CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 2,775,556	$ 4,052,212
Escrow receivable	262,016	321,428
Insurance claim receivable	28,812	8,612,681
Prepaid expenses and other current assets	216,764	124,960
TOTAL CURRENT ASSETS	3,283,148	13,111,281
Oil and gas properties - full cost method
Costs subject to amortization	54,814,739	54,025,617
Costs not being amortized	2,933,314	3,586,284
Office equipment	90,004	90,004
Total property, plant and equipment	57,838,057	57,701,905
Accumulated depreciation, depletion, amortization and impairment	(53,157,004)	(52,201,878)
TOTAL PROPERTY AND EQUIPMENT, NET	4,681,053	5,500,027
Other assets	3,167	3,167
TOTAL ASSETS	7,967,368	18,614,475
CURRENT LIABILITIES
Accounts payable	130,341	181,683
Litigation settlement payable	0	7,000,000
Accrued legal fees	28,812	1,722,681
Contingent liabilities	0	400,000
Accrued expenses	6,265	10,100
TOTAL CURRENT LIABILITIES	165,418	9,314,464
LONG-TERM LIABILITIES
Reserve for plugging and abandonment costs	29,200	28,147
TOTAL LIABILITIES	$ 194,618	$ 9,342,611
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common stock, $0.001 par value; 150,000,000 shares authorized; 52,169,945 shares issued and outstanding	$ 52,170	$ 52,170
Additional paid-in capital	65,967,814	65,928,056
Accumulated deficit	(58,247,234)	(56,708,362)
TOTAL SHAREHOLDERS' EQUITY	7,772,750	9,271,864
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 7,967,368	$ 18,614,475