CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS
Cash	$ 5,064,694	$ 7,578,730
Escrow receivable	335,178	1,921,217
Insurance claim receivable	7,000,000	0
Prepaid expenses and other current assets	170,539	46,175
TOTAL CURRENT ASSETS	12,570,411	9,546,122
Oil and gas properties - full cost method
Costs subject to amortization	51,009,074	50,320,591
Costs not being amortized	5,733,901	3,802,042
Office equipment	90,004	90,004
Total property, plant and equipment	56,832,979	54,212,637
Accumulated depreciation, depletion, amortization and impairment	(50,476,510)	(50,349,833)
TOTAL PROPERTY AND EQUIPMENT, NET	6,356,469	3,862,804
Other assets	3,167	3,167
TOTAL ASSETS	18,930,047	13,412,093
CURRENT LIABILITIES
Accounts payable	30,135	8,119
Accrued expenses	13,930	31,336
Litigation settlement payable	7,000,000	0
Taxes payable	0	190,181
TOTAL CURRENT LIABILITIES	7,044,065	229,636
LONG-TERM LIABILITIES
Reserve for plugging and abandonment costs	8,838	8,424
TOTAL LIABILITIES	7,052,903	238,060
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value; 100,000,000 shares authorized; 52,169,945 shares issued and outstanding	52,170	52,170
Additional paid-in capital	65,910,822	65,477,046
Accumulated deficit	(54,085,848)	(52,355,183)
TOTAL SHAREHOLDERS' EQUITY	11,877,144	13,174,033
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 18,930,047	$ 13,412,093