BALANCE SHEETS (UNAUDITED) (USD $)	Sep. 30, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash and Cash Equivalents	$ 8,234,566	$ 6,279,587
Trade Receivables	79,324,983	51,418,830
Advances to Operators	4,050,511	17,530,474
Prepaid Expenses	758,476	486,421
Other Current Assets	280,052	317,460
Derivative Instruments	4,005,611	0
Deferred Tax Asset	0	4,472,000
Total Current Assets	96,654,199	80,504,772
Oil and Natural Gas Properties, Full Cost Method of Accounting
Proved	1,051,333,841	566,195,321
Unproved	104,910,316	137,784,903
Other Property and Equipment	3,173,798	2,988,641
Total Property and Equipment	1,159,417,955	706,968,865
Less - Accumulated Depreciation and Depletion	135,352,039	63,265,919
Total Property and Equipment, Net	1,024,065,916	643,702,946
DERIVATIVE INSTRUMENTS	2,283,655	0
DEBT ISSUANCE COSTS	12,211,806	1,386,201
TOTAL ASSETS	1,135,215,576	725,593,919
CURRENT LIABILITIES
Accounts Payable	122,259,062	110,133,286
Accrued Expenses	2,769,351	65,443
Accrued Interest	9,022,667	98,798
Derivative Instruments	0	9,363,068
Deferred Tax Liability	709,000	0
Total Current Liabilities	134,760,080	119,660,595
LONG-TERM LIABILITIES
Revolving Credit Facility	68,000,000	69,900,000
8% Senior Notes Due 2020	300,000,000	0
Derivative Instruments	0	2,574,903
Other Noncurrent Liabilities	1,422,683	959,366
Deferred Tax Liability	65,657,000	35,929,000
Total Long-Term Liabilities	435,079,683	109,363,269
TOTAL LIABILITIES	569,839,763	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, (9/30/2012 - 63,490,667 Shares Outstanding and 12/31/2011 - 63,330,421 Shares Outstanding)	63,491	63,330
Additional Paid-In Capital	464,209,170	448,198,350
Retained Earnings	101,103,152	48,370,684
Accumulated Other Comprehensive Loss	0	(62,309)
Total Stockholders' Equity	565,375,813	496,570,055
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 1,135,215,576	$ 725,593,919