CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2012	Dec. 31, 2011
CURRENT ASSETS
Cash	$ 5,626,345	$ 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	3,436,305	4,322,063
Escrow receivable - current	2,095,228	1,863,332
Marketable securities - available for sale	0	707,445
Prepaid expenses and other current assets	36,539	13,635
TOTAL CURRENT ASSETS	14,250,667	19,933,511
Oil and gas properties, full cost method
Costs subject to amortization	47,093,419	2,490,164
Costs not being amortized	5,809,297	22,890,944
Office equipment	90,004	90,004
Total	52,992,720	25,471,112
Accumulated depletion, depreciation, amortization, and impairment	(47,105,751)	(1,675,232)
PROPERTY AND EQUIPMENT, NET	5,886,969	23,795,880
Deferred tax asset	0	3,195,583
Escrow receivable	0	1,664,581
Other assets	3,167	68,381
TOTAL ASSETS	20,140,803	48,657,936
CURRENT LIABILITIES
Accounts payable	84,740	84,300
Accrued cash call due to operator	3,219,128	0
Accrued expenses	90,923	185,597
Taxes payable	1,711,007	27,074
TOTAL CURRENT LIABILITIES	5,105,798	296,971
LONG-TERM LIABILITIES
Reserve for plugging and abandonment costs	7,872	41,419
Deferred rent obligation	0	3,620
Taxes payable long-term	193,398	0
TOTAL LONG-TERM LIABILITIES	201,270	45,039
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, par value $0.001; 10,000,000 shares authorized, 0 shares issued and outstanding, respectively	0	0
Common stock, par value $0.001; 100,000,000 shares authorized, 52,180,045 and 31,165,230 shares issued and outstanding, respectively	52,180	31,165
Additional paid-in capital	63,963,257	40,602,643
Retained earnings (deficit)	(49,181,702)	7,575,747
Accumulated other comprehensive income	0	106,371
TOTAL SHAREHOLDERS' EQUITY	14,833,735	48,315,926
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 20,140,803	$ 48,657,936