Condensed Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (1,298,957)	$ (1,858,958)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Depletion of Oil and Natural Gas Properties	2,293,099	171,500
Depreciation and Amortization	19,761	2,197
Amortization of Premium on Bonds	0	46,448
Amortization of Loan Discount	163,356	4,932
Amortization of Finance Costs	6,575	0
Loss on Disposal of Property	0	34,305
Accretion of Discount on Asset Retirement Obligations	3,306	104
Gain on Sale of Available for Sale Securities	0	(1,520)
Share - Based Compensation Expense	561,114	661,719
Changes in Working Capital and Other Items:
Increase in Trade Receivables	(2,091,660)	(390,995)
Decrease in Restricted Cash	51,000	99,000
Increase in Prepaid Expenses	(16,142)	(25,913)
Decrease in Other Current Assets	1,465	79,135
Increase (Decrease) in Accounts Payable	(499,607)	35,167
Increase (Decrease) in Accrued Expenses	(37,297)	41,431
Decrease in Operating Lease Reserve	(187,940)	(184,030)
Net Cash Used In Operating Activities	(1,031,927)	(1,285,478)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash Received from Merger Agreement	0	17,413,845
Purchases of Other Property and Equipment	(154,770)	(598)
Prepaid Drilling Costs	(264,264)	(2,927,017)
Proceeds from Sales of Available for Sale Securities	242,070	8,780,881
Acquisition and Development of Oil and Natural Gas Properties	(34,242,379)	(24,312,122)
Net Cash Used In Investing Activities	(34,419,343)	(1,045,011)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of Common Stock - Net of Issuance Costs	46,602,251	779,240
Proceeds from Issuance of Senior Secured Promissory Notes	0	14,775,000
Cash Paid for Finance Costs	(300,000)	0
Proceeds from Exercise of Stock Options and Warrants	16,960	24,880
Net Cash Provided by Financing Activities	46,319,211	15,579,120
NET INCREASE IN CASH AND CASH EQUIVALENTS	10,867,941	13,248,631
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	11,358,520	691,263
CASH AND CASH EQUIVALENTS - END OF PERIOD	22,226,461	13,939,894
Supplemental Disclosure of Cash Flow Information
Cash Paid During the Period for Interest	1,350,000	0
Cash Paid During the Period for Income Taxes	0	0
Non-Cash Financing and Investing Activities:
Oil and Natural Gas Property Accrual Included in Accounts Payable	4,327,968	641,397
Purchase of Oil and Natural Gas Properties through Issuance of Common Stock	0	2,358,900
Payment of Capital Raise Costs with Issuance of Common Stock	0	186,340
Stock-Based Compensation Capitalized to Oil and Natural Gas Properties	289,277	0
Capitalized Asset Retirement Obligations	$ 72,365	$ 1,215