CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash	$ 190,245	$ 9,930,284
Restricted cash - letter of credit	3,056,250	3,056,250
Accounts receivable - oil and gas sales	0	40,502
Accounts receivable - other	370,834	4,322,063
Escrow receivable - current	1,899,307	1,863,332
Marketable securities - available for sale	614,700	707,445
Prepaid expenses and other current assets	88,545	13,635
TOTAL CURRENT ASSETS	6,219,881	19,933,511
Oil and gas properties - full cost method
Costs subject to amortization	38,662,300	2,490,164
Costs not being amortized	9,019,161	22,890,944
Office equipment	90,004	90,004
Total property, plant and equipment	47,771,465	25,471,112
Accumulated depreciation, depletion, and impairment	(38,667,801)	(1,675,232)
TOTAL PROPERTY, PLANT, AND EQUIPMENT, NET	9,103,664	23,795,880
OTHER ASSETS
Deferred tax asset	0	3,195,583
Escrow receivable	1,664,581	1,664,581
Other assets	3,166	68,381
TOTAL ASSETS	16,991,292	48,657,936
CURRENT LIABILITIES
Accounts payable	124,018	84,300
Accrued cash call to operator	3,590,000	0
Accrued expenses	26,249	185,597
Income taxes payable	21,139	27,074
TOTAL CURRENT LIABILITIES	3,761,406	296,971
LONG-TERM LIABILITIES
Reserve for plugging and abandonment costs	7,734	41,419
Deferred rent obligation	0	3,620
TOTAL LONG-TERM LIABILITIES	7,734	45,039
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value; 100,000,000 shares authorized; 37,365,230 and 31,165,230 shares issued and outstanding, respectively	37,365	31,165
Additional paid-in capital	54,378,119	40,602,643
Retained earnings (accumulated deficit)	(41,050,141)	7,575,747
Accumulated other comprehensive income (loss)	(143,191)	106,371
TOTAL SHAREHOLDERS' EQUITY	13,222,152	48,315,926
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 16,991,292	$ 48,657,936