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Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2011
Dec. 31, 2010
Current assets    
Cash and cash equivalents $ 23,263 $ 27,760
Accounts receivable 689  
Inventory 541 304
Prepaid expenses 373 304
Deposits 543 101
Other current assets 19 25
Total current assets 25,428 28,494
Property and equipment, Oil and gas properties, successful efforts method:    
Proved properties 66,361  
Unproved properties 1,899 50,094
Other property and equipment 2,071 1,314
Total property and equipment 70,331 51,408
Less accumulated depreciation, depletion and amortization (1,602) (677)
Total property and equipment, net 68,729 50,731
Deferred financing costs 1,440 31
Other long-term assets 216  
Total assets 95,813 79,256
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 11,400 10,613
Accrued liabilities 13,562 9,072
Short-term debt 17,870  
Exchangeable note payable   9,958
Total current liabilities 42,832 29,643
Asset retirement and environmental obligations 739 491
Commitments and contingencies (Note 10)      
Stockholders' equity    
Preferred stock, $0.001 par value, 500,000,000 shares authorized, none outstanding      
Common stock, $0.001 par value, 500,000,000 shares authorized, 342,103,218 and 291,202,928 issued and outstanding at December 31, 2011 and 2010, respectively 342 291
Additional paid-in capital 174,317 149,378
Unearned compensation (792) (167)
Accumulated deficit (121,625) (100,380)
Total stockholders' equity 52,242 49,122
Total liabilities and stockholders' equity $ 95,813 $ 79,256