BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash and Cash Equivalents	$ 3,390,389	$ 9,337,512
Trade Receivables	58,230,113	85,931,719
Advances to Operators	1,689,879	930,034
Prepaid and Other Expenses	892,867	895,088
Derivative Instruments	64,611,558	128,893,220
Total Current Assets	128,814,806	225,987,573
Oil and Natural Gas Properties, Full Cost Method of Accounting
Proved	2,336,757,089	2,167,452,297
Unproved	10,007,529	50,642,433
Other Property and Equipment	1,837,469	1,870,369
Total Property and Equipment	2,348,602,087	2,219,965,099
Less - Accumulated Depreciation, Depletion and Impairment	(1,759,281,704)	(458,038,546)
Total Property and Equipment, Net	589,320,383	1,761,926,553
DERIVATIVE INSTRUMENTS	0	25,013,011
DEBT ISSUANCE COSTS, NET	15,810,259	13,819,195
TOTAL ASSETS	733,945,448	2,026,746,332
Current liabilities [Abstract]
Accounts Payable	65,319,170	231,557,547
Accrued Expenses	7,893,975	6,653,124
Accrued Interest	4,713,232	3,585,536
Asset Retirement Obligations	188,770	0
Deferred Taxes	0	43,938,000
Total Current Liabilities	78,115,147	285,734,207
LONG-TERM LIABILITIES
Revolving Credit Facility	150,000,000	298,000,000
8% Senior Notes	697,804,829	508,053,097
Derivative Instruments	0	579,070
Asset Retirement Obligations	5,627,586	5,105,762
Deferred Taxes	0	158,412,555
Total Long-Term Liabilities	853,432,415	970,150,484
TOTAL LIABILITIES	$ 931,547,562	$ 1,255,884,691
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred Stock, Par Value $.001; 5,000,000 Authorized, No Shares Outstanding	$ 0	$ 0
Common Stock, Par Value $.001; 95,000,000 Authorized (12/31/2015 - 63,120,384 Shares Outstanding and 12/31/2014 - 61,066,712 Shares Outstanding)	63,120	61,067
Additional Paid-In Capital	440,221,018	433,332,285
Retained Earnings (Deficit)	(637,886,252)	337,468,289
Total Stockholders' Equity (Deficit)	(197,602,114)	770,861,641
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 733,945,448	$ 2,026,746,332