Condensed Balance Sheets (Unaudited) (USD $)	Sep. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and Cash Equivalents	$ 22,226,461	$ 11,358,520
Trade Receivables	2,387,481	295,821
Short Term Investments	0	242,070
Prepaid Expenses	102,130	85,988
Restricted Cash	0	51,000
Other Current Assets	0	1,465
Total Current Assets	24,716,072	12,034,864
Oil and Natural Gas Properties, Full Cost Method
Proved Oil and Natural Gas Properties	30,397,408	6,700,438
Unproved Oil and Natural Gas Properties	46,411,128	31,176,109
Other Property and Equipment	173,116	18,346
Total Property and Equipment	76,981,652	37,894,893
Less - Accumulated Depreciation, Depletion and Amortization	(4,240,851)	(1,927,991)
Total Property and Equipment, Net	72,740,801	35,966,902
LONG-TERM ASSETS
Prepaid Drilling Costs	757,924	493,660
Debt Issuance Costs, Net of Amortization	293,425	0
Total Assets	98,508,222	48,495,426
CURRENT LIABILITIES
Accounts Payable	4,366,118	537,757
Accrued Expenses	151,626	188,923
Operating Lease Reserve	12,816	200,756
Senior Secured Promissory Notes, Net	15,000,000	14,836,644
Total Current Liabilities	19,530,560	15,764,080
LONG-TERM LIABILITIES
Asset Retirement Obligations	86,193	10,522
Total Liabilities	19,616,753	15,774,602
STOCKHOLDERS' EQUITY
Preferred Stock - Par Value $.001; 20,000,000 Shares Authorized; None Issued or Outstanding	0	0
Common Stock, Par Value $.001; 200,000,000 Shares Authorized, 57,848,431 and 45,344,431 Shares Issued and Outstanding, respectively	57,848	45,344
Additional Paid-In Capital	86,661,605	39,204,507
Accumulated Deficit	(7,827,984)	(6,529,027)
Total Stockholders' Equity	78,891,469	32,720,824
Total Liabilities and Stockholders' Equity	$ 98,508,222	$ 48,495,426