159,960		87,373		-		107,589
Royalties and other WI		1,194,869			-		-		-		-		-		1,194,869
Payroll, Payroll Taxes and Benefits		425,840	(3)		425,840		-		-		-		-		-
Rent & Utilities		-	(4)		-		-		-		-		-		-
Other		72,329	(5)		24,437		-		18,224		29,668		-		-
Professional fees		436,060	(6)		436,060		-		-		-		-		-
Interest and Bank Fees		85,544	(7)		84,610		-		-		-		934		-

Total:	$	84,019,222		$	81,088,230	$	-	$	775,032	$	443,050	$	9,014	$	1,703,896

Notes:

(1) Debtor in possession financing agreement was entered into by Emerald Oil, Inc.

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

(3) All individuals employed by Emerald Oil, Inc.

(4) Corporate office lease of Emerald Oil, Inc.

(5) "Other" represents Insurance, which includes general commercial liability, workers’ compensation and employee benefits, allocated to Emerald Oil, Inc. as the covered items are directly related to the debtor entity and Control of Well/Operator's Extra Expense, allocated based on percentage of active wells.

(6) Debtor Professionals employed by Emerald Oil, Inc.

(7) Revolving Credit Agreement and related fees/interest was entered into by Emerald Oil, Inc.

FORM MOR-1b

(04/07)

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

MOR - 1c

Schedule of Professional Fees and Expenses Paid (1)

For the Period May 1, 2016 through May 31, 2016

(Unaudited)

					Check			Amount Paid
Payee	Period Covered	Amount Approved		Payor	Number		Date	Fees		Expenses
Debtor Bankruptcy Professionals
Kirkland & Ellis LLP			-						-		-
Donlin Rencano & Company (Notice)	3/15/2016 to 3/31/2016		92,502	Emerald Oil, Inc.		112963	5/19/2016		75,672		16,830
Donlin Rencano & Company (Admin)			-						-		-
Intrepid Financial Partners, LLC			-						-		-
Opportune LLP (2)	Retainer		161,513	Emerald Oil, Inc.		Wire	5/25/2016		161,513		-
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	3/22/2016 to 3/31/2016		4,903	Emerald Oil, Inc.		112965	5/19/2016		4,885		18
Vinson & Elkins LLP	3/22/2016 to 3/31/2016		81,116	Emerald Oil, Inc.		Various	5/19/2016		77,632		3,484
Womble Carlyle Sandridge & Rice, LLP			-						-		-
FTI Consulting, Inc.	3/22/2016 to 04/30/2016		96,026	Emerald Oil, Inc.		Wire	Various		95,960		66

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

	Total:		436,060						415,662		20,398

Notes:

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

(2) The amount paid to Opportune LLP in May represents an increase in the retainer, authorized by the Order Authorizing (I) the Debtors to Employ and Retain (A) Opportune LLP as Crisis Managers and (B) Wade Stubblefield as Chief Restructuring Officer and Certain Additonal Personnel, in Each Instance Nunc Pro Tunc to the Petition Date and (II) Granting Related Relief (Docket No. 302).

FORM MOR-1b

(04/07)

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

MOR – 2

Debtor Statement of Operations (1) (2)

For the Period May 1, 2016 through May 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 (5)			Total Debtors
					(4)			(4)

REVENUES, NET OF TRANSPORTATION EXPENSES
Oil Sales		$	-		$	3,790,306		$	-	$	-	$	5,716,012	$	(5,716,012	)	$	3,790,306
Natural Gas Sales			-			(74,702	)		-		-		-		-			(74,702	)
			-			3,715,604			-		-		5,716,012		(5,716,012	)		3,715,604
OPERATING EXPENSES
Cost of Sales			-			-			-		-		5,588,495		(5,588,495	)		-
Production Expenses			-			1,755,185			-		-		-		-			1,755,185
Production Taxes			-			389,482			-		-		-		-			389,482
General and Administrative Expenses			765,609			-			-		-		-		-			765,609
Depletion of Oil and Natural Gas Properties			-			1,488,306			-		-		-		-			1,488,306
Depreciation and Amortization			138,388			-			-		-		-		-			138,388
Total Expenses			903,997			3,632,973			-		-		5,588,495		(5,588,495	)		4,536,970

