Summary Of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2014

Summary Of Significant Accounting Policies [Abstract]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and have been presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included in these financial statements.  Certain amounts for prior periods have been reclassified to conform to the current presentation.

These accounting principles require management to use estimates, judgments and assumptions that affect the amounts of assets, liabilities, revenues and expenses reported herein.  While management regularly reviews its estimates, actual results could differ from those estimates.

Use Of Estimates

Management believes that it is reasonably possible that the following material estimates affecting the financial statements could change in the current year:

· estimates of proved oil and gas reserves;

· estimates as to the expected future cash flow from proved oil and gas properties;

· estimates of future dismantlement and restoration costs;

· estimates of fair values used in purchase accounting; and

· estimates of the fair value of derivative instruments.