CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 9,930,284	$ 26,656,450
Restricted cash - letter of credit	3,056,250	3,056,250
Accounts receivable - oil and gas sales	40,502	1,226,341
Accounts receivable - other	4,322,063	3,951,370
Escrow receivable - current	1,863,332	4,440,953
Marketable securities - available for sale	707,445	0
Prepaid expenses and other current assets	13,635	8,872
TOTAL CURRENT ASSETS	19,933,511	39,340,236
Oil and gas properties, full cost method
Costs subject to amortization	2,490,164	1,831,738
Costs not being amortized	22,890,944	10,258,980
Office equipment	90,004	90,004
Total	25,471,112	12,180,722
Accumulated depletion, depreciation, amortization, and impairment	(1,675,232)	(1,489,301)
PROPERTY, PLANT AND EQUIPMENT, NET	23,795,880	10,691,421
Deferred tax asset	3,195,583	1,997,079
Escrow receivable	1,664,581	3,434,167
Other assets	68,381	13,525
TOTAL ASSETS	48,657,936	55,476,428
CURRENT LIABILITIES
Accounts payable	84,300	122,536
Accrued expenses	185,597	11,963
Income taxes payable	27,074	4,950,531
TOTAL CURRENT LIABILITIES	296,971	5,085,030
LONG-TERM DEBT
Reserve for plugging and abandonment costs	41,419	15,441
Deferred rent obligation	3,620	11,320
TOTAL LONG-TERM DEBT	45,039	26,761
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, par value $0.001; 10,000,000 shares authorized, 0 shares issued and outstanding, respectively	0	0
Common stock, par value $0.001; 100,000,000 shares authorized, 31,165,230 and 31,080,772 shares issued and outstanding, respectively	31,165	31,081
Additional paid-in capital	40,602,643	38,422,435
Retained earnings (deficit)	7,575,747	11,911,121
Accumulated other comprehensive income	106,371	0
TOTAL SHAREHOLDERS' EQUITY	48,315,926	50,364,637
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 48,657,936	$ 55,476,428