INCOME (LOSS) FROM OPERATIONS			(903,997	)		82,631							127,517		(127,517	)		(821,366	)

OTHER INCOME (EXPENSE)
Interest Expense			(830,361	)		-			-		-		-		-			(830,361	)
Reorganization Items			(1,779,920	)		-			-		-		-		-			(1,779,920	)
Total Other Expense, Net			(2,610,281	)		-			-		-		-		-			(2,610,281	)

INCOME BEFORE INCOME TAXES			(3,514,278	)		82,631			-		-		127,517		(127,517	)		(3,431,647	)

INCOME TAX BENEFIT			-			-			-		-		-		-			-

NET LOSS		$	(3,514,278	)	$	82,631		$	-	$	-	$	127,517	$	(127,517	)	$	(3,431,647	)

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) 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) 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: May 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
Total Liabilities Subject to Compromise			315,411,070			-			-		-		3,312,672			(3,018,861	)		315,704,881

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: May 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.

(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 shares 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: May 2016

MOR - 3b

Debtor Balance Sheets (1)

As of May 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		$	8,411,510		$	-		$	-	$	-	$	2,628,223		$	-		$	11,039,733
Accounts Receivable — Oil and Natural Gas Sales			4,548,810			-			-		-		-			-			4,548,810
Accounts Receivable — Joint Interest Partners			5,225,288			-			-		-		-			-			5,225,288
Other Receivables			1,382,778			-			-		-		33,852			-			1,416,630
Intercompany Receivables			2,529,657			-			-		-		-			(2,529,657	)		-
Prepaid Expenses and Other Current Assets			1,577,925			-			-		-		-			-			1,577,925
Total Current Assets			23,675,968			-			-		-		2,662,075			(2,529,657	)		23,808,386

PROPERTY AND EQUIPMENT
Oil and Natural Gas Properties, Full Cost Method
Proved Oil and Natural Gas Properties			-			780,323,736			-		-		-			-			780,323,736
Unproved Oil and Natural Gas Properties			-			32,095,491			-		-		-			-			32,095,491
Equipment and Facilities			987,311			14,429,022			-		-		-			-			15,416,333
Other Property and Equipment			3,483,025			-			-		-		-			-			3,483,025
Total Property and Equipment			4,470,336			826,848,249			-		-		-						831,318,585
Less - Accumulated Depreciation, Depletion and Amortization			(1,566,057	)		(666,129,605	)		-		-		-			-			(667,695,662	)
Total Property and Equipment, Net			2,904,279			160,718,644			-		-		-						163,622,923
Debt Issuance Costs, Net of Amortization			3,556,300			-			-		-		-			-			3,556,300
Deferred Tax Asset, net			1,813,561			-			-		-		-			-			1,813,561
Other Non-Current Assets			512,236			-			-		-		-			-			512,236
Total Assets		$	32,462,344		$	160,718,644		$	-	$	-	$	2,662,075		$	(2,529,657	)	$	193,313,406

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable		$	3,800,914		$	-		$	-	$	-	$	-		$	-		$	3,800,914
Debtor-in-possession financing			90,500,000			-			-		-		-			-			90,500,000
Accrued Expenses			-			-			-		-		549,616			-			549,616
Professional Fees			4,839,079			-			-		-		-			-			4,839,079
Total Current Liabilities			99,139,993			-			-		-		549,616			-			99,689,609

LIABILITIES SUBJECT TO COMPROMISE (Pre-petition)
Intercompany Payable			-			-			-		-		2,529,657			(2,529,657	)		-
Account Payable			41,241,150			-			-		-		29,673			-			41,270,823
Accrued Expenses			6,089,205			-			-		-		-			-			6,089,205
Priority Debt (4)			-			-			-		-		-			-			-
Revolving Credit Facility			31,678,151			-			-		-		-			-			31,678,151
Convertible Senior Notes			148,500,000			-			-		-		-			-			148,500,000
Advances from Joint Interest Partners			716,383			-			-		-		-			-			716,383
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
Total Liabilities Subject to Compromise			234,631,939			-			-		-		2,559,329			(2,529,657	)		234,661,612

