CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (56,757,449)	$ (4,335,374)
Adjustments to reconcile net loss to net cash provided by (used in) operations
Depreciation and depletion	66,971	185,931
Stock-based compensation	2,023,175	2,342,892
Deferred tax expense (benefit)	3,195,583	(1,704,378)
Accretion of asset retirement obligation	924	16,446
Amortization of deferred rent	(3,620)	(7,700)
(Gain) loss on sale of oil and gas properties	(387,314)	1,026,608
Impairment of oil and gas properties	46,235,574	0
Bad debt expense	3,951,370	0
Loss on sale of securities	97,267	0
Change in operating assets and liabilities:
Decrease in accounts receivable	319,016	1,691,660
Increase in income tax refund receivable	(3,344,126)	0
Increase in prepaid expense and other current assets	(12,547)	(4,763)
(Decrease) increase in accounts payable and accrued expenses	117,008	(3,844,354)
Foreign equity taxes payable	1,877,331	0
Net cash used in operations	(2,620,837)	(4,633,032)
CASH FLOW FROM INVESTING ACTIVITIES
Payments for acquisition and development of oil and gas properties and assets	(26,033,065)	(13,280,858)
Proceeds from sale of Colombian properties, net of expenses	1,027,068	0
Payments for deposits	0	(54,856)
Proceeds from sale of securities	660,625	0
Purchase of marketable securities	(156,817)	(601,074)
Proceeds from escrow receivable, net	1,460,633	2,006,254
Net cash used in investing activities	(23,041,556)	(11,930,534)
CASH FLOW FROM FINANCING ACTIVITIES
Sale of common stock and warrants	23,144,000	0
Common stock offering costs	(1,785,546)	(162,600)
Net cash provided by (used in) financing activities	21,358,454	(162,600)
INCREASE (DECREASE) IN CASH	(4,303,939)	(16,726,166)
Cash, beginning of year	9,930,284	26,656,450
Cash, end of year	5,626,345	9,930,284
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	0	0
Taxes paid	0	3,914,135
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES
Accrued oil and gas development cost	3,219,128	0
Sales price of oil and gas properties sold placed in escrow	166,995	0
Net change in asset retirement obligation	0	9,532
Change in escrow receivable for expenses paid on the Company's behalf	0	1,114,779
Reclassification of escrow receivable to accounts receivable - other	0	370,640
Cashless exercise of stock option	0	39
Unrealized gain (loss) on available for sale securities	$ (106,371)	$ 106,371