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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
REVENUES        
Gas $ 2,390,663 $ 1,273,178 $ 3,820,090 $ 3,581,042
Oil 477,782 330,695 912,411 1,203,098
Total 2,868,445 1,603,873 4,732,501 4,784,140
OPERATING EXPENSES        
Lease operating 1,025,792 1,152,462 1,601,264 2,840,463
Transportation and processing 905,900 518,394 1,359,244 1,175,366
Depletion, depreciation, amortization and accretion 395,706 648,239 768,778 1,498,266
Impairment 230,500 3,755,000 230,500 8,055,000
General and administrative 1,491,871 1,112,620 2,459,391 2,517,602
Total 4,049,769 7,186,715 6,419,177 16,086,697
OPERATING LOSS (1,181,324) (5,582,842) (1,686,676) (11,302,557)
OTHER (EXPENSE) INCOME        
Interest expense (1,973,078) (1,659,945) (3,845,498) (3,388,714)
Gain on sale of assets       2,567,574
Derivative gains 127,500 2,024,957 732,500 1,788,090
Amortization of deferred income from sale of assets 50,613 50,613 101,226 101,226
Interest income   15,658   24,678
Total (1,794,965) 431,283 (3,011,772) 1,092,854
NET LOSS $ (2,976,289) $ (5,151,559) $ (4,698,448) $ (10,209,703)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED (in dollars per share) $ (0.02) $ (0.03) $ (0.03) $ (0.06)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC AND DILUTED (in shares) 169,545,981 169,136,562 169,545,981 168,550,182