Total Liabilities			333,771,932			-			-		-		3,108,945			(2,529,657	)		334,351,221

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

STOCKHOLDERS' EQUITY
Common Stock (6)			9,583			-			-		-		-			-			9,583
Additional Paid-In Capital			351,958,345			160,718,644			-		-		-			-			512,676,989
Accumulated Deficit			(653,277,772	)		-			-		-		(446,870	)		-			(653,724,642	)
Total Stockholders' Equity			(301,309,844	)		160,718,644			-		-		(446,870	)		-			(141,038,070	)
Total Liabilities and Stockholders' Equity		$	32,462,344		$	160,718,644		$	-	$	-	$	2,662,075		$	(2,529,657	)	$	193,313,406

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) This does not reflect potential liabilities. The amount of potential liabilities are unknown at this time.

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

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

(7) Oil Sales of EOX Marketing, LLC on behalf of Emerald Oil, Inc. and associated intercompany balances are eliminated for consolidation purposes.

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

MOR - 4a

Status of Post-Petition Taxes (1)

As of May 31, 2016

Unaudited

	Beginning Tax Liability		Amount Withheld or Accrued		Amount Paid			Date Paid	Check No. or EFT	Ending Tax Liability
Federal
Withholding	$	-	$	67,811	$	(67,811	)	Various	Various	$	-
FICA-Employee		-		18,632		(18,632	)	Various	Various		-
FICA-Employer		-		17,678		(17,678	)	Various	Various		-
Unemployment		-		-		-					-
Income		-		-		-					-
Other		-		-		-					-
Total Federal Taxes	$	-	$	104,121	$	(104,121	)			$	-

State and Local
Withholding		-		13,607		(13,607	)	Various	Various		-
Sales		-		-		-					-
Excise		-		-		-					-
Unemployment		-		2		(2	)	Various	Various		-
Real Property		-		-		-					-
Personal Property		-		-		-					-
Other (2)		354,922		549,616		(354,922	)	5/24/2016	00365		549,616
Total State and Local	$	354,922	$	563,225	$	(368,531	)			$	549,616

Total Taxes	$	354,922	$	667,346	$	(472,652	)			$	549,616

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 our 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) to the Company that have accrued since the petition date.

FORM MOR-4

(04/07)

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

MOR - 4b

Summary of Unpaid Post-Petition Debts (1)

As of May 31, 2016

Unaudited

	Days Aged
	Current			0-30			31-60			61-90			Over 90			Total
Trade Payable	$	3,410,628		$	287,515		$	28,154		$	-		$	-		$	3,726,296
Wages Payable		-			-			-			-			-			-
Taxes Payable (2)		549,616			-			-			-			-			549,616
Rent/Leases-Building		66,585			-			-			-			-			66,585
Rent/Leases-Equipment		5,347			1,297			-			-			-			6,645
Secured Debt/Adequate Protection Payments		-			-			-			-			-			-
Professional Fees		1,939,721			2,779,749			119,609			-			-			4,839,079
Amounts Due to Insiders*		1,388			-			-			-			-			1,388
Other		-			-			-			-			-			-
Total Postpetition Debts	$	5,973,285		$	3,068,561		$	147,763		$	-		$	-		$	9,189,609
Percentage of Total		65	%		33	%		2	%		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.

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

MOR - 5

Debtors Account Receivable Reconciliation and Aging (1)

As of May 31, 2016

Unaudited

	Days Aged
Debtors	Current			0-30			31-60			61-90			Over 90			Total
Emerald Oil, Inc.	$	4,031,956		$	151,231		$			$	395,792		$	6,593,328		$	11,172,306
Emerald WB, LLC		-			-			-			-			-			-
Emerald NWB, LLC		-			-			-			-			-			-
Emerald DB, LLC		-			-			-			-			-			-
EOX Marketing, LLC		-			18,422			-			-			-			18,422
Total	$	4,031,956		$	169,652		$	-		$	395,792		$	6,593,328		$	11,190,728
Percentage of Total		36	%		2	%		0	%		4	%		59	%

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