CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS [Abstract]
OIL AND GAS REVENUE	$ 411,349	$ 1,156,178
EXPENSES OF OPERATIONS
Lease operating expense and severance tax	195,381	854,319
Joint venture expense	3,244	13,930
Depreciation and depletion	66,971	185,931
Impairment of oil and gas properties	46,235,574	0
Bad debt expense	3,951,370	0
Foreign Equity Tax	1,689,039	0
Loss on sale of securities	97,267	0
General and administrative expense	5,027,024	4,952,560
Total operating expenses	57,265,870	6,006,740
Loss on sale of oil and gas properties	387,314	(1,026,608)
Loss from operations	(56,467,207)	(5,877,170)
OTHER INCOME (EXPENSE)
Interest income	10,844	66,852
Other income (expense)	(84,163)	(95,872)
Total other income (expense)	(73,319)	(29,020)
Net loss before taxes	(56,540,526)	(5,906,190)
Income tax expense (benefit)	216,923	(1,570,816)
Net loss	(56,757,449)	(4,335,374)
Basic and diluted net loss per share (in dollars per share)	$ (1.46)	$ (0.14)
Basic and diluted weighted average shares (in shares)	38,799,434	31,138,470
COMPREHENSIVE INCOME (LOSS)
Net loss	(56,757,449)	(4,335,374)
Unrealized gain on marketable securities	(106,371)	106,371
Net comprehensive loss	$ (56,863,820)	$ (4,229,003)