BALANCE SHEETS (UNAUDITED) (USD $)	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and Cash Equivalents	$ 25,171,675	$ 6,279,587
Trade Receivables	66,063,522	51,418,830
Advances to Operators	7,023,970	17,530,474
Prepaid Expenses	875,212	486,421
Other Current Assets	240,551	317,460
Derivative Instruments	17,732,562	0
Deferred Tax Asset	0	4,472,000
Total Current Assets	117,107,492	80,504,772
Oil and Natural Gas Properties, Full Cost Method of Accounting
Proved	939,211,344	566,195,321
Unproved	98,102,110	137,784,903
Other Property and Equipment	3,161,246	2,988,641
Total Property and Equipment	1,040,474,700	706,968,865
Less - Accumulated Depreciation and Depletion	107,294,624	63,265,919
Total Property and Equipment, Net	933,180,076	643,702,946
DERIVATIVE INSTRUMENTS	10,865,174	0
DEBT ISSUANCE COSTS	12,444,823	1,386,201
TOTAL ASSETS	1,073,597,565	725,593,919
CURRENT LIABILITIES
Accounts Payable	143,061,879	110,133,286
Accrued Expenses	4,848,262	164,241
Derivative Instruments	0	9,363,068
Deferred Tax Liability	6,029,000	0
Total Current Liabilities	153,939,141	119,660,595
LONG-TERM LIABILITIES
Revolving Credit Facility	0	69,900,000
8% Senior Notes Due 2020	300,000,000	0
Derivative Instruments	0	2,574,903
Other Noncurrent Liabilities	1,291,844	959,366
Deferred Tax Liability	60,127,000	35,929,000
Total Long-Term Liabilities	361,418,844	109,363,269
TOTAL LIABILITIES	515,357,985	229,023,864
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS' EQUITY
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding	0	0
Common Stock, Par Value $.001; 95,000,000 Authorized, (6/30/2012 - 63,612,352 Shares Outstanding and 12/31/2011 - 63,330,421 Shares Outstanding)	63,612	63,330
Additional Paid-In Capital	457,372,977	448,198,350
Retained Earnings	100,802,991	48,370,684
Accumulated Other Comprehensive Loss	0	(62,309)
Total Stockholders' Equity	558,239,580	496,570,055
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,073,597,565	$ 725,593,919