CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$ (4,335,374)	$ 21,029,940	$ (669,448)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations
Depreciation and depletion	185,931	3,161,366	1,900,631
Stock based compensation	2,342,890	2,357,230	1,080,129
Deferred tax expense (benefit)	(1,704,378)	3,682,947	(402,672)
Accretion of asset retirement obligation	16,446	24,272	13,038
Amortization of deferred rent	(7,770)	(5,332)	(2,962)
(Gain) loss on sale of oil and gas properties	1,026,608	(27,159,114)	0
Change in operating assets and liabilities:
Decrease (increase) in accounts receivable	1,691,660	605,333	(1,516,043)
Decrease in prepaid expense	(4,763)	41	11,327
(Decrease) increase in accounts payable and accrued liability	(3,844,354)	4,593,988	(898,677)
Net cash provided by (used in) operations	(4,633,032)	8,290,671	(484,677)
CASH FLOW FROM INVESTING ACTIVITIES
Restricted cash held for letter of credit		(1,018,750)	(2,037,500)
Payments for accounts receivable - other		(3,951,370)	0
Payments for issuance of note receivable		0	(125,000)
Proceeds from payment of note receivable		125,000	0
Payments for acquisition and development of oil and gas properties and assets	(13,280,858)	(8,662,516)	(8,273,545)
Proceeds from sale of Colombian properties, net of expenses		22,289,653	0
Proceeds from sale of US properties, net of expenses		3,653,169	397,102
Payments for property, plant, and equipment		(78,126)	0
Payments for deposits	(54,856)	(10,357)	0
Purchase of marketable securities	(601,074)
Proceeds from escrow receivable, net	2,006,254	313,784	799,680
Net cash provided by (used in) investing activities	(11,930,534)	12,660,487	(9,239,263)
CASH FLOW FROM FINANCING ACTIVITIES
Sale of common stock		0	13,525,200
Common stock offering costs	(162,600)	0	(758,760)
Exercise of warrants		570,000	0
Dividends paid		(6,837,845)	(980,057)
Net cash provided by (used in) financing activities	(162,600)	(6,267,845)	11,786,383
INCREASE (DECREASE) IN CASH	(16,726,166)	14,683,313	2,062,443
Cash, beginning of year	26,656,450	11,973,137	9,910,694
Cash, end of year	9,930,284	26,656,450	11,973,137
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid		4,772	0
Taxes paid	3,914,135	720,512	224,261
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES
Net change in asset retirement obligation	9,532	3,142	117,312
Change in escrow receivable for expenses paid on the Company's behalf	1,114,779	0	0
Reclassification of escrow receivable to accounts receivable - other	370,640	0	0
Cash proceeds from sale of oil and gas properties placed in escrow	0	7,315,033	0
Cashless exercise of stock option	39	0	0
Unrealized gain on available for sale securities	$ 106,371	$ 0	$ 0