SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Cash and Cash Equivalents [Abstract]
Threshold amount of FDIC coverage	$ 250,000		$ 250,000
Property, Plant and Equipment [Line Items]
Depreciation expense	102,307	70,295	199,396	138,608
Full Cost Method [Abstract]
Capitalized Certain Payroll and Other Internal Costs	3,082,191	3,664,106	7,286,630	9,604,131
Capitalized Interest Cost	1,604,367	0	2,615,341	0
Total	4,686,558	3,664,106	9,901,971	9,604,131
Minimum percentage of proved reserves sold to be considered a significant alteration (in hundredths)			25.00%
Proceeds from property sale			5,027,162
Capitalized costs related to expired leases subject to depletion	700,000	2,400,000	2,600,000	5,600,000
Debt Issuance Costs [Abstract]
Deferred Finance Costs, Gross	5,500,000		5,500,000
Capitalized costs of senior unsecured notes	8,800,000		8,800,000
Amortization of debt issuance costs	383,577	90,949	532,264	180,341
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number of common shares outstanding-basic (in shares)	62,399,869	61,686,463	62,319,553	61,586,603
Plus: Potentially dilutive common shares [Abstract]
Stock options, warrants, and restricted stock (in shares)	305,604	367,425	368,261	441,689
Weighted average number of common shares outstanding-diluted (in shares)	62,705,473	62,053,888	62,687,814	62,028,292
Restricted Stock [Member]
Plus: Potentially dilutive common shares [Abstract]
Antidilutive securities excluded from EPS due to the anti-dilutive effect (in shares)	24,835	0	17,234	0
Property Plant And Equipment Non Crude Oil And Natural Gas Properties [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives, minimum (in years)			3
Property and equipment, estimated useful lives, maximum (in years)			15
Depreciation expense	$ 102,307	$ 70,295	$ 199,396	$ 138,608