SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2012

SUPPLEMENTAL INFORMATION ON OIL AND GAS EXPLORATION, DEVELOPMENT AND PRODUCTION ACTIVITIES (UNAUDITED) [Abstract]

Oil and gas revenues and lease operating expenses

The following table shows the Company's oil and gas revenues and lease operating expenses, which excludes the joint venture expenses incurred in South America, by geographic area:

	2012		2011
Revenues
North America	$	148,163	$	148,266
South America		263,186		1,007,912
	$	411,349	$	1,156,178

		2012		2011
Production Cost
North America	$	76,593	$	59,072
South America		118,788		795,247
	$	195,381	$	854,319

Capitalized costs and accumulated depletion relating to oil and gas producing activities

Capitalized costs and accumulated depletion relating to the Company's oil and gas producing activities as of December 31, 2012, all of which are onshore properties located in the United States and Colombia, South America are summarized below:

	United States		South America			Total
Unproved properties not being amortized	$	972,885	$	4,836,412		$	5,809,297
Proved properties being amortized		857,845		46,235,574			47,093,419
Accumulated depreciation, depletion, amortization and impairment		(807,688)		(46,235,574	)		(47,043,262)
Net capitalized costs	$	1,023,042	$	4,836,412		$	5,859,454

Costs incurred in oil and gas property acquisition, exploration and development activities

Costs incurred in oil and gas property acquisition, exploration and development activities as of December 31, 2012 and 2011 are summarized below:

	2012
	United States		South America
Property acquisition costs:
Proved	$	—	$	—
Unproved		110,836
Exploration costs		—		25,915,741
Development costs		6,488
Total costs incurred	$	117,324		25,915,741

	2011
	United States		South America
Property acquisition costs:
Proved	$	—	$	—
Unproved		250,702		2,279,230
Exploration costs		—		10,109,551
Development costs		—		641,375
Total costs incurred	$	250,702	$	13,030,156

Total estimated proved developed and undeveloped reserves by product type

Total estimated proved developed and undeveloped reserves by product type and the changes therein are set forth below for the years indicated.

	United States						South America					Total
	Gas (mcf)			Oil (bbls)			Gas (mcf)		Oil (bbls)			Gas (mcf)			Oil (bbls)
Total proved reserves
Balance December 31, 2010		82,220			6,010			—		61,150			82,220			67,160
Extensions and discoveries		—			—			—		45,889			—			45,889
Purchase of minerals in place		—			—			—		—			—			—
Revisions of prior estimates		15,418			1,622					(2,496	)		15,418			(874	)
Production		(10,838	)		(1,092	)		—		(9,924	)		(10,838	)		(11,016	)
Balance December 31, 2011		86,800			6,540			—		94,619			86,800			101,159
Purchase of minerals in place
Revisions to prior estimates		10,546			662			—		253			10,546			915
Sales of minerals in place		—			—			—		(93,117	)		—			(93,117	)
Production		(12,066	)		(1,032	)		—		(1,755	)		(12,066	)		(2,787	)
Balance December 31, 2012		85,280			6,170			—		0			85,280			6,170
Proved developed reserves
at December 31, 2011		86,800			6,540			—		30,845			86,800			37,385
at December 31, 2012		85,280			6,170			—		-			85,280			6,170
Proved undeveloped reserves
at December 31, 2011		—			—			—		63,774			—			63,774
at December 31, 2012		—			—			—		—			—			—

Standardized measure of discounted future net cash flows

Standardized measure of discounted future net cash flows at December 31, 2012:

	United States		South America		Total
Future cash inflows from sales of oil and gas	$	921,070	$	—	$	921,070
Future production cost		(392,430)		—		(392,430)
Future development cost		—		—		—
Future income tax		—		—		—
		528,640				528,640
10% annual discount for timing of cash flow		(230,570)		—		(230,570)
Standardized measure of discounted future net cash flow relating to proved oil and gas reserves	$	298,070	$	0	$	298,070
Changes in standardized measure:
Change due to current year operations Sales, net of production costs		(71,570)		(144,398)		(215,968)
Change due to revisions in standardized variables:
Income taxes		(12,911)		—		(12,911)
Accretion of discount		49,238		—		49,238
Net change in sales and transfer price, net of production costs		(62,724)		—		(62,724)
Previously estimated development costs incurred during the period		—		—		—
Changes in estimated future development costs		—		—		—
Revision and others		35,781		—		35,781
Discoveries		—		—		—
Sales  of reserves in place		—		(2,505,431)		(2,505,431)
Changes in production rates and other		(42,954)		—		(42,954)
Net						(2,754,969)
Beginning of year						3,053,039
End of year					$	298,070

Standardized measure of discounted future net cash flows at December 31, 2011:

	United States		South America		Total
Future cash flows from sales of oil and gas	$	1,074,280	$	8,996,185	$	10,070,465
Future production cost		(333,520)		(4,202,604)		(4,536,124)
Future development cost		(48,320)		(625,113)		(673,433)
Future income tax		(13,790)		(821,537)		(835,327)
Future net cash flows		678,650		3,346,931		4,025,581
10% annual discount for timing of cash flow		(275,440)		(697,102)		(972,542)
Standardized measure of discounted future net cash flow relating to proved oil and gas reserves	$	403,210	$	2,649,829	$	3,053,039
Changes in standardized measure:
Change due to current year operations Sales, net of production costs		(89,168)		(212,666)		(301,834)
Change due to revisions in standardized variables:
Income taxes		(13,790)		(821,537)		(835,327)
Accretion of discount		43,962		161,839		205,801
Net change in sales and transfer price, net of production costs		26,770		328,994		355,764
Previously estimated development costs incurred during the period		—		641,375		641,375
Changes in estimated future development costs		—		(494,665)		(494,665)
Revision and others		86,695		(91,917)		(5,222)
Discoveries		—		1,594,813		1,594,813
Sales  of reserves in place		—		—		—
Changes in production rates and other		(90,878)		426,332		335,454
Net						1,496,159
Beginning of year						1,556,880
End of year					$	3,053,039