CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (48,625,888)	$ (4,023,295)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and depletion	61,507	124,241
Stock-based compensation	1,655,526	1,750,316
Impairment of oil and gas properties	37,803,088	0
Bad debt expense	3,951,370
Accretion of asset retirement obligation	786	11,055
Amortization of deferred rent	(3,620)	(5,528)
(Gain) loss on sale of oil and gas properties - Colombia	(484,371)	179,595
Deferred tax asset	3,195,583	0
Changes in operating assets and liabilities:
Decrease in accounts receivable	40,361	1,184,984
Increase in prepaid expense	(64,553)	(45,671)
Decrease in accounts payable and accrued liabilities	27,128	(3,919,653)
Net cash used in operating activities	(2,443,083)	(4,743,956)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for the acquisition and development of oil and gas properties	(20,440,938)	(7,267,448)
Proceeds from sale of Colombian oil and gas properties, net of expenses	1,027,068	0
Payments For Proceeds From Escrow Receivable	147,581	516,392
Payments for deposits		(44,498)
Purchase of marketable securities	(156,817)	0
Net cash used in investing activities	(19,423,106)	(6,795,554)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from sale of common stock and warrants, net of expenses of $1,017,850	13,144,000	0
Payment for offering costs	(1,017,850)
Net cash provided by financing activities	12,126,150	0
Decrease in cash	(9,740,039)	(11,539,510)
Cash, beginning of period	9,930,284	26,656,450
Cash, end of period	190,245	15,116,940
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid		0
Income taxes paid	172,997	3,900,914
NON-CASH INVESTING AND FINANCING ACTIVITIES
Change in escrow receivable funds utilized to pay accrued taxes		1,144,285
Change in reserve for plugging and abandonment costs		9,532
Accrued oil and gas development cost	3,590,000	0
Sales price of oil and gas properties sold placed in escrow	166,995	0
Unrealized loss on available for sale securities	249,562	0
Cashless exercise of stock options		$ 39