CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]
OIL AND GAS REVENUE	$ 30,752	$ 319,261	$ 387,609	$ 797,068
EXPENSES OF OPERATIONS
Lease operating expense and severance tax	13,604	246,162	172,252	567,626
Joint venture expenses	0	3,727	3,243	9,651
General and administrative expense	965,325	1,067,172	4,078,514	3,814,640
Impairment of oil and gas properties	1,174,169	0	37,803,088	0
Bad debt expense	3,951,370		3,951,370
(Gain) loss on sale of oil and gas properties - Colombia	(169,252)	0	(484,371)	179,595
Depreciation and depletion	6,040	53,897	61,507	124,241
Total operating expenses	5,941,256	1,370,958	45,585,603	4,695,753
Loss from operations	(5,910,504)	(1,051,697)	(45,197,994)	(3,898,685)
OTHER INCOME (EXPENSE)
Interest income	2,196	13,196	8,889	56,601
Other expense	(26,674)	(39,865)	(70,687)	(82,626)
Total other income (expense)	(24,478)	(26,669)	(61,798)	(26,025)
Net loss before taxes	(5,934,982)	(1,078,366)	(45,259,792)	(3,924,710)
Income tax expense	731	10,208	3,366,096	98,585
Net loss	(5,935,713)	(1,088,574)	(48,625,888)	(4,023,295)
Basic and diluted loss per common share (in dollars per share)	$ (0.16)	$ (0.03)	$ (1.41)	$ (0.13)
Basic and diluted weighted average common shares outstanding (in shares)	37,365,230	31,165,230	34,468,880	31,129,452
COMPREHENSIVE LOSS
Net loss	(5,935,713)	(1,088,574)	(48,625,888)	(4,023,295)
Unrealized loss on marketable securities	143,743	0	(249,562)	0
Net comprehensive loss	$ (5,791,970)	$ (1,088,574)	$ (48,875,450)	$ (4,023,295)