CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) [Abstract]
OIL AND GAS REVENUE	$ 1,156,178	$ 19,508,894	$ 8,116,275
EXPENSES OF OPERATIONS
Lease operating expense and severance tax	854,319	8,142,444	4,746,295
Joint venture expense	13,930	156,686	172,890
Depreciation and depletion	185,931	3,161,366	1,900,631
General and administrative expense	4,952,560	4,896,955	2,768,195
Total operating expenses	6,006,740	16,357,451	9,588,011
(Gain) loss on sale of oil and gas properties	1,026,608	(27,159,114)	0
Income (loss) from operations	(5,877,170)	30,310,557	(1,471,736)
OTHER INCOME (EXPENSE)
Interest income	66,852	65,155	64,882
Other income (expense)	(95,872)	8,092	0
Total other income (expense)	(29,020)	73,247	64,882
Net income (loss) before taxes	(5,906,190)	30,383,804	(1,406,854)
Income tax expense (benefit)	(1,570,816)	9,353,864	(737,406)
Net income (loss)	(4,335,374)	21,029,940	(669,448)
Basic net income (loss) per share (in dollars per share)	$ (0.14)	$ 0.68	$ (0.02)
Diluted net income (loss) per share (in dollars per share)	$ (0.14)	$ 0.66	$ (0.02)
Basic weighted average shares (in shares)	31,138,470	31,070,101	28,214,553
Diluted weighted average shares (in shares)	31,138,470	31,958,073	28,214,553
COMPREHENSIVE INCOME (LOSS)
Net loss	(4,335,374)	21,029,940	(669,448)
Unrealized gain on marketable securities	106,371	0	0
Net comprehensive income (loss)	$ (4,229,003)	$ 21,029,940	$ (669,448)